Note 18 - Subsequent Event

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 18 – Subsequent Events:

On February 5, 2016, the Compensation Committee of the Board of Directors approved a grant of performance shares under the terms of the 2013 Stock and Awards Plan of the Company to three members of management.  Under the terms of the agreement, a total of 50,000 of these shares are unvested at the date of grant and will vest if the respective executives are still employed by the Company on February 5, 2021.  The fair value of these shares on the date of grant was $16.35 for a total value of $818,000.  Under the terms of the agreement, an additional total of 50,000 of these shares are unvested at the date of grant and will vest if the respective executives meet certain performance targets over the next five years and are still employed by the Company on February 5, 2021.  The fair value of these shares on the date of grant was $16.35 for a total value of $818,000.  The shares are subject to accelerated vesting under certain circumstances as outlined in the 2013 Stock and Awards Plan.

Effective February 10, 2016, the Company exercised its rights to terminate the Add on Credit Facility, as it was no longer considered necessary.