6. Shareholders' equity

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6. Shareholders’ equity

Changes in shareholders’ equity for the nine months ended September 30, 2013 were as follows (in thousands):

Balance at December 31, 2012	$	33,369
Net income		3,826
Proceeds from issuance of shares from exercise of stock options		609
Share-based compensation expense		397
Incremental tax benefits from stock options exercised		113
Issuance of deferred stock units, net of relinquishments		111
Foreign currency translation adjustment		(11)
Reversal of deferred tax asset in connection with stock options forfeited		(73)
Dividends declared and paid on common stock		(1,738)
Purchases of common stock for treasury		(5,194)
Balance at September 30, 2013	$	31,409

We paid a portion of the 2012 incentive bonus for the chief executive officer and chief financial officer in the form of deferred stock units.  Such deferred stock units were granted in March 2013 and were fully vested at the time of grant.

For the three months ended September 30, 2013, our Board of Directors declared a quarterly cash dividend of $0.07 per share, totaling approximately $611,000, which was paid in September 2013 to common shareholders of record at the close of business on August 20, 2013.  For the nine months ended September 30, 2013, dividends declared and paid totaled $1,738,000, or $0.20 per share.