Note 9 - Stock Compensation Plans

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(9)     STOCK COMPENSATION PLANS

Restricted Stock Units (RSUs)

The table below shows the number of RSUs available for issuance at December 31, 2022:

Total authorized RSUs in Plan approved by shareholders	4,850,000
Stock issued out of the Plan from vested grants	(3,265,829	)
Non-vested grants	(1,056,937	)
RSUs available for future issuance	527,234

Non-vested grants at December 31, 2020	324,250
Granted – weighted average share price on grant date was $2.46	173,000
Vested – weighted average share price on vesting date was $2.27	(296,250	)
Forfeited	(18,000	)
Non-vested grants at December 31, 2021	183,000
Granted – weighted average share price on grant date was $6.74	881,437
Vested	—
Forfeited	(7,500	)
Non-vested grants at December 31, 2022	1,056,937

RSU Vesting Schedule

Vesting Year	RSUs Vesting
2023		457,721
2024		299,608
2025		299,608

Vested shares had a value of  $0.7 million for 2021, on their vesting dates.   Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

The outstanding RSUs have a value of $8.1 million based on the March 1, 2023 closing stock price of $7.65.

For the years ended December 31, 2022 and 2021 stock-based compensation was $1.3 million and $1.0 million, respectively.

As of December 31, 2022, unrecognized stock compensation expense is $5.1 million, and we had 527,234 RSUs available for future issuance.  RSUs are not allocated earnings and losses as they are considered non-participating securities.

Stock Options

We have no stock options outstanding.

Stock Bonus Plan

Our stock bonus plan was authorized in late 2009 with 250,000 shares. Currently, we have 86,383 shares available for future issuance.