XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Note 11 - Stockholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 . STOCKHOLDERS' EQUITY
a) | Stock Option Plan
In connection with its 2007 Director Non-Qualified Stock Option Plan for non-employee directors, there are outstanding options to purchase our common stock. The plan, which terminates in March 2017, provides for the granting of non-qualified options at the discretion of the Compensation Committee of the Board of Directors. Options are granted at the fair market value of the underlying common stock at the date of grant and vest after six months. We have reserved 100,000 shares of common stock for issuance under this plan. All options expire ten years from date of grant and are exercisable at any time after vesting. Of the 100,000 shares available for issuance, there are 21,400 un-optioned shares available for future grants. A summary of stock option transactions for the years ended December 31 is as follows:
|  | 20 16 |  |  | 20 15 |  |  | 20 14 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Option |  |  | Exercise |  |  | Option |  |  | Exercise |  |  | Option |  |  | Exercise |
|  | Shares |  |  | Price |  |  | Shares |  |  | Price |  |  | Shares |  |  | Price |
Outstanding at January 1 |  |  | 68,400 |  |  | $ | 5.17 |  |  |  | 72,400 |  |  | $ | 5.16 |  |  |  | 84,600 |  |  | $ | 5.04 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (12,000 | ) |  |  | 5.30 |  |  |  | (2,000 | ) |  |  | 4.96 |  |  |  | - |  |  |  | - |
Exchanged |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | (2,000 | ) |  |  | 4.96 |  |  |  | (12,200 | ) |  |  | 4.32 |
Outstanding at December 31 |  |  | 56,400 |  |  | $ | 5.14 |  |  |  | 68,400 |  |  | $ | 5.17 |  |  |  | 72,400 |  |  | $ | 5.16 |
Exercisable at end of year |  |  | 56,400 |  |  | $ | 5.14 |  |  |  | 68,400 |  |  | $ | 5.17 |  |  |  | 72,400 |  |  | $ | 5.16 |
Weighted-average fair value of options granted during year |  |  | n/a |  |  |  |  |  |  |  | n/a |  |  |  |  |  |  |  | n/a |  |  |  |  |
The following table summarizes all of our outstanding options which are fully vested and exercisable at December 31, 2016:
|  |  |  |  | Options Outstanding & Exercisable |
|  |  |  |  |  |  |  |  | Weighted |  |  | Weighted |
|  |  |  |  |  |  |  |  | Average |  |  | Average |
|  |  |  |  | Option |  |  | Exercise |  |  | Maturity |
Exercise Price Range |  |  | Shares |  |  | Price |  |  | (Years) |
| $4.41 |  |  |  |  | 20,400 |  |  | $ | 4.41 |  |  |  | 3.77 |
| $4.80 |  |  |  |  | 9,000 |  |  |  | 4.80 |  |  |  | 4.22 |
$5.30 | to | $6.87 |  |  |  | 27,000 |  |  |  | 5.81 |  |  |  | 4.95 |
|  |  |  |  |  | 56,400 |  |  | $ | 5.14 |  |  |  | 4.41 |
Other information pertaining to option activity during the twelve month periods ended December 31 are as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Weighted average grant-date fair value of stock options granted |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Total fair value of stock options vested |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Total intrinsic value of stock options exercised |  | $ | - |  |  | $ | 2,953 |  |  | $ | 14,816 |
As of December 31, 2016, there was no unrecognized compensation cost related to non-vested stock options. Cash received from the exercise of stock options for the years ended December 31, 2016, 2015, and 2014 was $ -, $9,920 and $52,722, respectively. Because we had no awards of stock options in 2016, 2015 and 2014, we were not required to record compensation cost. We have a restricted stock plan that was adopted by our Board of Directors in January 2013 and approved by our stockholders in June 2013. The plan reserves up to 300,000 shares of our common stock for restricted stock awards to our executive officers, non-employee directors and other key employees. Awards granted under the plan may be stock awards or performance awards, and may be subject to a graded vesting schedule with a minimum vesting period of four years, unless otherwise determined by the committee that administers the plan. In February 2014, our Chief Executive Officer, Chief Financial Officer, and Senior Vice President were awarded restricted stock grants consisting of 9,375 shares each. In addition, four of our independent directors were awarded restricted stock grants consisting of 1,619 shares each. In February 2015, our Chief Executive Officer, Chief Financial Officer and Senior Vice President were awarded restricted stock grants consisting of 9,344 shares each. In addition, four of our independent directors were awarded restricted stock grants consisting of 1,613 shares each. In March 2016, our Chief Executive Officer and President were awarded restricted stock grants consisting of 11,765 shares each. In addition, five of our independent directors were awarded restricted stock grants consisting of 2,031 shares each. For these grants in 2016, 2015, and 2014, we recognized share based compensation expense of $199,870, $145,321, and $67,818, respectively, as a component of operating expenses. A summary of the activity for nonvested restricted common stock awards as of December 31, 2016 and 2015 is as follows:
|  | Shares |  |  | Grant Fair Value |
Balance, January 1, 2015 |  |  | 34,601 |  |  | $ | 8.96 |
Granted |  |  | 34,484 |  |  |  | 8.99 |
Forfeited |  |  | - |  |  |  | - |
Vested |  |  | (8,652 | ) |  |  | 8.96 |
Balance, December 31, 2015 |  |  | 60,433 |  |  | $ | 8.97 |
Balance, January 1, 2016 |  |  | 60,433 |  |  | $ | 8.97 |
Granted |  |  | 33,685 |  |  |  | 7.14 |
Forfeited |  |  | (8,187 | ) |  |  | 8.97 |
Vested |  |  | (20,784 | ) |  |  | 8.97 |
Balance, December 31, 2016 |  |  | 65,147 |  |  | $ | 8.03 |
As of December 31, 2016, there was unrecognized compensation cost related to non-vested restricted stock awards of $374,040 which will be recognized in each of the following years as follows:
2017 |  | $ | 173,136 |
2018 |  |  | 123,693 |
2019 |  |  | 67,190 |
2020 |  |  | 10,021 |
Of the 300,000 shares available for issuance, there are 197,230 shares available for future awards.
b) | Cash Dividend
On June 9, 2014, our Board of Directors authorized a $0.25 per share special one -time cash dividend to be paid to stockholders of record at the close of business on July 7, 2014. The cash dividend, totaling approximately $2.5 million, was paid to stockholders on August 8, 2014. Our Board will determine future cash dividends after giving consideration to our then existing levels of profit and cash flow, capital requirements, current and forecasted liquidity, as well as financial and other business conditions existing at the time.
c) | Stockholder Rights Plan
On June 6, 2013, our Board of Directors authorized and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of our common stock, par value $0.0024 per share, to stockholders of record at the close of business on June 16, 2013. Each Right entitles the registered holder to purchase from us one one -thousandth of a newly created series of preferred stock at an exercise price of $30.00 per right. The Rights are exercisable in the event any person or group acquires 20% or more of our outstanding common stock (an “Acquiring Person”), or commences a tender offer or exchange offer that would result in such person becoming an Acquiring Person. An exception is included in the Rights Plan in order to ensure that certain owners are not by virtue of their share ownership automatically deemed to be an Acquiring Person upon adoption of the plan unless any such owner subsequently accrues additional shares of our common stock and after giving effect to such acquisition owns 20% or more of our outstanding common stock. The Rights, as amended, will expire at 5:00 P.M. Eastern on June 6, 2017, unless such date is advanced or extended or unless the Rights are earlier redeemed or exchanged by our Board.
d) | Share Repurchase Program
In August 2015, our Board authorized a share repurchase program where we may repurchase up to 1.2 million shares of our common stock through August 2016. On June 7, 2016, the program was amended to increase the number of shares available to purchase from 1.2 million to 2.2 million and to extend the termination date from August 9, 2016 to August 9, 2017. In 2016, we repurchased approximately 520,500 shares of our stock, at an average price of $7.06, totaling $3.7 million. In 2015, we repurchased approximately 529,000 shares of our stock, at an average price of $7.01, totaling $3.7 million. There were no stock repurchases in 2014.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 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=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: 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 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration