2.2.0.7 false Share Repurchase Plan 0210 - Disclosure - Share Repurchase Plan true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Share Repurchase Plan [Abstract] 0 us-gaap_TreasuryStockNoteDisclosureAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Share Repurchase Plan 1 us-gaap_ScheduleOfTreasuryStockByClassTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"><b>10.</b></td> <td width="1%"> </td> <td> <div style="text-align: justify"><b>Share Repurchase Plan</b> </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On November 14, 2008, the Company announced that its board of directors approved a share repurchase plan authorizing the Company to repurchase, from available capital, up to $20 million of the Company’s outstanding common stock from time to time through November 13, 2009. The timing and amount of any share repurchase under the share repurchase plan were determined by management of the Company based on market conditions and other considerations, and repurchases may be effected in the open market, through derivative, accelerated repurchase and other privately negotiated transactions and through plans designed to comply with Rules 10b-18 or 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The share repurchase plan did not require the Company to acquire any specific number of shares and may be temporarily or permanently suspended or discontinued by the Company at any time. A committee of the board of directors reevaluated the operation of the plan each fiscal quarter. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During November and December 2008, the Company sold written put options of its own shares as part of the Share Repurchase Plan, those put options were not exercised at the expiration date and for that reason, during the first quarter of 2009, the Company recognized a gain of $185,000. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company accounted for its written put options as derivative instruments and measured them initially and subsequently at fair value. The liabilities associated with these derivative instruments were recorded at fair value in current liabilities in the consolidated balance sheet. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During March 2009, the Company sold written put options of its own shares. The following table summarizes the written put option transactions made in the first quarter of 2009: </div> <div align="right"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%">  <tr valign="bottom"> <td width="77%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Number of Shares </div></td> <td> </td> <td> </td> <td align="right">226,000</td> <td> </td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Premium </div></td> <td> </td> <td> </td> <td align="right">302,997</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Average Price </div></td> <td> </td> <td> </td> <td align="right">1.34</td> <td> </td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Commissions and other fees </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,782</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Cash received </div></td> <td> </td> <td> </td> <td align="right">296,215</td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">These put options were not exercised at the expiration date and for that reason, during the first half of 2009, the Company recognized a gain of $302,997. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">No additional written put option transactions were made during the three-month period ended June 30, 2009. As of June 30, 2009 there was no written put options transaction outstanding. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Those derivative financial instruments were not accounted for as hedges and, therefore, the change in the fair value of these instruments was recorded in the income statement as interest income and other financial gains. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">No written put option transactions were made during the three-month period ended June 30, 2010. As of June 30, 2010 there is no written put options transaction outstanding. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock This element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation. No authoritative reference available. false 1 2 false UnKnown UnKnown UnKnown false true