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Note 4 - Equity Compensation Plans
6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 4. Equity Compensation Plans

(in thousands, except per share data)

 

The Company has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Company intends to use for future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan.

 

No options were outstanding under the 2013 Plan as of June 30, 2023.

 

During 2023, the Company’s directors received restricted stock grants totaling 9,000 shares of common stock under the 2013 Plan. These grants vest over a one-year period ending April 28, 2024 during which time the recipients have rights to vote the shares and to receive dividends. The grant date fair value of these shares was $112 and is expensed ratably over the one-year vesting period.

 

During 2023, the Company’s Chief Executive Officer (“CEO”) received restricted stock grants totaling 3,868 shares of common stock under the 2013 Plan. These grants vest over a four-year period ending March 1, 2027 during which time the CEO has rights to vote the shares and to receive dividends. The grant date fair value of these shares was $60 and is expensed ratably over the four-year vesting period.