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Note 13 - Stockholders's Equity:
 9 Months Ended
Sep. 30, 2012
Stockholders' Equity Note Disclosure [Text Block]

13. STOCKHOLDERS' EQUITY:


The following unaudited table summarizes stockholders' equity transactions for the three month period ended September 30, 2012:


 

Common Stock

Additional

Paid in

       

Total

Stockholders'

 

Shares

Amount

Capital

Deficit

equity

                                         

Balances, June 30, 2012

    45,484,997   $ 10,233,628   $ 35,109,427   $ (19,574,368 )   $ 25,768,687
                                         

Exercise of stock options

    20,187     22,781     (8,595

)

    —     14,186

Repurchase and cancellation of shares – Normal Course Issuer Bid

    (1,255,900

)

    (251,180

)

    (1,379,463

)

    —     (1,630,643

)

Cancellation of Restricted Stock Awards

    (100

)

    —             —     —

Stock-based compensation

    —     —     166,371     —     166,371

Net income for the period

    —     —     —     1,635,000     1,635,000
                                         

Balances, September 30, 2012

    44,249,184   $ 10,005,229   $ 33,887,740   $ (17,939,368

)

  $ 25,953,601

The following unaudited table summarizes stockholders' equity transactions for the nine month period ended September 30, 2012:


 

Common Stock

Additional

Paid in

       

Total

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

    693,340     634,558     (270,660

)

    —     363,898

Repurchase and cancellation of shares – Dutch Auction

    (7,570,236

)

    (1,514,047

)

    (4,379,400

)

    —     (5,893,447

)

Repurchase and cancellation of shares – Normal Course Issuer Bid

    (2,371,204

)

    (474,241

)

    (2,748,145

)

    —     (3,222,386

)

Cancellation of Restricted Stock Awards

    (300

)

    —     —     —     —

Stock-based compensation

    —     —     291,932     —     291,932

Net income for the period

    —     —     —     3,994,617     3,994,617
                                         

Balances, September 30, 2012

    44,249,184   $ 10,005,229   $ 33,887,740   $ (17,939,368

)

  $ 25,953,601

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 repurchased 1,255,900 shares and 2,371,204 shares respectively under this program during the three and nine month periods ended September 30, 2012.