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Note 6 - Stock-based Compensation

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Shareholders' Equity and Share-based Payments [Text Block]

6. STOCK-BASED COMPENSATION

We recorded non-cash stock compensation expense in each period as follows:

		Three-month period ended								Six-month period ended
		June 30,				June 30,				June 30,				June 30,
		2020				2019				2020				2019
Stock options		$	278			$	142			$	470			$	316
Restricted stock grants			26				33				64				44
Total		$	304			$	175			$	534			$	360

We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of June 30, 2020, there was $903 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 1.4 years.

The following table summarizes stock option activity for the six-month period ended June 30, 2020:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
Outstanding at January 1, 2020			1,541,792			$	6.88
Granted			251,000				6.51
Exercised			(16,631	)			4.58
Forfeited or expired			(13,084	)			7.77
Outstanding at June 30, 2020			1,763,077			$	6.84				3.28			$	1,734
Vested and expected to vest at June 30, 2020			1,651,988			$	6.78				3.08			$	1,711
Exercisable at June 30, 2020			1,194,342			$	6.45				1.87			$	1,610

The following assumptions were used to value stock options granted during the six months ended June 30, 2020:

Risk-Free Interest Rate			0.4	%
Volatility Factor			49	%
Weighted Average Expected Life (Years)			5.3
Dividends			0.0	%

The weighted average grant date fair value of options granted during the six months ended June 30, 2020 was $2.78.

Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended June 30, 2020 and June 30, 2019 was $47 and $122, respectively. Cash received from stock option exercises under our stock-based compensation plans for the six-month periods ended June 30, 2020 and June 30, 2019 was $76 and $478, respectively.

In April 2019, 20,000 shares of restricted stock were awarded to certain of our employees at a weighted-average grant date fair value of $11.12 per share. In January 2018, 17,500 shares of restricted stock were awarded to certain of our employees at a weighted-average grant date fair value of $7.16 per share. All outstanding restricted shares vest in equal annual installments over three years. Unrecognized compensation cost related to these restricted shares was $81 at June 30, 2020, which is expected to be recognized over a weighted average period of 1.7 years.