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Note 10 - Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
10. | STOCK COMPENSATION PLANS
We instituted the 2003 Incentive Stock Plan (the “2003 Plan”) in March 2003. The 2003 Plan authorized the issuance of up to 450,000 options to purchase shares of common stock to officers and key employees, with vesting of such options occurring equally over a 3 -year time period. In 2013, the 2003 Plan expired with 197,500 options ungranted. In the years ended December 31, 2020 and 2019, no options and 25,000 options, respectively, were exercised under the 2003 Plan. In June 2015, shareholders approved the 2015 Incentive Stock Plan (the “2015 Plan”) which authorizes the issuance of up to 750,000 options to purchase shares of common stock to employees and key consultants and advisors. In 2020 and 2019, no options were exercised under the 2015 Plan. In 2020, no options were granted and in 2019 30,000 options were granted under the 2015 Plan. In 2019, 10,000 options were cancelled under the 2015 Plan. In August 2000, we instituted a Non-Employee Directors' Stock Option Plan (the “Directors Plan”) that authorized the issuance of up to 200,000 options to purchase shares of common stock to non-employee directors. Upon adoption of the Directors Plan, each non-employee director was granted an option to acquire 5,000 shares. At each Annual Meeting, each director receives a grant of 4,000 options, which vest in 50% increments on the first and second anniversary. The Directors Plan expired in 2011, with 60,000 options ungranted. The shareholders approved a new plan, the 2011 Non-Employee Directors Stock Plan (the “2011 Directors Plan”), in May 2011, with essentially the same terms and conditions as the Directors Plan. In the years ended December 31, 2020 and 2019, no options and 12,000 options were granted to non-employee members of our board of directors at the 2020 and 2019 Annual Meetings, respectively, pursuant to the 2011 Directors Plan. Additionally, in 2020 and 2019, no options and 8,000 options, respectively, were exercised under the Directors Plan. In 2020 and 2019, no options and 74,000 options, respectively, were exercised under the 2011 Directors Plan. In 2020, no options were cancelled and in 2019, under the 2011 Directors Plan, 6,000 options were cancelled. In August 2020, shareholders approved the 2020 Non-Employee Directors' Stock Incentive Plan (the “2020 Plan”), which replaces the 2011 Director Plan and authorizes the issuance of 200,000 shares of common stock to non-employee directors. During 2020, an aggregate of 4,380 shares totaling $150,000 were granted to the three independent members of our board of directors pursuant to the 2020 Plan. Pursuant to the terms of the 2020 Plan, the shares were granted at fair market value on the date of the Annual Meeting of Shareholders and vested upon issuance. We expect to grant each independent director $50,000 of stock on the date of each subsequent Annual Meeting. Stock options under all plans are granted at an exercise price equal to fair value on the date of grant and vest over 2 - 3 years. As of December 31, 2020, a total of 1,356,500 options under all plans have been granted, 947,320 have been exercised, 282,680 have been cancelled, 102,500 are fully vested and exercisable and 24,000 are not vested. All options expire ten years from their respective dates of grant. As of December 31, 2020, there was $235,000 of unrecognized compensation cost related to stock options granted under the plans, which is expected to be recognized by the first quarter of 2022. Stock option activity during the years ended December 31, 2020 and 2019 was as follows:
|  |  | 20 20 |  |  | 201 9 |
Options outstanding at January 1 |  |  |  |  | 126,500 |  |  |  |  |  | 207,500 |
Options cancelled |  |  |  |  | - |  |  |  |  |  | (16,000 | )
Options exercised |  |  |  |  | - |  |  |  |  |  | (107,000 | )
Options granted |  |  |  |  | - |  |  |  |  |  | 42,000 |
Options outstanding at December 31 |  |  |  |  | 126,500 |  |  |  |  |  | 126,500 |
Options available for grant at December 31 |  |  |  |  | 885,620 |  |  |  |  |  | 763,000 |
Options exercisable at December 31 |  |  |  |  | 102,500 |  |  |  |  |  | 84,500 |
Exercise price ranges per share: |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  | N/A |  |  |  | $19.99 | - | $39.11 |
Exercised |  |  |  |  | N/A |  |  |  | $0.69 | - | $7.80 |
Outstanding |  |  | $1.52 | - | $39.11 |  |  |  | $1.52 | - | $39.11 |
Weighted average exercise price per share: |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  | - |  |  | $ |  |  | 25.45 |
Exercised |  |  |  |  | - |  |  | $ |  |  | 1.97 |
Outstanding at December 31 |  | $ |  |  | 8.94 |  |  | $ |  |  | 8.94 |
Exercisable at December 31 |  | $ |  |  | 5.61 |  |  | $ |  |  | 2.21 |
The following tables summarize information about the stock options outstanding under the Company's option plans as of December 31, 2020.
Options Outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |
Range of Exercise Price |  | Number Outstanding |  |  | Wgt. Avg. Contractual Life Remaining (in years) |  |  | Wgt. Avg. Exercise Price |  |  | Aggregate Intrinsic Value |
$1.52 | - | $1.72 |  |  | 67,500 |  |  |  | 0.5 |  |  | $ | 1.59 |  |  | $ | 2,600,325 |
$3.50 | - | $39.11 |  |  | 59,000 |  |  |  | 7.6 |  |  | $ | 17.35 |  |  | $ | 1,342,770 |
$1.52 | - | $39.11 |  |  | 126,500 |  |  |  | 3.8 |  |  | $ | 8.94 |  |  | $ | 3,943,095 |
Options Exercisable: |  |  |  |  |  |  |  |  |  |  |  |  |
Range of Exercise Price |  | Number Exercisable |  |  | Wgt. Avg. Contractual Life Remaining (in years) |  |  | Wgt. Avg. Exercise Price |  |  | Aggregate Intrinsic Value |
$1.52 | - | $1.72 |  |  | 67,500 |  |  |  | 0.5 |  |  | $ | 1.59 |  |  | $ | 2,600,325 |
$3.50 | - | $39.11 |  |  | 35,000 |  |  |  | 7.3 |  |  | $ | 13.36 |  |  | $ | 936,370 |
$1.52 | - | $39.11 |  |  | 102,500 |  |  |  | 2.8 |  |  | $ | 5.61 |  |  | $ | 3,536,695 |
Aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the year ended December 31, 2020 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2020. The amount of aggregate intrinsic value will change based on the fair value of the Company's common stock.

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