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Note J - Equity-based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Text Block]

NOTE J—EQUITY-BASED COMPENSATION

Grants for the three months ended March 31, 2021 and March 31, 2020:

The weighted average estimated fair value of employee restricted stock units (“RSUs”) granted during the three months ended March 31, 2021 and 2020 was $14.92 and $13.82 per share, respectively (using the weighted average pre vest cancellation rate of 3.40% and 3.44% for the three months ended March 31, 2021 and 2020, respectively, on an annual basis).

Employee stock benefit plans

As of March 31, 2021, the Company has two equity incentive plans from which the Company may grant future equity awards and one expired equity incentive plan from which no future equity awards may be granted but had outstanding equity awards granted prior to expiration. The Company also has one employee stock purchase plan.

As of March 31, 2021, approximately 468,000 shares of common stock remain available for grant under the Company’s employee stock purchase plan and 479,000 shares of common stock remain available for grant under the Company’s equity incentive plans.

The table below presents a summary of information relating to the Company’s stock option, RSU and SAR grants pursuant to its equity incentive plans:

	Number of Options/SARs/ RSUs			Weighted average exercise price		Weighted average remaining contractual term (years) (3)		Aggregate value *()**
	*in thousands*							*in thousands*
Outstanding at December 31, 2020		1,686		$	2.55
RSUs granted		629			-
Options / SARs / RSUs cancelled/forfeited/expired		(50	)	$	0.04
Options / SARs exercised and RSUs vested		(429	)	$	2.05
Outstanding at March 31, 2021 (1)		1,836		$	1.86		3.48	$	22,751
Exercisable at March 31, 2021 (2)		337		$	9.83		3.45	$	1,490

(*) Calculation of aggregate intrinsic value is based on the share price of the Company’s common stock on March 31, 2021 ($14.25 per share).

(1) Due to the ceiling imposed on the SAR grants, the outstanding amount above can be exercised for a maximum of approximately 1,806 thousand shares of the Company’s common stock as of March 31, 2021. SAR grants made on or after January 1, 2012 are convertible for a maximum number of shares of the Company’s common stock equal to 50% of the SARs subject to the grant.

(2) Due to the ceiling imposed on the SAR grants, the exercisable amount above can be exercised for a maximum of approximately 309 thousand shares of the Company’s common stock as of March 31, 2021.

(3) Calculation of weighted average remaining contractual term does not include RSUs that were granted, which have indefinite contractual term.

Additional information about stock options, SARs and RSUs outstanding and exercisable at March 31, 2021 with exercise prices above $14.25 per share (the closing price of the Company’s common stock on March 31, 2021) is as follows:

	*Exercisable*				*Unexercisable*				*Total*
Exercise prices	Number of options/ SARs / RSUs (in thousands)		Weighted average exercise price		Number of options/ SARs / RSUs (in thousands)		Weighted average exercise price		Number of options/ SARs / RSUs (in thousands)		Weighted average exercise price

Less than $14.25		337	$	9.83		1,499	$	0.07		1,836	$	1.86
Above $14.25		-	$	-		-	$	-		-	$	-
Total		337	$	9.83		1,499	$	0.07		1,836	$	1.86

The Company’s aggregate equity-based compensation expense for the three months ended March 31, 2021 and 2020 totaled $2,530 and $1,832, respectively.

As of March 31, 2021, there was $14,495 of total unrecognized equity-based compensation expense related to unvested equity-based compensation awards granted under the Company’s equity incentive plans. This amount is expected to be recognized during the period from 2021 through 2025.