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Note 9 - Common Stock, Treasury Stock and Warrants
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
9.
Common stock, treasury stock and warrants
 
Common stock
 
As of
September 30, 2019
and
December 31, 2018
, the number of issued shares of common stock was
78,574,482
and
76,525,581
, respectively, which included shares of treasury stock of 
1,791,186
and
1,233,198
, respectively.
 
For the
nine
months ended
September 30, 2019
, the change in the number of issued shares of common stock was a result of an aggregate
2,048,901
 shares of common stock issued upon vesting of RSUs, including
557,988
 shares of common stock withheld to cover statutory taxes upon such vesting, which are reflected in treasury stock, discussed below.
 
Treasury stock
 
As of
September 30, 2019
and
December 31, 2018
, the Company held shares of treasury stock of 
1,791,186
and
1,233,198
, with a cost of 
$6,368
and
$3,272
, respectively.
 
The Company's share-based incentive plans allow employees the option to either make cash payment or forfeit shares of common stock upon vesting to satisfy federal and state statutory tax withholding obligations associated with equity awards. The forfeited shares of common stock
may
be taken into treasury stock by the Company or sold on the open market. For the
nine
months ended
September 30, 2019
,
557,988
 shares of common stock were withheld to cover statutory taxes owed by certain employees for this purpose, all of which were taken into treasury stock. See Note
10
,
Share-based compensation.
 
Warrants
 
As of
September 30, 2019
and
December 31, 2018
, warrants to purchase an aggregate of
2,398,776
and
2,498,776
shares of common stock were outstanding, respectively, with exercise prices ranging from
$3.75
to
$6.00
per share.
 
On
July 9, 2018
the Company entered into First Amendments (the "First Amendments") to the Amendments to Warrants and Agreements to Exercise ("Amended Whitehorse Warrants") with (i) H.I.G. Whitehorse SMA ABF, L.P. regarding 
46,667
 warrants to purchase common stock of the Company, par value 
$0.0005
 per share, at an exercise price of 
$3.00
 per share; (ii) H.I.G. Whitehorse SMA Holdings I, LLC regarding 
66,666
 warrants to purchase common stock of the Company at an exercise price of 
$3.00
 per share; and (iii) Whitehorse Finance, Inc. regarding 
186,667
 warrants to purchase common stock of the Company at an exercise price of
$3.00
per share. In
November 2017,
the Amended Whitehorse Warrants were exercised and the Company issued an aggregate of
300,000
shares of common stock of the Company (the "Warrant Shares") to the warrant holders. Pursuant to the First Amendments, the warrant holders have the right, but
not
the obligation, to require the Company to purchase from these warrant holders the
300,000
Warrant Shares at
$3.8334
per share (the "Put Right"), which
may
be exercised during the period commencing
January 1, 2019
and ending
December 15, 2019.
In accordance with ASC
480,
Distinguishing Liabilities from Equity
, the Put Right should be classified within other current liabilities on the consolidated balance sheets when the market price of the Company's common stock is lower than the exercise price of
$3.8334
per share.
As
of
March 31,
2019,
the last reported sale price of the Company's common stock was higher than the exercise price, resulting in the reclassification of the Put Right totaling
$1,150
from other current liabilities to equity. However, as of
September 30, 2019
, the last reported sale price of the Company's common stock was lower than the exercise price and
the Put Right was
therefore
reclassified to other current liabilities on the consolidated balance sheet as of
September 30, 2019
.