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Note 8 - Stock Option Plan

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

8. Stock option plan:

The following table presents stock option activity for the period:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2014			2013			2014

Outstanding, beginning of period		1,304,441			1,442,741			1,128,437			1,333,099
Granted		42,592			6,273			292,417			163,504
Exercised		(3,086	)		(1,028	)		(4,115	)		(1,800	)
Forfeited and expired		(876	)		(4,411	)		(73,668	)		(51,228	)
Outstanding, end of period		1,343,071			1,443,575			1,343,071			1,443,575
Exercisable, end of period		898,894			1,078,009			898,894			1,078,009

The fair value of each option issued to employees and non-employees is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2014			2013			2014

Average risk-free interest rate		1.82	%		1.95	%		1.03	%		1.97	%
Average expected term (in years)		6.00			6.25			6.20			6.20
Expected volatility		70	%		74	%		70	%		74	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Estimated forfeiture rate		0.00	%		0.00	%		0.00	%		0.00	%

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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