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Note 15 - Share-based Compensation
 12 Months Ended
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 recognition period of 1.6 years.