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Note 11 - Share-based Compensation
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 11 — SHARE-BASED COMPENSATION 

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There was no stock option activity during the nine months ended September 30, 2022 and no stock options were outstanding as of September 30, 2022. During the three months ended September 30, 2022, the Company recorded share-based compensation expense in the amount of $425 for liability awards that will be settled in shares in 2023. The liability is recognized in the “Accrued liabilities” line item of the Company’s condensed consolidated balance sheet and has a balance of $425 as of  September 30, 2022. 

 

The following table summarizes the Company’s restricted stock unit and performance award activity during the nine months ended September 30, 2022: 

 

      

Weighted Average

 
  

Number of

  

Grant-Date Fair Value

 
  

Shares

  

Per Share

 

Unvested as of December 31, 2021

  918,448  $2.72 

Granted

  734,077  $1.75 

Vested

  (815,734) $2.23 

Forfeited

  (25,449) $2.60 

Unvested as of September 30, 2022

  811,342  $2.39 

 

Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the nine months ended September 30, 2022, 280,175 shares were withheld to cover $546 of tax obligations. 

 

The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021, as follows: 

 

  

Nine Months Ended September 30,

 
  

2022

  

2021

 

Share-based compensation expense:

        

Cost of sales

 $106  $103 

Selling, general and administrative

  1,079   754 

Net effect of share-based compensation expense on net income

 $1,185  $857 

Reduction in earnings per share:

        

Basic earnings per share

 $0.06  $0.05 

Diluted earnings per share

 $0.06  $0.04