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Note 11 - Stockholders's Equity
 6 Months Ended
Jun. 30, 2014
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 June 30, 2014: 


   

Common stock

   

Additional

paid in

           

Accumulated

Other

Comprehensive

   

Total

stockholders'

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, March 31, 2014

    11,192,884     $ 13,301,296     $ 29,133,854     $ (12,852,540

)

  $ (460,448

)

  $ 29,122,162  
                                                 

Exercise of stock options

    48,108       211,828       (81,046

)

    —       —       130,782  

Stock-based compensation

    —       —       85,357       —       —       85,357  

Net income for the period

    —       —       —       1,347,182       —       1,347,182  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       370,868       370,868  

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

    —       —       —       —       59,409       59,409  
                                                 

Balances, June 30, 2014

    11,240,992     $ 13,513,124     $ 29,138,165     $ (11,505,358

)

  $ (30,171

)

  $ 31,115,760  

The following unaudited table summarizes stockholders' equity transactions for the six month period ended June 30, 2014: 


   

Common stock

   

Additional

paid in

           

Accumulated

Other

Comprehensive

   

Total

stockholders'

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, December 31, 2013

    10,907,063     $ 11,859,267     $ 28,632,311     $ (13,329,379

)

  $ (244,981

)

  $ 26,917,218  
                                                 

Exercise of stock options

    340,021       1,658,731       (616,868

)

    —       —       1,041,863  

Repurchase and retirement of shares

    (6,092

)

    (4,874

)

    (77,412

)

    —       —       (82,286

)

Stock-based compensation

    —       —       186,334       —       —       186,334  

Income tax effect related to stock options exercised

    —       —       1,013,800       —       —       1,013,800  

Net income for the period

    —       —       —       1,824,021       —       1,824,021  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       7,687       7,687  

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

    —       —       —       —       207,123       207,123  
                                                 

Balances, June 30, 2014

    11,240,992     $ 13,513,124     $ 29,138,165     $ (11,505,358

)

  $ (30,171

)

  $ 31,115,760  

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 1,028,531 shares of its common stock at a purchase price of $6.00 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 10,056,719 shares issued and outstanding.


On March 1, 2013, the Company announced a stock buyback program. Under this buyback program, the Company was permitted to 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 35,769 shares under this program during the three months ended March 31, 2013 for a total of $259,875.


On March 5, 2014, the Company announced a stock buyback program. Under this buyback program, the Company may repurchase up to $20 million of the Company's common stock over the 12-month period that commenced on March 4, 2014. The Company repurchased 6,092 shares under this program during the six months ended June 30, 2014 (none of which occurred during the quarter ended June 30, 2014) for a total of $82,286.