Note 14 - Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

14.         Stock Based Compensation

The Company’s 2012 Incentive Compensation Plan (the "Incentive Compensation Plan") provided for the grant of incentive awards in the form of performance grants, performance shares, stock options, restricted stock, restricted stock units, and stock appreciation rights to employees and certain service providers. Under the Incentive Compensation Plan, the aggregate number of shares of common stock 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 were no shares remaining available for future issuance under equity compensation plans, as the Incentive Compensation Plan expired during 2022.

Restricted Stock

The restricted stock awards were accounted for as “non-vested equity shares” until the awards vest or were forfeited. In general, restricted stock awards for employees were time vested or performance vested and for non-employee directors vested 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 was amortized into compensation expense on a straight-line basis between the award date and the vesting date. Performance based awards were amortized into stock compensation expense based on the probability of meeting the performance criteria. During 2023, there were no granted, vested, cancelled or outstanding shares of these awards as the Incentive Compensation Plan expired during 2022. 

The following table summarizes information about restricted stock awards during the year ended December 31, 2022:

	Number			Weighted-Average
	of shares			Grant Date Fair Value
Outstanding at January 1, 2022		34,721		$	7.20
Vested		(34,721	)		(7.20	)
Granted		-			-
Cancelled/Forfeited/Expired		-			-
Outstanding at December 31, 2022		-		$	-

As of December 31, 2023 and 2022, there was no unrecognized compensation cost related to non-vested restricted stock awards.