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Note 5 - Lease Obligations and Other Contingencies | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] | Note 5 — Lease Obligations and Other Contingencies The Company has the following minimum payments under operating lease obligations that existed at December 31, 2016:
2017 |  | $ | 871 |
2018 |  |  | 838 |
2019 |  |  | 822 |
2020 |  |  | 653 |
2021 |  |  | 478 |
Thereafter |  |  | 2,489 |
Total minimum payments |  | $ | 6,151 |
The obligations in the preceding table are primarily related to the Company’s leases for buildings in Birmingham, Alabama and Durham, North Carolina. The lease for the Company’s headquarters in Durham, North Carolina expires June 30, 2020. The lease for the Company’s research facility in Birmingham, Alabama expires October 31, 2026. Rent expense for operating leases was $721, $664 and $633 in 2016, 2015, and 2014, respectively. Lease Financing Obligation Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period, which ended in 2016. Accordingly, the Company recorded an asset of $1,589 at December 31, 2015, representing the Company’s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, the Company did not meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has no impact on cash flows associated with the underlying lease and or construction in process. At December 31, 2016 and 2015, the lease financing obligation balance was $2,704 and $2,375, respectively and was recorded as a long term liability on the consolidated balance sheets. The remaining future minimum payments under the lease financing obligation are $4,768.

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