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Note 13 - Equity Incentive Plan | 12 Months Ended
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Nov. 30, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
( 13 ) | Equity Incentive Plan
On November 30, 2017, the Company had one equity incentive plan, the 2011 Plan, which is described below. The compensation cost charged against income was $113,039 and $79,979 for 2017 and 2016, respectively, for all awards granted under the 2011 Plan during such years. The total income tax deductions for share-based compensation arrangements were $68,886 and $88,278 for 2017 and 2016 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 annually granted 1,000 stock units annually or initially upon their election to the board, which are fully vested. In addition, directors may elect to receive cash retainer fees in the form of fully-vested restricted stock issued under the 2011 Plan. 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.
|  | 201 7 |  |  | 201 6 |
Expected Volatility |  |  | - |  |  |  | - |
Expected Dividend Yield |  |  | - |  |  |  | - |
Expected Term (in years) |  |  | - |  |  |  | - |
Risk-Free Rate |  |  | - |  |  |  | - |
The following is a s ummary of activity under the plans as of November 30, 2017 and 2016, and changes during the years then ended: 2017 Option Activity
Options |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Options O utstanding at the Beginning of the Period |  |  | 143,500 |  |  | $ | 8.78 |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Options Expired or Forfeited |  |  | (47,500 | ) |  |  | 10.84 |  |  |  |  |  |  |  |  |
Options O utstanding at the End of the Period |  |  | 96,000 |  |  |  | 7.77 |  |  |  | 3.55 |  |  |  | - |
Options Exer cisable at the End of the Period |  |  | 96,000 |  |  |  | 7.77 |  |  |  | 3.55 |  |  |  | - |
2016 Option Activity
Options |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Options Outstanding at the Beginning of the Period |  |  | 174,000 |  |  | $ | 8.39 |  |  |  | - |  |  |  | - |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options Expired or Forfeited |  |  | (30,500 | ) |  |  | 6.39 |  |  |  | - |  |  |  | - |
Options Outstanding at the End of the Period |  |  | 143,500 |  |  |  | 8.78 |  |  |  | 3.37 |  |  |  | - |
Options Exercisable at the End of the Period |  |  | 143,500 |  |  |  | 8.78 |  |  |  | 3.37 |  |  |  | - |
N o options were granted during fiscal 2017 or 2016. As of both November 30, 2017 and November 30, 2016, there were no non-vested options. As of November 30, 2017, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements under the plan related to stock options. No options vested during fiscal 2017. D uring fiscal 2016, 5,000 options vested and compensation expense of $3,881 was recognized in 2016 for the vesting of stock options. The total fair value of options vested during fiscal 2016 was $1.14. The Company received no cash from the exercise of options during fiscal years 2017 or 2016. During fiscal year 2017 , the Company issued 53,700 shares of restricted stock, and 22,550 shares of restricted stock became unrestricted. During fiscal year 2017, there were 4,000 shares of restricted stock forfeited, and none were forfeited in fiscal year 2016. During fiscal year 2016, the Company issued 48,000 shares of restricted stock, and 12,550 shares of restricted stock became unrestricted. Compensation expense of $113,039 and $76,098 was recognized in fiscal years 2017 and 2016, 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 FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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