Note 7 - Stock-based Compensation

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE

7

– STOCK-BASED COMPENSATION

The Company has fully vested and unvested stock options and unvested restricted stock awards outstanding under the

2017

Equity Incentive Plan.

A summary of stock option activity during the

three

months ended

March 31, 2020

is presented below:

	For the three Months Ended March 31, 2020
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Shares			Exercise Price		Term (years)		Value
Outstanding, December 31, 2019		146,300		$	14.92		5.0	$	53,166
Granted		-
Exercised		-
Forfeited or expired		(900	)		14.90
Outstanding, March 31, 2020		145,400		$	14.91		4.9	$	-
Exercisable, March 31, 2020		57,260		$	14.92		4.9	$	-

A summary of restricted stock activity during the

three

months ended

March 31, 2020

is presented below:

		For the three Months Ended March 31, 2020
				Weighted		Average
				Average		Remaining
				Grant Date		Contractual
	Shares			Price		Term (years)
Outstanding, December 31, 2019		40,044		$	14.89		2.6
Vested		(85	)		15.48
Outstanding, March 31, 2020		39,959		$	14.89		2.4

Compensation and benefits included

$76,000

and

$75,000

of stock-based expense for the

three

months ended

March 31, 2020

and

2019,

respectively. Restricted stock award dividends included in stock-based expense were

$2,000

and $-

0

- for the

three

months ended

March 31, 2020

and

2019,

respectively. 

As of

March 31, 2020,

there was

$824,000

 of total unrecognized stock-based expense including

$290,000

related to unvested stock options and

$534,000

from restricted stock awards granted under the

2017

Equity Incentive Plan that is expected to be recognized ratably over the next

2.7

 years.