Restricted Stock Units (RSU)

6 Months Ended

Jun. 30, 2021

Restricted Stock Units [Abstract]

Restricted Stock Units [Text Block]

Note 10 – Restricted Stock Units (RSU)

Our BOD adopted the 2017 Omnibus Stock Plan effective May 25, 2017. The shareholders of the Company approved the Plan at the May 25, 2017 Annual Meeting of Shareholders. The Plan enables the Company to grant stock incentive awards to current and new employees, including officers, and to Board members and service providers. The Plan permits stock incentive awards in the form of options (incentive and non-qualified), stock appreciation rights, restricted stock, RSUs, performance stock, performance units, and other awards in stock or cash. The Plan permits the issuance of up to 625,000 shares of our Common Stock in any of the above stock awards. As of June 30, 2021, 559,156 shares remain available to be issued under the Plan.

Starting in 2017 and each subsequent year following 2017, our BOD and Compensation Committee granted awards to the Company’s executive officers under the Plan. We recognize share-based compensation expense for these RSUs over the vesting period of the RSUs which is determined by our BOD. Forfeitures of RSU’s are accounted for as they occur. Each executive officer received or may receive time-based RSUs and performance-based RSUs. The time-based RSUs are computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock on a date set by the BOD, and will vest over a three-year period based on the executive officer being employed by the Company on the vesting date. The performance-based RSUs are also computed as a percentage of the executive officer’s base salary based on the closing price of Company common stock on a date set by the BOD, and will vest over a three-year period based on the Company attaining an average Return on Invested Capital (ROIC) over that three-year period. The ROIC target is set by the BOD. Executive officers may earn more or less performance-based RSU’s based on if the actual ROIC over the time period is more or less than target. Upon vesting of either time-based or performance-based RSUs, the executive officers will be able to receive Common Stock in the Company in exchange for the RSUs.

RSUs currently issued, exercised or forfeited is as follows:

	Time-Based RSU's	Targeted  Performance-Based RSU's	Closing Stock Price	Vesting Date
Balance at December 31, 2019	8,379	9,781
Issued	4,163	-	$ 16.64	12/8/2022
Issued	-	6,461	$ 16.64	12/31/2022
Exercised	(2,062)	(2,082)	$ 19.00	12/31/2019
Exercised	(1,588)	-	$ 19.44	12/11/2020
Forfeited	(1,254)	(4,549)
Balance at December 31, 2020	7,638	9,611
Issued	3,364	5,247	$ 21.90	12/31/2023
Exercised	-	(1,588)	$ 23.67	12/31/2020
Balance at June 30, 2021	11,002	13,270