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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2012
SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY | NOTE G — SHAREHOLDERS’ EQUITY Income (loss) Per Share The following is a reconciliation of net income (loss) and weighted average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share:
|  | December 31, |
|  | 2012 |  | 2011 |  | 2010 |
Numerator: |  |  |  |  |  |  |
Net income (loss) |  | $ | 15,671,879 |  | $ | 10,833,215 |  | $ | (1,222,682 | )
Denominator: |  |  |  |  |  |  |
Basic - weighted average common shares outstanding |  | 20,489,179 |  | 20,205,524 |  | 20,162,944 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
Stock options |  | 366,417 |  | 317,063 |  | — |
|  | 20,855,596 |  | 20,522,587 |  | 20,162,944 |
Basic net income (loss) per share |  | $ | 0.76 |  | $ | 0.54 |  | $ | (0.06 | )
Diluted net income (loss) per share |  | $ | 0.75 |  | $ | 0.53 |  | $ | (0.06 | )
Outstanding options that were not included in the diluted calculation because their effect would be anti-dilutive. Totals were 44,370 and 161,835 for the years ended December 31, 2012 and 2011, respectively. All share and per share amounts have been adjusted to reflect 5% stock dividends paid May 14, 2012 and May 14, 2010, to shareholders of record as of April 30, 2012 and April 30, 2010. Share-Based Compensation Plans The Company currently has in effect a 2006 stock award plan (the “2006 Plan”). At the June 11, 2010 Annual Meeting of Shareholders, the shareholders approved an increase of 2,000,000 shares of common stock for issuance under the 2006 Plan. This increased the total aggregate number of shares of common stock under the 2006 Plan to 3,000,000 shares. The 2006 Plan provides for the granting of stock options, common stock, and restricted stock. The 2006 Plan is administered by a committee of the Board of Directors (“the Committee”). Currently the Committee is comprised of three directors. Any stock options granted under the 2006 Plan will be exercisable as set forth in the option agreements pursuant to which they are issued, but in no event will stock options be exercisable after the expiration of five (5) years from the date of grant. Outstanding options, under the 2006 Plan at December 31, 2012, have vesting periods ranging from the date of grant to the third annual anniversary of the grant. During 2012, 93,750 options were granted and 192,949 options were exercised or cancelled under the 2006 Plan. During 2011, 99,185 options were granted and 80,334 options were exercised or cancelled under the 2006 Plan. During 2010, no options were granted and 3,308 options were canceled under the 2006 Plan. Restricted stock consists of shares that are transferred by the Company to a participant, but are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the participant. Any restricted stock granted or issued under the 2006 Plan will vest as set forth in the restricted stock agreement pursuant to which it was issued or granted. The provisions of the restricted stock agreements need not be the same with respect to each participant. In May of 2010, November of 2011, December of 2011, January of 2012, and August of 2012, the Committee granted 5,000, 25,331, 21,520, 6,000 and 213,125 shares of restricted stock, respectively. The shares of restricted stock were issued in the names of the grantees and had restrictive legends prohibiting their sales prior to vesting. Vesting periods, for restricted stock issued to date, range from at grant date to the third annual anniversary of the grant. Upon vesting, a new certificate is issued for the vested portion without the restrictive legend. During the years ended December 31, 2012, 2011, and 2010, the Company recognized compensation expense associated with the restricted stock of $317,109, $28,603, and $86,230, respectively. During the years ended December 31, 2012, 2011, and 2010, no unamortized deferred stock-based compensation was related to any employee that left the Company. During the years ended December 31, 2012, 2011, and 2010, the Company recognized compensation expense associated with unvested options of $283,950, $230,167, and $422,024, respectively. The following table summarizes activity under the Plans:
|  |  |  | Weighted |
|  | Shares under |  | Average |
|  | Option |  | exercise price |
Balance at December 31, 2009 |  | 875,039 |  | $ | 3.69 |
Granted |  | — |  | $ | — |
Exercised |  | — |  | $ | — |
Canceled |  | (87,366 | ) | $ | 4.27 |
Balance at December 31, 2010 |  | 787,673 |  | $ | 3.63 |
Granted |  | 104,145 |  | $ | 6.07 |
Exercised |  | (59,334 | ) | $ | 3.06 |
Canceled |  | (21,000 | ) | $ | 4.10 |
Balance at December 31, 2011 |  | 811,484 |  | $ | 3.97 |
Granted |  | 138,120 |  | $ | 7.13 |
Exercised |  | (192,949 | ) | $ | 4.20 |
Canceled |  | (51,496 | ) | $ | 8.94 |
Balance at December 31, 2012 |  | 705,159 |  | $ | 4.16 |
The following information applies to options outstanding and exercisable at December 31, 2012:
|  |  |  |  |  | Weighted |  |  |
|  |  |  |  |  | average |  |  |
|  |  |  |  |  | remaining |  | Weighted |
|  | Range of |  | Number |  | contractual |  | average |
|  | Exercise prices |  | outstanding |  | life (in years) |  | exercise price |
Outstanding options |  | $2.80 – $9.87 |  | 705,159 |  | 2.06 |  | $ | 4.16 |
Exercisable options |  | $2.80 – $9.87 |  | 653,034 |  | 1.86 |  | $ | 4.02 |

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 5: 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 6: 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 7: 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=6959260&loc=d3e187143-122770 Reference 8: 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 9: 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 10: 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 11: 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 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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