Note 10 - Share-based Compensation |
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Share-based Payment Arrangement [Text Block] |
The Company currently provides share-based compensation under one equity incentive plan approved by the Board of Directors and the shareholders:
The 2006 Director Plan allowed the Board of Directors to grant options to purchase up to 1,000,000 shares of common stock to directors of the Company. The plan expired on August 16, 2016. Options granted prior to fiscal 2017 were made pursuant to plans that have expired or were terminated.The Company’s shareholders approved the 2017 Incentive Plan (“2017 Plan”) in June 2017. The 2017 Plan allows the Board of Directors to grant up to 4,000,000 shares of common stock to directors, officers, employees and consultants in a combination of equity incentive forms including incentive stock options (ISO), non-qualified stock options (NQSO), stock appreciation right (SAR) or restricted shares (RSU) of common stock. Options granted under all of the Plans have a ten year maximum term, an exercise price equal to at least the fair market value of the Company’s common stock (based on the trading price on the NYSE American) on the date of the grant, and with varying vesting periods as determined by the Board.The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. The Company uses the Black-Scholes option valuation model because management believes the model is appropriate for the Company. However, management understands that because changes in the subjective input assumptions can materially affect the fair value estimate, this valuation model does not necessarily provide a reliable single measure of the fair value of its stock options. The risk-free interest rate is based on the U.S. treasury security rate with an equivalent term in effect as of the date of grant. The expected option lives and volatility assumptions are based on historical data of the Company.The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value are as follows:
The following table presents the share-based compensation expense (in thousands):
The total value of the stock options awards is expensed ratably over the vesting period of the employees receiving the awards. As of June 30, 2019, total unrecognized compensation cost related to stock-based options and awards was $632,000 and the weighted-average period over which it is expected to be recognized is approximately 1.08 years.A summary of stock option information within the Company’s share-based compensation plans during the fiscal years is presented below:
The Company’s current policy is to issue new shares to satisfy option exercises. |