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Note E - Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE E: STOCK-BASED COMPENSATION

The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may be granted. Under the Plan, 750,000 shares are reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock value under the Plan shall not be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted.

No shares of common stock were granted during the first three months of 2021, and no stock grants vested during the first three months of 2021.

The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2021, was approximately $160,000 and includes approximately $80,000 recognized as a result of the accrual of 163 shares to each non-employee director during the first three months of 2021. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.02 during the first three months of 2021. As of March 31, 2021, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,977,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $253,000 in additional compensation expense related to unvested stock awards during the remainder of 2021 and to recognize approximately $370,000, $305,000, $296,000, $354,000, $288,000 and $111,000 in additional compensation expense related to unvested stock awards during the years 2022, 2023, 2024, 2025, 2026 and 2027, respectively.

The total grant date fair value of stock vested during the first three months of 2020 was approximately $80,000. Total pre-tax stock-based compensation expense recognized in salaries, wages and benefits during the first three months of 2020 was approximately $305,000 and includes approximately $80,000 recognized as a result of the grant of shares to each non-employee director during the first three months of 2020. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.04 during the first three months of 2020. As of March 31, 2020, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,074,000, which was being amortized on a straight-line basis over the remaining vesting period.

A summary of the status of the Company’s non-vested restricted stock as of March 31, 2021 and changes during the three months ended March 31, 2021, is as follows:

		Restricted Stock
		Number of Shares				Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2021			61,035			$	36.12
Granted			-				-
Canceled/forfeited/expired			(357	)			56.45
Vested			-				-
Non-vested at March 31, 2021			60,678			$	36.00

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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