Note 3 - Stock-based Compensation |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] |
NOTE 3 - STOCK-BASED COMPENSATION
The Company had nonvested stock options outstanding as of September 30, 2020 and 2019.
Stock option activity during the nine months ended September 30, 2020 is as follows:
The following table presents the activity during the nine months ended September 30, 2020 related to awards of restricted stock:
The Company recognizes restricted stock forfeitures in the period they occur.
Share-based compensation (recovery) expense of ($75,000) and $180,000 was recognized for the three-month periods ended September 30, 2020 and 2019, respectively. Share-based compensation (recovery) expense of ($188,000) and $270,000 was recognized for the nine-month periods ended September 30, 2020 and 2019, respectively. The (recovery) expense recorded for the three and nine-month periods ended September 30, 2020 is the result of the decrease in the market valuations of the plans during these periods. Vesting of shares under the plan is contingent on a combination of service period and a performance condition tied to the total shareholder return on the Company’s stock. Due to the change in market conditions during 2020, there was a decrease in the probability of the achievement of the performance condition which resulted in a decrease in the liability related to the plan and a reversal of compensation expense. Since the shares of restricted stock are historically paid out at the vesting date in a combination of shares and cash, the Company has recorded a liability related to this plan which totals $289,000 and $416,000 at September 30, 2020 and 2019, respectively. When the shares vest, the amount distributed in shares is transferred to common stock and the remainder is distributed in cash.
Total unrecognized stock compensation cost related to nonvested share-based compensation on restricted stock as of September 30, 2020 totals $228,000, of which $42,000 is estimated for the rest of 2020, $129,000 for 2021, $51,000 for 2022, and $6,000 for 2023.
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