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Note 11 - Share-based Incentive Plan

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Text Block]

11. SHARE-BASED INCENTIVE PLAN

The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee board members. Share awards vest in equal annual installments over a three to ten year period from date of issuance. Non-vested shares have voting rights and are eligible for any dividends paid to common shares. The Company recognized compensation cost for these fixed awards over the service vesting period, which represents the requisite service period, using the straight-line method. Prior to our IPO, the value of non-vested shares was calculated based on the offering price of the shares in the most recent private placement offering of $20.00, adjusted for stock dividends since granted and assumed selling costs, which management believed approximated fair market value as of the date of grant. Upon our IPO, the value of non-vested shares granted is calculated based on the closing price of our common stock on the date of the grant.

A summary of the activity for the Company’s restricted stock was as follows:

	Common Shares
Outstanding shares:
Balance at December 31, 2020		126,190
Granted		274,496
Forfeited		(12,706	)
Vested		—
Balance at March 31, 2021		387,980

The non-vested restricted shares outstanding as of March 31, 2021 will vest over the next one to seven years.

The value of non-vested restricted stock granted as of March 31, 2021 and December 31, 2020 was approximately $2.3 million and $0.9 million, respectively.

Share-based compensation expense for the three months ended March 31, 2021, was approximately $0.3 million. During the three months ended March 31, 2020, share-based compensation expense was approximately $0.16 million.