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Note 3 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]
NOTE
3
-
STOCK-BASED COMPENSATION
 
The Company had
no
nonvested stock options outstanding as of
March 31, 2020
and
2019.
 
Stock option activity during the
three
months ended
March 31, 2020
is as follows:
 
           
Weighted-
  
           
average
  
           
Exercise Price
  
   
Shares
    
Per Share
  
                 
Outstanding, January 1, 2020
    
14,500
     $
8.78
  
Exercised
    
(1,000
 )    
8.78
  
                 
Outstanding, March 31, 2020
    
13,500
     $
8.78
  
                 
Exercisable, March 31, 2020
    
13,500
     $
8.78
  
 
The following table presents the activity during the
three
months ended
March 31, 2020
related to awards of restricted stock:
 
           
Weighted-
  
           
average
  
           
Grant Date Fair
  
   
Units
    
Value Per Unit
  
                 
Nonvested at January 1, 2020
    
61,040
     $
21.73
  
Granted
    
23,648
      
26.09
  
Nonvested at March 31, 2020
    
84,688
     $
22.94
  
                 
Expected to vest as of March 31, 2020
    
1,000
     $
22.65
  
 
The Company recognizes restricted stock forfeitures in the period they occur.
 
Share-based compensation expense of (
$408,000
) and
$90,000
was recognized for the
three
-month periods ended
March 31, 2020
and
2019,
respectively. The expense recorded as of
March 31, 2020
is the result of the decrease in the market valuations of the plans. Vesting of shares under the plan is contingent on a combination of service period and a performance condition tied to the total shareholder return on the Company’s stock. Due to the change in market conditions during the quarter ended
March 31, 2020,
there was a significant decrease in the probability of the achievement of the performance condition which resulted in a decrease in the liability related to the Plan and a reversal of compensation expense. Since the shares of restricted stock are historically paid out at the vesting date in a combination of shares and cash, the Company has recorded a liability related to this plan which totals
$287,000
and
$236,000
at
March 31, 2020
and
2019,
respectively. When the shares vest, the amount distributed in shares is transferred to common stock and the remainder is distributed in cash.
 
Total unrecognized stock compensation cost related to nonvested share-based compensation on restricted stock as of
March 31, 2020
totals
$219,000,
of which
$94,000
is estimated for the rest of
2020,
$88,000
for
2021,
$34,000
for
2022,
and
$4,000
for
2023.