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Note 2 - Equity Compensation Plans and Capital Stock | 12 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 2 . EQUITY COMPENSATION PLANS AND CAPITAL STOCK The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees, directors or consultants to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Forfeitures are accounted for upon their occurrence. The following table summarizes the activity related to restricted stock awards for the two years ended March 31, 2020:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested at March 31, 2018 |  |  | 210,000 |  |  | $ | 6.88 |
Cancelled or forfeited |  |  | (50,000 | ) |  |  | 6.88 |
Granted |  |  | 20,000 |  |  |  | 8.23 |
Vested |  |  | — |  |  |  | — |
Unvested at March 31, 2019 |  |  | 180,000 |  |  | $ | 7.03 |
Cancelled or forfeited |  |  | — |  |  |  | — |
Granted |  |  | 90,000 |  |  |  | 5.05 |
Vested |  |  | — |  |  |  | — |
Unvested at March 31, 2020 |  |  | 270,000 |  |  | $ | 6.37 |
Of the 270,000 unvested shares at March 31, 2020, 160,000 shares have five year cliff vesting restrictions with vesting occurring on January 4, 2022, 20,000 shares have five year cliff vesting restrictions with vesting occurring on April 1, 2024, 20,000 shares have two year cliff vesting restrictions with vesting occurring on March 13, 2021 and 70,000 shares will vest in equal amounts each year for five years commencing on April 1, 2020. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $332,944 and $137,598 in fiscal 2020 and 2019, respectively, relating to the stock awards issued under the Plan. Subsequent to March 31, 2020, restricted stock awards of 11,000 shares total were granted with a grant date fair value of $4.53 per share and one year cliff vesting restrictions with vesting occurring on April 1, 2021. As of March 31, 2020, unrecognized compensation expense related to stock awards was approximately $885,000, which is expected to be recognized over a weighted average period of approximately 3.1 years. The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2020 or March 31, 2019.

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