Note 13 - Stock Based Compensation

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

13. Stock Based Compensation

The  Company’s 2012 Incentive Compensation Plan provided for the grant incentive awards of performance grants, performance shares, stock options, restricted stock, restricted stock units, and stock appreciation rights to employees and certain service providers.  Under this plan, the aggregate number of common shares that were authorized to be issued through awards of any form was 1.6 million, which number was subsequently reduced by amendment to 500,000. As of December 2022, there are no shares remaining available for future issuance under equity compensation plans, as this plan expired during 2022.

Restricted Stock

The restricted stock awards are accounted for as “non-vested equity shares” until the awards vest or are forfeited. In general, restricted stock awards for employees are time vested or performance vested and for non-employee directors vest at the end of their current term on the Board. The fair value of each share of restricted stock is the market price of our stock on the grant date. The fair value of each time vested award is amortized into compensation expense on a straight-line basis between the award date and the vesting date. Performance based awards are amortized into stock compensation expense based on the probability of meeting the performance criteria. In 2022, 34,721 shares of restricted stock vested and were released. In 2021, no shares of restricted stock awards vested and were released.

The following table summarizes information about restricted stock awards for the two years ended December 31, 2022:

	Number of shares			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2021		416,666		$	0.60
Vested		-			-
Granted		-			-
Effect of reserve stock split		(381,945	)		-
Outstanding at December 31, 2021		34,721		$	7.20
Vested		(34,721	)		(7.20	)
Granted		-			-
Cancelled/Forfeited/Expired		-			-
Effect of reverse stock split		-			-
Outstanding at December 31, 2022		-		$	-

As of December 31, 2022, there was no unrecognized compensation cost related to non-vested restricted stock awards.