Note 5 - Stock-based Compensation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

5. Stock-Based Compensation

The Company maintains a stock incentive plan which authorizes the issuance of up to

442,750

shares of common stock. Of those shares,

18,000

 were subject to outstanding options and

102,157

 were reserved for future grants at

March 31, 2019.

The plan provides for grants of stock options or other stock awards to eligible participants, as described by the plan, at option prices ranging from

85%

to

110%

of fair market value at the date of grant.  Options granted expire up to

seven

years after the date of grant.  Such options generally become exercisable over a

one

- to

three

-year period.

The Company charged compensation cost of approximately

$2,000

  and

$3,000

against the loss for the

three

months ended

March 31, 2019 

and

2018,

respectively.

The Company receives a tax deduction for certain stock option exercises during the period in which the options are exercised, generally for the excess of the market price at the time the stock options are exercised over the exercise price of the options, which increases additional paid in capital and reduces income taxes payable.

No

stock options were exercised during the

three

months ended

March 31, 2019 

or

2018,

and there were

no

options granted during the

three

months ended

March 31, 2019 

or

2018.

Stock option activity during the

three

months ended

March 31, 2019 

was as follows:

			Weighted
			Average
			Exercise
	Shares		Price
Outstanding at January 1, 2019		18,000	$	13.22
Granted		—		—
Exercised		—		—
Expired and forfeited		—		—
Outstanding at March 31, 2019		18,000	$	13.22
Exercisable at March 31, 2019		12,247	$	15.09

The aggregate intrinsic value of all options outstanding and exercisable at

March 31, 2019 

was

$0.