Note 11 - Stock Compensation

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11.

STOCK COMPENSATION

 

The Company's

2013

Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders and provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the

2013

Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. The Plan has

150,000

Class A Common Shares reserved for issuance. The Class A Common Shares

may

be either authorized, but unissued, common shares or treasury shares. There were

no

share-based awards granted during the

three

months ended

December 31, 2018

or

2017.

The Company granted

30,333

and

36,333

restricted stock awards under the

2013

Omnibus Equity Plan during the fiscal years ended

December 31, 2018

and

September 30, 2017,

respectively.

The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), provided for the automatic grant of options to purchase up to

5,000

shares of Class A Common Stock over a

three

-year period to members of the Board of Directors who were

not

employees of the Company, at the fair market value on the date of grant. The options are exercisable for up to

10

years. All options granted under the Directors Plans became fully exercisable on

March 8, 2015.

Non-cash compensation expense related to stock option plans was

$394,933

and

$129,832

for the fiscal years ended

December 31, 2018

and

September 30, 2017,

respectively. The Company did

not

incur any non-cash compensation expense for the

three

months ended

December 31, 2017

and

2016,

respectively.