Note 7 - Share-based Compensation

9 Months Ended

Sep. 30, 2017

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

7 .	SHARE-BASED COMPENSATION

The Company

’s directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Equity and Incentive Award Plans (Equity Plans). Share-based compensation is valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the Equity Plans. Restricted shares issued under the Equity Plans vest quarterly and have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship or employment from the Company.

Each of the Company

’s non-employee directors and certain members of management receive restricted shares of common stock annually. Share-based compensations totaled

$327,000

and

$123,000

for the

nine

months ended

September 30, 2017

and

2016,

respectively, for vesting of restricted shares granted.

The Company

’s officers and certain members of management receive share-based compensation based on their achievement of certain predefined performance goals and objectives under an incentive compensation plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of

three

years. Share-based compensations totaled

$1,065,000

and

$741,000

for the

nine

months ended

September 30, 2017

and

2016,

respectively, for shares issued and the vesting of restricted shares granted to the Company’s officers and certain members of management.