TransAct Technologies (TACT) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2016	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TRANSACT TECHNOLOGIES INC
Entity Central Index Key	1,017,303
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,525	$ 2,503
Accounts receivable, net	11,331	10,585
Inventories	8,171	9,707
Other current assets	834	372
Total current assets	23,861	23,167
Fixed assets, net of accumulated depreciation of $18,991 and $18,336, respectively	2,237	2,241
Goodwill	2,621	2,621
Deferred tax assets	3,549	3,432
Intangible assets, net of accumulated amortization of $3,024, and $2,779, respectively	332	545
Other assets	36	36
Total noncurrent assets	8,775	8,875
Total assets	32,636	32,042
Current liabilities:
Accounts payable	3,009	4,894
Accrued liabilities	2,666	2,394
Income taxes payable	143	19
Deferred revenue	152	117
Total current liabilities	5,970	7,424
Deferred revenue, net of current portion	67	67
Deferred rent, net of current portion	269	178
Other liabilities	212	264
Total noncurrent liabilities	548	509
Total liabilities	6,518	7,933
Shareholders' equity:
Common stock, $0.01 par value, 20,000,000 shares authorized; 11,185,331 and 11,170,881 shares issued, respectively; 7,383,364 and 7,782,292 shares outstanding, respectively	112	112
Additional paid-in capital	30,377	29,701
Retained earnings	25,838	24,157
Treasury stock, 3,851,967 and 3,388,589 shares, at cost	(99)	(109)
Treasury stock, at cost, 3,801,967 and 3,388,589 shares, respectively	(30,110)	(29,752)
Total shareholders' equity	26,118	24,109
Total liabilities and shareholders' equity	$ 32,636	$ 32,042

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Fixed assets, accumulated depreciation	$ 19,604	$ 19,215
Intangible assets, accumulated amortization	$ 3,335	$ 3,122
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,254,245	11,185,331
Common stock, shares outstanding (in shares)	7,365,813	7,333,364
Treasury stock (in shares)	3,888,432	3,851,967

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 15,524	$ 14,474	$ 43,117	$ 43,632
Cost of sales	8,005	8,559	23,075	25,849
Gross profit	7,519	5,915	20,042	17,783
Operating expenses:
Engineering, design and product development	1,147	1,133	3,160	3,458
Selling and marketing	1,895	1,808	5,601	5,460
General and administrative	1,886	1,737	5,968	5,589
Operating expenses	4,928	4,678	14,729	14,507
Operating income	2,591	1,237	5,313	3,276
Interest and other income (expense):
Interest, net	(9)	(7)	(25)	(18)
Other, net	0	(3)	(8)	13
Interest and other income (expense)	(9)	(10)	(33)	(5)
Income before income taxes	2,582	1,227	5,280	3,271
Income tax provision	769	344	1,657	1,010
Net income	$ 1,813	$ 883	$ 3,623	$ 2,261
Net income per common share:
Basic (in dollars per share)	$ 0.24	$ 0.12	$ 0.49	$ 0.29
Diluted (in dollars per share)	$ 0.24	$ 0.12	$ 0.48	$ 0.29
Shares used in per-share calculation:
Basic (in shares)	7,408	7,498	7,404	7,673
Diluted (in shares)	7,586	7,549	7,504	7,724
Dividends declared and paid per common share (in dollars per share)	$ 0.09	$ 0.08	$ 0.26	$ 0.24

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income	$ 1,813	$ 883	$ 3,623	$ 2,261
Foreign currency translation adjustment, net of tax	3	(3)	10	(21)
Comprehensive income	$ 1,816	$ 880	$ 3,633	$ 2,240

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 3,623	$ 2,261
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	484	473
Depreciation and amortization	866	962
Deferred income tax provision	(122)	238
Gain on the sale of fixed assets	0	(5)
Foreign currency transaction (gains) losses	11	(12)
Changes in operating assets and liabilities:
Accounts receivable	(740)	(3,313)
Inventories	1,539	1,852
Prepaid income taxes	(22)	(695)
Other current and long term assets	(435)	(6)
Accounts payable	(1,943)	2,899
Accrued liabilities and other liabilities	355	(1,419)
Net cash provided by operating activities	3,616	3,235
Cash flows from investing activities:
Capital expenditures	(590)	(454)
Proceeds from sale of fixed assets	0	8
Net cash used in investing activities	(590)	(446)
Cash flows from financing activities:
Payment of dividends on common stock	(1,911)	(1,827)
Purchases of common stock for treasury	(358)	(3,242)
Proceeds from stock option exercises	294	23
Incremental tax benefits on stock options exercised	(23)	0
Net cash used in financing activities	(1,998)	(5,046)
Effect of exchange rate changes on cash and cash equivalents	(6)	(17)
Decrease in cash and cash equivalents	1,022	(2,274)
Cash and cash equivalents, beginning of period	2,503	4,473
Cash and cash equivalents, end of period	3,525	2,199
Supplemental schedule of non-cash investing activities:
Capital expenditures funded by accounts payable	$ 168	$ 175

Basis of presentation

Basis of presentation	9 Months Ended
	Sep. 30, 2017
Basis of presentation [Abstract]
Basis of presentation	1. Basis of presentation The accompanying unaudited financial statements of TransAct Technologies Incorporated (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP to be included in full year financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the periods presented have been included and are of a normal recurring nature. The December 31, 2016 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2016 included in our Annual Report on Form 10-K. The financial position and results of operations of our U.K. subsidiary are measured using local currency as the functional currency. Assets and liabilities of such subsidiary have been translated at the end of period exchange rates, and related revenues and expenses have been translated at the weighted average exchange rates with the resulting translation gain or loss recorded in accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. Transaction gains and losses are included in other income (expenses) in the Condensed Consolidated Statements of Income. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventories [Abstract]
Inventories	2. Inventories, net The components of inventories, net are: September 30, 2017 December 31, 2016 (In thousands) Raw materials and purchased component parts $ 6,525 $ 6,298 Work-in-process 1 8 Finished goods 1,645 3,401 $ 8,171 $ 9,707

Accrued product warranty liabil

Accrued product warranty liability	9 Months Ended
	Sep. 30, 2017
Accrued product warranty liability [Abstract]
Accrued product warranty liability	3. Accrued product warranty liability We generally warrant our products for up to 24 months and record the estimated cost of such product warranties at the time the sale is recorded. Estimated warranty costs are based upon actual past experience of product repairs and the related estimated cost of labor and material to make the necessary repairs. The following table summarizes the activity recorded in the accrued product warranty liability during the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30, 2017 2016 (In thousands) Balance, beginning of period $ 267 $ 277 Warranties issued 184 206 Warranty settlements (187) (200) Balance, end of period $ 264 $ 283 As of September 30, 2017, $184,000 of the accrued product warranty liability is classified as current in "Accrued liabilities" in the Condensed Consolidated Balance Sheets and the remaining $80,000 is classified as long-term in "Other liabilities". 4. Earnings per share

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2017
Earnings per share [Abstract]
Earnings per share	The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net income $ 1,813 $ 883 $ 3,623 $ 2,261 Shares: Basic: Weighted average common shares outstanding 7,408 7,498 7,404 7,673 Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method 178 51 100 51 Diluted: Weighted average common and common equivalent shares outstanding 7,586 7,549 7,504 7,724 Net income per common share: Basic $ 0.24 $ 0.12 $ 0.49 $ 0.29 Diluted $ 0.24 $ 0.12 $ 0.48 $ 0.29 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options and restricted stock units, when the average market price of the common stock is lower than the exercise price of the related stock award during the period. These outstanding stock awards are not included in the computation of diluted earnings per share because the effect would be anti-dilutive. For the three months ended September 30, 2017 and 2016, there were 382,000 and 833,000, respectively, of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share. For the nine months ended September 30, 2017 and 2016, there were 404,000 and 833,000, respectively, of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share.

Shareholders' equity

Shareholders' equity	9 Months Ended
	Sep. 30, 2017
Shareholders' equity [Abstract]
Shareholders' equity	5. Shareholders' equity Changes in shareholders' equity for the nine months ended September 30, 2017 were as follows (in thousands): Balance at December 31, 2016 $ 24,109 Net income 3,623 Share-based compensation expense 484 Issuance of shares from exercise of stock options 294 Foreign currency translation adjustment 10 Relinquishment of stock options upon exercise and fully vested deferred stock units (23 ) Reversal of deferred tax asset in connection with stock options forfeited (110 ) Purchase of common stock for treasury (358 ) Dividends declared and paid on common stock (1,911 ) Balance at September 30, 2017 $ 26,118 For the three months ended September 30, 2017, our Board of Directors declared a quarterly cash dividend of $0.09 per share, totaling $661,000, which was paid in September 2017 to common shareholders of record at the close of business on August 21 2017. For the three months ended September 30, 2016, dividends declared and paid totaled $595,000, or $0.08 per share. For the nine months ended September 30, 2017 and 2016, dividends declared and paid totaled $1,911,000, or $0.26 per share, and $1,827,000, or $0.24 per share, respectively.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2017
Income taxes [Abstract]
Income taxes	6. Income taxes We recorded an income tax provision for the third quarter of 2017 of $769,000 at an effective tax rate of 29.8%, compared to an income tax provision during the third quarter of 2016 of $344,000 at an effective tax rate of 28.0%. For the nine months ended September 30, 2017, we recorded an income tax provision of $1,657,000 at an effective tax rate of 31.4%, compared to an income tax provision during the nine months ended September 30, 2016 of $1,010,000 at an effective tax rate of 30.9%. Our effective tax rate for the third quarter of 2017 was higher due to certain tax credits having less of an impact on significantly higher pre-tax income in the third quarter of 2017 compared to the third quarter of 2016. We are subject to U.S. federal income tax, as well as income tax in certain state and foreign jurisdictions. We have substantially concluded all U.S. federal income tax, state and local, and foreign tax regulatory examination matters through 2013. During 2013, an examination of our 2010 federal tax return was completed. However, our federal tax returns for the years 2014 through 2016 remain open to examination. Various state and foreign tax jurisdiction tax years remain open to examination as well, though we believe that any additional assessment would be immaterial to the Condensed Consolidated Financial Statements. No state or foreign tax jurisdiction income tax returns are currently under examination. As of September 30, 2017, we had $80,000 of total gross unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. During the third quarter of 2017, we recognized $31,000 of previously unrecognized tax benefits as the statute of limitations on the use of our 2013 R&D credits expired during the third quarter of 2017. We recognize interest and penalties related to uncertain tax positions in the income tax provision. As of September 30, 2017, we have $14,000 of accrued interest and penalties related to uncertain tax positions.

Accounting pronouncements

Accounting pronouncements	9 Months Ended
	Sep. 30, 2017
Accounting pronouncements [Abstract]
Accounting pronouncements	7. Accounting pronouncements The following accounting pronouncements will be adopted in future reporting periods: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers." This ASU is intended to clarify the principles for recognizing revenue by removing inconsistencies in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. In applying the amended guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract's performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Entities have the option of using either a full retrospective approach or modified retrospective approach to adopt the amended guidance. The amended guidance applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. We are currently evaluating the impact this ASU may have on our consolidated financial position, results of operations or cash flows. During the first quarter of 2017, we engaged a national accounting firm to assist management in implementing the new standard. We have developed a project plan to review our revenue streams and determine the impact of the new standard, if any, to each revenue stream. We have made significant progress on our project plan but have not finalized our evaluation on whether the new standard will result in changes to our revenue recognition policies. During the remainder of the year we will continue to evaluate the potential impact, and if needed, establish policies, identify system impacts, integrate the standard into the financial reporting processes and systems, and develop an understanding of the financial impact of this standard on the Company's consolidated financial statements. The Company currently anticipates adopting the amended guidance using the modified retrospective transition approach, with any cumulative effect of initially adopting this standard recognized through retained earnings at the date of adoption. The provisions of this standard are effective for interim and annual periods beginning after December 15, 2017. We will adopt the amended guidance on January 1, 2018, at which time it becomes effective for the Company. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 Leases In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued ASU No. 2017-09, "Compensation-Stock Compensation: Scope of modification accounting". ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted, including during an interim period for which financial statements have not yet been made available for issuance. The amendments should be applied prospectively to an award modified on or after the adoption date. We will adopt ASU 2017-09 in our consolidated financial statements in the first quarter of 2018 and the adoption is not expected to have an impact on our financial statements. The following accounting pronouncements were adopted during 2017: In July 2015, FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." This ASU changes the measurement principle for inventory from the lower of cost or market to lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. The provisions of this ASU became effective for years beginning after December 15, 2016. We adopted this guidance in the first quarter of 2017 and the adoption has not resulted in a change to the value of inventory. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting." This ASU is intended to simplify several aspects of the accounting for share based payment transactions. The amended guidance requires that all tax effects related to share-based payments are recorded at settlement (or expiration) through the income statement, rather than through equity. Cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The amended guidance also allows for an employer to repurchase additional employee shares for tax withholding purposes without requiring liability accounting and clarifies that all cash payments made to tax authorities on an employee's behalf for withheld shares should be presented as a financing activity on the Consolidated Statements of Cash Flows. This ASU became effective for years beginning after December 15, 2016, and interim periods within those fiscal years, beginning after December 15, 2016. We adopted ASU 2016-09 in the first quarter of 2017. This adoption required us to reflect any adjustments as of January 1, 2017, the beginning of the annual period that includes the interim period of adoption. In the first nine months of 2017, there were 70,560 options exercised that required $18,000 of excess tax benefits to be recorded in the provision for income taxes. In the first nine months of 2016, there were 3,750 options exercised that required $1,000 of excess tax benefits to be recorded in additional paid-in-capital, as was required pursuant to the prior accounting guidance. In connection with the adoption of ASU 2016-09, in the first quarter of 2017, we made an accounting policy election to no longer estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. This election required the cumulative effect of the change to be recorded to retained earnings. As of January 1, 2017, we recorded $31,000 to decrease retained earnings and increase additional paid-in capital for the difference between the amount of compensation cost previously recorded and the amount that would have been recorded without assuming forfeitures. The presentation requirements for cash flows related to excess tax benefits and employee taxes paid for withheld shares were applied retrospectively to all periods presented. This resulted in an increase in both net cash provided by operating activities and net cash used by financing activities of $23,000 for the first nine months of 2017.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Inventories [Abstract]
Components of inventory	The components of inventories, net are: September 30, 2017 December 31, 2016 (In thousands) Raw materials and purchased component parts $ 6,525 $ 6,298 Work-in-process 1 8 Finished goods 1,645 3,401 $ 8,171 $ 9,707

Accrued product warranty liab15

Accrued product warranty liability (Tables)	9 Months Ended
	Sep. 30, 2017
Accrued product warranty liability [Abstract]
Product warranty liability	The following table summarizes the activity recorded in the accrued product warranty liability during the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30, 2017 2016 (In thousands) Balance, beginning of period $ 267 $ 277 Warranties issued 184 206 Warranty settlements (187) (200) Balance, end of period $ 264 $ 283

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings per share [Abstract]
Earnings per share	The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net income $ 1,813 $ 883 $ 3,623 $ 2,261 Shares: Basic: Weighted average common shares outstanding 7,408 7,498 7,404 7,673 Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method 178 51 100 51 Diluted: Weighted average common and common equivalent shares outstanding 7,586 7,549 7,504 7,724 Net income per common share: Basic $ 0.24 $ 0.12 $ 0.49 $ 0.29 Diluted $ 0.24 $ 0.12 $ 0.48 $ 0.29

Shareholders' equity (Tables)

Shareholders' equity (Tables)	9 Months Ended
	Sep. 30, 2017
Shareholders' equity [Abstract]
Changes in shareholders' equity	Changes in shareholders' equity for the nine months ended September 30, 2017 were as follows (in thousands): Balance at December 31, 2016 $ 24,109 Net income 3,623 Share-based compensation expense 484 Issuance of shares from exercise of stock options 294 Foreign currency translation adjustment 10 Relinquishment of stock options upon exercise and fully vested deferred stock units (23 ) Reversal of deferred tax asset in connection with stock options forfeited (110 ) Purchase of common stock for treasury (358 ) Dividends declared and paid on common stock (1,911 ) Balance at September 30, 2017 $ 26,118

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories [Abstract]
Raw materials and purchased component parts	$ 6,525	$ 6,298
Work-in-process	1	8
Finished goods	1,645	3,401
Inventories	$ 8,171	$ 9,707

Accrued product warranty liab19

Accrued product warranty liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Accrued product warranty liability [Roll Forward]
Balance, beginning of period	$ 267	$ 277
Warranties issued	184	206
Warranty settlements	(187)	(200)
Balance, end of period	264	$ 283
Accrued product warranty liability, current	184
Accrued product warranty liability, long-term	$ 80
Maximum [Member]
Warranty [Abstract]
Product warranty period	24 months

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings per share [Abstract]
Net income	$ 1,813	$ 883			$ 3,623	$ 2,261
Shares [Abstract]
Basic: Weighted average common shares outstanding (in shares)	7,408	7,498			7,404	7,673
Add: Dilutive effect of outstanding options as determined by the treasury stock method (in shares)	178	51			100	51
Diluted: Weighted average common and common equivalent shares outstanding (in shares)	7,586	7,549			7,504	7,724
Net income per common share [Abstract]
Basic (in dollars per share)	$ 0.24	$ 0.12			$ 0.49	$ 0.29
Diluted (in dollars per share)	$ 0.24	$ 0.12			$ 0.48	$ 0.29
Stock Awards [Member]
Earnings per share [Abstract]
Anti-dilutive securities excluded from computation of earnings per dilutive share (in shares)	382	833	404	833

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 24,109		$ 24,109
Net income	$ 1,813	$ 883			3,623	$ 2,261
Share-based compensation expense					484
Issuance of deferred stock units, net of relinquishments					(23)
Issuance of shares from exercise of stock options, net of tax benefit					294
Reversal of deferred tax asset in connection with stock options forfeited					(110)
Foreign currency translation adjustment	3	$ (3)			10	$ (21)
Dividends declared and paid on common stock					(1,911)
Purchase of common stock for treasury					(358)
Ending balance	$ 26,118				$ 26,118
Dividends [Abstract]
Dividends declared and paid per common share (in dollars per share)	$ 0.09	$ 0.08	$ 0.26	$ 0.24	$ 0.26	$ 0.24
Payment of dividend on common stock	$ 661	$ 595	$ 1,911	$ 1,827	$ 1,911	$ 1,827

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income taxes [Abstract]
Income tax provision	$ 769	$ 344	$ 1,010	$ 1,657	$ 1,010
Effective tax rate	29.80%	28.00%	30.90%	31.40%
Total gross unrecognized tax benefits that would impact the effective rate	$ 80			$ 80
Previously unrecognized tax benefit recognized	31
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 14			$ 14