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Note 7 - Derivative Instrument Assets And Liabilities
 6 Months Ended
Jun. 30, 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 June 30, 2012 was a net unrealized loss of $0.2 million as compared to a net unrealized gain of $0.5 million at June 30, 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 June 30, 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
 
                   
July – September, 2012
   
5,100,000
     
0.9855
     
(163,215)
 
October – December, 2012
   
5,100,000
     
0.9855
     
(173,130)
 
January – March, 2013
   
6,000,000
     
1.0277
     
33,987
 
April – May, 2013
   
4,000,000
     
1.0385
     
59,241
 
Total
 
$
20,200,000
     
1.0085
   
$
(243,117)
 

The Company does not apply hedge accounting and, therefore, for the three and six months ended June 30, 2012, the Company recorded a loss of $0.4 million and a gain of $0.2 million, respectively, on currency forward contracts in its consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2011, the Company recorded a gain on currency forward exchange contracts of $0.1 million and $0.5 million, respectively.