Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

(10) STOCKHOLDERS’ EQUITY

Common Stock - We have authorized 2 million shares of $.01 par value common stock. At December 31, 2014 and 2013, we had 390,916 and 401,943 shares, respectively, issued and outstanding.

Treasury Stock – At December 31, 2014 and December 31, 2013, we held no shares of treasury stock. In January 2013, we announced that our Board of Directors authorized the cancellation of our amended September 2005 stock repurchase plan and authorized a new stock repurchase program which allows us to buy back up to 45 thousand shares of our common stock. During the year ended December 31, 2014, we purchased and retired 11,029 shares of our common stock for approximately $847 thousand. As of December 31, 2014, 582 shares remained available for repurchase under our repurchase program.

Series G1 Convertible Preferred Stock - Our Series G1 convertible preferred stock (“Series G1 preferred”), which was issued in 2000, has a liquidation value of $100 per share, is non-voting, and is convertible at the holder’s option into our common stock at a conversion price of $11,200 per share. In December 2014, we repurchased all remaining 1,000 outstanding shares of our Series G1 preferred stock and any accrued, unpaid dividends for $40 thousand. This transaction resulted in a net loss of $39 thousand and is reflected as a loss on payments of dividends of preferred stock as an increase to net loss to arrive at net loss attributed to common stock. At December 31, 2013 there were 1,000 shares of Series G1 preferred issued and outstanding.

 Series G2 Convertible Preferred Stock - Our Series G2 convertible preferred stock (“Series G2 preferred”), which was issued in 2000, has a liquidation value of $100 per share, is non-voting, and is convertible at the holder’s option into our common stock at a conversion price of $2,688 per share. The Series G2 preferred is also convertible by us into shares of our common stock if for any period of twenty consecutive calendar days the average of the closing prices of our common stock during such period shall have equaled or exceeded $3,360 per share. In December 2014, we repurchased all remaining 1,000 outstanding shares of our Series G2 preferred stock and any accrued, unpaid dividends for $40 thousand. This transaction resulted in a net loss of $39 thousand and is reflected as a loss on payments of dividends of preferred stock as an increase to net loss to arrive at net loss attributed to common stock. At December 31, 2013 there were 1,000 shares of Series G2 preferred issued and outstanding.

Changes in our common, preferred and treasury shares during 2014 and 2013 are as follows:

	Number of Shares
Description		Preferred G1		Preferred G2		Common		Treasury
Balance as of December 31, 2012		1		1		435,328		—
Shares issued for preferred stock dividends		—		—		4		—
Treasury stock repurchase		—		—		—		33,389
Treasury stock retirements		—		—		(33,389	)	(33,389	)
Balance as of December 31, 2013		1		1		401,943		—
Shares issued for preferred stock dividends		—		—		2		—
Treasury stock repurchase		—		—		—		11,029
Treasury stock retirements		—		—		(11,029	)	(11,029	)
Preferred stock repurchased		(1	)	(1	)	—		—
Balance as of December 31, 2014		—		—		390,916		—