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Note 5 - Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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

5.	*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 30,				September 30,				September 30,
		2021				2020				2021				2020
Stock options		$	131			$	204			$	468			$	674
Restricted stock grants			11				18				44				82
Total		$	142			$	222			$	512			$	756

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, 2021, there was $367 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 1.1 years.

The following table summarizes stock option activity for the nine-month period ended September 30, 2021:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
Outstanding at January 1, 2021			1,217,163			$	6.50
Granted			56,500				8.50
Exercised			(184,429	)			4.46
Forfeited or expired			(24,578	)			7.35
Outstanding at September 30, 2021			1,064,656			$	6.94				3.83			$	978
Vested and expected to vest at September 30, 2021			995,875			$	6.91				3.71			$	958
Exercisable at September 30, 2021			769,123			$	6.77				3.14			$	889

Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended September 30, 2021 and September 30, 2020 was $84 and $142, respectively. Cash received from stock option exercises under our stock-based compensation plans for the nine-month periods ended September 30, 2021 and September 30, 2020 was $398 and $218, respectively.

In October 2020, 5,000 shares of restricted stock were awarded to an employee at a weighted-average grant date fair value of $6.08 per share. 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 (3) years. Unrecognized compensation cost related to these restricted shares was $26 at September 30, 2021, which is expected to be recognized over a weighted average period of 1.3 years.