Note 12 - Stockholders's Equity:

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note Disclosure [Text Block]

12. STOCKHOLDERS’ EQUITY:

The following unaudited table summarizes stockholders’ equity transactions for the three month period ended June 30, 2012:

	Common Stock				Additional Paid in					Total Stockholders’
	Shares		Amount		Capital			Deficit		equity
Balances, March 31, 2012		46,221,465	$	9,952,314	$	36,700,388		$	(20,270,366)	$	26,382,336
Exercise of stock options		378,936		504,375		(285,375	)		—		219,000
Repurchase and cancellation of shares – Normal Course Issuer Bid		(1,115,304)		(223,061)		(1,368,682	)		—		(1,591,743)
Cancellation of Restricted Stock Awards		(100)		——					—		—
Stock-based compensation		—		—		63,096			—		63,096
Net income for the period		—		—		—			695,998		695,998
Balances, June 30, 2012		45,484,997	$	10,233,628	$	35,109,427		$	(19,574,368)	$	25,768,687

The following unaudited table summarizes stockholders’ equity transactions for the six month period ended June 30, 2012:

	Common Stock				Additional Paid in				Total Stockholders’
	Shares		Amount		Capital		Deficit		equity
Balances, December 31, 2011		53,497,584	$	11,358,959	$	40,994,013	$	(21,933,985)	$	30,418,987
Exercise of stock options		673,153		611,777		(262,065)		—		349,712
Repurchase and cancellation of shares – Dutch Auction		(7,570,236)		(1,514,047)		(4,379,400)		—		(5,893,447	)
Repurchase and cancellation of shares – Normal Course Issuer Bid		(1,115,304)		(223,061)		(1,368,682)		—		(1,591,743)
Cancellation of Restricted Stock Awards		(200)		—		—		—		—
Stock-based compensation		—		—		125,561		—		125,561
Net income for the period		—		—		—		2,359,617		2,359,617
Balances, June 30, 2012		45,484,997	$	10,233,628	$	35,109,427	$	(19,574,368)	$	25,768,687

On January 23, 2012, the Company announced that it successfully concluded a modified “Dutch auction tender offer” that was previously announced on December 15, 2011. Under the terms of the offer, the Company repurchased an aggregate of 7,570,236 shares of its common stock at a purchase price of $0.77 per share, for a total of $5,829,082, excluding transaction costs of approximately $64,000. The purchase price and all transaction costs were funded from available cash and an additional advance under its Amended Credit Facility from the Bank in the amount of $4.0 million. All shares purchased in the tender offer received the same price and all shares repurchased were immediately cancelled. As a result of the completion of the tender offer, as of January 23, 2012, the Company had 46,047,053 shares issued and outstanding.

On March 16, 2012, the Company announced that it was reinstating its previously announced stock buyback program, which initially commenced on November 15, 2011 and which was temporarily suspended when the Company undertook its Dutch auction tender offer. Under this buyback program, the Company may repurchase up to 3,840,000 shares of the Company’s common stock over the 12-month period that commenced on November 15, 2011. The Company repurchased 1,115,304 shares under this program during the three and six month periods ended June 30, 2012.