XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 8 - Stockholders' Equity | 9 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 8. Stockholders' Equity Stock-Based Compensation During the nine months ended December 31, 2023, we issued stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the Mesa Laboratories, Inc. Amended and Restated 2021 Equity Incentive Plan, which authorizes the issuance of 660 shares of common stock to eligible participants. Expense recognized related to stock-based compensation is as follows:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock-based compensation expense |  | $ | 2,993 |  |  | $ | 2,056 |  |  | $ | 9,144 |  |  | $ | 9,859 |
Amount of income tax expense (benefit) recognized in earnings |  |  | 210 |  |  |  | 226 |  |  |  | 727 |  |  |  | (1,855 | )
Stock-based compensation expense, net of tax |  | $ | 3,203 |  |  | $ | 2,282 |  |  | $ | 9,871 |  |  | $ | 8,004 |
Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Income. The following is a summary of stock option award activity for the nine months ended December 31, 2023:
|  | Stock Options |
|  | Shares Subject to Options |  |  | Weighted- Average Exercise Price per Share |  |  | Weighted-Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of March 31, 2023 |  |  | 163 |  |  | $ | 200.62 |  |  |  | 3.3 |  |  | $ | 1,643 |
Awards granted |  |  | 53 |  |  |  | 131.67 |  |  |  |  |  |  |  |  |
Awards forfeited or expired |  |  | (17 | ) |  |  | 208.03 |  |  |  |  |  |  |  |  |
Awards exercised |  |  | (2 | ) |  |  | 132.40 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2023 |  |  | 197 |  |  | $ | 182.12 |  |  |  | 3.5 |  |  | $ | - |
The stock options granted during the nine months ended December 31, 2023 vest in equal installments on the first, second, and third anniversary of the grant date. The following is a summary of RSU and PSU award activity for the nine months ended December 31, 2023:
|  | Time-Based Restricted Stock Units |  |  | Performance-Based Restricted Stock Units |
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value per Share |
Outstanding as of March 31, 2023(1) |  |  | 57 |  |  | $ | 209.27 |  |  |  | 44 |  |  | $ | 286.02 |
Awards granted(1) |  |  | 54 |  |  |  | 134.03 |  |  |  | 32 |  |  |  | 132.29 |
Awards forfeited |  |  | (5 | ) |  |  | 171.83 |  |  |  | - |  |  |  | - |
Awards distributed |  |  | (27 | ) |  |  | 212.36 |  |  |  | - |  |  |  | - |
Outstanding as of December 31, 2023(1) |  |  | 79 |  |  | $ | 158.94 |  |  |  | 76 |  |  | $ | 223.07 |
(1) | Balances for PSUs are reflected at target.
Outstanding time-based RSUs vest and settle in shares of our common stock on a one-for-one basis. The majority of the RSUs granted to employees during the nine months ended December 31, 2023 vest in equal installments on the first, second, and third anniversary of the grant date. RSUs granted to certain executives during the nine months ended December 31, 2023 vest in equal installments on September 1, 2024, June 21, 2025 and June 21, 2026. RSUs granted to non-employee directors during the nine months ended December 31, 2023 vest one year from the grant date. We recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period. We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets per the related award agreement. The outstanding PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period. During the nine months ended December 31, 2023, the Compensation Committee of the Board of Directors created a plan to award 32 PSUs at target with a grant date fair value of $132.29 that are subject to service, performance, and market conditions to eligible employees. The service period is from June 21, 2023 through June 21, 2026. The company performance conditions will be measured for the period from April 1, 2023 through March 31, 2024. The quantity of shares that will be earned based upon company performance will range from 0% to 200% of the targeted number of shares; if the defined minimum targets are not met, then no shares will vest for performance. In addition, the number of PSUs earned based on company performance will be adjusted up or down by a maximum of 20% pursuant to a market-based measure of performance comparing Mesa’s share price to a peer group over the period from April 1, 2023 until March 31, 2026.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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