Note 8 - Share-based Compensation

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 8:      Share-Based Compensation

During the six months ended June 30, 2022, the Company issued to certain employees an aggregate of 76,755 RSUs that vest over a three-year period through July 15, 2024 and 280,245 PSUs that vest upon achievement of certain stock price hurdles as measured during the period from July 15, 2020 through July 15, 2024. Each of the time-based and market-condition awards are subject to the recipient’s continued service with us, the terms and conditions of our stock incentive plan and the applicable award agreement. No awards were issued in 2021. As of the date of grant, 31,584 PSUs were vested and issued to employees.

The share-based compensation expense recognized is included in general and administrative expense in the consolidated statements of operations. The total fair value of the awards were $2,794,169 of which $2,379,878 was unrecognized stock-based compensation expense as of June 30, 2022.

The plan participants elected to have the Company withhold 10,166 shares of the 31,584 shares earned to cover the employee payroll tax withholdings for the vested shares earned during the three-month period ended June 30, 2022. These shares are reported as treasury stock on the balance sheet.

The share-based compensation expense recognized by award type was $19,496 and $394,795 for RSUs and PSUs, respectively, for the six months ended June 30, 2022.