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Note 11 - Common Shares
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

11. Common shares:


The Company’s authorized common share capital is 250 million shares of common stock without nominal or par value. On December 31, 2015, there were 10,685,599 shares of common stock outstanding.


Share consolidation


On December 30, 2013, the Company ceased trading on the NYSE Amex Exchange and began trading on the NASDAQ Exchange under the symbol “TCX”. In December 2013, our Board of Directors authorized a one-for-four share consolidation of our common stock, in the form of a reverse stock split. This consolidation was effective at the opening of trading on December 31, 2013. As a result of the share consolidation, every four shares of our common stock outstanding were automatically combined into one share of our common stock. Each shareholder continues to hold the same percentage of our outstanding common shares. The shares were rounded up to the next whole share for those holders who would have otherwise received fractional shares. The share consolidation was intended to make our common stock available to a broader range of investors and reposition the Company’s trading metrics. All share information related to shares outstanding and earnings per share have been retroactively adjusted to reflect this stock consolidation.


Repurchase of common shares:


(a)           Modified Dutch Tender Offers:


On January 7, 2015, the Company successfully concluded a modified “Dutch auction tender offer” that was previously announced in December 2014. Under the terms of the offer, the Company repurchased an aggregate of 193,907 shares of its common stock at a purchase price of $18.50 per share, for a total of $3,587,280, excluding transaction costs of approximately $70,000. The purchase price and all transaction costs were funded from available cash. 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 7, 2015, the Company had 11,135,825 shares issued and outstanding.


(b)           Normal Course Issuer Bids:


On February 11, 2015, 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 February 11, 2015.


The Company repurchased 214,089 shares under this program during the three months ended March 31, 2015 for a total of $4.1 million. The Company repurchased 25,413 shares under this program during the three months ended June 30, 2015 for a total of $0.5 million. The Company repurchased 398,000 shares under this program during the three months ended September 30, 2015 for a total of $10.0 million. The Company repurchased 231,047 shares under this program during the three months ended December 31, 2015 for a total of $5.4 million. The Company repurchased 868,549 shares under this program during the year ended December 31, 2015 for a total of $20.0 million.


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 three months ended March 31, 2014 for a total of $82,286. 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 year ended December 31, 2014 for a total of $1.2 million.


Our current equity-based compensation plans include provisions that allow for the “net exercise” of stock options by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the option holder can be paid for by having the option holder tender back to the Company a number of shares at fair value equal to the amounts due.  These transactions are accounted for by the Company as a purchase and retirement of shares and are included in the table on the following page as common stock received in connection with share-based compensation.


During the fiscal quarter ended December 31, 2015, certain employees and directors tendered 99,675 shares of common stock having a market value of $23.43 per share, or $2.3 million in the aggregate, as payment for related payroll tax obligations and exercise price of the shares due from the option holder arising from the vesting and settlement of stock option awards.


The following table summarizes our share repurchase activity for the periods covered below:


   

Year Ended December 31,

 
   

2015

   

2014

   

2013

 

Common stock repurchased on the open market or through tender offer

                       

Number of shares

    1,062,456       79,392       1,064,299  

Aggregate market value of shares (in thousands)

  $ 23,616     $ 1,182     $ 6,538  

Average price per share

  $ 22.23     $ 14.89     $ 6.14  
                         

Common stock received in connection with share-based compensation

                       

Number of shares

    99,675       —       —  

Aggregate market value of shares (in thousands)

  $ 2,335     $ —     $ —  

Average price per share

  $ 23.42     $ —     $ —