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Note 2 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
2.     
stock-based compensation
 
The Company accounts for compensation expense associated with stock options and restricted stock units (“RSUs”) based on the fair value of the options and units on the date of grant.
 
The Company’s net income for the three and nine months ended September 30, 2015 includes approximately $76,500 and $491,500, respectively, of non-cash compensation expense related to the Company’s stock compensation grants. The Company’s net income/(loss) for the three and nine months ended September 30, 2014 includes approximately $145,200 and $350,800, respectively, of non-cash compensation expense related to the Company’s stock option grants. On January 1, 2015, the Company granted 51,349 RSUs to its board of directors as partial compensation for the 2015 year. RSUs vest straight line on a quarterly basis over a one year period. On January 1, 2014, the Company granted 36,292 stock options to its board of directors as partial compensation for the 2014 year. Options to acquire 6,772 shares were granted on July 1, 2014 to a new board member as part of the normal compensation. The non-cash compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of selling, general and administrative expenses.
 
The estimated fair value of each stock option award granted was determined on the date of grant using the Black-Scholes option valuation model. The estimated fair value of each RSU granted was determined based on the fair market value of the Company’s common stock on the date of grant.
 
The following weighted-average assumptions were used for the options granted during the nine months ended September 30, 2014:
 
Risk-free interest rate
    1.45% - 1.64%  
             
Expected volatility
     83% - 102%  
             
Dividend yield
       0%    
Expected option term (years)
       5     
 
A summary of the status of the Company’s stock option plans as of September 30, 2015 and changes during the nine months ended September 30, 2015 is as follows:
 
 
  
Options
    
Weighted average
e
xercise
price
    
Weighted average remaining
contractual
term (in years)
    
Aggregate
i
ntrinsic value
  
Outstanding
                               
at beginning of period
     349,983     $ 10.97                  
Exercised
     (55,000 )     8.00                  
Outstanding and vested
                                
at end of period
     294,983     $ 11.53       1.82     $ 146,598  
 
During the nine months ended September 30, 2015, 10,000 stock options were exercised for cash resulting in proceeds to the Company of $80,000. During the same period, 45,000 options were exercised, pursuant to provisions of the stock option plan, where the Company received no cash and 29,648 shares of its common stock in exchange for the 45,000 shares issued in the exercise. The 29,648 shares that the Company received were valued at $362,012, the fair market value of the shares on the dates of exercise.
 
The intrinsic value of all options exercised during the nine months ended September 30, 2015 and 2014 was approximately $230,500 and $513,000, respectively. No options were exercised during the three months ended September 30, 2015 and 2014.