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Note 11 - Equity Plans | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
11. | Equity Plans:
Restricted Stock Units 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 (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, 1,400,000 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 2021 and 2020 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. Prior to 2021, under the Incentive Plan, each eligible participant was 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. Due to the COVID-19 pandemic, no awards were granted in 2020. Under the Incentive Plan, the Company awards RSUs to newly-appointed executive officers, based upon a percentage of their base salary. 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 three and nine months ended September 30, 2021 and 2020, respectively, is summarized in the following table:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands, except per share data) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
RSU expense before taxes |  | $ | 258 |  |  | $ | 286 |  |  | $ | 778 |  |  | $ | 973 |
RSU expense after taxes |  | $ | 191 |  |  | $ | 204 |  |  | $ | 573 |  |  | $ | 672 |
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 following table summarizes the activity related to RSUs for the nine months ended September 30, 2021 and 2020, respectively:
|  | As of September 30, 2021 |  |  | As of September 30, 2020 |
|  | Number of |  |  | Weighted Average |  |  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Granted Price |  |  | Shares |  |  | Granted Price |
Outstanding at December 31 |  |  | 610,540 |  |  | $ | 18.25 |  |  |  | 636,086 |  |  | $ | 19.25 |
Granted |  |  | 20,604 |  |  |  | 23.29 |  |  |  | 70,588 |  |  |  | 11.92 |
Converted into shares |  |  | (2,422 | ) |  |  | 17.09 |  |  |  | (94,161 | ) |  |  | 20.27 |
Forfeited |  |  | (5,086 | ) |  |  | 17.55 |  |  |  | (1,973 | ) |  |  | 18.14 |
Outstanding at September 30 |  |  | 623,636 |  |  | $ | 18.43 |  |  |  | 610,540 |  |  | $ | 18.25 |
Vested at September 30 |  |  | 414,090 |  |  | $ | 18.76 |  |  |  | 375,692 |  |  | $ | 18.88 |

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