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Note 15 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 15. SHARE-BASED COMPENSATION On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan and in May 2021 this plan was amended as our shareholders authorized an additional 600,000 shares (as amended, the "2014 Plan"). The 2014 Plan includes 1,100,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of December 31, 2023, we were authorized to issue 502,325 shares under the 2014 Plan. On January 24, 2021, we adopted the 2021 Inducement Option Plan (the "2021 Plan") pursuant to which 25,000 non-qualified stock options were granted to seven key employees acquired with the Acquisition. The 2021 Plan did not require shareholder approval under Nasdaq Listing Rule 5635(c). As of December 31, 2023, no shares were available for grant under the 2021 Plan. Stock Options There were no options granted for the year ended December 31, 2023. 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:
|  | 2022 |  |  | 2021 |
Assumptions: |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 0.82 | % |  |  | 0.32 | %
Expected dividend yield |  |  | 2.15 | % |  |  | 1.18 | %
Expected volatility of Rocky's common stock |  |  | 54.70 | % |  |  | 51.87 | %
Expected option term (years) |  |  | 5.1 |  |  |  | 5.6 |
Weighted-average grant date fair value per share |  | $ | 12.85 |  |  | $ | 12.16 |
For the years ended December 31, 2023 and 2022, we recognized share-based compensation expense and the corresponding tax benefit as follows:
($ in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Share-based compensation expense |  | $ | 1,244 |  |  | $ | 1,230 |  |  | $ | 1,265 |
Tax benefit |  |  | 302 |  |  |  | 221 |  |  |  | 192 |
The following summarizes stock option activity for the year ended December 31, 2023:
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
($ amounts are per share) |  | Shares |  |  | Exercise Price |  |  | Actual Term |  |  | Intrinsic Value |
Options outstanding at January 1, 2023 |  |  | 341,436 |  |  | $ | 28.87 |  |  |  |  |  |  |  |  |
Issued |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (38,400 | ) |  |  | 25.44 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (37,950 | ) |  |  | 32.05 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2023 |  |  | 265,086 |  |  | $ | 38.92 |  |  |  | 4.3 |  |  | $ | 909,038 |
Expected to vest |  |  | 61,550 |  |  | $ | 32.79 |  |  |  | 7.1 |  |  | $ | 74,333 |
Exercisable at December 31, 2023 |  |  | 203,536 |  |  | $ | 27.75 |  |  |  | 3.5 |  |  | $ | 834,705 |
For the years ended December 31, 2023, 2022, and 2021 cash received for the exercise of stock options was approximately $1.0 million, $0.5 million, and $0.8 million, respectively. Restricted Stock Units The following table summarizes the status of the Company's restricted stock units and activity as of December 31, 2023:
|  | Restricted Stock Units |
|  |  |  |  |  | Weighted-Average Grant Date |
($ amounts are per share) |  | Quantity |  |  | Fair Value Per Share |
Nonvested at January 1, 2023 |  |  | 1,954 |  |  | $ | 12.79 |
Granted |  |  | 40,812 |  |  |  | 23.89 |
Vested |  |  | (651 | ) |  |  | 12.79 |
Forfeited |  |  | (9,703 | ) |  |  | 23.70 |
Nonvested at December 31, 2023 |  |  | 32,412 |  |  | $ | 23.49 |
As of December 31, 2023, the total unrecognized compensation cost related to non-vested stock options and restricted stock units was approximately $1.1 million with a weighted-average expense recognition period of 3.0 years. During the years ended December 31, 2023 and 2022, and 2021 we issued 34,418 shares, 10,762 shares and 6,868 shares of common stock to members of our Board of Directors, respectively.

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