Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity

Stockholders' Equity

NOTE 8 - Stockholders’ Equity

For the years ended December 31, 2012 and 2011, the Company recognized stock-based compensation expense of $135 and $156, respectively, for the vesting of granted stock options and warrants.  On June 3, 2011, TWC received, at no cost to the Company, five (5) shares of its Common Stock which were voluntarily relinquished by a former shareholder.  The stock was returned to our authorized Common Stock reserve.  As part of their participation in the Company’s Deferred Compensation Plan, each member of the Company’s Board of Directors agreed to receive a portion of his annual retainer in shares of the Company’s Common Stock, aggregating $10 for the entire board, for the years ended December 31, 2012 and 2011, respectively.

On November 12, 2012, TWC’s board of directors approved a stock repurchase program, authorizing the repurchase of up to 500,000 shares of the Company’s Common Stock over a 12-month period.  The program does not obligate the Company to acquire any particular amount of Common Stock, and it could be modified, extended, suspended or discontinued at any time.  Thus, pursuant to the stock repurchase program and through a registered broker-dealer, TWC repurchased on the open market on November 23, 2012 and December 20, 2012, 4,900 shares at $2.50 per share, and 30,000 shares at $2.65 per share, respectively, arriving at an outstanding 8,836,735 shares at December 31, 2012.  In accordance with the retirement method, the aggregate cost of $92 was recorded against additional paid-in-capital.

The Company’s Articles of Incorporation authorize the issuance of four million shares of “blank check” preferred stock, with designations, rights and preferences to be determined from time to time by its Board of Directors. Accordingly, the Board of Directors is empowered, without further stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights. The Board of Directors has no current plans to issue any shares of preferred stock.