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Note 12 - Share-based Incentive Plan | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 12. 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 on shares of common stock. 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 and at our Annual Stockholders meeting, held on June 1, 2023, the Company's 2017 Incentive Award Plan was amended to increase the available shares for issuance from 2.5 million to 3.5 million and add an evergreen provision to, on April 1st and October 1st of each year, automatically increase the maximum number of shares of common stock available under the plan to 15% of the Company's outstanding shares of common stock, if on such date 3,500,000 (as adjusted for any reverse splits) is less than 15% of the Company's then-outstanding shares of common stock. A summary of the activity for the Company's restricted stock was as follows:
Outstanding shares: |  | Common Shares |
Balance at December 31, 2023 |  |  | 760,995 |
Granted |  |  | 1,437,746 |
Vested |  |  | (164,078 | )
Balance at September 30, 2024 |  |  | 2,034,663 |
The non-vested restricted shares outstanding as of September 30, 2024, will vest over the next one to four years. As of September 30, 2024, there were approximately 63,000 shares available to grant under the Company's 2017 Incentive Award Plan. Included in the Granted and Vested totals noted above are 149,253 shares of common stock granted to the CEO in connection to his annual bonus as set by the Board of Directors, that vested immediately. The value of these shares when granted represents two times the value of a cash bonus that was due in March 2024, that the CEO elected to take in two times stock as per the Company’s policy for cash bonuses. Share-based compensation expense was approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2024, respectively. Share-based compensation expense was approximately $0.3 million and $0.8 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, future unrecognized stock compensation related to unvested shares totaled approximately $1.6 million.

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