Note 10 - Equity Compensation

3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE

10

-

EQUITY COMPENSATION

In

November 2019,

the Company’s shareholders approved the

2019

Omnibus Award Plan. The purpose of the plan is to provide a means through which the Company

may

attract and retain key personnel and to provide a means by which directors, officers, and employees can acquire and maintain an equity interest in the Company. This plan replaced the

2012

Stock Incentive Plan. The number of shares of common stock authorized for issuance under the plan is

2,650,000

which will be combined with the remaining shares available under the previous plan of

1,147,429

shares as of

September 30, 2019

for total number of shares available for issuance of approximately

3.8

million. The plan implements the use of a fungible share ratio that consumes

2.5

available shares for every full value share awarded by the Company as stock compensation. The

2019

Omnibus Award Plan allows for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, performance stock units, and other stock-based awards.

In the

first

quarter of fiscal

2020,

the Company granted

455,429

non-qualified serviced-based stock options with an exercise price of

$3.83

and

199,310

Performance Stock Units and

81,917

Restricted Stock Units at a fair value of

$3.83.

Stock compensation expense was

$398,000

and

$551,000

in the

first

quarter of fiscal

2019

and

2018,

respectively.