XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

Note 12 - Equity Plans | 6 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
12. | Equity Plans :
Restricted Stock Un its and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 Omnibus Incentive Plan (the Incentive Plan), the Company may grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and other stock- and cash-based awards to employees and directors of, and consultants to, the Company and its affiliates. Since adoption of the Incentive Plan, 1,000,000 shares of common stock have been authorized for equity grants. On an annual basis the compensation committee of the Company’s Board of Directors awards restricted stock units (RSUs), to each non-employee director as part of their annual compensation. The annual awards for 2019 and 2018 per director were $80,000 . Subject to the terms of the Plan and the RSU agreement, the RSUs vest after one year of service (from the date of grant). The RSUs are not converted into shares of common stock until the director either resigns or is terminated from the board of directors. Under the Senior Management Stock Incentive Program (the Plan), each eligible participant is awarded RSUs with a dollar value equal to 10% of the participant’s base salary, up to an annual maximum of $17,500. The RSUs have a five -year vesting period and the RSUs will convert into the right to receive shares of common stock upon a participant’s retirement, or earlier upon the participant’s death or disability or upon a change in control of the Company. Under the Plan, the Company awards RSUs to newly-appointed executive officers, based upon a percentage of their base salary. Upon Mr. Marabito’s promotion to Chief Executive Officer and Mr. Manson’s promotion to Chief Financial Officer on January 1, 2019, each received 51,506 RSUs and 14,891 RSUs, respectively. The RSUs will vest five years from the grant date, or earlier upon death or disability or upon a change in control of the Company. Stock-based compensation expense recognized on RSUs for the three and six months ended June 30, 2019 and 2018, respectively, is summarized in the following table:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands, except per share data) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
RSU expense before taxes |  | $ | 145 |  |  | $ | 144 |  |  | $ | 420 |  |  | $ | 282 |
RSU expense after taxes |  | $ | 114 |  |  | $ | 106 |  |  | $ | 314 |  |  | $ | 208 |
All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the six months ended June 30, 2019:
|  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Granted Price |
Outstanding at December 31, 2018 |  |  | 527,546 |  |  | $ | 20.65 |
Granted |  |  | 156,562 |  |  |  | 17.36 |
Converted into shares |  |  | - |  |  |  | - |
Forfeited |  |  | (1,854 | ) |  |  | 24.25 |
Outstanding at June 30, 2019 |  |  | 682,254 |  |  | $ | 19.89 |
Vested at June 30, 2019 |  |  | 515,386 |  |  | $ | 20.40 |
Of the RSUs granted in 2019 and 2018, 62,229 and 38,052, respectively, were used to fund supplemental executive retirement plan (SERP) contributions.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration