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Note 10 - Stock Based Compensation
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 10: Stock Based Compensation

 

The Company’s 2023 Stock Incentive Plan (“the Plan”) was approved by shareholders at the annual shareholders meeting on May 9, 2023. The Plan provides for the grant of various forms of stock-based compensation awards that may be settled in, or based upon the value of, the Company’s common stock. The maximum number of shares available for issuance under the Plan is 120,000 shares. For further information on the Plan, refer to the Company’s Proxy Statement filed with the SEC on March 28, 2024 and the Company’s S-8 filed with the SEC on June 7, 2023.

 

Restricted Stock Awards

Under the Plan, non-employee directors receive restricted stock awards (“RSAs”) each June and December. The RSAs are valued at the closing stock price on the grant date and expensed over the one-year vesting period. Stock based compensation expense charged against income was $33 and $65 for the three and six months ended June 30, 2024. As of June 30, 2024, expense of $103 related to the nonvested RSAs is expected to be recognized over the coming 12 months. A summary of changes in the Company’s nonvested RSAs under the Plan for the six months ended June 30, 2024 follows:

 

  

Shares

  

Weighted-Average Grant-Date Fair Value

 

Nonvested at January 1, 2024

  4,095  $30.73 

Granted

  2,796   30.00 

Vested and released

  (2,052)  30.70 

Nonvested at June 30, 2024

  4,839  $30.32