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Note 11 - Stockholders's Equity:
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

11. STOCKHOLDERS' EQUITY:


The following unaudited table summarizes stockholders' equity transactions for the three month period ended September 30, 2013:


   

Common stock

     Additional

paid in

             Accumulated

Other

Comprehensive

     

Total

stockholders'

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, June 30, 2013

    40,641,488     $ 9,755,391     $ 28,207,230     $ (16,845,634

)

  $ (402,622 )   $ 20,714,365  
                                                 

Exercise of stock options

    2,935,373       2,041,971       (905,910

)

    —       —       1,136,061  

Stock-based compensation

    —       —       162,786       —       —       162,786  

Excess tax benefit from stock based payment arrangements

    —       —       1,056,014       —       —       1,056,014  

Net income for the period

    —       —       —       2,593,360       —       2,593,360  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       506,509       506,509  

Reclassification to net income due to settlement of foreign currency forward contracts treated as hedges

    —       —       —       —       (12,175 )     (12,175 )
                                                 

Balances, September 30, 2013

    43,576,861     $ 11,797,362     $ 28,520,120     $ (14,252,274

)

  $ 91,712     $ 26,156,920  

The following unaudited table summarizes stockholders' equity transactions for the nine month period ended September 30, 2013:


   

Common stock

     Additional

paid in

           Accumulated

Other

Comprehensive

     

Total

stockholders'

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, December 31, 2012

    44,322,159     $ 10,084,417     $ 33,931,529     $ (17,509,843

)

  $ 44,104     $ 26,550,207  
                                                 

Exercise of stock options

    3,511,946       2,564,447       (1,110,192

)

    —       —       1,454,255  

Repurchase and retirement of shares

    (4,114,121

)

    (822,887

)

    (5,454,854

)

    —       —       (6,277,741

)

Normal Course Issuer Bid

    (143,073 )     (28,615 )     (231,260 )     —       —       (259,875 )

Cancellation of restricted stock

    (50

)

    —       —       —       —       —  

Stock-based compensation

    —       —       328,883       —       —       328,883  

Excess tax benefit from stock based payment arrangements

    —       —       1,056,014       —       —       1,056,014  

Net income for the period

    —       —       —       3,257,569       —       3,257,569  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       63,942       63,942  

Reclassification to net income due to settlement of foreign currency forward contracts treated as hedges

    —       —       —       —       (16,334 )     (16,334 )
                                                 

Balances, September 30, 2013

    43,576,861     $ 11,797,362     $ 28,520,120     $ (14,252,274

)

  $ 91,712     $ 26,156,920  

On January 7, 2013, the Company announced that it successfully concluded a modified “Dutch auction tender offer” that was previously announced on November 21, 2012. Under the terms of the offer, the Company repurchased an aggregate of 4,114,121 shares of its common stock at a purchase price of $1.50 per share, for a total of $6,171,656, excluding transaction costs of approximately $106,000. The purchase price and all transaction costs were funded from available cash and an additional advance under our Amended Credit Facility from the Bank in the amount of $5.2 million. All shares purchased in the tender offer received the same price and all shares repurchased were immediately retired. As a result of the completion of the tender offer, as of January 31, 2013, the Company had 40,226,875 shares issued and outstanding.


On March 1, 2013, the Company announced a stock buyback program. Under this buyback program, the Company may repurchase up to $10 million of the Company's common stock over the 12-month period that commenced on March 1, 2013. The Company repurchased 143,073 shares under this program during the three months ended March 31, 2013 for a total of $259,875.