Note 17 - Stockholders' Equity |
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| Equity [Text Block] |
17. Stockholders’ Equity
Stock-Based Compensation Plans
As of March 31, 2026, the Company had two active stock plans: the Amended and Restated 2007 Director Stock Plan, as amended (the “2007 Director Plan”) and the 2022 Stock Incentive Plan, as amended and restated (the "2022 Plan"). On August 2, 2024, the Company's stockholders approved amendments to the 2022 Plan and amendments to the Company's 2007 Director Plan. The amendment to the 2022 Plan increased the total number of shares of common stock authorized for issuance under the 2022 Plan from 1,150,000 shares to 4,400,000 shares of common stock. The amendment to the 2007 Director Plan increased the total number of shares of common stock authorized for issuance under the 2007 Director Plan from 430,000 shares to 580,000 shares.
The 2022 Plan provides for the grant of incentive stock options intended to qualify under Section 422 of the IRC of 1986 nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. In the case of options, the exercise price is no less than the fair market value of the common stock, as determined by (or in a manner approved by) the Board of Directors, on the date of grant. The contractual life of options is generally 10 years. Options generally vest over a 3-5 year period while restricted stock generally vests over a 3 year period. The 2022 Plan replaced the Company’s 2007 Stock Incentive Plan, as amended (the “2007 Plan”). No further awards are granted under the 2007 Plan following effectiveness of the 2022 Plan; however, the terms and conditions of the 2007 Plan continue to govern any outstanding awards granted thereunder.
The 2007 Director Plan provides for the grant of nonstatutory stock options and stock awards to members of the Board of Directors who are not also employees of the Company ("outside directors"). Under the terms of the 2007 Director Plan, each outside director is granted an option to purchase shares of common stock with an aggregate grant date value equal to $40,000 upon his or her initial election to the Board with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a -year period. In addition, each outside director is granted an award of shares of common stock on the third business day following the last day of each fiscal year with an aggregate value equal to $100,000 using the closing price of the Company's common stock two business days following the last day of each fiscal year, subject to proration for any partial fiscal year of service.
As of March 31, 2026, the 2022 Plan had 1,537,412 shares available for future issuance, and the 2007 Director Plan had 238,289 shares available for future issuance. Additionally, any shares which are subject to awards previously granted under the 2007 Plan that are forfeited or lapse unexercised and which following the effectiveness of the 2022 Plan are not issued under the 2007 Plan will become available for issuance under the 2022 Plan.
Stock-Based Compensation
The components of stock-based compensation for the fiscal years ended March 31, 2026, 2025 and 2024 were as follows (in thousands):
The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding restricted stock was $21.5 million as of March 31, 2026. This expense will be recognized over a weighted-average expense period of approximately 1.6 years.
The following table summarizes stock-based compensation expense by financial statement line item for the fiscal years ended March 31, 2026, 2025, and 2024 (in thousands):
The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options:
The Company issued 887,000 and 872,500 shares of restricted stock during the fiscal years ended March 31, 2026 and 2025, respectively. The Company issued 39,445 and 19,200 shares of immediately vested common stock during the fiscal years ended March 31, 2026 and 2025, respectively. These restricted stock awards generally vest over 2-3 years. Awards of restricted stock include both time-based and performance-based awards. For time-based restricted stock awards, expense is being recorded over the vesting period. Performance-based restricted stock awards are expensed over the requisite service period based on probability of achievement.
The Company granted 2,112 stock options during the fiscal year ended March 31, 2026 and stock options during the fiscal year ended March 31, 2025. The stock options granted during the fiscal year ended March 31, 2026 will vest over 2 years. The estimated fair value of the Company's stock-based awards, less expected annual forfeitures, is amortized over the awards' service period. There were less than $0.1 million of unrecognized compensation costs for unvested stock options as of March 31, 2026. This expense will be recognized over a period of approximately 1.2 years.
The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the fiscal year ended March 31, 2026 are as follows:
The following table summarizes the restricted stock activity for the year ended March 31, 2026:
The total fair value of restricted stock that was granted during the fiscal years ended March 31, 2026 and 2025 was $22.1 million and $19.6 million, respectively. The total fair value of restricted stock that vested during the fiscal years ended March 31, 2026 and 2025 was $24.3 million and $10.7 million, respectively.
There were 310,000 performance-based restricted shares awarded during the fiscal year ended March 31, 2026 for which the performance conditions are deemed probable to be met and the expense is being recorded over a -year vesting period. There were 250,000 performance-based restricted shares awarded during the fiscal year ended March 31, 2025 for which the performance conditions are deemed probable to be met and the expense is being recorded over a -year vesting period.
The remaining shares awarded vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period.
Employee Stock Purchase Plan
The Company maintains the 2000 Employee Stock Purchase Plan, as amended (the "ESPP") which provides employees with the opportunity to purchase shares of common stock at a price equal to the fair market value of the common stock at the end of the offering period, less a 15% purchase discount. As of March 31, 2026, the ESPP had 39,977 shares available for future issuance. The Company recognized $0.1 million of compensation expense for each of the fiscal years ended March 31, 2026, 2025, and 2024 related to the ESPP.
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