Note 12 - Recent Accounting Pronouncements	12 Months Ended
Dec. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12 . RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, FASB issued ASU 2016 - 02, “Leases”, a comprehensive new standard that amends various aspects of existing accounting guidance for leases. Under the new guidance, lessees are required to recognize a lease liability, which represents the discounted obligation to make future minimum lease payments, and a corresponding right-of-use asset on the balance sheet for most leases with terms longer than twelve months. The guidance retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee. Enhanced disclosures will also be required to give financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. We adopted the lease standard as of January 1, 2019 using the modified retrospective transition method, recording a cumulative effect adjustment to our opening balance of retained earnings as of the effective date. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. In addition, we elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet, as well as to include executory costs (e.g. real estate taxes, insurance and maintenance) when fixed in the lease contract as part of the minimal lease payments. We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately $6.1 million and $6.5 million, respectively, as of January 1, 2019. The difference between these amounts will be recorded as an adjustment to retained earnings. We do not believe the standard will materially affect our consolidated net income or impact our liquidity. The standard will also have no impact on our debt-covenant compliance under our current agreements.

RECENT ACCOUNTING PRONOUNCEMENTS

February 2016,

FASB issued ASU

2016

02,

“Leases”, a comprehensive new standard that amends various aspects of existing accounting guidance for leases. Under the new guidance, lessees are required to recognize a lease liability, which represents the discounted obligation to make future minimum lease payments, and a corresponding right-of-use asset on the balance sheet for most leases with terms longer than

twelve

months. The guidance retains the current accounting for lessors and does

not

make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee. Enhanced disclosures will also be required to give financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases.

We adopted the lease standard as of

January 1, 2019

using the modified retrospective transition method, recording a cumulative effect adjustment to our opening balance of retained earnings as of the effective date. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. In addition, we elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We also made an accounting policy election to keep leases with an initial term of

months or less off of the balance sheet, as well as to include executory costs (e.g. real estate taxes, insurance and maintenance) when fixed in the lease contract as part of the minimal lease payments.

We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately

$6.1

million and

$6.5

million, respectively, as of

January 1, 2019.

The difference between these amounts will be recorded as an adjustment to retained earnings. We do

not

believe the standard will materially affect our consolidated net income or impact our liquidity. The standard will also have

impact on our debt-covenant compliance under our current agreements.