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Note 12 - Equity Incentive Plan | 12 Months Ended
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Nov. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (12) Equity Incentive Plan On November 30, 2012, the Company had one equity incentive plan, which is described below. The compensation cost charged against income was $34,519 and $58,311 for 2012 and 2011, respectively. The total income tax deductions for share-based compensation arrangements were $8,900 and $96,060 for 2012 and 2011, respectively. No compensation cost was capitalized as part of inventory or fixed assets. On January 27, 2011, the Board of Directors of the Company authorized and approved the Art’s-Way Manufacturing Co., Inc. 2011 Equity Incentive Plan (the “2011 Plan”), subject to approval by the stockholders on or before January 27, 2012. The 2011 Plan was approved by the stockholders on April 28, 2011. It replaced the Employee Stock Option Plan and the Directors’ Stock Option Plan (collectively, the “Prior Plans”), and no further stock options will be awarded under the Prior Plans. Awards to directors and executive officers under the 2011 Plan will be governed by the forms of agreement approved by the Board of Directors. The 2011 Plan permits the plan administrator to award nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, performance awards, and stock appreciation rights to employees (including officers), directors, and consultants. The Board of Directors has approved a director compensation policy pursuant to which non-employee directors are automatically granted non-qualified stock options to purchase 2,000 shares of common stock annually or initially upon their election to the Board, which are fully vested. Stock options granted prior to January 27, 2011 are governed by the applicable Prior Plan and the forms of agreement adopted thereunder. The fair value of each option award is estimated on the date of grant using the Black Scholes option-pricing model. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date.
|  | 2012 |  |  | 2011 |
Expected Volatility |  |  | 68.42 | % |  |  | 57.71 | %
Expected Dividend Yield |  |  | 1.007 | % |  |  | 0.590 | %
Expected Term (in years) |  |  | 2 |  |  |  | 2 |
Risk-Free Rate |  |  | 3.25 | % |  |  | 3.25 | %
Summary of activity under the plans as of November 30, 2012, and changes during the year then ended as follows: 2012 Option Activity
Options |  | Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Options outstanding at beginning of period |  |  | 153,000 |  |  | $ | 9.32 |  |  | - |  |  | - |
Granted |  |  | 14,000 |  |  | $ | 6.75 |  |  | - |  |  | - |
Exercised |  |  | (2,000) |  |  | $ | 4.56 |  |  | - |  |  | $ | 5,660 |
Options Expired or Forfeited |  |  | (2,000) |  |  | $ | 8.66 |  |  | - |  |  |  | - |
Options outstanding at end of period |  |  | 163,000 |  |  | $ | 9.16 |  |  |  | 5.60 |  |  | $ | 34,700 |
Options exercisable at end of period |  |  | 163,000 |  |  | $ | 9.16 |  |  |  | 5.60 |  |  | $ | 34,700 |
2011 Option Activity
Options |  | Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Options outstanding at beginning of period |  |  | 155,500 |  |  | $ | 8.85 |  |  |  |  |  |  |
Granted |  |  | 21,000 |  |  | $ | 7.40 |  |  |  |  |  |  |
Exercised |  |  | (17,500) |  |  | $ | 4.25 |  |  |  |  |  | $ | 96,060 |
Options Expired or Forfeited |  |  | (6,000) |  |  | $ | 5.01 |  |  |  |  |  |  |  |
Options outstanding at end of period |  |  | 153,000 |  |  | $ | 9.32 |  |  |  | 7.12 |  |  | $ | 46,590 |
Options exercisable at end of period |  |  | 153,000 |  |  | $ | 9.32 |  |  |  | 7.12 |  |  | $ | 46,590 |
The weighted-average grant-date fair value of options granted during the year 2012 and 2011 was $1.26 and $1.37, respectively. A summary of the status of the Company’s non-vested shares as of November 30, 2012, and changes during the year ended November 30, 2012, is presented below:
Non-vested Shares |  | Shares |  | Weighted-Average Grant-Date Fair Value
Non-vested at beginning of period |  |  | - |  | $0.00
Granted |  |  | 14,000 |  | $1.26
Vested |  |  | (14,000) |  | $1.26
Forfeited |  |  | - |  | $0.00
Non-vested at end of period |  |  | 0 |  |
As of November 30, 2012, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements under the plans. The total fair value of shares vested during the years ended November 30, 2012 and 2011 was $17,640 and $4,290 respectively. The cash received from the exercise of options during fiscal year 2012 was $9,110, compared to $74,429 in 2011. During fiscal year 2012 the Company issued 3,000 shares of restricted stock under the 2011 Plan. During fiscal year 2012, 800 shares of restricted stock were forfeited. No shares of restricted stock had been issued in fiscal year 2011 or prior. Compensation expense of $16,200 and $0 was recognized in 2012 and 2011, respectively, for shares of restricted stock.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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