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Note 3 - Stock-based Compensation

9 Months Ended

Sep. 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 September 30, 2021, and 2020.

Stock option activity during the nine months ended September 30, 2021, is as follows:

						Weighted- average Exercise
		Shares				Price Per Share
Outstanding, January 1, 2021			12,150			$	8.78
Exercised			(12,150	)			8.78
Outstanding, September 30, 2021			-				-
Exercisable, September 30, 2021			-				-

The following table presents the activity during the nine months ended September 30, 2021, related to awards of restricted stock:

						Weighted-average Grant Date
		Units				Fair Value Per Unit
Nonvested at January 1, 2021			66,362			$	23.52
Granted			29,193				22.50
Vested			(17,622	)			(24.10	)
Nonvested at September 30, 2021			77,933			$	23.00
Expected to vest as of September 30, 2021			53,915			$	22.42

The Company recognizes restricted stock forfeitures in the period they occur.

Share-based compensation expense (recovery) of $292,000 and ($75,000) was recognized for the three-month periods ended September 30, 2021, and 2020, respectively. Share-based compensation expense (recovery) of $389,000 and ($188,000) was recognized for the nine-month periods ended September 30, 2021, and 2020, respectively. Expense recovery is the result of a decrease in the market valuation of the plans. Vesting of shares under the plan is contingent on a combination of service period and a market condition tied to the total shareholder return on the Company’s stock. A change in market conditions leads to adjustments to the probability of the market condition achievement which results in changes in the liability and the 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 $887,000 and $289,000 on September 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 September 30, 2021 totals $657,000, of which $127,000 is estimated for the rest of 2021, $317,000 for 2022, $188,000 for 2023, and $25,000 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.

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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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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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