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Note 3 - Stock-based Compensation | 6 Months Ended
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Jun. 30, 2021
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 June 30, 2021 and 2020. Stock option activity during the six months ended June 30, 2021 is as follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | average |
|  |  |  |  |  | Exercise Price |
|  | Shares |  |  | Per Share |
Outstanding, January 1, 2021 |  |  | 12,150 |  |  | $ | 8.78 |
Exercised |  |  | (12,150 | ) |  |  | 8.78 |
Outstanding, June 30, 2021 |  |  | - |  |  |  | - |
Exercisable, June 30, 2021 |  |  | - |  |  |  | - |
The following table presents the activity during the six months ended June 30, 2021 related to awards of restricted stock:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | average |
|  |  |  |  |  | Grant Date Fair |
|  | Units |  |  | Value Per Unit |
Nonvested at January 1, 2021 |  |  | 66,362 |  |  | $ | 23.52 |
Granted |  |  | 29,193 |  |  |  | 22.50 |
Vested |  |  | (17,622 | ) |  |  | (24.10 | )
Nonvested at June 30, 2021 |  |  | 77,933 |  |  | $ | 23.00 |
Expected to vest as of June 30, 2021 |  |  | 46,376 |  |  | $ | 22.48 |
The Company recognizes restricted stock forfeitures in the period they occur. Share-based compensation expense of $97,000 and $294,000 was recognized for the three-month periods ended June 30, 2021 and 2020, respectively. Share-based compensation expense (recovery) of $97,000 and ($113,000) was recognized for the six-month periods ended June 30, 2021 and 2020, respectively. The expense recovery recorded for the six-month period ended June 30, 2020 is the result of the decrease in the market valuation 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 2020, there was a 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 $594,000 and $581,000 at June 30, 2021 and 2020, 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 June 30, 2021 totals $719,000, of which $227,000 is estimated for the rest of 2021, $292,000 for 2022, $176,000 for 2023, and $24,000 for 2024.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 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 + Details
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