Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6 . 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,
	20 20		2019
Weighted average shares outstanding for basic calculation		14,517		14,508
Add: Effect of dilutive stock awards		430		43
Weighted average shares outstanding, adjusted for diluted calculation		14,947		14,551

For the

three

month period ended

March 31, 2020,

approximately

42,000

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

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.

The Company 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 or prior

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

months ending

March 31, 2020

and

2019,

no

shares were repurchased. The Company’s board does

not

intend to repurchase additional shares of common stock under this authorization.

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

three

months ending

March 31, 2020

is as follows (in thousands):

			Capital in
	Common		Excess of		Retained
	Stock		Par Value		Deficit
Balance at January 1, 2020	$	294	$	17,370	$	(3,765	)
Net income		-		-		1,054
Stock-based compensation expense		-		21		-
Balance at March 31, 2020	$	294	$	17,391	$	(2,711	)

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

three

months ending

March 31, 2019

is as follows (in thousands):

			Capital in
	Common		Excess of		Retained
	Stock		Par Value		Deficit
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	)