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Note 9 - Shareholders' Equity | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Equity [Text Block] | 9. SHAREHOLDERS’ EQUITY At March 31, 2024, the Company had 25,343,013 shares of common stock outstanding and 245,000,000 authorized. In addition, as of March 31, 2024, the Company had 5,000,000 authorized but unissued shares of preferred stock. Stock Option Plans From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date. For the three months ended March 31, 2024 and 2023, there was no compensation expense related to stock options. As of March 31, 2023, all stock options had vested. No stock options were granted, exercised, or expired during the three months ended March 31, 2024 and 2023. The stock options had de minimis intrinsic values for the periods reported. Presented below is information for stock options outstanding and exercisable as of March 31, 2024, and December 31, 2023:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
|  | Shares |  |  | Price |  |  | Shares |  |  | Price |
Stock options outstanding and exercisable |  |  | 23,176 |  |  | $ | 38.92 |  |  |  | 23,176 |  |  | $ | 38.92 |
The following table summarizes information for stock options outstanding and for stock options exercisable at March 31, 2024 by the remaining contractual term:
Options Outstanding |  |  | Options Exercisable |
|  |  | Exercise |  |  | Weighted |  |  | Remaining |  |  |  |  |  |  | Weighted |
|  |  | Price |  |  | Average |  |  | Contractual |  |  |  |  |  |  | Average |
Number of |  |  | Range |  |  | Exercise |  |  | Term |  |  | Number of |  |  | Exercise |
Shares |  |  | Low |  |  | High |  |  | Price |  |  | (years) |  |  | Shares |  |  | Price |
16,500 |  |  | $ | 7.20 |  |  | $ | 11.60 |  |  | $ | 10.00 |  |  |  | 3.5 |  |  |  | 16,500 |  |  | $ | 10.00 |
5,676 |  |  |  | 90.00 |  |  |  | 90.00 |  |  |  | 90.00 |  |  |  | 0.8 |  |  |  | 5,676 |  |  |  | 90.00 |
1,000 |  |  |  | 226.20 |  |  |  | 226.20 |  |  |  | 226.20 |  |  |  | 0.4 |  |  |  | 1,000 |  |  |  | 226.20 |
23,176 |  |  | $ | 7.20 |  |  | $ | 226.20 |  |  | $ | 38.92 |  |  |  | 2.7 |  |  |  | 23,176 |  |  | $ | 38.92 |
Restricted Stock The Company grants restricted stock under its incentive plan covering shares of common stock to employees and directors of the Company. Significantly all of the restricted stock awards are time-based awards and are amortized ratably over a requisite service period. Time-based awards vest ratably following the grant date, provided the grantee is employed on the vesting date. The Company has one restricted stock award that vests if the Company's share price is equal to or greater than $2.00 for 20 consecutive trading days within the period beginning March 19, 2025 and ending March 18, 2027. The grant date fair value of this award is amortized over a derived requisite service period from the fair value model. Forfeitures of restricted stock awards are recognized as they occur. Restricted stock granted to employees, when vested, may be settled through the net issuance of shares, reduced by the number of shares required to pay withholding taxes. Non-vested shares of restricted stock are not included in common shares outstanding until vesting has occurred. The following table presents the changes in non-vested restricted stock awards to all employees and directors for the three months ended March 31, 2024:
|  |  |  |  |  | Weighted-Avg. |
|  |  |  |  |  | Grant Date |
|  |  |  |  |  | Fair Value |
|  | Shares |  |  | Per Share |
Non-vested restricted stock as of December 31, 2023 |  |  | 855,236 |  |  | $ | 2.63 |
Granted |  |  | 1,299,000 |  |  | $ | 0.96 |
Vested |  |  | (411,041 | ) |  | $ | 2.78 |
Forfeited |  |  | (5,500 | ) |  | $ | 2.30 |
Non-vested restricted stock as of March 31, 2024 |  |  | 1,737,695 |  |  | $ | 1.35 |
For the three months ended March 31, 2024 and 2023, the Company recognized $0.2 million and $0.7 million, respectively, of stock compensation expense related to restricted stock grants. Total compensation cost related to non-vested awards not yet recognized in the Company’s Condensed Consolidated Statements of Operations as of March 31, 2024 was $1.6 million. This cost is expected to be recognized over a weighted average period of 1.6 years. Dividends On February 23, 2023, the Company paid a quarterly cash dividend of $0.0225 per share of common stock outstanding to stockholders of record at the close of business on February 10, 2023. The total amount of dividends paid for the three months ended March 31, 2023 was $0.6 million. On August 9, 2023, the Board of Directors suspended the Company’s dividend payment program. As a result, no dividends were paid for the three months ended March 31, 2024. Share Repurchase Program On April 26, 2023, the Board of Directors of the Company authorized and approved a share repurchase program for up to $5.0 million of the outstanding shares of the Company’s common stock. On March 19, 2024, the Board of Directors authorized and approved an extension of the ongoing share repurchase program. Subject to any future extensions, the repurchase program is scheduled to expire on the earlier of June 30, 2025, when a maximum of $5.0 million of the Company’s common stock has been repurchased, or when the program is discontinued by the Board of Directors. Under the stock repurchase program, shares are repurchased from time to time in the open market or through negotiated transactions at prevailing market prices, or by other means in accordance with federal securities laws. Repurchases are made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. The repurchase program is funded using the Company’s working capital. The repurchased shares are cancelled and therefore will not be held in treasury or reissued. During the three months ended March 31, 2024, the Company repurchased 318,200 shares for $337 thousand, at a weighted average price of $1.06 per share. There were no share repurchases during the three months ended March 31, 2023.

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