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Note 12 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note Disclosure [Text Block]
12. STOCKHOLDERS’ EQUITY:

The following unaudited table summarizes stockholders’ equity transactions for the three month period ended March 31, 2012:

               
Additional
         
Total
 
   
Common Stock
   
Paid in
         
Stockholders’
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
equity
 
                               
Balances, December 31, 2011
    53,497,584     $ 11,358,959     $ 40,994,013     $ (21,933,985 )   $ 30,418,987  
                                         
Exercise of stock options
    294,217       107,402       23,310       —       130,712  
Repurchase and cancellation of shares – Dutch Auction
    (7,570,236 )     (1,514,047 )     (4,379,400 )     —       (5,893,447 )
Stock-based compensation
    —       —       62,465       —       62,465  
Net income for the period
    —       —       —       1,663,619       1,663,619  
                                         
Balances, March 31, 2012
    46,221,565     $ 9,952,314     $ 36,700,388     $ (20,270,366     $ 26,382,336  

On January 23, 2012, the Company announced that it successfully concluded a modified “Dutch auction tender offer” that was previously announced on December 15, 2011. Under the terms of the offer, the Company repurchased an aggregate of 7,570,236 shares of its common stock at a purchase price of $0.77 per share, for a total of $5,829,082, excluding transaction costs of approximately $64,000. The purchase price and all transaction costs were funded from available cash and an additional advance under its Amended Credit Facility from the Bank in the amount of $4.0 million. All shares purchased in the tender offer received the same price and all shares repurchased were immediately cancelled. As a result of the completion of the tender offer, as of January 23, 2012, the Company had 46,047,053 shares issued and outstanding.

On March 16, 2012, the Company announced that it was reinstating its previously announced stock buyback program, which initially commenced on November 15, 2011 and which was temporarily suspended when the Company undertook its Dutch auction tender offer. Under this buyback program, the Company may repurchase up to 3,840,000 shares of the Company’s common stock over the 12-month period that commenced on November 15, 2011.  The Company did not repurchased any shares under this program during the three month period ended March 31, 2012.