Note 13 - Revision of Prior Period Results

6 Months Ended

Jun. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

NOTE 13 – REVISION OF PRIOR PERIOD RESULTS

During the first quarter of 2014, we identified an error in 2009 related to the calculation of the deferred income tax asset for tax net operating loss carry forwards. The error resulted in an approximate $1.6 million understatement of the net deferred tax liability and overstatement of retained earnings and stockholders’ equity at December 31, 2009, and all subsequent periods through December 31, 2013.

We assessed the materiality of this error in accordance with the Securities and Exchange Commission’s Staff Accounting Bulletin 99 and concluded that the previously issued financial statements were not materially misstated.  In accordance with the Securities and Exchange Commission’s Staff Accounting Bulletin 108, we have corrected the immaterial error by revising the previously issued December 31, 2013 consolidated balance sheet included in this document. The effect of this revision on the line items within our condensed consolidated balance sheet is as follows (in thousands):

	December 31, 2013
	As Reported		Revisions			As Revised
Deferred Income Taxes	$	35,039	$	1,608		$	36,647
Retained Earnings		56,657		(1,608	)		55,049
Total Stockholders’ Equity		100,538		(1,608	)		98,930