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Note 10 - Non-cash Share-based Employee Compensation
 9 Months Ended
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