NOTE G — STOCK BASED COMPENSATION

The Company maintains the Friedman Industries, Incorporated

2016

Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company's Common Stock eligible for award under the Plan is

500,000

shares. Subject to the terms and provisions of the Plan, the Committee

may,

from time to time, select the employees to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Forfeitures are accounted for upon their occurrence.

The following table summarizes the activity related to restricted stock awards for the

nine

months ended

December 31, 2020

			Weighted Average
	Number of Shares		Grant Date Fair Value Per Share
Unvested at March 31, 2020		270,000	$	6.37
Cancelled or forfeited		—		—
Granted		89,625		5.64
Vested		—		—
Unvested at December 31, 2020		359,625	$	6.19

Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of

$376,363

and

$249,708

in the

nine

months ended

December 31, 2020

and

2019

, respectively, relating to the stock awards issued under the Plan. As of

December 31, 2020

, unrecognized compensation expense related to stock awards was approximately

$1,014,541,

which is expected to be recognized over a weighted average period of approximately

2.8

years.