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Note 2 - Change in Accounting Policy | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Error Correction [Text Block] |
2. | Revised Prior Period Financial Statements
During the financial close for the fiscal year ended December 31, 2023, the Company discovered certain errors related to its accounting policy for the accounting for share repurchases. Since the release of the Financial Accounting Standards Board Accounting Standards Codification (the “ASC” or the “Codification”), the Company should have allocated excess repurchase price over par value between additional paid-in capital and retained earnings, rather than entirely to additional paid-in capital. In periods prior to January 1, 2022, the Company should have allocated $18,131,000 from additional paid-capital to retained earnings, related to previously recording the repurchase price paid in excess of par value to additional paid-in capital instead of allocating the repurchase price paid in excess of par value between additional paid-in capital and retained earnings. For the year ended December 31, 2022, the Company should have allocated an additional $1,032,000 in excess repurchase price to additional paid-capital, resulting in a balance of $17,099,000 of additional paid-in capital and total of retained earnings of $45,025,000 at December 31, 2022. As a result, the Company adjusted the values of additional paid-in capital and retained earnings in shareholders’ equity on the balance sheet, and on the consolidated statements of shareholders’ equity. There was no impact on the statement of income, total consolidated balance sheet or total statement of shareholders’ equity. The only change in the consolidated balance sheet is between additional paid-in capital and retained earnings as total shareholders’ equity did not change. These revisions resulted in an increase in additional paid-in capital and a decrease in retained earnings but no effect on total assets, total liabilities, total shareholders’ equity, net income, earnings per share or cash flows. Management has determined that this revision was not material on a quantitative or qualitative basis to the prior period financial statements based on its analysis performed in accordance with the guidance provided by SEC Staff Accounting Bulletins No. 99 – Materiality and No. 108 –Considering the Effects of Prior Year Misstatements. Management has determined that the cumulative effect of the error was immaterial on the current year balance sheet. The Company has determined that the impact of adjustments relating to the corrections of this accounting error is not material to previously issued annual audited and unaudited financial statements and as such no restatement was necessary. Correcting prior year financial statements for immaterial errors would not require previously filed reports to be amended. Such a correction may be made the next time the registrant files the prior year financial statements, as wells as correcting the cumulative error in the current year would also be immaterial to the current year. Accordingly, these misstatements were corrected, and the adjustments are reflected in the related periods as noted below. The correction of these errors and the adjustments for these changes to the Company’s previously issued audited annual consolidated financial statements are shown in the table below, and the correction of these errors and the adjustments to the previously issued unaudited quarterly consolidated financial statements are shown in Note 19 to the financial statements. Consolidated Balance Sheets
|  | Previously |  |  | (1) |  |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Revised |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $.01 par value: 50,000,000 shares authorized; 12,226,306 and 13,115,341 shares outstanding as of December 31, 2022 and December 31, 2021, respectively |  | $ | 123,000 |  |  | $ | - |  |  | $ | 123,000 |
Additional paid in capital |  |  | - |  |  |  | 17,099,000 |  |  |  | 17,099,000 |
Retained earnings |  |  | 62,124,000 |  |  |  | (17,099,000 | ) |  |  | 45,025,000 |
Accumulated other comprehensive loss |  |  | (1,489,000 | ) |  |  | - |  |  |  | (1,489,000 | )
Total shareholders' equity |  |  | 60,758,000 |  |  |  | - |  |  |  | 60,758,000 |
Total liabilities and shareholders' equity |  | $ | 64,803,000 |  |  | $ | - |  |  | $ | 64,803,000 |
(1) | Additional paid-in capital and retained earnings have been changed by $17,099,000.
Consolidated Statements of Shareholder's Equity
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  | Other |  |  |  |  |
|  | Common Stock |  |  | Paid-in |  |  | Retained |  |  | Comprehensive |  |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital* |  |  | Earnings** |  |  | Loss |  |  | Total |
Balance as of December 31, 2021 as revised |  |  | 13,115,341 |  |  | $ | 132,000 |  |  | $ | 18,131,000 |  |  | $ | 44,357,000 |  |  | $ | (869,000 | ) |  | $ | 61,751,000 |
Common stock repurchased and retired as revised |  |  | (910,700 | ) |  |  | (9,000 | ) |  |  | (1,259,000 | ) |  |  | (2,614,000 | ) |  |  | - |  |  |  | (3,882,000 | )
Options exercised |  |  | 21,665 |  |  |  | - |  |  |  | 80,000 |  |  |  | - |  |  |  | - |  |  |  | 80,000 |
Share-based compensation expense |  |  | - |  |  |  | - |  |  |  | 147,000 |  |  |  | - |  |  |  | - |  |  |  | 147,000 |
Total comprehensive income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,282,000 |  |  |  | (620,000 | ) |  |  | 2,662,000 |
Balance as of December 31, 2022 as revised |  |  | 12,226,306 |  |  | $ | 123,000 |  |  | $ | 17,099,000 |  |  | $ | 45,025,000 |  |  | $ | (1,489,000 | ) |  | $ | 60,758,000 |
*This was previously reported as $0 and the total column has been updated to show the change in additional paid-in capital from $0 to $17,099,000, common stock repurchased and retired has been changed from $227,000 to $1,259,000. ** This was previously reported as $62,124,000 and the total column has been updated to show the change in common stock repurchased and retired from $3,646,000 to $ 2,614,000. The correcting adjustments have no effect on prior year’s consolidated statements of income, comprehensive income, or cash flows.

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 + Details
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