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Stockholders' Equity
 12 Months Ended
Dec. 31, 2015
Stockholders Equity Note [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
(8)
Stockholders’ Equity
 
(a)
Issuance of Common Stock
 
On April 29, 2015, the Company sold 5,347,500 shares of common stock in an underwritten offering. Net proceeds to the Company from the sale totaled approximately $32.4 million, after deducting the direct and incremental expenses of the offering and the commissions in connection with the offering paid by the Company of $2.3 million.
 
(b)
Rights Agreement
 
On November 13, 2015, the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent, entered into a Rights Agreement. Also on November 12, 2015, the Board of Directors of the Company authorized and the Company declared a dividend of one preferred stock purchase right (each a “Right” and collectively, the “Rights”) for each outstanding share of common stock of the Company. The dividend was payable to stockholders of record as of the close of business on November 30, 2015 and entitles the registered holder to purchase from the Company one one-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock of the Company at a price of $63.96 per one-thousandth share (the “Purchase Price”). The Rights will generally become exercisable upon the earlier to occur of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons has become an Acquiring Person (as defined below) or (ii) 10 business days (or such later date as may be determined by action of the board of directors prior to such time as any person or group of affiliated or associated persons becomes an Acquiring Person) following the commencement of, or announcement of an intention to make, a tender offer or exchange offer the consummation of which would result in the beneficial ownership by a person or group of 15% or more of the outstanding common stock of the Company. Except in certain situations, a person or group of affiliated or associated persons becomes an “Acquiring Person” upon acquiring beneficial ownership of 15% or more of the outstanding shares of common stock of the Company.
 
In general, in the event a person becomes an Acquiring Person, then each Right not owned by such Acquiring Person will entitle its holder to purchase from the Company, at the Right’s then current exercise price, in lieu of shares of Series A Junior Participating Preferred Stock, common stock of the Company with a market value of twice the Purchase Price.
 
In addition, if after any person has become an Acquiring Person, (a) the Company is acquired in a merger or other business combination, or (b) 50% or more of the Company’s assets, or assets accounting for 50% or more of its earning power, are sold, leased, exchanged or otherwise transferred (in one or more transactions), proper provision shall be made so that each holder of a Right (other than the Acquiring Person, its affiliates and associates and certain transferees thereof, whose Rights became void) shall thereafter have the right to purchase from the acquiring corporation, for the Purchase Price, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value of twice the Purchase Price.
 
The Company will be entitled to redeem the Rights at $0.001 per Right at any time prior to the time an Acquiring Person becomes such. The terms of the Rights are set forth in the Rights Agreement, which is summarized in the Company's Current Report on Form 8-K dated November 13, 2015. The rights plan will expire on November 12, 2018, unless the rights are earlier redeemed or exchanged by the Company.
 
(c)
Stock Option Plan
 
In April 2014, the board of directors adopted the 2014 Stock and Incentive Plan ("2014 Plan") subject to shareholder approval which was received in June 2014. The 2014 Plan provides for the granting of nonqualified and incentive stock options, stock appreciation rights, restricted stock units, restricted stock and dividend equivalents. An aggregate of 1,000,000 shares are authorized for issuance under the 2014 Plan. Additionally, 271,906 remaining authorized shares under the 2011 Equity Incentive Plan ("2011 Plan") were issuable under the 2014 Plan at the time of the 2014 Plan adoption. In January 2011, the board of directors adopted the 2011 Plan that provides for the granting of nonqualified and incentive stock options, restricted stock units and restricted stock. The 2011 Plan assumed all of the obligations, which existed under the previous 2000 Stock Option Plan. Under the 2011 Plan, the Company has granted nonqualified and incentive stock options for the purchase of common stock to directors, employees and nonemployees providing services to the Company. The board of directors, on an option-by-option basis, determines the number of shares, exercise price, term, and vesting period. Options granted generally have a ten-year contractual life. The Company issues shares of common stock upon the exercise of options with the source of those shares of common stock being either newly issued shares or shares held in treasury. An aggregate of 1,271,906 shares are authorized for issuance under the 2014 Plan, with 727,687 shares remaining available for grant as of December 31, 2015.
 
A summary of stock option activity is as follows:
 
 
 
Outstanding stock options
 
 
 
Number of
 
Weighted average
 
 
 
shares
 
exercise price
 
Balance at December 31, 2014
 
 
1,528,737
 
$
4.20
 
Options granted
 
 
301,500
 
 
9.60
 
Options exercised
 
 
(98,574)
 
 
2.81
 
Options forfeited
 
 
(8,555)
 
 
6.29
 
Options cancelled
 
 
(556)
 
 
18.34
 
Balance at December 31, 2015
 
 
1,722,552
 
 
5.21
 
 
 
 
 
 
 
 
 
Options exercisable at December 31, 2015
 
 
1,238,423
 
 
3.72
 
 
The following table summarizes information about stock options outstanding and exercisable at December 31, 2015:
 
Options outstanding
 
Options exercisable
 
Number
outstanding
 
Weighted
average
remaining
contractual 
life
(Years)
 
Weighted
average
exercise 
price
 
Aggregate intrinsic
value
 
Number
exerciseable
 
Weighted
average
remaining
contractual
life
(Years)
 
Weighted
average 
exercise
price
 
Aggregate
Intrinsic
value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,722,552
 
 
6.38
 
$
5.21
 
$
13,363,290
 
 
1,238,423
 
 
5.31
 
$
3.72
 
$
11,402,022
 
 
The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value of stock options exercised during the years ended December 31, 2015 and 2014 was $658,000 and $87,000. There were 98,574 and 20,205 stock options exercised during the years ended December 31, 2015 and 2014.
 
(d)
Restricted Common Stock
 
A summary of restricted common stock activity is as follows:
 
 
 
Number of
 
 
 
unvested restricted
 
 
 
shares
 
 
 
 
Balance at December 31, 2014
 
 
7,000
 
Granted
 
 
-
 
Vested
 
 
(4,000)
 
Cancelled
 
 
-
 
Balance at December 31, 2015
 
 
3,000
 
 
(e)
Warrants
 
For charitable purposes, on December 23, 2003, the Company granted warrants to a local university for 20,467 shares of common stock at a price of $12.21 per share with an original expiration date of December 31, 2010. In January 2011, the Company extended the term to December 31, 2015 at the same price. The warrants were not exercised by December 31, 2015 and were cancelled.