Note 7 - Restricted Stock

12 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(7) Restricted Stock

On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “2006 Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “2006 Director Plan”). The purpose of the plans was to promote the interests of the Company by securing and retaining both employees and outside directors. The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan. In July 2012, the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000. Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under both of the plans. In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“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 value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years.

At March 31, 2021, the Company had 972,175 restricted common shares issued under the 2006 Employee Plan, 219,039 restricted common shares issued under the 2016 Employee Plan, 272,000 restricted common shares issued under the 2006 Director Plan, and 172,500 restricted common shares issued under the 2015 Director Plan. The majority of shares were issued subject to a restriction or forfeiture period which lapses ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over a one to three-year restriction period. For the fiscal years ended March 31, 2021, 2020, and 2019, the Company recognized compensation expense related to the Employee and Director Plans of $3.3 million, $2.8 million, and $3.1 million, respectively. A summary of the Company’s non-vested restricted stock at March 31, 2021 is as follows (in thousands):

	Employee Plan Number of Shares			Director Plan Number of Shares			Both Plans Number of Shares
Non-vested restricted stock outstanding at March 31, 2020		109			74			183
Restricted stock granted		68			38			106
Restricted stock vested		(76	)		(50	)		(126	)
Restricted stock forfeited or expired		(3	)		-			(3	)
Non-vested restricted stock outstanding at March 31, 2021		98			62			160

At March 31, 2021 and 2020, there were 160,117 and 182,695, non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2021 and 2020, the Company issued, net of forfeitures, 102,931 and 105,925 restricted shares, respectively. At March 31, 2021 and 2020, there were $2.5 million and $2.6 million of unrecognized compensation costs related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 1.8 years for both fiscal 2021 and 2020, respectively.