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Note 14 - Stockholders' Equity | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
14. | 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 share repurchases in 2016 and 2015 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 an employee’s separation from the Company. Forfeitures of our service-, performance- and market-based share awards are discussed below. Such stock is held briefly as treasury stock and canceled during the year. At December 31, 2016 and 2015, 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 2016 and 2015, there were 18,229 and 96,076 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, 2016, there were 555,785 shares of common stock available under the 2001 Plan. All shares under the plan are available for issuance pursuant to future stock-based compensation awards. 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, 2014 |  |  | 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 |
Granted |  |  | 978,526 |  |  |  | 4.53 |
Vested |  |  | (166,622 | ) |  |  | 8.56 |
Forfeited |  |  | (47,552 | ) |  |  | 6.91 |
Nonvested at December 31, 2015 |  |  | 913,823 |  |  |  | 4.83 |
Granted |  |  | 79,240 |  |  |  | 4.36 |
Vested |  |  | (351,855 | ) |  |  | 4.46 |
Forfeited |  |  | -- |  |  |  | -- |
Nonvested at December 31, 2016 |  |  | 641,208 |  |  |  | 4.97 |
In 2016, 2015 and 2014, certain key employees were granted an aggregate total of 20,000, 917,851 and 18,536 shares of unvested common stock, respectively, with a weighted average fair value per share of $4.78, $4.55 and $11.38 per share, respectively, resulting in compensation expense of $0.1 million, $4.4 million and $0.2 million, respectively, expected to be recognized ratably over a three - or five -year restriction period. In May 2015, 600,000 shares, which vest ratably over three years, were awarded to the Company’s CEO. 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,
|  | 2016 |  | 2015 |  | 2014
Shares awarded to each non-employee director |  |  | 11,848 |  |  |  | 12,135 |  |  |  | 6,203 |
Total shares awarded |  |  | 59,240 |  |  |  | 60,675 |  |  |  | 43,421 |
Average grant-date market price per share |  | $ | 4.22 |  |  | $ | 4.12 |  |  | $ | 8.06 |
Total compensation cost attributable to shares awarded |  | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | 350,000 |
Compensation cost recognized related to current and prior year awards |  | $ | 249,995 |  |  | $ | 266,667 |  |  | $ | 316,750 |
In addition to the service-based compensation awards discussed above, the Company also awarded performance-based awards. In 2016, 2015, and 2014, there were a total of 64,159, 10,000 and 7,500 performance-based shares issued, respectively. In 2016 and 2015, 1,875 and 13,750 performance based shares were forfeited, respectively. 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, 2016, only the 2016 issuance was deemed probable of meeting the performance conditions and as a result the Company recorded $0.1 million in compensation expense. On January 1, 2015, the Company implemented a long- and short-term incentive program for certain employees. The short-term incentive plan is paid in cash if certain short-term achievements are met and the long-term incentive plan is paid with the Company’s stock if certain long-term achievements are met. The stock-based awards are awarded based in two parts; 50% is based on completing a service period of three years and 50% is based on the level of achievement of the Company’s total shareholder return (“TSR”) compared to the TSR of a designated peer group over a three -year period or a market based stock award. The service based awards are recorded as usual; however, the market-based awards of 86,483 shares were valued using a Monte Carlo simulation and their expense was included in the $1.2 million of total unvested and market-based awards discussed below. During the year ended December 31, 2015, 54,519 of these shares were forfeited and amortization expense was adjusted. None of these shares were forfeited during the year ended December 31, 2016. At December 31, 2016, total unrecognized compensation cost related to unvested common and market-based stock was $2.2 million. This cost is expected to be recognized over a weighted average period of 1.5 years. Compensation expense for unvested common stock (or restricted stock), performance and market-based grants were $1.8 million, $1.2 million and $0.8 million for 2016, 2015 and 2014, respectively. The Company also awards common stock as part of its incentive plan with no service or performance vesting requirements which are expensed fully in the year granted. There were no such shares awarded in 2016, 119,343 shares with a grant date fair value of $0.5 million awarded in 2015 and no such shares were awarded in 2014. Stock Offerings On May 9, 2016, the Company completed an underwritten public offering of 5,175,000 shares of the Company’s common stock, which included the full exercise of the sole underwriter’s over-allotment option, at a price to the public of $4.00 per share ($3.77 per share net of underwriting discounts). The net proceeds from the offering of $19.1 million, after deducting underwriting discounts and other offering expenses, were used for working capital, repayment of our indebtedness under the revolving loan portion of our Equipment-based Facility and for general corporate purposes.

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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 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: 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 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)) -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 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: 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(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: 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(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: 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 8: 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(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: 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 10: 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)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: 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 12: 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 Reference 13: 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 14: 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 15: 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 16: 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 + Details
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