Note 10 - Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

10.   Stockholders’ Equity

Stock-Based Compensation Plan and Warrants

The Company has a stock-based incentive plan which is administered by the Compensation Committee of the Board of Directors.  See Note 14 of the Notes to Consolidated Financial Statements included in the 2012 Form 10-K for further information.  We recorded stock-based compensation expense of $203,000 and $480,000 for the three and six months ended June 30, 2013, respectively, and $133,000 and $263,000 for the three and six months ended June 30, 2012, respectively.

During the six months ended June 30, 2013, the Company issued 129,850 shares of restricted stock.   Of this amount, 100,000 shares were issued to the Company’s CEO.  These shares will vest on June 30, 2018 subject to the satisfaction of a performance condition.  In order to recognize this compensation expense, the Company must assess, at each reporting period, whether it is probable that the performance condition will be met.  These shares must also be re-valued at each reporting period until they vest.  During the three months ended June 30, 2013, the Company issued 29,850 shares of restricted common stock to the non-employee members of the Company’s Board of Directors in accordance with the Company’s standard compensation arrangements for non-employee directors.

At June 30, 2013, total unrecognized compensation cost related to unvested restricted stock awards was $2.0 million.  This cost is expected to be recognized over a weighted average period of 2.9 years.  There was no unrecognized compensation expense related to stock options at June 30, 2013 and 2012.  Proceeds received by the Company from the exercise of options for the six months ended June 30, 2013 and 2012 were approximately $26,170 and $56,000, respectively.  No options were granted in the three or six months ended June 30, 2013 or 2012.

At June 30, 2013, there were 272,807 and 9,500 shares of common stock covered by outstanding restricted stock and stock options, respectively.  All of the stock options were vested while the restricted stock has not vested.