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Note 7 - Derivative Instrument Assets and Liabilities
 3 Months Ended
Mar. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Text Block]
7. 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 March 31, 2012 was a net unrealized gain of $2,000 as compared to a net unrealized gain of $721,000 at March 31, 2011. 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 March 31, 2012, 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
 
                   
April – June, 2012
 
$
5,100,000
     
0.9785
   
$
(101,091)
 
July – September, 2012
   
5,100,000
     
0.9855
     
(75,399)
 
October – December, 2012
   
5,100,000
     
0.9855
     
(86,514)
 
January – March, 2013
   
6,000,000
     
1.0277
     
137,973
 
April – May, 2013
   
4,000,000
     
1.0385
     
127,391
 
Total
 
$
25,300,000
     
1.0025
   
$
2,360
 

The Company does not apply hedge accounting and, therefore, for the three months ended March 31, 2012, the Company recorded a gain of $0.6 million on currency forward contracts in its consolidated statements of operations and comprehensive income. For the three months ended March 31, 2011, the Company recorded a gain on currency forward exchange contracts of $0.4 million.