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Note 15 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2024
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 June 5, 2024, our shareholders approved the 2024 Omnibus Incentive Plan. The purpose of the 2024 Plan was to authorize shares to be available for grant upon expiration of the 2014 Plan and to make other design changes based on recent corporate governance and other trends. We carried over 472,862 shares that remained available under the 2014 Plan and our shareholders authorized an additional 27,138 shares for the 2024 Plan for a total of 500,000 shares eligible for grant under the 2024 Plan. As of December 31, 2024, we were authorized to issue 504,267 shares under the 2024 Plan. During the years ended December 31, 2024 and 2023, and 2022 we issued 19,364 shares, 34,418 shares and 10,762 shares of common stock to members of our Board of Directors, respectively. Stock Options There were no options granted for the year ended December 31, 2024 and 2023. The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted during the year ended December 31:
|  | 2022 |
Assumptions: |  |  |  |
Risk-free interest rate |  |  | 0.82 | %
Expected dividend yield |  |  | 2.15 | %
Expected volatility of Rocky's common stock |  |  | 54.70 | %
Expected option term (years) |  |  | 5.1 |
Weighted-average grant date fair value per share |  | $ | 12.85 |
For the years ended December 31, 2024 and 2023, we recognized share-based compensation expense and the corresponding tax benefit as follows:
($ in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Share-based compensation expense |  | $ | 1,294 |  |  | $ | 1,244 |  |  | $ | 1,230 |
Tax benefit |  |  | 220 |  |  |  | 302 |  |  |  | 221 |
The following summarizes stock option activity for the year ended December 31, 2024:
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
($ amounts are per share) |  | Shares |  |  | Exercise Price |  |  | Actual Term |  |  | Intrinsic Value |
Options outstanding at January 1, 2024 |  |  | 265,086 |  |  | $ | 38.92 |  |  |  |  |  |  |  |  |
Issued |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (21,700 | ) |  |  | 27.62 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (43,686 | ) |  |  | 32.59 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2024 |  |  | 199,700 |  |  | $ | 28.82 |  |  |  | 10.7 |  |  | $ | 256,226 |
Expected to vest |  |  | 34,700 |  |  | $ | 33.95 |  |  |  | 14.2 |  |  | $ | - |
Exercisable at December 31, 2024 |  |  | 165,000 |  |  | $ | 27.74 |  |  |  | 9.9 |  |  | $ | 256,226 |
For the years ended December 31, 2024, 2023 and 2022, cash received for the exercise of stock options was approximately $0.6 million, $1.0 million, and $0.5 million, respectively. Restricted Stock Units The following table summarizes the status of the Company's restricted stock units and activity as of December 31, 2024:
|  | Restricted Stock Units |
|  |  |  |  |  | Weighted-Average Grant Date |
($ amounts are per share) |  | Quantity |  |  | Fair Value Per Share |
Nonvested at January 1, 2024 |  |  | 32,412 |  |  | $ | 23.49 |
Granted |  |  | 24,680 |  |  |  | 30.18 |
Vested |  |  | (651 | ) |  |  | 12.79 |
Forfeited |  |  | (3,018 | ) |  |  | 26.50 |
Nonvested at December 31, 2024 |  |  | 53,423 |  |  | $ | 26.54 |
As of December 31, 2024, the total unrecognized compensation cost related to non-vested stock options and restricted stock units was approximately $1.0 million with a weighted-average expense recogniti on period of 1.6 years.

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