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Note 3 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

NOTE 3 - STOCK-BASED COMPENSATION

 

The Company had no non-vested stock options outstanding as of March 31, 2023 and 2022.

 

There was no stock option activity during the three months ended March 31, 2023.

 

The following table presents the activity during the three months ended March 31, 2023, related to awards of restricted stock:

 

      

Weighted-

 
      

average

 
      

Grant Date Fair

 
  

Units

  

Value Per Unit

 
         

Nonvested at January 1, 2023

  63,646  $24.34 

Granted

  29,781   27.40 

Vested

  (8,003)  26.09 

Forfeited

  (15,205)  26.09 

Nonvested at March 31, 2023

  70,219  $25.29 
         

Expected to vest as of March 31, 2023

  66,416  $25.12 

 

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

 

Share-based compensation expense of $45,000 and $117,000 was recognized for the three-month periods ended March 31, 2023, and 2022, 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 $521,000 and $503,000 on March 31, 2023, and 2022, 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 non-vested share-based compensation on restricted stock as of March 31, 2023, totals $588,000, of which $233,000 is estimated for the rest of 2023, $163,000 for 2024, $158,000 for 2025, and $34,000 for 2026.