Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Stockholders' Equity

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Note 4 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

4.     STOCKHOLDERS’ EQUITY


Dividends


The following table summarizes the Company’s cash dividend activity for the nine months ended September 30, 2014 (in thousands, except per share data):


   

Dividends Per Share

           

Declaration Date

 

Preferred

   

Common

   

Amount

 

Date Payable

                           

March 7, 2014

  $ 0.815     $ 0.005     $ 159  

April 8, 2014

May 6, 2014

    0.020       0.005       62  

June 4, 2014

July 29, 2014

    0.027       0.010       127  

August 27, 2014

Total

  $ 0.862     $ 0.020     $ 348    

Payment of any future dividends on shares of Series A preferred stock and common stock will be at the discretion of the Company’s Board of Directors.


Common Stock Purchase Warrants


Warrants to purchase 1,407,855 shares of common stock were exercised during the nine months ended September 30, 2014 at exercise prices ranging from $3.5108 to $3.52 per share for total proceeds of $4.9 million. As a result of the cash dividends declared on each share of outstanding common stock and in accordance with the warrant agreement, the exercise price per share for each warrant was adjusted from $3.52 per share to $3.5108 per share.