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Note 10 - Stockholders' Equity | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Shareholders' Equity and Share-based Payments [Text Block] | N ote 1 0 – Stockholders’ equity 2001 Non-Qualified Stock Option Plan In November 2006, the Company registered a non-qualified stock option plan that the shareholders had approved in July 2001, covering key employees, officers, directors and other persons that may be considered as service providers to the Company. Options were awarded by the Board of Directors or by a committee appointed by the Board. Under the plan, an aggregate of 300,000 shares of Company common stock, $.01 par value, were reserved for issuance or transfer upon the exercise of options which were granted. Unless otherwise provided in the option agreement, options granted under the plan would vest over a four -year period commencing one year from the anniversary date of the grant. The stock option plan expired on July 22, 2011. As of December 31, 2019 there were 22,930 options outstanding under this plan. 2007 Share Incentive Plan On December 12, 2007, shareholders approved the Company’s 2007 Share Incentive Plan (“Incentive Plan”), in connection therewith, 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the Share Incentive Plan through December 12, 2017. The Plan expired in December, 2017. As of December 31, 2019 there were 345,000 options outstanding under this plan. 2016 Share Incentive Plan On December 9, 2016, shareholders approved the Company’s 2016 Share Incentive Plan ( “2016 Incentive Plan”), in connection therewith 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the 2016 Incentive Plan through December 9, 2026. As of December 31, 2019, there were 65,000 options outstanding under this plan. The purchase price of the common stock under each option plan shall be determined by the Committee, provided, however, that such purchase price shall not be less than the fair market value of the shares on the date such option is granted. The stock options generally expire seven to ten years after the date of grant. The Company recorded stock-based compensation of $572,000 and $940,000 for the years ended December 31, 2019 and 2018, respectively. A summary of the stock option activity related to the 2001 Stock Option Plans, the 2007 Share Incentive Plan and the 2016 Share Incentive Plan for the period from January 1, 2018 through December 31, 2019 is as follows:
2001 Non-Qualified Stock Option Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Beginning |  |  | Granted |  |  | Exercised |  |  | Canceled |  |  | Ending |  |  |  |  |
|  | Balance |  |  | During |  |  | During |  |  | During |  |  | Balance |  |  |  |  |
|  | Outstanding |  |  | Period |  |  | Period |  |  | Period |  |  | Outstanding |  |  | Exercisable |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 22,930 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,930 |  |  |  | 22,930 |
Weighted average exercise price per share |  | $ | 5.36 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 5.36 |  |  | $ | 5.36 |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 22,930 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,930 |  |  |  | 22,930 |
Weighted average exercise price per share |  | $ | 5.36 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 5.36 |  |  | $ | 5.36 |
2007 Share Incentive Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Beginning |  |  | Granted |  |  | Exercised |  |  | Canceled |  |  | Ending |  |  |  |  |
|  | Balance |  |  | During |  |  | During |  |  | During |  |  | Balance |  |  |  |  |
|  | Outstanding |  |  | Period |  |  | Period |  |  | Period |  |  | Outstanding |  |  | Exercisable |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 365,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 365,000 |  |  |  | 235,000 |
Weighted average exercise price per share |  | $ | 12.35 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 12.35 |  |  | $ | 13.15 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 365,000 |  |  |  | - |  |  |  | - |  |  |  | (20,000 | ) |  |  | 345,000 |  |  |  | 285,000 |
Weighted average exercise price per share |  | $ | 12.35 |  |  |  | - |  |  |  | - |  |  | $ | 11.61 |  |  | $ | 12.69 |  |  | $ | 12.76 |
2016 Share Incentive Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Beginning |  |  | Granted |  |  | Exercised |  |  | Canceled |  |  | Ending |  |  |  |  |
|  | Balance |  |  | During |  |  | During |  |  | During |  |  | Balance |  |  |  |  |
|  | Outstanding |  |  | Period |  |  | Period |  |  | Period |  |  | Outstanding |  |  | Exercisable |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | - |  |  |  | 20,000 |  |  |  | - |  |  |  | - |  |  |  | 20,000 |  |  |  | - |
Weighted average exercise price per share |  |  | - |  |  | $ | 8.07 |  |  |  | - |  |  |  | - |  |  | $ | 8.07 |  |  |  | - |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 20,000 |  |  |  | 60,000 |  |  |  | - |  |  |  | (15,000 | ) |  |  | 65,000 |  |  |  | - |
Weighted average exercise price per share |  | $ | 8.07 |  |  | $ | 5.00 |  |  |  | - |  |  | $ | 5.00 |  |  | $ | 5.94 |  |  |  | - |
The Company has 432,930 of outstanding stock options under the three plans at December 31, 2019. The following table summarizes information about the outstanding and exercisable options at December 31, 2019.
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  |  |  | Average |  |  | Average |  |  |  |  |  |  |  |  |  |  | Average |  |  |  |  |
Exercise |  | Number |  |  | Remaining |  |  | Exercise |  |  | Intrinsic |  |  | Number |  |  | Exercise |  |  | Intrinsic |
Price Range |  | Outstanding |  |  | Contractual |  |  | Price |  |  | Value |  |  | Exercisable |  |  | Price |  |  | Value |
$4.00 | - | 7.00 |  |  | 60,930 |  |  |  | .1 |  |  | $ | 4.80 |  |  | $ | 0 |  |  |  | 15,930 |  |  | $ | 4.25 |  |  | $ | 0 |
$7.01 | - | 10.00 |  |  | 27,000 |  |  |  | 1 |  |  | $ | 8.03 |  |  | $ | 0 |  |  |  | 7,000 |  |  | $ | 7.90 |  |  | $ | 0 |
$10.01 | - | 12.00 |  |  | 220,000 |  |  |  | 6.3 |  |  | $ | 10.81 |  |  | $ | 0 |  |  |  | 160,000 |  |  | $ | 11.05 |  |  | $ | 0 |
$12.01 | - | 15.00 |  |  | 125,000 |  |  |  | 2.5 |  |  | $ | 15.00 |  |  | $ | 0 |  |  |  | 125,000 |  |  | $ | 15.00 |  |  | $ | 0 |
No options were exercised for the year ended December 31, 2019 and 2018. As of December 31, 2019, there was $48,000 of unrecognized compensation costs related to stock options expected to be recognized over a weighted average period of 1.24 years Restricted Stock Awards The following table summarizes restricted stock awards for the years ended December 31, 2019 and 2018:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average Grant |
|  | Shares of |  |  | Date Fair |
|  | Restricted Stock |  |  | Value |
Unvested outstanding at December 31, 2017 |  |  | 0 |  |  | $ | 0 |
Granted |  |  | 11,000 |  |  | $ | 10.53 |
Vested |  |  | (11,000 | ) |  | $ | 10.53 |
Forfeited/Cancelled |  |  |  |  |  |  |  |
Unvested outstanding at December 31, 2018 |  |  | 0 |  |  | $ | 0 |
Granted |  |  | 37,300 |  |  | $ | 3.99 |
Vested |  |  | (35,025 | ) |  | $ | 3.99 |
Forfeited/Cancelled |  |  | (2,275 | ) |  | $ | 3.99 |
Unvested outstanding at December 31, 2019 |  |  | 0 |  |  | $ | 0 |
The total fair value of shares of restricted stock awards vested for the years ended December 31, 2019 and 2018 was approximately $140,000 and $116,000 respectively. The fair value of the outstanding restricted stock awards is recorded as stock compensation expense over the vesting period. Restricted Stock Units The following table summarizes restricted stock units for the years ended December 31, 2019 and December 31, 2018:
|  |  |  |  |  | Weighted |
|  | Shares of |  |  | Average Grant |
|  | Restricted |  |  | Date Fair |
|  | Stock Units |  |  | Value |
Unvested outstanding at December 31, 2017 |  |  | 73,870 |  |  | $ | 10.05 |
Granted |  |  | 39,260 |  |  | $ | 8.75 |
Vested |  |  | (67,067 | ) |  | $ | 9.26 |
Forfeited/Cancelled |  |  | (- | ) |  | $ | -- |
Unvested outstanding at December 31, 2018 |  |  | 46,063 |  |  | $ | 8.25 |
Granted |  |  | 10,500 |  |  | $ | 4.15 |
Vested |  |  | (33,988 | ) |  | $ | 9.08 |
Forfeited/Cancelled |  |  | (- | ) |  | $ | -- |
Unvested outstanding at December 31, 2019 |  |  | 22,575 |  |  | $ | 4.66 |
The total fair value of vested restricted stock units was $309,000 and $621,000 respectively for the years ended December 31, 2019 and 2018. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2019, there was $106,000 of total unrecognized compensation costs related to restricted stock units, which is expected to be recognized over a weighted-average period of 1.21 years. During the years ended December 31, 2019 and 2018, the Company recorded into selling and general administrative expense approximately $572,000 and $940,000 of stock-based compensation expense for the cost of employee and director services received in exchange for equity instruments based on the grant-date fair value of those instruments in accordance with the provisions of ASC 718.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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