Note 3 - Stock-based Compensation

3 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

3:

 

Stock-Based Compensation

The Company records compensation expense associated with restricted stock in accordance with ASC Topic

718

(

“Share Based Payment”

) (ASU

2016

-

09

). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. The Company had

976

,461

restricted common shares issued under the

2006

Employee Equity Compensation Restricted Stock Plan (

“2006

Employee Plan”),

272

,000

restricted common shares issued under the

2006

Outside Director Equity Compensation Restricted Stock Plan (

“2006

Director Plan”), and

30,000

restricted common shares issued under the

2015

Outside Director Equity Compensation Restricted Stock Plan (

“2015

Director Plan”, and collectively referred to with the

2006

Director Plan as the “Director Plans”) at

June 30, 2017,

all shares of which were issued subject to a restriction or forfeiture period that

lapses ratably on the first, second, and

third

anniversaries of the date of grant, and the fair value of which is being amortized over the

three

-year restriction period.

In

July 2015,

the Company’s

2015

Director Plan became effective upon the approval of the plan by the Company’s shareholders. The

2015

Director Plan authorizes

400,000

shares of the Company's common stock available for issuance under the plan, and provides for an automatic increase every year in the amount of shares available for issuance under the plan of

10%

of the shares authorized under the plan. In

July 2016,

the Company’s

2016

Employee Equity Compensation Restricted Stock Plan (

“2016

Employee Plan”) became effective upon the approval of the plan by the Company’s shareholders. The

2016

Employee Plan authorizes

1,000,000

shares of the Company’s common stock available for issuance under the plan.

The Company did

not

issue any shares of restricted stock during the quarter.

For the quarters ended

June 30, 2017

and

2016,

the Company recognized

$494,000

and

$463,000,

respectively, of compensation expense related to the

2006

Employee Plan and Director Plans. At

June 30, 2017

and

2016,

there was

$2.8

million and

$3.2

million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next

three

years. At

June 30, 2017

and

2016,

there were

232,000

and

266,000

non-vested restricted shares, respectively.