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Note 8 - Share-based Compensation
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 8:

Share-Based Compensation

 

During the year ended December 31, 2022, the Company granted to certain employees an aggregate of 76,755 restricted stock units that vest over a three-year period through July 15, 2024 and 280,245 performance shares 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. As of December 31, 2023, 40,204 restricted stock units and 31,584 performance shares had vested, representing a total of 71,788 issuable shares under the Plan. As of December 31, 2023, a total of 71,788 of the issuable shares had been issued to employees. During three months ended March 31, 2024, 51,761 performance shares have been vested upon achievement of certain stock price. The shares were issued on April 1, 2024. As of March 31, 2024, 40,204 restricted stock units and 83,345 performance shares had vested, representing a total of 123,549 issuable shares under the Plan.

 

 

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 $3,374,002 of which $118,121 was unrecognized stock-based compensation expense as of March 31, 2024.

 

The plan participants elected to have the Company withhold shares to cover the employee payroll tax withholdings for the shares issued. As of March 31, 2024, the Company withheld 22,946 shares of the 71,788 shares issued to the employees.

 

The share-based compensation expense recognized by award type was $105,505 and $0 for restricted stock units and performance shares, respectively, for the three months ended March 31, 2024. The share-based compensation expense recognized by award type was $105,505 and $420,965 for restricted stock units and performance shares, respectively, for the three months ended March 31, 2023.