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Note 12 - Equity Plans | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
12. | Equity Plans:
Restricted Stock 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 (RSUs), 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 RSUs, to each non-employee director as part of their annual compensation. The annual awards for 2020 and 2019 per director were $80,000. Subject to the terms of the Incentive 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 Incentive 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. New awards under the Incentive Plan for 2020 were suspended as part of management’s COVID-19 related cost reduction efforts. Under the Incentive 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, they received 51,506 RSUs and 14,891 RSUs, respectively. Upon Mr. Greiff’s promotion to President and Chief Operating Officer on January 1, 2020, he received 15,694 RSUs. 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 years ended December 31, 2020, 2019 and 2018, respectively, is summarized in the following table:
|  | For the years ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
RSU expense before taxes of the Plan |  | $ | 1,265 |  |  | $ | 965 |  |  | $ | 643 |
RSU expense after taxes |  |  | 1,024 |  |  |  | 704 |  |  |  | 471 |
All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income (Loss). The total compensation cost of non-vested awards totaled $1.7 million and the weighted average remaining vesting period is 2 years as of December 31, 2020. The following table summarizes the activity related to RSUs for the twelve months ended December 31, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | Number of Shares |  |  | Weighted Average Estimated Fair Value |  |  | Number of Shares |  |  | Weighted Average Estimated Fair Value |  |  | Number of Shares |  |  | Weighted Average Estimated Fair Value |
Beginning balance |  |  | 636,086 |  |  | $ | 19.25 |  |  |  | 527,546 |  |  | $ | 20.65 |  |  |  | 469,069 |  |  | $ | 20.11 |
Granted |  |  | 70,588 |  |  |  | 11.92 |  |  |  | 207,521 |  |  |  | 16.36 |  |  |  | 84,283 |  |  |  | 22.33 |
Converted into shares |  |  | (94,161 | ) |  |  | 20.27 |  |  |  | (96,845 | ) |  |  | 20.59 |  |  |  | (19,097 | ) |  |  | 16.09 |
Forfeited |  |  | (1,973 | ) |  |  | 18.14 |  |  |  | (2,136 | ) |  |  | 22.80 |  |  |  | (6,709 | ) |  |  | 16.98 |
Outstanding at December 31 |  |  | 610,540 |  |  | $ | 18.25 |  |  |  | 636,086 |  |  | $ | 19.25 |  |  |  | 527,546 |  |  | $ | 20.65 |
Vested at December 31 |  |  | 375,692 |  |  | $ | 18.88 |  |  |  | 419,721 |  |  | $ | 20.37 |  |  |  | 436,069 |  |  | $ | 20.42 |
Of the RSUs granted in 2019 and 2018, 62,229 and 38,052, respectively, were used to fund supplemental executive retirement plan (SERP) contributions. No RSUs were used to fund the SERP in 2020.

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