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Note 8 - Stockholders' Equity | 9 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 8. Stockholders' Equity Stock-Based Compensation During the nine months ended December 31, 2024, we issued time-based 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. 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 Operations. The following is a summary of RSU and PSU award activity for the nine months ended December 31, 2024:
|  | 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, 2024 |  |  | 76 |  |  | $ | 157.83 |  |  |  | 56 |  |  | $ | 240.96 |
Awards granted(1) |  |  | 117 |  |  |  | 93.46 |  |  |  | 41 |  |  |  | 102.57 |
Awards forfeited |  |  | (7 | ) |  |  | 123.42 |  |  |  | - |  |  |  | - |
Awards distributed |  |  | (36 | ) |  |  | 169.40 |  |  |  | (12 | ) |  |  | 302.06 |
Outstanding as of December 31, 2024 |  |  | 150 |  |  | $ | 106.44 |  |  |  | 85 |  |  | $ | 165.75 |
(1) | Balances for PSUs granted 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 RSUs granted to employees during the nine months ended December 31, 2024 vest in equal installments on the first, second, and third anniversaries of the grant date. RSUs granted to non-employee directors during the nine months ended December 31, 2024 vest one year from the grant date. We generally 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, 2024, the Compensation Committee of the Board of Directors created a plan to award 41 PSUs at target (“the FY25 PSUs”) to eligible employees. Of the 41 PSUs granted, 23 PSUs have a grant date fair value of $89.82 and are subject to service and company financial performance conditions. The financial performance measurement period is from April 1, 2024 through March 31, 2027. The remaining 18 PSUs have a grant date fair value of $119.54 and are subject to service and market conditions, with the market performance period measured from June 18, 2024 through June 18, 2027. The service period for all of the FY25 PSUs is from June 18, 2024 through June 18, 2027. The quantity of shares that will be earned based upon either company financial performance or market 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. The following is a summary of stock option award activity for the nine months ended December 31, 2024:
|  | 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, 2024 |  |  | 194 |  |  | $ | 181.89 |  |  |  | 3.2 |  |  | $ | 26 |
Awards granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Awards forfeited or expired |  |  | (15 | ) |  |  | 150.98 |  |  |  |  |  |  |  |  |
Awards exercised |  |  | (1 | ) |  |  | 131.67 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 178 |  |  | $ | 184.55 |  |  |  | 2.6 |  |  | $ | 287 |

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