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Note 11 - Share-based Incentive Plan
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
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, employees, and non-employee board members. Share awards generally 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 generally calculated based on the closing price of our common stock on the date of the grant.

 

During our Annual Stockholders meeting, held on May 26, 2022, the Company's 2017 Incentive Award Plan was amended to increase the available shares for issuance from 1.1 million to 2.5 million.

 

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

 

Outstanding shares:

 

Common Shares

 
     

Balance at December 31, 2022

  349,042 

Granted

  929,665 

Forfeited

  (11,401)

Vested

  (27,371)

Balance at March 31, 2023

  1,239,935 

 

The non-vested restricted shares outstanding as of March 31, 2023 will vest over the next one to five years.

 

Share-based compensation expense was approximately $0.3 million for the three months ended March 31, 2023 and 2022, respectively.  As of  March 31, 2023, future unrecognized stock compensation related to unvested shares totaled approximately $2.4 million.