Stock Based Compensation |
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| Stock Based Compensation |
Note 9 - Stock Based Compensation The Company's stock-based awards that result in compensation expense consist of restricted stock units (RSUs) and restricted stock awards (RSAs). As of September 30, 2023, the Company had 321,166 shares available for grant under its stock plans. As of September 30, 2023, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $1,902,420 and is expected to be recognized over the next four years. RSUs generally vest over three years and RSAs generally vest from to four years. Restricted Stock Units (RSUs) The following table summarizes the Company's RSU activity:
The fair value of RSUs is determined based on the closing market price of the Company's stock on the grant date.
Restricted Stock Awards (RSAs) The following table summarizes the Company's RSA activity:
The fair value of RSAs is determined based on the closing market price of the Company's stock on the grant date.
Stock Based Compensation Expense The Company has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Company employees and non-employees. Stock based compensation costs associated with employee RSU and RSA grants are recorded as a separate component of salaries and wages on the condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, $196,548 and $593,762, respectively, were recorded in salaries and wages. For the three and nine months ended September 30, 2022, $(108,006) and $500,805, respectively, were recorded in salaries and wages. Stock based compensation costs associated with non-employee RSU and RSA grants are recorded as a separate component of selling expenses on the condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, $133,244 and $353,995, respectively, were recorded in selling expenses. For the three and nine months ended September 30, 2022, $205,801 and $308,968, respectively, were recorded in selling expenses. Stock based compensation expense for service-based awards that contain a graded vesting schedule is recognized on a straight-line basis. The Company accounts for forfeitures when they occur. |
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