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Note 7 - Share-based Compensation | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE 7 – Share-Based Compensation: Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income. The following table details the share-based compensation expense by type of award and the total related tax benefit for the periods presented (in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Stock options and SARs |  | $ | 452 |  |  | $ | 164 |
Restricted stock |  |  | 203 |  |  |  | 161 |
Performance shares |  |  | 177 |  |  |  | 74 |
Total share-based compensation expense |  | $ | 832 |  |  | $ | 399 |
Related income tax benefit |  | $ | 53 |  |  | $ | 54 |
Stock options and Stock Appreciation Rights (“SARs”) The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. Stock options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARs at the date of grant using the Black-Scholes valuation model. All stock options and SARs granted prior to August 3, 2018 vested immediately when granted. Awards issued thereafter vest either one or two years after the grant date. Employee awards expire five years after the grant date, and those issued to directors expire ten years after the grant date. The Company issues new shares upon the exercise of stock options and SARs. A summary of stock option transactions during the three months ended March 31, 2021 follows:
|  |  |  |  |  |  |  | Weighted Average |  |  | Aggregate |
|  | No. of |  |  | Weighted Average |  |  | Remaining Life |  |  | Intrinsic Value |
|  | Shares |  |  | Exercise Price |  |  | (in years) |  |  | (in thousands) |
Outstanding, January 1, 2021 |  |  | 970,022 |  |  | $ | 12.92 |  |  |  | 3.74 |  |  | $ | 11,128 |
Granted(1) |  |  | 100,513 |  |  |  | 25.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (18,907 | ) |  |  | 17.42 |  |  |  |  |  |  |  |  |
Lapsed or cancelled |  |  | (12,740 | ) |  |  | 14.09 |  |  |  |  |  |  |  |  |
Outstanding, March 31, 2021 |  |  | 1,038,888 |  |  |  | 14.07 |  |  |  | 3.72 |  |  |  | 11,821 |
Exercisable, March 31, 2021 |  |  | 355,111 |  |  |  | 17.49 |  |  |  | 2.45 |  |  |  | 2,816 |
(1) | The weighted average grant date fair value of stock options granted was $10.09 per share.
As of March 31, 2021, the Company had $1.3 million in unrecognized compensation related to nonvested stock options to be recognized over the remaining weighted average vesting period of 1.6 years. A summary of stock-settled SARs transactions during the three months ended March 31, 2021 follows:
|  |  |  |  |  |  |  | Weighted Average |  |  | Aggregate |
|  | No. of |  |  | Weighted Average |  |  | Remaining Life |  |  | Intrinsic Value |
|  | Shares |  |  | Exercise Price |  |  | (in years) |  |  | (in thousands) |
Outstanding, January 1, 2021 |  |  | 317,128 |  |  | $ | 13.47 |  |  |  | 3.36 |  |  | $ | 2,031 |
Granted(1) |  |  | 31,687 |  |  |  | 25.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (7,018 | ) |  |  | 18.86 |  |  |  |  |  |  |  |  |
Outstanding, March 31, 2021 |  |  | 341,797 |  |  |  | 14.50 |  |  |  | 3.36 |  |  |  | 3,744 |
Exercisable, March 31, 2021 |  |  | 108,203 |  |  |  | 19.64 |  |  |  | 1.85 |  |  |  | 625 |
(1) | The weighted average grant date fair value of SARs granted was $10.09 per share.
As of March 31, 2021, the Company had $0.4 million in unrecognized compensation related to nonvested SARs to be recognized over the remaining weighted average vesting period of 1.5 years. Restricted Stock The Company has granted shares of restricted stock to directors and certain employees, which vest at a specified future date, generally after three years, ratably over five years or when certain conditions are met. The shares are subject to accelerated vesting under certain circumstances as outlined in the 2013 Incentive Stock and Awards Plan (the “2013 Plan”). Expense for each of these grants is based on the fair value at the date of the grant and is being recognized on a straight-line basis over the respective service period. A summary of restricted stock transactions during the three months ended March 31, 2021 follows:
|  |  |  |  |  | Weighted Average |
|  | No. of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding, January 1, 2021 |  |  | 157,244 |  |  | $ | 16.84 |
Granted |  |  | 140,754 |  |  |  | 23.19 |
Vested |  |  | (24,908 | ) |  |  | 23.55 |
Outstanding, March 31, 2021 |  |  | 273,090 |  |  |  | 19.50 |
As of March 31, 2021, the Company had $4.3 million of unrecognized compensation cost related to nonvested restricted stock grants expected to be recognized over the remaining weighted average vesting period of 4.0 years. Performance Shares Certain employees received service-based or service-based and performance-based shares, to which we collectively refer to as performance shares. The service-based awards vest after the service period is met, which is generally three to five years. Expense for these grants is based on the fair value on the date of the grant and is being recognized on a straight-line basis over the respective service period. The performance-based shares generally vest after five years if the performance and service targets are met. The Company evaluates the performance conditions associated with these grants each reporting period to determine the expected number of shares to be issued. Expenses for grants of performance shares are recognized on a straight-line basis over the respective service period based on the grant date fair value and expected number of shares to be issued. The awards are subject to accelerated vesting under certain circumstances as outlined in the 2013 Plan. A summary of performance share transactions during the three months ended March 31, 2021 follows:
|  |  |  |  |  | Weighted Average |
|  | No. of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding, January 1, 2021 |  |  | 186,264 |  |  | $ | 18.28 |
Vested |  |  | (52,779 | ) |  |  | 16.91 |
Forfeited |  |  | (16,665 | ) |  |  | 16.35 |
Outstanding, March 31, 2021 |  |  | 116,820 |  |  |  | 19.17 |
As of March 31, 2021, the Company had $0.8 million of unrecognized compensation cost related to nonvested performance share grants expected to be recognized over the remaining weighted average service period of 2.4 years.

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