Note 12 - Stockholders' Equity	12 Months Ended
Dec. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 12 – STOCKHOLDERS’ EQUITY Company Stock The Company has 1,000,000 shares of preferred stock authorized, $0.0001 par value and 200,000,000 shares of common stock authorized, $0.0001 par value. Initial Public Offering and Warrants In connection with its initial public offering, on May 15, 2013, the Company sold 20,000,000 units at $10.00 per unit, including 2,000,000 units under the underwriters’ over-allotment option, generating gross proceeds of $200.0 million. Each unit consisted of one share of the Company’s common stock, $0.0001 par value and one half of one redeemable warrant to purchase one share of common stock. The shares of common stock and the warrants included in the units traded as a unit until July 1, 2013 when separate trading of common stock and warrants began. In connection with the merger with Lindblad Expeditions, Inc. in 2015, the Company forced the separation of the units into the separate components of common stock and warrants. Each whole warrant entitles its holder, upon exercise, to purchase one share of common stock for $11.50 subject to certain adjustments, during the period that commenced thirty days after the completion of the merger and terminating five years thereafter. The warrants may be redeemed by the Company, at its option, in whole and not in part, at a price of $0.01 per warrant at any time the warrants are exercisable, upon a minimum of 30 days prior written notice of redemption, if, and only if, the last sales price of the Company’s shares of common stock equals or exceeds $24.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within a 30 trading day period ending three business days before the Company sends the redemption notice; and if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. If the Company calls the warrants for redemption as described above, the Company’s management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing ( x ) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the fair market value by (y) the fair market value. The fair market value will mean the average reported last sale price of the shares of common stock for the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Certain of the outstanding warrants were privately acquired from the Company by its sponsor and certain of the Company’s initial officers and directors and are identical to the warrants included in the units sold in the offering except that such warrants: (i) are not redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, in each case so long as they are held by the initial purchasers or any of their permitted transferees. Stock and Warrant Repurchase Plan In 2016, the Company’s Board of Directors approved a $15.0 million increase to the Company’s existing stock and warrant repurchase plan (“Repurchase Plan”), to $35.0 million. This Repurchase Plan, which was authorized in 2015, authorizes the Company to purchase from time to time the Company’s outstanding common stock and warrants. Any shares and warrants purchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of the Company’s Board of Directors. The repurchases exclude shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards. Pursuant to the Repurchase Plan, the Company (i) repurchased 568,446 warrants for $0.8 million and 9,030 shares of common stock for $0.1 million in 2018, (ii) repurchased a total of 529,867 warrants for $1.1 million and 547,058 shares of common stock for $5.1 million in 2017, and (iii) repurchased 2,821,995 warrants for $7.3 million and 308,718 shares of common stock for $3.0 million in 2016. Since the Repurchase Plan inception, the Company has cumulatively repurchased 864,806 shares of common stock for $8.1 million and 6,011,926 warrants for $14.7 million, as of December 31, 2018. All repurchases were made using cash resources. The balance available for the Repurchase Plan as of December 31, 2018 was $12.1 million.

NOTE

– STOCKHOLDERS’ EQUITY

Company Stock

The Company has

1,000,000

shares of preferred stock authorized,

$0.0001

par value and

200,000,000

shares of common stock authorized,

$0.0001

par value.

Initial Public Offering and Warrants

In connection with its initial public offering, on

May 15, 2013,

the Company sold

20,000,000

units at

$10.00

per unit, including

2,000,000

units under the underwriters’ over-allotment option, generating gross proceeds of

$200.0

million. Each unit consisted of

one

share of the Company’s common stock,

$0.0001

par value and

one

half of

one

redeemable warrant to purchase

one

share of common stock. The shares of common stock and the warrants included in the units traded as a unit until

July 1, 2013

when separate trading of common stock and warrants began. In connection with the merger with Lindblad Expeditions, Inc. in

2015,

the Company forced the separation of the units into the separate components of common stock and warrants. Each whole warrant entitles its holder, upon exercise, to purchase

one

share of common stock for

$11.50

subject to certain adjustments, during the period that commenced

thirty

days after the completion of the merger and terminating

five

years thereafter.

The warrants

may

be redeemed by the Company, at its option, in whole and

not

in part, at a price of

$0.01

per warrant at any time the warrants are exercisable, upon a minimum of

days prior written notice of redemption, if, and only if, the last sales price of the Company’s shares of common stock equals or exceeds

$24.00

per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any

trading days within a

trading day period ending

three

business days before the Company sends the redemption notice; and if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

If the Company calls the warrants for redemption as described above, the Company’s management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (

) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the fair market value by (y) the fair market value. The fair market value will mean the average reported last sale price of the shares of common stock for the

five

trading days ending on the

third

trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Certain of the outstanding warrants were privately acquired from the Company by its sponsor and certain of the Company’s initial officers and directors and are identical to the warrants included in the units sold in the offering except that such warrants: (i) are

not

redeemable by the Company and (ii)

may

be exercised for cash or on a cashless basis, in each case so long as they are held by the initial purchasers or any of their permitted transferees.

Stock and Warrant Repurchase Plan

2016,

the Company’s Board of Directors approved a

$15.0

million increase to the Company’s existing stock and warrant repurchase plan (“Repurchase Plan”), to

$35.0

million. This Repurchase Plan, which was authorized in

2015,

authorizes the Company to purchase from time to time the Company’s outstanding common stock and warrants. Any shares and warrants purchased will be retired. The Repurchase Plan has

time deadline and will continue until otherwise modified or terminated at the sole discretion of the Company’s Board of Directors. The repurchases exclude shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards. Pursuant to the Repurchase Plan, the Company (i) repurchased

568,446

warrants for

$0.8

million and

9,030

shares of common stock for

$0.1

million in

2018,

(ii) repurchased a total of

529,867

warrants for

$1.1

million and

547,058

shares of common stock for

$5.1

million in

2017,

and (iii) repurchased

2,821,995

warrants for

$7.3

million and

308,718

shares of common stock for

$3.0

million in

2016.

Since the Repurchase Plan inception, the Company has cumulatively repurchased

864,806

shares of common stock for

$8.1

million and

6,011,926

warrants for

$14.7

million, as of

December 31, 2018.

All repurchases were made using cash resources. The balance available for the Repurchase Plan as of

December 31, 2018

was

$12.1

million.