Note 6 - Stock-based Compensation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note 6. Stock -Based Compensation

Our

2006

Omnibus Incentive Plan, as amended (the "Incentive Plan") governs the issuance of equity awards and other incentive compensation to management and members of the board of directors. In

February 2013,

the Compensation Committee re-approved, subject to stockholder re-approval, the material terms of the performance-based goals under the Incentive Plan so that certain incentive awards granted thereunder would continue to qualify as exempt "performance-based compensation" under Internal Revenue Code Section 

162

(m). Our stockholders re-approved the material terms of the performance-based goals under the Incentive Plan at our

2013

Annual Meeting held on

May 29, 2013.

The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, consultants, non-employee directors, and eligible participants under various types of options, restricted stock awards, or other equity instruments. At

March 31, 2019

, 

50,960

of the abovementioned 

1,550,000

shares were available for award under the Incentive Plan.

No

participant in the Incentive Plan

may

receive awards of any type of equity instruments in any calendar year that relates to more than

200,000

shares of our Class A common stock.

No

awards

may

be made under the Incentive Plan after

March 31, 2023.

To the extent available, we have issued treasury stock to satisfy all share-based incentive plans.

Included in salaries, wages, and related expenses within the condensed consolidated statements of operations 

For the

three

months ended

 

March 31, 2019

and

2018

, is stock-based compensation expense of approximately 

$1.3

million

and

$0.8

million

, respectively. All stock compensation expense recorded in 

2019

and 

2018

relates to restricted shares, as

no

unvested options were outstanding during these periods.

The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through

March 31, 2019

, certain participants elected to forfeit receipt of an aggregate of 

29,390

shares of Class A common stock at a weighted average per share price of 

$22.71

 

$22.71

based on the closing price of our Class A common stock on the dates the shares vested in

2019

, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted 

$0.7

million

to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements.