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Note 11 - Stockholders's Equity
 9 Months Ended
Sep. 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 September 30, 2014: 


   

Common stock

   

Additional

paid in

           

Accumulated

Other

Comprehensive

   

Total

stockholders'

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, June 30, 2014

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

)

  $ (30,171

)

  $ 31,115,760  
                                                 

Exercise of stock options

    134,199       561,107       (217,154

)

    —       —       343,953  

Repurchase and retirement of shares

    (73,300

)

    (90,159

)

    (1,009,412

)

    —       —       (1,099,571

)

Stock-based compensation

    —       —       230,712       —       —       230,712  

Income tax effect related to stock options exercised

    —       —       741,512       —       —       741,512  

Net income for the period

    —       —       —       2,690,905       —       2,690,905  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       (437,519

)

    (437,519

)

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

    —       —       —       —       57,701       57,701  
                                                 

Balances, September 30, 2014

    11,301,891     $ 13,984,072     $ 28,883,823     $ (8,814,453

)

  $ (409,989

)

  $ 33,643,453  

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

    474,220       2,219,838       179,778       —       —       2,399,616  

Repurchase and retirement of shares

    (79,392

)

    (95,033

)

    (1,086,824

)

    —       —       (1,181,857

)

Stock-based compensation

    —       —       417,046       —       —       417,046  

Income tax effect related to stock options exercised

    —       —       741,512       —       —       741,512  

Net income for the period

    —       —       —       4,514,926       —       4,514,926  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       (602,901

)

    (602,901

)

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

    —       —       —       —       437,893       437,893  
                                                 

Balances, September 30, 2014

    11,301,891     $ 13,984,072     $ 28,883,823     $ (8,814,453

)

  $ (409,989

)

  $ 33,643,453  

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 73,300 shares under this program during the three months ended September 30, 2014 for a total of $1.1 million. The Company repurchased 79,392 shares under this program during the nine months ended September 30, 2014 for a total of $1.2 million.