Shareholders' equity

12 Months Ended

Dec. 31, 2013

Shareholders' equity [Abstract]

Shareholders' equity

Note 14 – Shareholders’ equity:

On June 8, 2012, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to increase the Company’s authorized common stock, $.01 par value, from 10,000,000 shares to 12,000,000 shares and enable the Company to issue shares for such consideration as is permitted under the Florida Business Corporation Act.

During the years ended December 31, 2013 and 2012, the Company granted stock awards of 121,000 and 117,000 shares of common stock, respectively, to certain executives, key employees and a consultant.  Compensation expense recorded in connection with the stock awards for the years ended December 31, 2013 and 2012 aggregated approximately $306,000 and $223,000, respectively.

During 2013, several employees of the Company and a consultant exercised options to purchase 193,400 shares of the Company’s common stock for approximately $80,000 in cash and the withholding of 42,838 shares.  As a result, 150,562 shares were issued, and approximately $80,000 is reflected as paid in capital on the consolidated balance sheet.

During 2012, several employees of the Company and a consultant exercised options to purchase 302,800 shares of the Company’s common stock for approximately $169,500 in cash and the withholding of 128,301 shares.  As a result, 174,499 shares were issued, and approximately $169,500 is reflected as paid in capital on the consolidated balance sheet.