Stockholders' Deficit

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

12.  Stockholders’ Deficit

During 2016 and 2015, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock.  The Board of Directors declared cash dividends of $4.72 per share in April 2016 and $6.00 per share in October 2016 for each share of Preferred Stock.  As described herein, the Preferred Stock carries a 6.0% cumulative annual dividend.

The Company is authorized to issue 500,000 shares of preferred stock, of which (i) 416,500 shares are designated as SACPS, none of which are outstanding, (ii) 51,000 shares are designated as Preferred Stock, 16,512 of which are outstanding, and (iii) 32,500 shares are not yet designated.  The SACPS had a stated price of $20.00 per share and were convertible into 2 shares of Common Stock.  The Preferred Stock has a stated price of $200.00 per share and is convertible into 20 shares of Common Stock.  The undesignated preferred stock would contain such rights, preferences, privileges and restrictions as may be fixed by our Board of Directors.

Shares of the Company’s Common Stock reserved for future issuance in connection with convertible securities and stock option plans were 622,000 and 675,000 at December 31, 2016 and 2015, respectively.

During 2016 and 2015, certain board members deferred payment of their director fees.  In lieu of a cash payment, certain board members and former board members have agreed to receive restricted shares of Common Stock of the Company or a combination of cash and restricted shares of Common Stock of the Company, which such restricted shares shall contain a legend under the Securities Act of 1933 and shall not be transferable unless and until registered or otherwise in accordance with applicable securities laws.  No restricted stock was issued in lieu of cash payments for directors’ fees in 2016 or 2015.

Accumulated other comprehensive loss is comprised of approximately $5.7 million and $5.3 million of unrecognized pension costs at December 31, 2016 and 2015, respectively, and $112,000 and $56,000 of unrealized foreign currency translation gains at December 31, 2016 and 2015, respectively.

The components of accumulated other comprehensive loss are as follows:

In thousands	Pension plan actuarial (loss) gain		Foreign currency translation gain (loss)		Total
Balances at January 1, 2015	$	(5,965)	$	504	$	(5,461)
Actuarial gain		652		-		652
Translation loss		-		(448)		(448)
Balances at December 31, 2015		(5,313)		56		(5,257)
Actuarial loss		(409)		-		(409)
Translation gain		-		56		56
Balances at December 31, 2016	$	(5,722)	$	112	$	(5,610)