Accumulated

Additional

other

Total

Common stock

paid in

comprehensive

stockholders

Number

Amount

capital

Deficit

income

equity

Balance, December 31, 2014

11,329,732

$

14,130,059

$

29,090,058

$

(6,955,283

)

$

(622,441

)

$

35,642,393

Exercise of stock options

74,997

360,949

(112,966

)

-

247,983

Repurchase and retirement of shares

(407,996

)

(516,003

)

(7,196,142

)

-

(7,712,145

)

Stock-based compensation

-

125,048

-

125,048

Income tax effect related to stock options exercised

-

412,642

-

412,642

Net income for the period

-

2,833,943

-

2,833,943

Unrealized loss on foreign currency forward contracts treated as hedges

-

(960,866

)

(960,866

)

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

-

416,074

Balance, March 31, 2015

10,996,733

$

13,975,005

$

22,318,640

$

(4,121,340

)

$

(1,167,233

)

$

31,005,072