XML 54 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY
 6 Months Ended
Jun. 30, 2012
Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
EQUITY
 
(a)
Dividends

On February 7, 2012, the Company announced that its Board of Directors approved a first quarter 2012 dividend of $0.035 per share which was paid on March 1, 2012 to common stockholders of record on February 20, 2012. On April 19, 2012, the Company's Board of Directors approved a second quarter 2012 dividend of $0.035 per share which was paid on June 1, 2012 to common stockholders of record on May 15, 2012. The dividends are a continuation of the Company's policy to pay a regular quarterly dividend. The March 1, 2012 dividend payment was $620 while the June 1, 2012 dividend payment was $628. See Note 12 - Subsequent Events.
(b)
Acorn Stock Options

A summary of stock option activity for the six months ended June 30, 2012 is as follows:

 
 
Number 
of Options
(in shares)
 
Weighted
Average
Exercise
Price Per Share
 
Weighed Average Remaining Contractual Life
 
Aggregate Intrinsic Value
Outstanding at December 31, 2011
 
1,388,333

 
$
4.17

 
 
 
 
Granted
 
115,000

 
$
7.60

 
 
 
 
Exercised
 
(133,333
)
 
$
1.89

 
 
 
 
Forfeited or expired
 
(25,000
)
 
$
2.96

 
 
 
 
Outstanding at June 30, 2012
 
1,345,000

 
$
4.71

 
3.4 years
 
$
4,756

Exercisable at June 30, 2012
 
1,154,375

 
$
4.39

 
4.4 years
 
$
4,361



 The weighted average grant date fair value of the 115,000 stock options granted during the first six months of 2012 was $3.19 per share. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
        
Risk-free interest rate
 
1.4
%
Expected term of options, in years
 
6.5

Expected annual volatility
 
58
%
Expected dividend yield
 
2.0
%

 


(c)
Stock-based Compensation Expense

Stock-based compensation expense included in the Company’s Condensed Statements of Operations was $265 and $181 for the six months ended June 30, 2011 and 2012, respectively ($133 and $39 for the three months ended June 30, 2011 and 2012, respectively) and was included in Selling, general and administrative expense.
 
(d)
Warrants

The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance.  A summary of warrant activity follows:
 
 
Number 
of Warrants
(in shares)
 
Weighted
Average
Exercise
Price Per Share
 
Weighed Average Remaining Contractual Life
Outstanding at December 31, 2011
 
313,806

 
$
4.29

 
 
Granted
 
—

 
 
 
 
Exercised
 
(269,808
)
 
$
4.39

 
 
Forfeited or expired
 
(15,248
)
 
$
3.68

 
 
Outstanding at June 30, 2012
 
28,750

 
$
3.68

 
3.5


During the six months ended June 30, 2012, 36,502 warrants were exercised and 15,248 warrants were forfeited in connection with the “net exercise” of 51,750 warrants. In a net exercise of a warrant, the Company does not require a payment of the exercise price of the warrant from the warrant holder, but reduces the number of shares of common stock issued upon the exercise of the warrant by the smallest number of whole shares that has an aggregate fair market value equal to or in excess of the aggregate exercise price for the warrants covered by the warrants exercised. The 51,750 options which were exercised under this method had a weighted average exercise price of $3.68 per share.