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Note 2 - Equity Compensation Plans and Capital Stock | 12 Months Ended
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Mar. 31, 2021
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, 2021 :
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average Grant |
|  | Number of |  |  | Date Fair Value |
|  | Shares |  |  | Per Share |
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 |
Cancelled or forfeited |  |  | — |  |  |  | — |
Granted |  |  | 89,625 |  |  |  | 5.64 |
Vested |  |  | (20,000 | ) |  |  | 8.23 |
Unvested at March 31, 2021 |  |  | 339,625 |  |  | $ | 6.07 |
Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $527,671 and $332,944 in fisca l 2021 and fiscal 2020 , respectively, relating to the stock awards issued under the P lan. As of March 31, 2021 , unrecognized compensation expense related to stock awards was approximately $866,000, which is expected to be recognized over a weighted average period of approximately 2.7 years. As of March 31, 2021 , a total of 140,375 shares were still available to be issued under the Plan. 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, 2021 or March 31, 2020 .

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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