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Note 4 - Accounting for Stock-based Compensation
3 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 4:  Accounting for 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 Company had 901,358 restricted common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan”), and 210,755 restricted common shares issued under the 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”) at June 30, 2022, 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 one to three-year restriction period.

 

The Company issued 10,125 shares of restricted stock during the quarter ended June 30, 2022 and 1,380 shares during the quarter ended June 30, 2021. For the quarters ended June 30, 2022 and 2021, the Company recognized $1.5 million and $718,000, respectively, of compensation expense related to the 2016 Employee Plan and 2015 Director Plan. At June 30, 2022 and 2021 there was $12.3 million and $1.9 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next one to three years. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s income statement, and the offset is included in the additional paid-in capital line item of the Company’s balance sheet. On June 30, 2022 and 2021, there were 780,167 and 160,638 non-vested restricted shares issued and outstanding, respectively.