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Note 16 - Stockholders' Equity | 12 Months Ended
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Dec. 31, 2014
Stockholders' Equity Note [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] |
16. | Stockholders’ Equity
Holders of common stock are entitled to one vote for each share on all matters voted upon by the stockholders, including the election of directors, and do not have cumulative voting rights. Subject to the rights of holders of any then outstanding shares of preferred stock, common stockholders are entitled to receive ratably any dividends that may be declared by the Board of Directors out of funds legally available for that purpose. Holders of common stock are entitled to share ratably in net assets upon any dissolution or liquidation after payment of provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Common stock shares are not subject to any redemption provisions and are not convertible into any other shares of capital stock. The rights, preferences and privileges of holders of common stock are subject to those of the holders of any shares of preferred stock that may be issued in the future. The Board of Directors may authorize the issuance of one or more classes or series of preferred stock without stockholder approval and may establish the voting powers, designations, preferences and rights and restrictions of such shares. No preferred shares have been issued. Treasury and Forfeited Shares In October 2008, the Company announced a share-repurchase program to purchase up to $5 million in shares of common stock. In August 2010, the Company announced an increase to the share-repurchase program to purchase an additional $5 million in shares of common stock, for a total up to $10 million. The specific timing and amount of repurchase will vary based on market conditions, securities law limitations and other factors. There were no shares repurchases in 2014, 2013 and 2012 related to the share-repurchase program. The Company accounts for the repurchase of treasury shares under the cost method. When shares are repurchased, cash is paid and the treasury stock account is debited for the price paid. Under the cost method, retirement of treasury stock would result in a debit to the common stock account for the original par value, a debit to additional paid-in capital for the excess between the par value and the original sales price, a debit to retained earnings for any excess amounts paid above the original sales price and a credit to the treasury stock account for the price paid. Forfeited shares are generally the result of employee separation from the Company. There were forfeitures of 20,412 and 8,944 shares in 2014 and 2013, respectively, and no shares forfeited in 2012. Such stock is held briefly as treasury stock and canceled during the year. At December 31, 2014 and 2013, there was no treasury stock held by the Company. Upon the vesting of unvested common stock (or restricted stock) the Company may withhold shares, based on the employee’s election, in order to satisfy federal tax withholdings. The shares held by the Company are considered constructively retired and are retired shortly after withholding. The Company then remits the withholding taxes required by the taxing agencies. During 2014 and 2013 there were 8,120 and 6,652 shares withheld for tax purposes and retired. Stock-based Compensation and Grants The Company has a stock-based incentive plan that is administered by the Compensation Committee of the Board of Directors (the “2001 Plan”). The 2001 Plan is in effect until May 2021 as a result of a May 2011 amendment to extend its term for an additional ten years. The 2001 Plan provides for the issuance of stock awards for up to 1,900,000 shares of the Company’s common stock. The Compensation Committee may reward employees and non-employees with various types of awards including but not limited to warrants, stock options, common stock, and unvested common stock (or restricted stock) vesting on service, performance or market criteria. At December 31, 2014, there were 997,377 shares of common stock available under the 2001 Plan. All 997,377 shares under the plan are available for issuance pursuant to future stock-based compensation awards. There were no options outstanding at December 31, 2014 and 2013 and no shares are, or will be, available for grant under the Company’s other option plans, all of which have been terminated. Common Stock Awards The following table summarizes the Company’s service-based share compensation awards:
|  | Number of Shares |  |  | Weighted Average Fair Value Per Share |
Nonvested at January 1, 2012 |  |  | 71,469 |  |  | $ | 14.68 |
Granted |  |  | 149,704 |  |  |  | 9.75 |
Vested |  |  | (34,543 | ) |  |  | 13.05 |
Forfeited |  |  | - |  |  |  | - |
Nonvested at December 31, 2012 |  |  | 186,630 |  |  |  | 11.03 |
Granted |  |  | 60,032 |  |  |  | 9.74 |
Vested |  |  | (56,602 | ) |  |  | 10.57 |
Forfeited |  |  | (8,944 | ) |  |  | 13.57 |
Nonvested at December 31, 2013 |  |  | 181,116 |  |  |  | 10.61 |
Granted |  |  | 61,957 |  |  |  | 9.05 |
Vested |  |  | (73,190 | ) |  |  | 6.88 |
Forfeited |  |  | (20,412 | ) |  |  | 11.66 |
Nonvested at December 31, 2014 |  |  | 149,471 |  |  |  | 11.65 |
In 2014, 2013 and 2012, several key employees were granted an aggregate total of 18,536, 25,207 and 118,774 shares of unvested common stock, respectively, with a weighted average fair value per share of $11.38, $9.30 and $9.76 per share, respectively, resulting in compensation expense of $0.2 million, $0.2 million and $1.2 million, respectively, to be recognized ratably over a three- or five-year restriction period. The 2001 plan provides for unvested (or restricted) and vested common stock grants, and pursuant to non-employee director compensation arrangements, non-employee directors of the Company were awarded unvested stock with one-year vesting as follows:
|  | Years Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Shares awarded to each non-employee director |  |  | 6,203 |  |  |  | 4,975 |  |  |  | 5,155 |
Total shares awarded |  |  | 43,421 |  |  |  | 34,825 |  |  |  | 30,930 |
Average grant-date market price per share |  | $ | 8.06 |  |  | $ | 10.06 |  |  | $ | 9.70 |
Total compensation cost attributable to shares awarded |  | $ | 350,000 |  |  | $ | 350,000 |  |  | $ | 300,000 |
Compensation cost recognized related to current and prior year awards |  | $ | 316,750 |  |  | $ | 333,499 |  |  | $ | 283,333 |
During the year ended December 31, 2014, a director of the Company retired and forfeited 6,203 unvested shares. The amortized expense was adjusted for this forfeiture. In addition to the service based compensation awards discussed above, the Company also awarded performance-based awards. There were no performance-based shares awarded in 2012. In 2013, the Company issued 100,000 shares of unvested common stock to the Company’s CEO. These shares were to vest on March 31, 2018 subject to the satisfaction of a performance condition. In 2014, there were a total of 7,500 performance-based shares issued. In order to recognize compensation expense for these performance based shares, the Company must assess, at each reporting period, whether it is probable that the performance condition will be met. These shares must also be re-valued at each reporting period until they vest. At December 31, 2014, the Company assessed that it would not be probable that the performance condition would be met, as such; no expense was incurred during the year. At December 31, 2014, total unrecognized compensation cost related to unvested common stock was $0.8 million. This cost is expected to be recognized over a weighted average period of 1.4 years. Compensation expense for stock options and unvested common stock (or restricted stock) grants was $0.8 million (with no tax benefit) in each of 2014 and 2013 and $0.7 million ($0.5 million after tax benefit of 35.0%) in 2012. Proceeds received by the Company from the exercise of options in 2014, 2013 and 2012 were less than $0.1 million for each of these years. The Company also awards common stock as part of its incentive plan with no service or performance vesting requirements. There were no such shares awarded in 2014 and 2012 and 9,521 shares with a grant date fair value of $0.1 million awarded in 2013 which was treated as compensation expense in 2013. Stock Option Awards The following tables summarize the stock option activity under the 2001 Plan and previously active plans:
|  | 2001 Plan |
|  | Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2012 |  |  | 22,200 |  |  | $ | 3.08 |
Exercised |  |  | (8,500 | ) |  |  | 3.08 |
Expired/forfeited |  |  | (6,200 | ) |  |  | 3.07 |
Outstanding at December 31, 2013 |  |  | 7,500 |  |  |  | 3.10 |
Exercised |  |  | (4,000 | ) |  |  | 3.10 |
Expired/forfeited |  |  | (3,500 | ) |  |  | 3.10 |
Outstanding at December 31, 2014 |  |  | - |  |  |  | - |
|  | Number of Shares |  |  | Aggregate Intrinsic Value |
Total options exercised during 2014 |  |  | 4,000 |  |  | $ | 21,911 |
For options exercised during 2014, aggregate intrinsic value represents the total pre-tax intrinsic value based on the difference between Company’s closing stock price on the day of exercise and the exercise price multiplied by the shares received upon exercise. There were no options outstanding as of December 31, 2014. At December 31, 2014, there was no unrecognized stock-based compensation expense related to stock options. Stock Offering On April 29, 2014, an amended “shelf” registration statement filed by the Company with the SEC became effective. Under the amended shelf registration statement, the Company may offer from time to time any combination of securities described in the prospectus in one or more offerings up to a total of $80 million. The securities described in the prospectus include common and preferred stock, depository shares, debt securities, warrants entitling the holders to purchase one or more classes or series of these securities or units consisting of two or more of these issuances, classes or series of securities. Net proceeds from the sales of the offered securities may be used for working capital needs, capital expenditures and other expenditures related to general corporate purposes, including future acquisitions. On May 6, 2014, the Company closed a public offering with D.A. Davidson & Co. as sole underwriter (the “Underwriter”), pursuant to which the Underwriter purchased from the Company 2,100,000 shares of the Company’s common stock at a price of $6.90 per share. The net proceeds of $14.0 million from the offering, after deducting underwriting discounts and offering expenses, was used to repay a portion of the indebtedness outstanding under our Credit Facility.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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