XML 87 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Note 11 - Stock Compensation
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
11.
STOCK COMPENSATION
 
 
The Company's
2013
Omnibus Equity Plan (the “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 Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. Under the Plan,
150,000
Class A Common Shares were initially reserved for issuance. The Plan was materially revised in
2019
to increase the maximum number of the Company’s Class A Common Shares, without par value, available for issuance to
400,000,
providing an additional
250,000
Class A Common Shares under the Plan. This change to the Plan was approved in connection with the Company’s
2019
Annual Meeting of Shareholders. The Class A Common Shares
may
be either authorized, but unissued, common shares or treasury shares. The Company granted
12,000
and
30,333
restricted stock awards under the Plan during the fiscal years ended
December 31, 2019
and
December 31, 2018,
respectively. Approximately
274,000
Class A Common Shares remain available for issuance under the Plan.

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
$348,877
and
$394,933
for the years ended
December 31, 2019
and
December 31, 2018,
respectively.