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Note 7 - Restricted Stock
 12 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(7)         Restricted Stock

 

In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”) became effective upon the approval of the plan by the Company’s Shareholders. The 2015 Director Plan authorizes 400,000 shares of the Company's common stock available for issuance under the plan and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan. In July 2016, the Company’s 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan”) became effective upon the approval of the plan by the Company’s Shareholders. The 2016 Employee Plan authorizes 1,000,000 shares of the Company's Common stock available for issuance under the plan. The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years unless otherwise specified by the Board of Directors.

 

At March 31, 2022, the Company had 893,258 restricted common shares issued under the 2016 Employee Plan and 208,880 restricted common shares issued under the 2015 Director Plan. The majority of shares were issued subject to a restriction and forfeiture period which lapses ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over a one to three-year restriction period. For the fiscal years ended March 31, 2022, 2021, and 2020, the Company recognized compensation expense related to the Employee and Director Plans of $4.5 million, $3.3 million, and $2.8 million, respectively.

 

A summary of the Company’s non-vested restricted stock at March 31, 2022 is as follows (in thousands):

 

  

Employee

Plan

Number of

Shares

  

Director

Plan

Number of

Shares

  

Both Plans

Number of

Shares

 
             

Non-vested restricted stock outstanding at March 31, 2021

  98   62   160 
             

Restricted stock granted

  676   44   720 
             

Restricted stock vested

  (69)  (30)  (99)
             

Restricted stock forfeited or expired

  (3)  (7)  (10)
             

Non-vested restricted stock outstanding at March 31, 2022

  702   69   771 

 

At March 31, 2022 and 2021, there were 770,652 and 160,117, restricted shares subject to restriction and forfeiture outstanding, respectively. During the fiscal years ended March 31, 2022 and 2021, the Company issued, net of forfeitures, 709,599 and 102,931 restricted shares, respectively. At March 31, 2022 and 2021, there were $13.4 million and $2.5 million of unrecognized compensation costs related to the restricted stock subject to restriction and forfeiture awards, respectively, which is expected to be recognized over the remaining weighted average restriction and forfeiture period of 2.3 and 1.8 years for fiscal 2022 and 2021, respectively.