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Note 9 - Stock-based Compensation Plan | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
9. | Stock-Based Compensation Plan
On May 20, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) which terminated as of May 20, 2019. The 2009 Plan provided for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan could not exceed 223,000 shares and 176,150 shares were still available for issuance under the 2009 Plan at its termination. On May 22, 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2019 Plan may not exceed 176,150 shares. If an award under the 2009 Plan is canceled, terminates, expires, is forfeited or lapses for any reason, any issued shares subject to the award shall not be available for issuance pursuant to awards subsequently granted under the 2019 Plan. Further, no additional participants, as that term is defined in the 2009 Plan, are eligible for grants of awards under the 2009 Plan. The Company generally issues new shares under the 2019 Plan from its authorized but unissued shares. At September 30, 2024, 159,650 shares of the Company’s common stock were available for issuance under the 2019 Plan. The Company may grant both non-statutory and statutory stock options which may not have a term exceeding ten years. In the case of incentive stock options, the aggregate fair value of the stock (determined at the time the incentive stock option is granted) for which any optionee may be granted incentive options which are first exercisable during any calendar year shall not exceed $100,000. Option prices may not be less than the fair market value of the underlying stock at the date of the grant. An award of a performance share is a grant of a right to receive shares of the Company’s common stock which is contingent upon the achievement of specific performance criteria or other objectives set at the grant date. Stock appreciation rights are equity or cash settled share-based compensation arrangements whereby the number of shares that will ultimately be issued or the cash payment is based upon the appreciation of the Company’s common stock. Awards granted under the 2019 Plan may be granted either alone, in addition to, or in tandem with, any other award granted under the 2019 Plan. The terms of the 2019 Plan also include provisions whereby all unearned options and restricted shares become immediately exercisable and fully vested upon a change in control. As of September 30, 2024, no stock options had been granted under the Plans. Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The Company accounts for any forfeitures when they occur, and any previously recognized compensation for an award is reversed in the period the award is forfeited. Compensation expense related to restricted stock recognized for the three and nine month periods ended September 30, 2024 amounted to $35,000 and $168,000, respectively. Compensation expense related to restricted stock recognized for the three and nine month periods ended September 30, 2023 amounted to $53,000 and $198,000, respectively. The total income tax expense related to stock-based compensation was $15,000 and $17,000, for the three month periods ended September 30, 2024 and 2023, respectively. The total income tax benefit related to stock-based compensation was $12,000 and $17,000, for the nine month periods ended September 30, 2024 and 2023, respectively. A summary of the Company’s nonvested restricted shares under the Plan as of September 30, 2024 and changes during the nine month period then ended is presented below.
|  |  |  |  |  | Weighted |
|  | Number |  |  | Average |
|  | of |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |
Nonvested at beginning of year |  |  | 5,600 |  |  | $ | 63.60 |
Granted |  |  | 3,150 |  |  |  | 28.00 |
Vested |  |  | 3,950 |  |  |  | 59.75 |
Forfeited |  |  | - |  |  |  | - |
Nonvested at end of period |  |  | 4,800 |  |  | $ | 43.40 |
There were 3,950 restricted shares that vested during the nine month period ended September 30, 2024 due to the retirements of a director and an employee and normal vesting. There were 6,100 shares that vested during the nine month period ended September 30, 2023 due to normal vesting. The fair value of restricted shares that vested during the nine month periods ended September 30, 2024 and 2023 was $120,000 and $188,000, respectively. At September 30, 2024, there was $169,000 of unrecognized compensation expense related to nonvested restricted shares. The compensation expense is expected to be recognized over a weighted average period of 2.5 years.

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