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Note G - Stock Based Compensation | 6 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE G — STOCK BASED COMPENSATION 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 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 six months ended September 30, 2021:
|  |  |  |  |  | Weighted Average |
|  | Number of Shares |  |  | Grant Date Fair Value Per Share |
Unvested at March 31, 2021 |  |  | 339,625 |  |  | $ | 6.07 |
Cancelled or forfeited |  |  | — |  |  |  | — |
Granted |  |  | 6,000 |  |  |  | 13.00 |
Vested |  |  | (25,000 | ) |  |  | 4.41 |
Unvested at September 30, 2021 |  |  | 320,625 |  |  | $ | 6.33 |
Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $247,741 and $221,627 in the six months ended September 30, 2021 and 2020, respectively, relating to the stock awards issued under the Plan. As of September 30, 2021, unrecognized compensation expense related to stock awards was approximately $696,921, which is expected to be recognized over a weighted average period of approximately 2.6 years. As of September 30, 2021, a total of 134,375 shares were still available to be issued under the Plan.

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