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Note 4 - Stock-based Compensation

6 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Text Block]

Note 4:

Stock-Based Compensation

The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”) (ASU 2016-09). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. The Company had 972,175 restricted common shares issued under the 2006 Employee Equity Compensation Restricted Stock Plan (“2006 Employee Plan”), 221,798 restricted common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan” and collectively referred to with the 2006 Employee Plan as the “Employee Plans”), 272,000 restricted common shares issued under the 2006 Outside Director Equity Compensation Restricted Stock Plan (“2006 Director Plan”), and 172,500 restricted common shares issued under the 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”, and collectively referred to with the 2006 Director Plan as the “Director Plans”) at September 30, 2020, all shares of which were issued subject to a restriction or forfeiture period that lapses ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period.

In July 2020, the Board of Directors approved the issuance of 68,190 restricted shares to certain employees of the Company, which included the Company’s CEO restricted stock grant of 37,800 shares in accordance with his Amended Employee Agreement, under the 2016 Employee Plan, with a fair value of $31.20 per share. In July 2020, the Board of Directors approved the issuance of 37,500 restricted shares to directors of the Company under the 2015 Director Plan, with a fair value of $31.20 per share. For the quarters ended September 30, 2020 and 2019, the Company recognized $772,000 and $730,000, respectively, of compensation expense related to the Employee and Director Plans. For the six months ended September 30, 2020 and 2019, the Company recognized $1.5 million and $1.4 million, respectively, of compensation expense related to the Employee and Director Plans. At September 30, 2020 and 2019, there was $4.4 million and $4.3 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next three years. At September 30, 2020 and 2019 there were approximately 177,876 and 191,000 non-vested restricted shares, respectively.