Note G - Stock Based Compensation

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

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, 2021:

				Weighted Average
	Number of Shares			Grant Date Fair Value Per Share
Unvested at March 31, 2021		339,625		$	6.07
Cancelled or forfeited		—			—
Granted		10,190			12.56
Vested		(50,292	)		5.11
Unvested at December 31, 2021		299,523		$	6.45

Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $375,935 and $376,363 in the nine months ended December 31, 2021 and 2020, respectively, relating to the stock awards issued under the Plan. As of December 31, 2021, unrecognized compensation expense related to stock awards was approximately $618,714, which is expected to be recognized over a weighted average period of approximately 2.4 years. As of December 31, 2021, a total of 130,185 shares were still available to be issued under the Plan.