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Note 6 - Stock-based Compensation
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6
.      Stock-Based Compensation
 
We recognize
compensation expense for share-based payment awards made to our employees, consultants and directors. Our active stock-based compensation plans include our
2017
Equity and Incentive Compensation Plan (the
“2017
EICP”); our
2007
Long-Term Incentive Plan, as amended (the
“2007
Incentive Plan”); and our Directors’ Restricted Stock Plan. The following table presents our stock-based compensation expense and related income tax benefits for the years ended
December 31, 2017,
2016
and
2015
(in thousands):
 
   
Year Ended December 31,
 
   
2017
   
2016
   
2015
 
Stock-based compensation expense, gross
  $
8,303
    $
5,099
    $
4,019
 
Income tax benefit at our statutory rate associated with stock-based compensation
   
(3,238
)    
(1,989
)    
(1,567
)
Stock-based compensation expense, net
  $
5,065
    $
3,110
    $
2,452
 
 
Currently,
the
2017
EICP provides for, and, while awards were available for grant thereunder the
2007
Incentive Plan provided for, the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance. Under the Directors’ Restricted Stock Plan, each director can be awarded up to
10,000
shares of restricted common stock or Class A common stock each calendar year. During the years ended
December 31, 2017,
2016
and
2015,
we did
not
grant any awards under the Directors’ Restricted Stock Plan. All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued under the
2017
EICP, the
2007
Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance.
 
During
2017,
we granted:
 
 
Under the
2007
Incentive
Plan,
307,943
shares of restricted common stock to certain employees, of which
102,648
shares vested on
January 31, 2018;
102,648
shares will vest on
January 31, 2019;
and
102,647
shares will vest on
January 31, 2020;
     
 
Under the
2007
Incentive P
lan,
198,220
shares of restricted Class A common stock to an employee, of which
66,073
shares vested on
January 31, 2018;
66,073
shares will vest on of
January 31, 2019;
and
66,074
shares will vest on
January 31, 2020;
     
 
Under the
2017
EICP,
76,856
shares of restricted Class A common stock to our non-employee directors, all of which vested on
January 31, 2018;
and
     
 
Under the
2017
EICP,
restricted stock units representing
215,500
shares of our common stock, of which
209,500
shares vested on
January 31, 2018 with the remaining 6,000 shares being forfeited.
 
 
During
2016,
we granted, under the
2007
Incentive Plan:
 
 
218,452
shares of restricted common stock to certain employees, of which
72,816
sh
ares vested on each of
January 31, 2017
and
2018;
and
72,820
shares will vest on
January 31, 2019;
     
 
166,677
shares of restricted Class A common stock to an employee, of which
55,559
shares vested on
each of
January 31, 2017
and
2018;
and
55,559
shares will vest on
January 31, 2019;
and
     
 
19,048
shares of restricted common stock and
51,935
shares of restricted Class A common stock to certain non-employee directors, all of which vested on
January 31, 2017.
 
During
2015,
we granted, under the
2007
Incentive Plan:
 
 
150,308
shares of restricted common stock to certain employees, of which
50,102
shares vested on
January 31, 2016;
50,100
shares vested on
January 31, 2017;
and
50,106
shares vested on
January 31, 2018;
     
 
229,322
shares of restricted Class A common stock to certain employees, of which
76,442
shares vested on each of
January 31, 2016
and
2017;
and
76,438
shares vested on
January 31, 2018;
and
     
 
58,191
shares of restricted Class A common stock to our non-employee directors, all of which vested on
January 31, 2016.
 
As of
December 31, 2017,
we had
4.8
 million shares of our common stock and
1.9
million shares of our Class A common stock available for issuance under the
2017
EICP.
 
As of
December 31, 2017
and
2016,
we had outstanding options to acquire
274,746
shares of our common stock, all of which were vested and exercisable under the
2007
Incentive Plan. All outstanding options were granted with exercise prices equal the market value of the underlying stock at the close of business on the date of the grant. The exercise price of all our outstanding stock options is
$1.99
per share. The aggregate intrinsic value of outstanding stock options was
$4.1
million based on the closing market price of our common stock on
December 31, 2017.
There are
no
shares available for future awards under this plan.
 
As of
December 31, 2017,
under the Directors Restricted Stock Plan there were
770,000
shares available for future award.
 
As of
December 31, 2017,
we had
$3.4
million of total unrecognized compensation expense related to all non-vested share based compensation arrangements. This expense is expected to be recognized over a period of
1.4
 years.
 
 
A summary
of activity for the years ended
December 31, 2017,
2016
and
2015
under our stock based compensation plans is as follows:
 
   
Year Ended December 31,
   
   
2017
   
2016
   
2015
 
     
Number
of
Shares
   
Weighted-
Average
Grant Date
Fair Value
Per Share
     
Number
of
Shares
   
Weighted-
Average
Grant Date
Fair Value
Per Share
     
Number
of
Shares
   
Weighted-
Average
Grant Date
Fair Value
Per Share
 
                                                       
Restricted stock - common:
                                                     
Outstanding - beginning of period
   
396,033
    $
12.06
       
337,506
    $
9.57
       
385,056
    $
9.09
   
Granted
   
307,943
     
10.40
       
237,500
     
12.88
       
150,308
     
10.27
   
Vested
   
(200,291
)    
11.82
       
(178,973
)    
8.46
       
(197,858
)    
9.16
   
Outstanding - end of period
   
503,685
    $
11.14
       
396,033
    $
12.06
       
337,506
    $
9.57
   
                                                       
Restricted stock - Class A common:
                                                     
Outstanding - beginning of period
   
415,082
    $
10.15
       
374,693
    $
9.46
       
204,473
    $
9.81
   
Granted
   
275,076
     
10.84
       
218,612
     
11.25
       
287,513
     
9.37
   
Vested
   
(227,526
)    
10.00
       
(178,223
)    
10.04
       
(117,293
)    
9.85
   
Outstanding - end of period
   
462,632
    $
10.63
       
415,082
    $
10.15
       
374,693
    $
9.46
   
                                                       
Restricted stock units - common:
                                                     
Outstanding - beginning of period
   
-
    $
-
       
 
     
 
       
 
     
 
   
Granted
   
215,500
     
15.70
       
 
     
 
       
 
     
 
   
Vested
   
-
     
-
       
 
     
 
       
 
     
 
   
Forfeited
   
(6,000
)    
15.70
       
 
     
 
       
 
     
 
   
Outstanding - end of period
   
209,500
    $
15.70
       
 
     
 
       
 
     
 
   
 
 
Subsequent Event.
On
February 14, 2018,
we granted the following restricted stock awards, with a total grant date fair value of approximately
$7.6
million, under the
2017
EICP:
 
 
110,040
shares of restricted Class A common stock with a grant date fair value per share of
$12.65
to an employee, of which
36,680
shares will vest on each of
February 28, 2019,
2020
and
2021;
 
 
110,040
shares of restricted Class A common stock with a grant date fair value per share of
$12.65
to an employee, subject to the achievement of certain performance measures, which will vest on
February 28, 2021;
and
 
 
318,196
shares of restricted common stock with a grant date fair value per share of
$15.25
to certain employees, of which
153,406
shares will vest on
February 28, 2019,
82,394
shares will vest on
February 28, 2020,
and
82,396
shares will vest on
February 28, 2021