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Note 4 - Accounting for Stock-based Compensation

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Text Block]

Note 4:

Accounting for 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”), 220,848 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 December 31, 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 one to three-year restriction period.

For the quarters ended December 31, 2020 and 2019, the Company recognized $781,000 and $716,000, respectively, of compensation expense related to the Employee and Director Plans. For the nine months ended December 31, 2020 and 2019, the Company recognized $2.3 million and $2.1 million, respectively, of compensation expense related to the Employee and Director Plans. At December 31, 2020 and 2019, there was $3.6 million and $3.4 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 December 31, 2020 and 2019, there were approximately 177,000 and 183,000 non-vested restricted shares, respectively.