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Note 11 - Equity Plans | 9 Months Ended
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Sep. 30, 2022
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 2022 and 2021 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 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 RSU awards were granted in 2021. In January 2022, the Company adopted a new C-Suite Long-Term Incentive Plan (the C-Suite Plan) that operates under the Senior Manager Stock Incentive Plan. Under the C-Suite Plan, the Chief Executive Officer, the Chief Financial Officer and the President and Chief Operating Officer are eligible for participation. In each calendar year, eligible participants may be awarded a long-term incentive of both an RSU grant and a performance stock unit (PSU) grant. The total long-term award target is $1.1 million for the Chief Executive Officer, $0.3 million for the Chief Financial Officer and $0.6 million for the President and Chief Operating Officer. The PSUs will vest if the return on net assets, calculated as EBITDA divided by Average Accounts Receivable, Inventory and Property and Equipment, exceeds 5%. Each RSU and service-based cash incentive vests three years after the grant date. Each vested RSU will convert into the right to receive one share of common stock. During the first quarter of 2022, a total of 20,000 RSUs and 20,000 PSUs were granted to the participants under the C-Suite Plan. Stock-based compensation expense recognized on RSUs for the three and nine months ended September 30, 2022 and 2021, 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) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
RSU expense before taxes |  | $ | 335 |  |  | $ | 258 |  |  | $ | 997 |  |  | $ | 778 |
RSU expense after taxes |  | $ | 251 |  |  | $ | 191 |  |  | $ | 730 |  |  | $ | 573 |
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 nine months ended September 30, 2022 and 2021, respectively:
|  |  | As of September 30, 2022 |  |  | As of September 30, 2021 |
|  | Number of |  |  | Weighted Average |  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Granted Price |  | Shares |  |  | Granted Price |
Outstanding at December 31 |  |  | 576,867 |  |  | $ | 18.40 |  |  | 610,540 |  |  | $ | 18.25 |
Granted |  |  | 35,558 |  |  |  | 26.72 |  |  | 20,604 |  |  |  | 23.29 |
Converted into shares |  |  | (5,841 | ) |  |  | 18.16 |  |  | (2,422 | ) |  |  | 17.09 |
Forfeited |  |  | (6,271 | ) |  |  | 17.76 |  |  | (5,086 | ) |  |  | 17.55 |
Outstanding at September 30 |  |  | 600,313 |  |  | $ | 18.79 |  |  | 623,636 |  |  | $ | 18.43 |
Vested at September 30 |  |  | 424,598 |  |  | $ | 19.26 |  |  | 414,090 |  |  | $ | 18.76 |

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