Note 10 - Equity Compensation

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 10 – EQUITY COMPENSATION

In November 2022, the Company’s shareholders approved an amendment to the 2019 Omnibus Award Plan (“2019 Omnibus Plan”) which increased the number of shares authorized for issuance under the plan by 2,350,000 and to remove the Plan’s fungible share counting feature. The purpose of the 2019 Omnibus Plan is to provide a means through which the Company may attract and retain key personnel and to provide a means by which directors, officers, and employees can acquire and maintain an equity interest in the Company. The number of shares that remain reserved for issuance under the 2019 Omnibus Plan prior to the amendment of the Plan equates to 1,253,908 as of September 30, 2022. The 2019 Omnibus Plan allows for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance stock units (“PSUs”) and other stock-based awards.

In the three months ended September 30, 2022, the Company granted 164,348 PSU’s and 196,522 RSU’s, both with a weighted average market value of $6.90. Stock compensation expense was $0.6 million for both the three months ended September 30, 2022, and 2021.