Note 8 - Stock Compensation Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(8)     STOCK COMPENSATION PLANS

Restricted Stock Units (RSUs)

The table below shows the number of RSUs available for issuance at December 31, 2023:

Total authorized RSUs in Plan approved by shareholders	4,850,000
Stock issued out of the Plan from vested grants	(3,540,178	)
Non-vested grants	(858,363	)
RSUs available for future issuance	451,459

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
Granted – weighted average share price on grant date was $9.30	312,147
Vested	(472,721	)
Forfeited	(38,000	)
Non-vested grants at December 31, 2023	858,363

RSU Vesting Schedule

Vesting Year	RSUs Vesting
2024		319,419
2025		538,944

Shares vested in 2023 had a value of $5.0 million based on the share price of $10.69 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 $7.2 million based on the March 8, 2024 closing stock price of $8.39.

For the years ended December 31, 2023 and 2022, stock-based compensation was $3.6 million and $1.3 million, respectively.

As of December 31, 2023, unrecognized stock compensation expense was $4.1 million, and we had 451,459 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.