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Note 10 - Non-cash Share-based Employee Compensation | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 10. Non-Cash Share-Based Employee Compensation Stock Options The Company has employee and non-employee director share-based incentive compensation plans. Related to these programs, the Company recorded non-cash share-based employee compensation expense of $78 and $210 for the three and nine months ended September 30, 2024, respectively, compared with $44 and $163 for the same periods last year. The Company considers its non-cash share-based employee compensation expenses as a component of cost of products and selling, general and administrative expenses. There was no non-cash share-based employee compensation expense capitalized as part of capital expenditures or inventory for the periods presented. The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock option grants under this plan. The non-cash share-based employee compensation expense recorded in the three and nine months ended September 30, 2024, was calculated using certain assumptions. Such assumptions are described more comprehensively in Note 10 (Share-Based Employee Compensation) of the Notes to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. A summary of activity under the Company’s stock option plans during the nine months ended September 30, 2024, is presented below:
|  |  |  |  |  | Wgt. Avg. |  |  | Wgt. Avg. |  |  | Wgt. Avg. |  |  |  |  |
|  |  |  |  |  | Exercise |  |  | Remaining |  |  | Grant Date |  |  | Aggregate |
|  | Stock |  |  | Price ($) |  |  | Contractual |  |  | Fair Value |  |  | Intrinsic |
As of January 1, 2024 |  | Options |  |  | Per Share |  |  | Life (Years) |  |  | ($) Per Share |  |  | Value ($) |
Outstanding |  |  | 202,600 |  |  |  | 14.76 |  |  |  | 7.60 |  |  |  | 5.94 |  |  |  | 37,773 |
Vested |  |  | 105,313 |  |  |  | 16.01 |  |  |  | 6.80 |  |  |  | 5.78 |  |  |  | 9,661 |
Nonvested |  |  | 97,287 |  |  |  | 13.41 |  |  |  | 8.74 |  |  |  | 6.12 |  |  |  | 28,112 |
Period activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued |  |  | 115,900 |  |  |  | 12.31 |  |  |  | — |  |  |  | 7.29 |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | 27,200 |  |  |  | 16.25 |  |  |  | — |  |  |  | 6.98 |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding |  |  | 291,300 |  |  |  | 13.65 |  |  |  | 7.96 |  |  |  | 6.38 |  |  |  | 2,399,704 |
Vested |  |  | 114,840 |  |  |  | 15.11 |  |  |  | 6.58 |  |  |  | 5.48 |  |  |  | 798,417 |
Nonvested |  |  | 176,460 |  |  |  | 1,270 |  |  |  | 8.86 |  |  |  | 6.97 |  |  |  | 1,601,287 |
Restricted Stock Units The Company recorded non-cash restricted stock unit compensation expense of $146 and $415 for the three and nine months ended September 30, 2024, compared with $641 and $773 for the same periods last year. A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:
|  |  |  |  |  | Weighted Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Price per Share |
Unvested as of January 1, 2024 |  |  | 19,587 |  |  | $ | 13.22 |
Granted |  |  | 55,102 |  |  |  | 11.72 |
Vested and issued |  |  | (32,045 | ) |  |  | 11.73 |
Cancelled/forfeited |  |  | — |  |  |  | — |
Unvested as of September 30, 2024 |  |  | 42,644 |  |  | $ | 12.39 |

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