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Note 6 - Derivative Instrument Assets and Liabilities
 6 Months Ended
Jun. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Text Block]
6. DERIVATIVE INSTRUMENT ASSETS AND LIABILITIES:

The Company enters into foreign currency contracts to hedge a portion of the Company’s expected Canadian dollar requirements. All derivative financial instruments are recorded at fair value on our consolidated balance sheet. The fair value of our foreign currency contracts at June 30, 2011 was a net unrealized gain of $0.5 million as compared to a net unrealized gain of $0.8 million at December 31, 2010. The net unrealized gain is a result of fluctuations in foreign exchange rates between the date the currency forward contracts were entered into and the valuation date at period end.

At June 30, 2011, the Company had the following outstanding forward exchange contracts to trade U.S. dollars in exchange for Canadian dollars:

Maturity date
 
Notional amount of U.S. dollars
   
Weighted average exchange rate of U.S. dollars
   
Fair value
 
                   
July – September, 2011
  $ 3,900,000       0.9604     $ 310,256  
October – December, 2011
    2,700,000       0.9666       190,808  
2011
    6,600,000       0.9629       501,064  
                         
January – March, 2012
    1,200,000       1.0283       13,335  
January – March, 2012
    1,800,000       1.0283       (3,513 )
April – June, 2012
    2,400,000       1.0230       19,453  
April – June, 2012
    600,000       1.0230       (2,240 )
2012
    6,000,000       1.0257       27,035  
                         
Total
  $ 12,600,000       0.9918     $ 528,099  

The Company does not apply hedge accounting and, therefore, for the three and six months ended June 30, 2011, the Company recorded a loss of $0.2 million and $0.3 million respectively in the fair value of forward contracts in its consolidated statements of operations. For the three and six months ended June 30, 2010, the Company recorded a loss on forward contracts of $1.9 million and $1.8 million respectively.