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Note 12 - Stock Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Text Block]

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 23,700 and 17,250 restricted stock awards under the Plan during the fiscal years ended December 31, 2021 and December 31, 2020, respectively. Approximately 271,000 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 were fully exercised as of December 31, 2021. Non-cash compensation expense related to stock option plans was $8,775 and $0 for the years ended December 31, 2021 and December 31, 2020, respectively.

A summary of the Company's stock option activity for the years ended December 31, 2020 and December 31, 2021 is as follows:

	CLASS A STOCK OPTIONS
		SHARES		EXERCISE PRICE

Balance as January 1, 2020		3,000
Options exercised		1,000	$	0.00
Balance at December 31, 2020		2,000
Options exercised		2,000	$	4.39
Balance at December 31, 2021		-

Non-cash compensation expense related to stock option plans was $429,344 and $296,899 for the years ended December 31, 2021 and December 31, 2020, respectively.

	Year December 31, 2021		Year December 31, 2020

Class A shares issued to Directors and employees related to stock compensation plans		23,700		17,250
Non-cash stock compensation expense	$	429,344	$	296,899

A summary of the Company's Treasury stock acquired for the years ended December 31, 2020 and December 31, 2021 is as follows:

	TREASURY SHARES
		CLASS A	CLASS B

Balance as January 1, 2020		37,208	182,435
Share repurchase		2,259	-
Balance at December 31, 2020		39,467	182,435
Share repurchase		2,377	-
Balance at December 31, 2021		41,844	182,435