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Note 11 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2011
Stockholders' Equity Note Disclosure [Text Block]
11. STOCKHOLDERS’ EQUITY:

The following unaudited table summarizes stockholders’ equity transactions for the three and six month period ended June 30, 2011:

               
Additional
         
Total
 
   
Common Stock
   
paid in
         
Stockholders’
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
equity
 
                               
Balances, December 31, 2010
    53,448,591     $ 11,324,866     $ 40,700,587     $ (28,104,216 )   $ 23,921,237  
Exercise of stock options
    7,250       6,268       (2,808 )     —       3,460  
Stock-based compensation
    —       —       74,331       —       74,331  
Cancellation of restricted stock
    (150 )     —       —       —       —  
Net income for the period
    —       —       —       727,946       727,946  
Balances, March 31, 2011
    53,455,691       11,331,134       40,772,110       (27,376,270 )     24,726,974  
                                         
Stock-based compensation
    —       —       53,399       —       53,399  
Cancellation of restricted stock
    (300 )     —       —       —       —  
Net income for the period
    —       —       —       565,659       565,659  
Balances, June 30, 2011
    53,455,391     $ 11,331,134     $ 40,825,509     $ (26,810,611 )   $ 25,346,032  

The following unaudited table summarizes stockholders’ equity transactions for the three and six month period ended June 30, 2010:

               
Additional
         
Total
 
   
Common Stock
   
paid in
         
Stockholders’
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
equity
 
                               
Balances, December 31, 2009
    67,080,353     $ 14,030,384     $ 47,287,351     $ (30,221,164 )   $ 31,096,571  
Exercise of stock options
    10,433       8,320       (3,819 )     —       4,501  
Repurchase and retirement of shares – Dutch Auction
    (6,341,470 )     (1,268,294 )     (3,222,692 )     —       (4,490,986 )
Repurchase and retirement of shares – Normal course issuer bid
    (956,000 )     (191,200 )     (530,086 )     —       (721,286 )
Stock-based compensation
    —       —       56,629       —       56,629  
Cancellation of restricted stock
    (500 )     —       —       —       —  
Net income for the period
    —       —       —       568,866       568,866  
Balances, March 31, 2010
    59,792,816       12,579,210       43,587,383       (29,652,298 )     26,514,295  
                                         
Exercise of stock options
    23,245       19,030       (8,721 )     —       10,309  
Repurchase and retirement of shares – Normal course issuer bid
    (2,453,300 )     (490,660 )     (1,211,861 )     —       (1,702,521 )
Stock-based compensation
    —       —       101,273       —       101,273  
Cancellation of restricted stock
    (150 )     —       —       —       —  
Net loss for the period
    —       —       —       (771,778 )     (771,778 )
Balances, June 30, 2010
    57,362,611     $ 12,107,580     $ 42,468,074     $ (30,424,076 )   $ 24,151,578  

On January 13, 2010, the Company announced that it successfully concluded a modified “Dutch auction tender offer” that was previously announced on December 14, 2009. Under the terms of the offer, the Company repurchased an aggregate of 6,341,470 shares of its common stock at a purchase price of $0.70 per share, for a total of $4,439,029, excluding transaction costs of $51,957. The purchase price was funded from available cash. Of the 6,341,470 shares purchased, 5,000,000 were shares the Company offered to purchase in the offer and 1,341,470 where shares purchased pursuant to the Company’s right to purchase up to an additional 2% of the shares outstanding immediately prior to the commencement of the tender offer. Due to over-subscription, the final proration factor for shares tendered at or below $0.70 per share was approximately 99.9%. For this purpose, shares tendered at $0.70 per share included shares tendered by those persons who indicated, in their letter of transmittal, that they were willing to accept the price determined in the offer. All shares purchased in the tender offer received the same price.

On February 16, 2010, the Company’s Board of Directors authorized the repurchase of up to $10 million of the Company’s common stock at the Company’s discretion. The Company has repurchased 2,453,300 shares under this repurchase program during the three months ended June 30, 2010. The Company has repurchased 3,409,300 shares under this repurchase program during the six months ended June 30, 2010. No share repurchases were made during the six months ended June 30, 2011.