v3.26.1
Note 9 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

9. Stock-Based Compensation

 

Under the Company's 2021 Incentive Plan (the "Plan"), and the prior 2011 Incentive Plan, as amended, stock-based compensation may be issued to employees and non-employee directors. As of March 31, 2026, 786,512 shares remained available for future issuance under the Plan.

 

The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the periods indicated:

  

Three Months Ended March 31,

  

2026

 

2025

Restricted stock awards

 $392  $9 

Stock options

  296   — 

Total

 $688  $9 

 

Restricted Stock Awards

 

The following table summarizes restricted stock awards activity for the period indicated:

  

Number of Shares

 

Weighted Average Grant Date Fair Value

 

Aggregate Grant Date Fair Value

Balance as of December 31, 2025

  36,274  $5.79  $210 

Granted

  152,402   6.45   983 

Vested

  (57,028)  (6.27)  (358)

Canceled

  —   —   — 

Balance as of March 31, 2026

  131,648  $6.35  $835 

 

As of March 31, 2026, there was $703 of total unrecognized compensation cost related to unvested shares granted. The cost is expected to be recognized over a weighted average period of 1.8 years.

 

Stock Options

 

The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise. Option awards are generally granted with an exercise price equal to the market price of the Company's stock on the grant date.

 

The following table presents the weighted-average assumptions for stock options granted:

  

For the Three Months Ended March 31,

  

2026

 

2025

Expected volatility (a)

  45.9%  — 

Expected annual dividend yield (b)

  0.0%  — 

Risk-free interest rate (c)

  3.6%  — 

Expected term, in years (d)

  2.7   — 

(a)

The expected volatility is based on the implied volatility of the Company's historical stock price data over the expected term.

(b)

The dividend yield is 0.0% as the Company is not expected to pay a dividend.

(c)

The risk-free interest rate is based on the average U.S. Treasury zero-coupon rate over the four days prior to the grant date. We selected the risk-free rate that is commensurate with the length of the remaining performance period as of the grant date, using interpolation where necessary.

(d)

The expected term is the simple average of the vesting periods and the contractual term.

 

 

 

The following table provides a rollforward of stock option activity for the three months ended March 31, 2026:

  

Number of Options Outstanding

 

Weighted Average Exercise Price

 

Weighted Average Grant Date Fair Value

 

Weighted Average Remaining Term (in years)

 

Aggregate Intrinsic Value

Outstanding as of December 31, 2025

  —  $—  $—   —  $— 

Granted

  200,000   7.02   1.87         

Exercised

  —   —   —         

Forfeited

  —   —   —         

Outstanding as of March 31, 2026

  200,000  $7.02  $1.87   4.8  $57 

Exercisable as of March 31, 2026

  160,000  $7.18  $2.33   4.8  $34