Note 7 - Equity Incentive Plans

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note 7 – Equity Incentive Plans:

Total compensation cost for share-based payments recognized for the six months ended June 30, 2020 and 2019 is $4,574,762 and $2,741,009, respectively. 

2010 Stock Plan—The outstanding options are time-based (vest between two and four years). At June 30, 2020, there were zero shares available for grant as the 2010 Plan is frozen. The total number of unexercised options for the 2010 Plan is 112,085.

2014 Omnibus Incentive Plan—In November 2014, the Company approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). Under the 2014 Plan, 3,979,200 shares of common stock may be issued or used for reference purposes as awards granted. These awards may be in the form of stock options, stock appreciation rights, restricted stock, as well as other stock-based and cash-based awards. At June 30, 2020, the awards granted were either time-based, performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or restricted stock units (employee RSUs vest over three years or cliff vest (as defined in the restricted stock agreement) and non-employee director RSUs vest over one year). The total number of unexercised options and RSUs for the 2014 Plan is 2,645,744.

At June 30, 2020, there were 1,351,141 shares of common stock available to be issued or used for reference purposes under the 2014 Plan.

NASDAQ Marketplace Rules Inducement Award—During fiscal year 2016 and the six months ended June 30, 2020, share-based awards were granted to the Company’s Chief Executive Officer and the Executive Vice President of Finance, respectively, as an inducement under the NASDAQ Marketplace Rules, and therefore outside of any Plan. Under the terms of the applicable agreement, each grant is governed as if issued under the 2014 Omnibus Plan. As of June 30, 2020, the awards granted to the Company's Chief Executive Officer and the Executive Vice President of Finance were time-based (cliff vest over four years and three years, respectively) and performance-based (vest when performance targets are met, as defined in the stock option grant agreement).

Service Period Stock Options

The following table includes activity related to outstanding service period stock options during the six months ended June 30, 2020.

Service Period Stock Options	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2019		1,359,990		$	11.50
Granted		54,782			62.84
Exercised		(240,265	)		8.45
Forfeited		(357	)		11.00
Outstanding at June 30, 2020		1,174,150		$	14.52

Performance-Vested Stock Options

The following table includes activity related to outstanding performance-vested stock options during the six months ended June 30, 2020.

Performance Based Options	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2019		1,372,819		$	18.31
Granted		19,317			63.87
Exercised		(3,687	)		16.45
Outstanding at June 30, 2020		1,388,449		$	18.95

As of June 30, 2020, 1,322,678 performance-vested stock options at a weighted average exercise price of $19.16 have performance metrics that are probable of achievement. These shares are included in share-based compensation costs for the six months ended June 30, 2020.

Restricted Stock Units

The following table includes activity related to outstanding restricted stock units during the six months ended June 30, 2020.

Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at December 31, 2019		240,229		$	29.07
Granted		53,041			63.77
Issued upon vesting		(97,620	)		24.51
Forfeited		(420	)		27.00
Outstanding at June 30, 2020		195,230		$	40.78