Note 3 - Stock-based Compensation |
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Compensation and Employee Benefit Plans [Text Block] |
NOTE 3 - STOCK-BASED COMPENSATION
The Company had non-vested stock options outstanding as of the nine months ended September 30, 2023 and 2022.
There was no stock option activity during the three or nine months ended September 30, 2023.
The following table presents the activity during the nine months ended September 30, 2023, related to awards of restricted stock:
The Company recognizes restricted stock forfeitures in the period they occur.
Share-based compensation expense (recovery) of ($141,000) and $158,000 was recognized for the three-month periods ended September 30, 2023, and 2022, respectively. Share-based compensation expense (recovery) of ($62,000) and $113,000 was recognized for the nine-month periods ended September 30, 2023, and 2022, respectively. Expense recovery is the result of a decrease in the market valuation of the plans. Vesting of shares under the plan is contingent on a combination of service period and a market condition tied to the total shareholder return on the Company’s stock. A change in market conditions leads to adjustments to the probability of the market condition achievement, which results in changes in the liability and the 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 $415,000 and $498,000 on September 30, 2023, and 2022, 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 non-vested, share-based compensation on restricted stock as of September 30, 2023, totals $430,000, of which $71,000 is estimated for the rest of 2023, $203,000 for 2024, $134,000 for 2025, and $22,000 for 2026.
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