Note G - Stock Based Compensation

3 Months Ended

Jun. 30, 2022

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 three months ended June 30, 2022:

				Weighted Average
	Number of Shares			Grant Date Fair Value Per Share
Unvested at March 31, 2022		139,523		$	5.96
Cancelled or forfeited		—			—
Granted		—			—
Vested		(14,000	)		8.51
Unvested at June 30, 2022		125,523		$	5.68

Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $73,153 and $121,704 in the three months ended June 30, 2022 and 2021, respectively, relating to the stock awards issued under the Plan. As of June 30, 2022, unrecognized compensation expense related to stock awards was approximately $472,000, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of June 30, 2022, a total of 130,185 shares were still available to be issued under the Plan.