Note 9 - Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

9 . Stockholders’ Equity

Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands):

	Three Months Ended
	March 31,		March 31,
	201 9		2018
Weighted average shares outstanding for basic calculation		14,508		14,573
Add: Effect of dilutive stock options		43		-
Weighted average shares outstanding, adjusted for diluted calculation		14,551		14,573

For the

three

month period ended

March 31, 2019,

approximately

225,000

stock awards were excluded from the diluted per share calculation as they would be anti-dilutive. For the prior

three

month period ended

March 31, 2018,

the dilutive effect of stock options and restricted awards was

not

recognized since we had net losses. For the period ended

March 31, 2018,

approximately

278,000

shares of stock options and

43,000

shares of restricted awards were

not

included in the diluted per share calculation because they were anti-dilutive.

We will repurchase common shares from time to time that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. There were

no

such repurchased shares during the current

three

month period.

In 

July 2012, 

the Board authorized the purchase of up to 

$5.0

 million of our common stock.  These repurchases 

may 

be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices the Company deems appropriate.  In the

three

month period ended

March 31, 2019,

no

shares were repurchased. In the prior

three

month period ended

March 31, 2018,

we repurchased

174,565

shares for

$103,000.

As of 

March 31, 2019, 

we have approximately 

$2.8

 million remaining on this authorization to repurchase our common stock.

A reconciliation of the activity in Stockholders’ Equity accounts for the quarter ended

March 31, 2019

is as follows (in thousands):

								Accumulated
			Capital in					Other
	Common		Excess of		Retained			Comprehensive
	Stock		Par Value		Deficit			Loss
Balance at January 1, 2019	$	294	$	17,285	$	(3,935	)	$	-
Net income		-		-		1,366			-
Stock-based compensation expense		-		21		-			-
Balance at March 31, 2019	$	294	$	17,306	$	(2,569	)	$	-

A reconciliation of the activity in Stockholders’ Equity accounts for the quarter ended

March 31, 2018

is as follows (in thousands):

									Accumulated
			Capital in						Other
	Common		Excess of			Retained			Comprehensive
	Stock		Par Value			Deficit			Loss
Balance at January 1, 2018	$	298	$	17,104		$	(2,745	)	$	(2,422	)
Net loss		-		-			(3,367	)		-
Settlement of employee benefit obligations directly related to the disposal transaction		-		-			-			2,422
Stock repurchase		-		(103	)		-			-
Stock-based compensation expense		-		391			-			-
Dividends		-		(139	)		-			-
Balance at March 31, 2018	$	298	$	17,253		$	(6,112	)	$	-

All of the stock compensation expense of

$391,000

for the quarter ended

March 31, 2018

was related to discontinued operations.