XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.20.4

Note 12 - Share-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 12. SHARE-BASED COMPENSATION On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan includes 500,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of December 31, 2020, we were authorized to issue 94,560 shares under the 2014 Plan. Stock options The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted during the years ended December 31:
|  | 2020 |  |  | 2019 |
Assumptions: |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 1.61 | % |  |  | 2.84 | %
Expected dividend yield |  |  | 2.00 | % |  |  | 1.81 | %
Expected volatility of Rocky's common stock |  |  | 42.27 | % |  |  | 42.05 | %
Expected option term (years) |  |  | 6.3 |  |  |  | 6.3 |
Weighted-average grant date fair value per share |  | $ | 9.36 |  |  | $ | 8.77 |
For the years ended December 31, 2020 and 2019, we recognized share-based compensation expense and the corresponding tax benefit as follows:
($ in thousands) |  | 2020 |  |  | 2019 |
Share-based compensation expense |  | $ | 780 |  |  | $ | 662 |
Tax benefit |  |  | 58 |  |  |  | 109 |
The following summarizes stock option activity for the year ended December 31, 2020:
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
($ amounts are per share) |  | Shares |  |  | Exercise Price |  |  | Actual Term |  |  | Intrinsic Value |
Options outstanding at January 1, 2020 |  |  | 192,000 |  |  | $ | 19.46 |  |  |  |  |  |  |  |  |
Issued |  |  | 78,000 |  |  |  | 29.43 |  |  |  |  |  |  |  |  |
Exercised |  |  | (8,800 | ) |  |  | 15.39 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (3,800 | ) |  |  | 19.96 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2020 |  |  | 257,400 |  |  | $ | 22.61 |  |  |  | 5.6 |  |  | $ | 1,510,216 |
Expected to vest |  |  | 150,500 |  |  | $ | 24.91 |  |  |  | 6.9 |  |  | $ | 580,937 |
Exercisable at December 31, 2020 |  |  | 106,900 |  |  | $ | 19.38 |  |  |  | 3.8 |  |  | $ | 929,279 |
In the first quarter of 2020, our officers and certain employees were granted 42,000 options. The plans generally provided for grants with the exercise price equal to fair value on the date of grant, graduated vesting periods of up to 5 years, and lives not exceeding 10 years. For the years ended 2020 and 2019, cash received for the exercise of stock options was approximately $136,000 and $444,000, respectively. In the first quarter of 2020, Board of Director members were granted 36,000 stock options that vest over a year and will expire in 5 years. Restricted stock units The following table summarizes the status of the Company’s restricted stock units and activity as of December 31, 2020:
|  | Restricted Stock Units |
|  |  |  |  |  | Weighted-Average Grant Date |
($ amounts are per share) |  | Quantity |  |  | Fair Value Per Share |
Nonvested at January 1, 2020 |  |  | 2,500 |  |  | $ | 11.35 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (2,500 | ) |  |  | 11.35 |
Forfeited |  |  | - |  |  |  | - |
Nonvested at December 31, 2020 |  |  | - |  |  | $ | - |
As of December 31, 2020, the total unrecognized compensation cost related to non-vested stock options and restricted stock units was $190,939 with a weighted-average expense recognition period of 3.7 years. During the years ended December 31, 2020 and 2019, we issued 10,456 and 7,925 shares of common stock to members of our Board of Directors, respectively.

X
- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration