Note 11 - Stock Compensation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

11. STOCK COMPENSATION 

On November 20, 2023, the Board of Directors of the Company approved and adopted the Company’s 2023 Omnibus Equity Plan (the “2023 Equity Plan”). The 2023 Equity Plan replaces the Company’s 2013 Omnibus Equity Plan, which had expired. The 2023 Equity Plan became effective upon the Board’s approval, however the Company intends to submit the plan to the Company’s shareholders for ratification and approval at the Company’s 2024 annual meeting of shareholders.

The 2023 Equity Plan is administered by the Company’s Compensation Committee, in coordination with the Board. The 2023 Equity Plan permits awards to be made to officers, employees, consultants and directors of the Company, as selected by the Compensation Committee in coordination with the Board. The 2023 Equity Plan generally provides for the following types of awards: common shares, performance shares, restricted shares, restricted share units, stock appreciation rights and stock options. Stock options may be issued as either incentive stock options or nonqualified stock options, however incentive stock options may be issued only if the 2023 Equity Plan is ratified and approved by the Company’s shareholders.

The aggregate number of Class A common shares of the Company (“Class A Common Shares”) reserved for issuance pursuant to the 2023 Equity Plan is 350,000, and shares may again become available for awards under the 2023 Equity Plan in the event that any portion of an award is forfeited or terminated prior to its complete vesting or exercise.

Awards may be made under the 2023 Equity Plan for a period of ten years from the plan’s effective date, subject to the Board’s ability to amend, alter, suspend, discontinue, or terminate the 2023 Equity Plan or any portion thereof at any time.

No stock options are outstanding. Non-cash compensation expense, all related to restricted share awards, was $1,377,423 and $957,728 for the years ended December 31, 2023 and 2022, respectively. All but an immaterial number of shares issued had no vesting requirements.

	December 31,
	2023		2022
Class A shares issued to Directors and employees related to stock compensation plans		34,700		32,200
Non-cash stock compensation expense	$	1,377,423	$	957,728

A summary of the Company’s Treasury stock acquired for the years ended December 31, 2022 and December 31, 2023 is as follows:

	TREASURY SHARES
	CLASS A		CLASS B
Balance at December 31, 2021		41,844		182,435
Share repurchase		5,568		-
Balance at December 31, 2022		47,412		182,435
Share repurchase		6,662		-
Balance at December 31, 2023		54,074		182,435