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Note 6 - Stock-based Compensation

9 Months Ended

Sep. 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								Nine-month period ended
		September 30,				September 29,				September 30,				September 29,
		2020				2019				2020				2019
Stock options		$	204			$	117			$	674			$	433
Restricted stock grants			18				42				82				86
Total		$	222			$	159			$	756			$	519

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 September 30, 2020, there was $720 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 nine-month period ended September 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			256,000				6.51
Exercised			(50,797	)			4.29
Forfeited or expired			(17,584	)			7.72
Outstanding at September 30, 2020			1,729,411			$	6.89				3.06			$	745
Vested and expected to vest at September 30, 2020			1,626,494			$	6.84				2.88			$	745
Exercisable at September 30, 2020			1,244,119			$	6.63				1.92			$	745

The following assumptions were used to value stock options granted during the nine months ended September 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 nine months ended September 30, 2020 was $2.78.

Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended September 30, 2020 and September 29, 2019 was $142 and $388, respectively. Cash received from stock option exercises under our stock-based compensation plans for the nine-month periods ended September 30, 2020 and September 29, 2019 was $218 and $866, 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 $63 at September 30, 2020, which is expected to be recognized over a weighted average period of 1.5 years.