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Note 8 - Share-based Compensation
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 8:      Share-Based Compensation

 

During the nine months ended September 30, 2022, the Company issued to certain employees an aggregate of 76,755 RSUs that vest over a three-year period through July 15, 2024 and 280,245 PSUs that vest upon achievement of certain stock price hurdles as measured during the period from July 15, 2020 through July 15, 2024. Each of the time-based and market-condition awards are subject to the recipient’s continued service with us, the terms and conditions of our stock incentive plan and the applicable award agreement. No awards were issued in 2021. As of September 30, 2022, 14,622 RSUs and 31,584 PSUs vested and the underlying shares were issued to employees.

 

The share-based compensation expense recognized is included in general and administrative expense in the statements of operations. The total fair value of the awards was $2,794,169 of which $2,086,381 was unrecognized stock-based compensation expense as of September 30, 2022.

 

The plan participants elected to have the Company withhold 4,108 shares of the 14,622 shares earned to cover the employee payroll tax withholdings for the vested shares earned during the three-month period ended September 30, 2022. The plan participants elected to have the Company withhold 14,274 shares of the 46,206 shares earned to cover the employee payroll tax withholdings for the vested shares earned during the nine-month period ended September 30, 2022. These shares are reported as treasury stock on the balance sheet.

 

The share-based compensation expense recognized by award type was $125,001 and $582,787 for RSUs and PSUs, respectively, for the nine months ended September 30, 2022.