Company: FCAP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001171843-25-003186
Chunk: 63

Company: FIRST CAPITAL INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 of specific performance criteria or other objectives set at the grant date.  Stock appreciation rights are equity or cash settled share-based compensation arrangements whereby the number of shares that will ultimately be issued or the cash payment is based upon the appreciation of the Company’s common stock.  Awards granted under the 2019 Plan may be granted either alone, in addition to, or in tandem with, any other award granted under the 2019 Plan.  The terms of the 2019 Plan also include provisions whereby all unearned options and restricted shares become immediately exercisable and fully vested upon a change in control.

As of March 31, 2025, no stock options had been granted under the Plans.

Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period).  The Company accounts for any forfeitures when they occur, and any previously recognized compensation for an award is reversed in the period the award is forfeited.  Compensation expense related to restricted stock recognized for the three month periods ended March 31, 2025 and 2024 amounted to $38,000 and $78,000, respectively.  The total income tax expense related to stock-based compensation was $9,000 and $18,000, for the three month periods ended March 31, 2025 and 2024, respectively.

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FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(9 – continued)

A summary of the Company’s nonvested restricted shares under the 2019 Plan as of March 31, 2025 and changes during the three month period then ended is presented below.

			Weighted

			Number

			Average

			of

			Grant-Date

			Shares

			Fair Value

			Nonvested at beginning of period

			4,800

			$
			43.40

			Granted

			3,900

			37.90

			Vested

			-

			-

			Forfeited

			-

			-

			Nonvested at end of period

			8,700

			$
			40.93

There were no restricted shares that vested during the three month periods ending March 31, 2025 or 2024.  At March 31, 202