XML 22 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Note 6 - Equity Incentive Plan
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 6 — Equity Incentive Plan

 

In May 2013, the Company adopted the 2013 Equity Incentive Plan (as amended and restated, the “Plan”) and reserved shares of common stock for issuance under the Plan, which was last amended in June 2023. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. At September 30, 2025, 320,724 shares of common stock were available for issuance under the Plan.

 

 

A summary of the Company’s stock option activity and related information is as follows:

 

                   

Weighted

  
           

Weighted

    

Average

  
           

Average

    

Remaining

  
   

Stock

    

Exercise

    

Life

  
   

Options

    

Price

    

(in years)

  

Outstanding at December 31, 2024

     509,414     $ 7.56       4.6  

Forfeited/Expired

     (138,600 )   $ 7.78          

Outstanding at September 30, 2025

     370,814     $ 7.48       4.5  

Exercisable at September 30, 2025

     366,814     $ 7.42       4.5  

 

A summary of the Company’s restricted stock unit (RSU) and performance stock unit (PSU) activity is as follows:

 

   

RSUs

    

PSUs

  

Outstanding at December 31, 2024

     331,715       114,000  

Granted

     131,421       80,000  

Vested

     (87,759 )     —  

Forfeited

     (98,931 )     (16,500 )

Outstanding at September 30, 2025

     276,446       177,500  

 

During the nine months ended September 30, 2025, the Company granted 38,660 RSUs to Board members, 80,000 PSUs and 40,000 RSUs to executives and 52,761 RSUs to employees under the Plan. The estimated fair value of these equity grants was $1,042,282, of which $380,023 was recognized in stock-based compensation expense totaling $997,840 for the nine months ended September 30, 2025.

 

At September 30, 2025, there was $1,574,069 of unrecognized compensation cost related to non-vested equity awards granted under the Plan. That cost is expected to be recognized over a weighted average period of 0.9 years.