Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

4.       Stockholders’ Equity

In addition to common stock, authorized capital includes 1,000,000 shares of “blank check” preferred stock.  None was outstanding during the three years ended December 31, 2015.  The Board of Directors is authorized to issue such stock in series and to fix the designation, powers, preferences, rights, limitations and restrictions with respect to any series of such shares.  Such “blank check” preferred stock may rank prior to common stock as to dividend rights, liquidation preferences or both, may have full or limited voting rights and may be convertible into shares of common stock.

            Basic and diluted earnings per share are calculated using the following share data (in thousands):

	2015	2014
Weighted average shares outstanding for basic calculation	14,273	14,197
Dilutive effect of stock options	269	-
Weighted average shares outstanding for diluted calculation	14,542	14,197

In 2014, the dilutive effect of stock options and restricted shares was not recognized since we had a net loss.   Approximately 1.2 million shares in 2015 and 1.4 million shares in 2014 were issuable upon the exercise of stock options, which were not included in the diluted per share calculation because they were anti-dilutive.  In 2015 and 2014, approximately 51,000 and 544,000 shares of restricted stock, respectively, were not included because they were anti-dilutive.

During 2015, we repurchased 4,622 shares of our common stock for approximately $13,000, which were tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock.

In July 2012, the Board of Directors 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 2015 and 2014, no repurchases of our common stock were made pursuant to this authorization.  As of December 31, 2015 we have $4.0 million remaining on this authorization.