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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2014
Shareholders' Equity [Abstract] |
Shareholders' Equity | Note 11 - Shareholders' Equity Share based compensation
| A. | On July 21, 2004, the Board resolved, subject to shareholders' approval that was given on December 30, 2004, to adopt the Share Option Plan (2004) (the "2004 Plan"). Option grants to employees under the 2004 Plan, including terms of vesting and the exercise price, are subject to the Board of Directors' approval. Option grants to directors and certain other officers are generally subject to the approvals of the Compensation Committee as well as Board of Directors, and grants to directors or a CEO will also generally have to be approved by the Shareholders. The term of the options shall not exceed 10 years from the date that the option was granted.
|  | The 2004 plan initially covered up to 282,750 options and subsequent to an amendment by the board in 2007 it covered up to 582,750 options. In August 2012, the Board of Directors increased the number of the ordinary shares available for issuance under the 2004 plan by an additional 500,000. All options are at a conversion rate of 1:1.
|  | On October 21, 2013 the Board resolved to adopt the Global Share Incentive Plan (2013) (the "2013 plan") and to reserve up to 500,000 ordinary shares for issuance under the Plan to employees, directors, officers and consultants of the Company or of any subsidiary or affiliate of the Company. Grants under the 2013 Plan, whether as options, restricted stock units, restricted stock or other equity based awards, including their terms, are subject to the Board of Directors' approval. Grants to directors and certain other officers are generally subject to the approvals of the Compensation Committee as well as Board of Directors, and grants to directors or a CEO (and under certain circumstances certain other officers) will also have to be approved by the Shareholders.
| B. | Options or RSUs granted to Israeli residents may be granted under Section 102 of the Israeli Income Tax Ordinance pursuant to which the awards of options, or the ordinary shares issued upon their exercise, must be deposited with a trustee for at least two years following the date of grant. Under Section 102, any tax payable by an employee from the grant or exercise of the awards is deferred until the transfer of the awards or ordinary shares by the trustee to the employee or upon the sale of the awards or ordinary shares.
|  | Capital gains on awards granted under the plans are subjected to tax of 25% to be paid by the employee, and the Company is not entitled to a tax deduction. Gains which are not capital gains on awards under the plans are subjected to regular tax rates on individuals, and the Company is entitled to a tax deduction for such gains.
| C. | On December 21, 2010, the Company granted, in the aggregate, 137,500 options to certain of its directors and employees under the 2004 Plan. In relation to this grant:
|  | 1. | The exercise price for the options (per ordinary share) was US$ 18.82 and the Option expiration date was the earlier to occur of: (a) December 21, 2018; and (b) the closing price of the shares falling below US$ 9.41 at any time after the date of grant. 50% of the options vest and become exercisable on the second anniversary of the date of grant and the additional 50% of the options vest and become exercisable on the third anniversary of the date of the grant.
|  | 2. | No expenses were incurred during the year ended December 31, 2014 in relation to this grant. As at December 31, 2014, all expenses related to this grant were recognized.
| D. | On September 13, 2012, the Company granted, in the aggregate, 240,000 options to certain of its directors and employees under the 2004 Plan. In relation to this grant:
|  | 1. | The exercise price for the options (per ordinary share) was US$ 15.28 and the Option expiration date was the earlier to occur of: (a) September 13, 2020; and (b) the closing price of the shares falling below US$ 7.64 at any time after the date of grant. 50% of the options vest and become exercisable on the second anniversary of the date of grant and the additional 50% of the options vest and become exercisable on the third anniversary of the date of the grant.
|  | 2. | The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:
|  |  | Average Risk-free interest rate (a) | 1.33 | %
|  |  | Expected dividend yield | 0.0 | %
|  |  | Average expected volatility (b) | 64.71 | %
|  |  | Termination rate | 9 | %
|  |  | Suboptimal rate (c) | 3.2 |
|  |  | (a) | Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
|  |  | (b) | Expected average volatility represents a weighted average standard deviation rate for the price of the Company's ordinary shares on the NASDAQ National Market.
|  |  | (c) | Suboptimal rate represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal rate of the Company and similar companies.
|  | 3. | Compensation expenses incurred during the year ended December 31, 2014 in relation to this grant were approximately US$ 424 thousand. As at December 31, 2014, there were approximately US$ 142 thousand of unrecognized compensation costs related to this grant to be recognized over a period of 0.7 years.
| E. | On April 30, 2014, the Company granted, in the aggregate, 74,000 RSUs to certain of its directors, employees and consultants under the 2013 Plan. In relation to this grant:
|  | 1. | 50% of the RSUs vest on the second anniversary of the date of grant and the additional 50% of the RSUs vest on the third anniversary of the date of the grant.
|  | 2. | The fair value of RSUs is estimated based on the market value of the Company's stock on the date of grant, less an estimate of dividends that will not accrue to RSUs holders prior to vesting.
|  | 3. | The Company recognizes compensation expenses on these RSUs based on estimated grant date fair value, with the following assumptions:
|  |  | Expected dividend yield | 2.06%
|  |  | Termination rate | 4.35%
|  | 4. | Compensation expenses incurred during the year ended December 31, 2014 in relation to this grant were approximately US$ 843 thousand. As at December 31, 2014, there were approximately US$ 2,194 thousand of unrecognized compensation costs related to this grant to be recognized over a weighted average period of 1.85 years.
| F. | The following table summarizes information regarding stock options as at December 31, 2014:
|  | Options outstanding |  | Options exercisable
|  |  |  | Weighted average |  |  |  |  | Weighted average
|  |  |  | remaining |  |  |  |  | remaining
Exercise price |  | Number |  | contractual life |  | Number |  |  | contractual life
US$ |  | of options |  | (in years) |  | of options |  |  | (in years)
15.28 |  | 192,130 |  | 5.7 |  | 78,130 |  |  | 5.7
| The aggregate intrinsic value of options outstanding as of December 31, 2013 and 2014 is US$ 8,152 thousand and US$ 3,825 thousand, respectively.
| The aggregate intrinsic value of options exercisable as of December 31, 2013 and 2014 is US$ 1,143 thousand and US$ 1,556 thousand, respectively.
| The total intrinsic value of options exercised during the year ended December 31, 2013 and 2014, is US$ 1,119 thousand and US$ 2,400 thousand, respectively.
| The intrinsic value of the options at the date of grant is zero.
| G. | The following table summarizes information regarding Restricted Share Units as at December 31, 2014:
|  |  |  |  |  |  | Restricted |  |  | Vested
|  |  |  |  |  |  | Share Units |  |  | Restricted
|  |  |  |  |  |  | Outstanding |  |  | Share Units
|  |  |  |  |  |  |  | 74,000 |  |  | -
| The aggregate intrinsic value of RSUs outstanding as of December 31, 2014 is US$ 2,604 thousand.
| H. | The stock option activity under the abovementioned plans is as follows:
|  |  |  |  |  |  |  |  |  |  | Weighted
|  |  |  |  |  |  |  | Weighted |  |  | average
|  |  |  |  | Number |  |  | average |  |  | grant date
|  |  |  |  | of options |  |  | exercise price |  |  | fair value
|  |  |  |  |  |  |  | US$ |  |  | US$
Balance at January 1, 2012 |  |  |  |  |  | 257,425 |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  |  | 240,000 |  |  |  | 15.28 |  |  |  | 6.54
Exercised |  |  |  |  |  | (82,338) |  |  |  | 3.35 |  |  |  | 1.81
Forfeited |  |  |  |  |  | (2,000) |  |  |  | 15.28 |  |  |  | 6.54
Balance at December 31, 2012 |  |  |  |  |  | 413,087 |  |  |  |  |  |  |  |  |  |
Exercised |  |  |  |  |  | (132,587) |  |  |  | 14.28 |  |  |  | 6.61
Forfeited |  |  |  |  |  | (7,750) |  |  | 15.28 |  |  |  | 6.54
Balance at December 31, 2013 |  |  |  |  |  | 272,750 |  |  |  |  |  |  |  |  |  |
Exercised |  |  |  |  |  | (78,620) |  |  |  | 17.19 |  |  |  | 7.70
Forfeited |  |  |  |  |  | (2,000) |  |  |  | 15.28 |  |  |  | 6.54
Balance at December 31, 2014 |  |  |  |  |  | 192,130 |  |  |  |  |  |  |  |  |  |
Exercisable at December 31, 2014 |  |  |  |  |  | 78,130 |  |  |  |  |  |  |  |  |  |
| I. | The Restricted Share Units activity under the abovementioned plans is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  |  |  |  |  |  |  |  |  |  | Number of |  |  |  | average
|  |  |  |  |  |  |  |  |  |  | Restricted |  |  |  | grant date
|  |  |  |  |  |  |  |  |  |  | Share Units |  |  |  | fair value
|  |  |  |  |  |  |  |  |  |  | US$ |  |  |  | US$
Balance at January 1, 2014 |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |
Granted |  |  |  |  |  |  |  |  |  |  | 74,000 |  |  |  | 46.07
Balance at December 31, 2014 |  |  |  |  |  |  |  |  |  |  | 74,000 |  |  |  |  |
| J. | During 2012, 2013 and 2014, the Company recorded share-based compensation expenses. The following summarizes the allocation of the stock-based compensation expenses:
|  |  |  | Year ended December 31
|  |  |  | 2012 |  | 2013 |  | 2014
|  |  |  | US$ thousands |  | US$ thousands |  | US$ thousands
|  | Cost of sales |  | 46 |  | 103 |  | 124
|  | Research and development costs |  | 130 |  | 193 |  | 340
|  | Selling and marketing expenses |  | 159 |  | 177 |  | 366
|  | General and administrative expenses |  | 209 |  | 195 |  | 436
|  |  |  | 544 |  | 668 |  | 1,266

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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