Otelco (OTEL) 10-K 13 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	OTELCO INC.
Entity Central Index Key	1,288,359
Trading Symbol	otel
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 26,169,277
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,346,689

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 3,570	$ 10,538
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $226 and $187, respectively	4,647	5,035
Other	1,875	1,528
Materials and supplies	2,700	2,184
Prepaid expenses	3,122	2,912
Total current assets	15,914	22,197
Property and equipment, net	50,888	49,271
Goodwill	44,976	44,976
Intangible assets, net	1,328	1,785
Investments	1,632	1,821
Other assets	201	222
Total assets	114,939	120,272
Current liabilities
Accounts payable	1,619	1,477
Accrued expenses	4,803	4,730
Advance billings and payments	1,684	1,487
Customer deposits	58	62
Current maturity of long-term notes payable, net of debt issuance cost	3,891	6,071
Total current liabilities	12,055	13,827
Deferred income taxes	18,939	28,280
Advance billings and payments	2,367	1,987
Other liabilities	13	26
Long-term notes payable, less current maturities and debt issuance cost	80,058	86,860
Total liabilities	113,432	130,980
Stockholders' equity
Additional paid in capital	4,285	4,186
Accumulated deficit	(2,812)	(14,927)
Total stockholders' equity (deficit)	1,507	(10,708)
Total liabilities and stockholders' equity	114,939	120,272
Common Class A [Member]
Stockholders' equity
Class A Common Stock, $.01 par value-authorized 10,000,000 shares; issued and outstanding 3,346,689 and 3,291,750 shares, respectively	$ 34	$ 33

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 226	$ 187
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	3,346,689	3,291,750
Common stock, outstanding (in shares)	3,346,689	3,291,750

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues	$ 68,526	$ 68,944	$ 71,102
Operating expenses
Cost of services	31,395	31,875	33,123
Selling, general and administrative expenses	10,147	10,234	9,846
Depreciation and amortization	7,377	8,022	8,878
Total operating expenses	48,919	50,131	51,847
Income from operations	19,607	18,813	19,255
Other income (expense)
Interest expense	(13,249)	(10,634)	(7,894)
Loss on debt prepayment penalty	(2,303)
Other income	204	625	1,067
Total other expense	(15,348)	(10,009)	(6,827)
Income before income tax benefit (expense)	4,259	8,804	12,428
Income tax benefit (expense)	7,856	(3,658)	(4,944)
Net income	$ 12,115	$ 5,146	$ 7,484
Weighted average number of common shares outstanding:
Basic (in shares)	3,346,689	3,283,177	3,239,306
Diluted (in shares)	3,445,632	3,404,696	3,313,641
Basic net income per common share (in dollars per share)	$ 3.62	$ 1.57	$ 2.31
Diluted net income per common share (in dollars per share)	$ 3.52	$ 1.51	$ 2.26

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2014	2,881,154	232,780
Balance at Dec. 31, 2014	$ 29	$ 2	$ 3,519	$ (27,557)	$ (24,007)
Net income				7,484	7,484
Stock-based compensation expense			362		362
Issuance of Common Stock (in shares)	133,945
Issuance of Common Stock	$ 1				1
Balance (in shares) at Dec. 31, 2015	3,015,099	232,780
Balance at Dec. 31, 2015	$ 30	$ 2	3,881	(20,073)	(16,160)
Net income				5,146	5,146
Stock-based compensation expense			415		415
Issuance of Common Stock (in shares)	43,871
Issuance of Common Stock	$ 1		(1)
Tax withholdings paid on behalf of employees for restricted stock units			(109)		(109)
Conversion of Class B Stock to Class A Stock (in shares)	232,780	(232,780)
Conversion of Class B Stock to Class A Stock	$ 2	$ (2)
Balance (in shares) at Dec. 31, 2016	3,291,750
Balance at Dec. 31, 2016	$ 33		4,186	(14,927)	(10,708)
Net income				12,115	12,115
Stock-based compensation expense			308		308
Issuance of Common Stock (in shares)	54,939
Issuance of Common Stock	$ 1				1
Tax withholdings paid on behalf of employees for restricted stock units			(209)		(209)
Balance (in shares) at Dec. 31, 2017	3,346,689
Balance at Dec. 31, 2017	$ 34		$ 4,285	$ (2,812)	$ 1,507

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 12,115	$ 5,146	$ 7,484
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	7,001	7,137	7,678
Amortization	376	885	1,200
Amortization of loan costs	4,823	1,397	880
Loss on debt prepayment penalty	2,303
Provision (benefit) for deferred income taxes	(9,449)	2,001	1,882
Excess tax benefit from stock-based compensation	108	173	144
Provision for uncollectible accounts receivable	357	348	442
Stock-based compensation	308	415	362
Payment in kind interest - subordinated debt	266	273
Changes in operating assets and liabilities
Accounts receivable	(316)	(4)	(11)
Materials and supplies	(516)	(278)	9
Prepaid expenses and other assets	(189)	(100)	878
Accounts payable and accrued expenses	215	(178)	227
Advance billings and payments	577	1,428	(45)
Other liabilities	(17)	(6)	(117)
Net cash from operating activities	17,962	18,637	21,013
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(8,510)	(6,879)	(6,612)
Retirement of investment	(1)	(1)
Net cash used in investing activities	(8,511)	(6,880)	(6,612)
Cash flows used in financing activities:
Loan origination costs	(2,144)	(5,242)	(516)
Principal repayment of long-term notes payable	(98,927)	(103,052)	(12,083)
Proceeds from loan refinancing	87,000	100,300
Debt prepayment penalty fees	(2,303)
CoBank equity account retirement	164
Tax withholdings paid on behalf of employees for restricted stock units	(209)	(109)
Net cash used in financing activities	(16,419)	(8,103)	(12,599)
Net increase (decrease) in cash and cash equivalents	(6,968)	3,654	1,802
Cash and cash equivalents, beginning of period	10,538	6,884	5,082
Cash and cash equivalents, end of period	3,570	10,538	6,884
Supplemental disclosures of cash flow information:
Interest paid	9,287	8,364	7,016
Income taxes paid	1,802	1,923	2,414
Conversion of Class B common stock to Class A common stock		2
Issuance of Class A common stock	$ 1	$ 1	$ 1

Note 1 - Nature of Business

Note 1 - Nature of Business	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business Otelco Inc. (together with its consolidated subsidiaries, the “Company”) provides a broad range of telecommunication services on a retail and wholesale basis. These services include local and long distance calling; network access to and from the Company’s customers; data transport; digital high-speed and legacy dial-up internet access; cable and Internet Protocol television; other telephone related services; and cloud hosting and managed services. The principal markets for these services are business and residential customers residing in and adjacent to the exchanges the Company serves in Alabama, Maine, Massachusetts, Missouri, Vermont, and West Virginia. In addition, the Company serves business customers throughout Maine and New Hampshire and provides legacy dial-up internet service throughout the states of Maine and Missouri. The Company offers various communications services that are sold to economically similar customers in a comparable manner of distribution. The Company also offers cloud hosting and managed services for small and mid-sized companies who rely on mission-critical software applications. The majority of customers buy multiple services, often bundled together at a single price. The Company views, manages and evaluates the results of its operations from the various communications services as one one Refinancings On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. ’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement required principal payments of $1.0 April 1, 2016. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018, On November 2, 2017, $92 five $87.0 $5.0 $20.0 $28 $3.7

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Otelco Inc. and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC (“BTC”); Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly-owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying consolidated financial statements include the accounts of Otelco Inc. and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. Use of Estimates The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America , which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may Significant accounting estimates include the recoverability of goodwill, identified intangibles, long-term assets, deferred tax valuation allowances and allowance for bad debt. Regulatory Accounting Th e Company follows the accounting for regulated enterprises, which is now part of Accounting Standards Codification (“ASC”) 980, Regulated Operations 980” 980 980 980 1 2 980 December 31, 2017 , and 2016, 80.5% and 77.0%, 980. The Company is subject to reviews and audits by regulatory agencies. The effect of these reviews and audits, if any, will be recorded in the period in which they first Intangible Assets and Goodwill Intangible assets consist primarily of the fair value s of customer related intangibles, non-compete agreements and long-term customer contracts acquired in connection with business combinations. Goodwill represents the excess of total acquisition cost over the assigned value of net identifiable tangible and intangible assets acquired through various business combinations, less any impairment. Due to the regulatory accounting required by ASC 980, not 805, Business Combinations 2004. 47 32.2000, The Company performs a quarterly review of its identified intangible assets to determine if facts and circumstances exist which indicate that the useful life is shorter than originally estimated or that the carrying amount of assets may not If such facts and circumstances do exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. ASC 350, Intangibles Goodwill and Other 350” 1 Revenue Recognition Local services not distance in bundles is billed at a flat rate and recognized in the appropriate period . Network access . Network access revenue is derived from several sources. Revenue for interstate access services is received through tariffed access charges filed with the Federal Communications Commission (the “FCC”). These access charges are billed by the Company to interstate interexchange carriers and retail voice customers. A portion of the access charge revenue received by the Company is based upon its actual cost of providing interstate access service, plus a return on the investment dedicated to providing that service. The balance of the access charge revenue received by the Company is based upon the nationwide average schedule costs of providing interstate access services. Rates for the Company’s competitive subsidiaries are set by FCC rule to be no , which calculates the cost to provide broadband services to rural areas of each state. Ten of the Company’s RLECs receive ACAM revenues. One of the Company’s RLECs does not Revenue for intrastate access service is received through tariffed access charges billed by the Company to the originating intrastate carrier using access rates filed with the Alabama Public Service Commission (the “APSC”), the Maine Public Utilities Commission (the “MPUC”), the Massachusetts Department of Telecommunications and Cable (the “MDTC”), the Missouri Public Service Commission (the “MPSC”), the New Hampshire Public Utilities Commission (the “NHPUC”), the Vermont Public Utilities Commission (the “VPUC”) and the West Virginia Public Service Commission (the “WVPSC”) and are retained by the Company. Revenue for the intrastate/interLATA access service is received through tariffed access charges as filed with the APSC, MDTC, MPSC, MPUC, NHPUC, VPUC and WVPSC. These access charges are billed to the intrastate carriers and are retained by the Company. Revenue for terminating and originating long distance service is received through charges for providing usage of the local exchange network. Toll revenues are recognized when services are rendered. The FCC’s Intercarrier Compensation order, issued in October 2011, July 2013. 2014, six Revenues for interstate access services are based on reimbursement of costs and an allowed rate of return. Revenues of this nature are received from the USAC through the National Exchange Carrier Association (“NECA”), who files tariffs with the FCC on behalf of the NECA member companies, in the form of monthly settlements, or bill and keep of access charges. Such revenues amounted to 21.9%, 18.6%, 17.4% December 31, 2017, 2016, 2015, March 2016, 25 2016 25 2021. Internet, tran sport service, cable and satellite television and cloud hosting and managed services December 31, 2017 , and 2016 , of $2.4 $628 Cash and Cash Equivalents Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash equivalents are high-quality, short-term m oney market instruments and highly liquid debt instruments with an original maturity of three Accounts Receivable The Company extends credit to its business and residential customers based upon a written credit policy. Service interruption is the primary vehicle for controlling losses. Accounts receivable are recorded at the invoiced amount and do not Materials and Supplies Materials and supplies are stated at the lower of cost or market value. Cost is determined using an average cost basis. P roperty and Equipment Regulated property and equipment is stated at original cost less any impairment. Unregulated property and equipment purchased through acquisitions is stated at its fair value at the date of acquisition less any impairment. Expenditu res for improvements that significantly add to productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed when incurred. Depreciation of regulated property and equipment is computed principally using the straight-line method over useful lives determined by the APSC for Alabama locations, while the other regulated locations use similar useful lives as Alabama. Depreciation of unregulated property and equipment primarily employs the straight-line method over industry standard estimated useful lives. Long-Lived Assets The Company reviews its long-lived assets for impairment at each balance sheet date and whenever events or changes in circumstances indicate that the carrying amount of an a sset should be assessed. To determine if impairment exists, the Company estimates the future undiscounted cash flows expected to result from the use of the asset being reviewed for impairment. If the sum of these expected future cash flows is less than the carrying amount of the asset, the Company recognizes an impairment loss in accordance with guidance included in ASC 360, Property, Plant, and Equipment Deferred Financing Costs Deferred financing and loan costs consist of debt issuance costs incurred in obtaining long-term financing, which are amortized using the effective inter est method. Amortization of deferred financing and loan costs is classified as “Interest expense”. When amendments to debt agreements are considered to extinguish existing debt per guidance included in ASC 470, Debt Income Taxes The Company accounts for income taxes using the asset and liability approach in accordance with guidance included in ASC 740, Income Taxes 740” . The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates. Any changes in enacted tax rates or tax laws are included in the provision for income taxes in the period of enactment. A valuation allowance is provided when it is more likely than not not The provision for income taxes consists of an amount for the taxes currently payable and a provision for the tax consequences deferred to future periods. Interest and penalties related to income tax matters would be recognized in income tax expense. As of December 31, 2017, no The Company conducts business in multiple jurisdictions and, as a result, one l, various state and local jurisdictions. All tax years since 2014 Fair Value of Financial Instruments The carrying value s of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaids, accounts payable and accrued liabilities, approximate their fair values as of December 31, 2017 , and 2016 , due to their short term nature. The fair value of debt instruments at December 31, 2017 , and 2016 , is disclosed in the notes to the consolidated financial statements. Income per Common Share The Co mpany computes net income per common share in accordance with the provisions included in ASC 260, Earnings per Share 260” 260, Recently Adopted Accounting Pronouncements In August 2014, 2014 15, Presentation of Financial Statements – Going Concern (Subtopic 205 40 December 15, 2016, not In March 2016, 2016 09 , Compensation–Stock Compensation (Topic 718 December 15, 2016, March 31, 2016 not Recent Accounting Pronou ncements Du ring 2016 2017, 2016 01 2016 20 2017 01 2017 15, , these ASUs provide technical corrections or simplifications to existing guidance and to specialized industries or entities and therefore have minimal, if any, impact on the Company. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 December 15, 2016, not July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, In January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 June 2016. 2014 09’s 2014 09, 2014 09 five 74.3% 2014 09. 2014 09. As of December 31, 2017, ’s ongoing evaluation of new transactions and contracts, the Company has substantially completed its evaluation of the expected impact of adopting ASU 2014 09 adopt ASU 2014 09 2018 not . In February 2016, 2016 02 , Leases (Topic 842 2016 02” . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 not In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 230, December 15, 2017, 2018 not . In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation 2017 09 December 15, 2017, not 2017 09 2018 not . In May 2017, 2017 10, Service Concession Arrangements (Topic 853 2017 10” not 840, Leases 2017 10 not December 15, 2017, 2018 not

Note 3 - Goodwill and Intangibl

Note 3 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	3. Goodwill and Intangible Assets ASC 350 ed for impairment annually, unless potential interim indicators exist that could result in impairment. Although the Company has only one three December 31, 2017, 87.2%, 12.8% 1 .0%, October 1, 2017. DCF”) method under the income approach as well as the guideline public company method (“GPCM”) under the market approach to value the reporting units. The Company utilized weightings of 75.0% 25.0% no October 1, 2017, 2016 . The Company determined that no October 1, 2017 December 31, 2017 , indicated that a further assessment was necessary. There was no nts of goodwill for Alabama, Missouri and New England during 2017 2016, $39,199 $5,758 $19 , as of both December 31, 2017 , and 2016. The Company also found no December 31, 2017, 2016, Intangible assets are summarized as follows (in thousands): December 31, 2016 Carrying Value Accumulated Amortization Net Book Value Customer relationships $ 24,025 $ (22,254 ) $ 1,771 Contract relationships 19,600 (19,600 ) - Non-competition 107 (101 ) 6 Trade name 23 (15 ) 8 Total $ 43,755 $ (41,970 ) $ 1,785 December 31, 2017 Carrying Value Accumulated Amortization Net Book Value Customer relationships $ 24,025 $ (22,705 ) $ 1,320 Contract relationships 19,600 (19,600 ) - Non-competition 107 (105 ) 2 Trade name 23 (17 ) 6 Total $ 43,755 $ (42,427 ) $ 1,328 These intangible assets had a range of 2 15 December 31, 2017 , for each of the following periods (in thousands): Aggregate amortization expense for the years ended December 31, 2015 $ 815 2016 $ 578 2017 $ 458 Expected amortization expense for the years ending December 31, 2018 $ 408 2019 389 2020 372 2021 159 2022 – Total $ 1,328

Note 4 - Property and Equipment

Note 4 - Property and Equipment	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. Property and Equipment A summary of property and equipment is shown as follows (in thousands, except estimated life): Estimated December 31, Life 2017 2016 Land $ 1,164 $ 1,164 Building and improvements 20 - 40 12,999 12,812 Telephone equipment 6 - 20 239,539 234,422 Cable television equipment 7 12,417 12,199 Furniture and equipment 8 - 14 3,087 3,067 Vehicles 7 - 9 6,992 6,855 Computer software equipment 5 - 7 16,830 16,648 Internet equipment 5 3,940 3,891 Total property and equipment 296,968 291,058 Accumulated depreciation and amortization (246,080 ) (241,787 ) Net property and equipment $ 50,888 $ 49,271 Depreciation expense for t he years ended December 31, 2017, 2016 , and 2015 , was $7,001 $7,137 $7,678 82 $307 $385 December 31, 2017, 2016 , and 2015, .

Note 5 - Other Accounts Receiva

Note 5 - Other Accounts Receivable	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Financing Receivables [Text Block]	5. Other Accounts Receivable Other accounts receivable consist of the following (in thousands) as of: December 31, 2017 2016 Carrier access bills receivable $ 282 $ 380 NECA receivable 1,238 1,028 Receivables from Alabama Service Fund 53 56 Other miscellaneous 302 64 $ 1,875 $ 1,528

Note 6 - Investments

Note 6 - Investments	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Investment [Text Block]	6. Investments Investments consist of the following (in thousands) as of: December 31, 2017 2016 Investment in CoBank stock $ 1,311 $ 1,475 Rental property 245 271 Other miscellaneous 76 75 $ 1,632 $ 1,821 The investment in CoBank stock is carried at historical cost due to no no

Note 7 - Notes Payable

Note 7 - Notes Payable	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Notes Payable Notes payable consist s of the following (in thousands, except percentages) as of: December 31, 2017 December 31, 2016 Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest was monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The Senior Loan Agreement was fully repaid on November 2, 2017. $ — $ 82,000 Debt issuance cost — (3,889 ) Senior notes payable, net of debt issuance cost $ — $ 78,111 December 31, December 31, 2017 2016 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at December 31, 2016. Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued was added to the principal amount then outstanding on the last business day of each quarter. The Subordinated Loan Agreement was fully repaid on November 2, 2017. $ — $ 15,300 PIK interest added to principal — 273 Less: Long-term portion of debt issuance cost — (753 ) Long-term notes payable, net of debt issuance cost $ — $ 14,820 December 31, December 31, Current Long-term 2017 2016 New Credit Facility with CoBank, ACB; variable interest rate of 6.07% at December 31, 2017, interest is quarterly, paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 81,562 $ 85,912 $ — Debt issuance cost (459 ) (1,504 ) (1,963 ) — N otes payable, net of debt issuance cost $ 3,891 $ 80,058 $ 83,949 $ — Associated with the Previous Credit Facility, the Company had $2.7 third $141 $880 December 31, 2016 , and 2015, $140 $15 December 31, 2016, Associated with the Senior Loan Agreement, the Company had $4.9 $896 $978 December 31, 2017, 2016, $3,070 $14 December 31, 2017, Associated with the Subordinated Loan Agreement, the Comp any had $892 $133 $139 December 31, 2017, 2016, $621 $14 December 31, 2017, Associated with the New Credit Facility, the Company has $2.0 $75 December 31, 2017, The Company had a revolving credit facility on December 31, 2015 , of $5.0 no December 31, 2015. February 17, 2016. 0.50% $3 $25 December 31, 2016, 2015, The Company had a revolving credit facility on December 31, 2016, $5.0 no December 31, 2016. November 2, 2017. 0.75% $32 $33 December 31, 2017, 2016, The revolving credit facility associated with the Company’s New Credit Facility had a maximum borrowing capacity of $5.0 December 31, 2017. November 3, 2022. no December 31, 2017. 0.50% $4 December 31, 2017. Maturities of notes payable for the next five no xcess cash flow payments, are as follows (in thousands): 2018 $ 4,350 2019 4,350 2020 4,350 2021 4,350 2022 68,512 Total $ 85,912 A total of $2.0 of debt issuance cost is amortized over the life of the loan and is recorded net of the notes payable on the consolidated balance sheets. The Company ’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of December 31, 2017,

Note 8 - Acquisition

Note 8 - Acquisition	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	8. Acquisition On January 2, 2014 , the Company’s wholly-owned subsidiary, CRC, acquired substantially all of the assets of Reliable Networks of Maine, LLC (“Reliable Networks”), a Portland, Maine-based provider of cloud hosting and managed services for small and mid-sized companies who rely on mission-critical software applications . CRC paid $0.5 , and all applicable contingent consideration was paid in Class A common stock in March 2015 .

Note 9 - Income Tax

Note 9 - Income Tax	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Tax Income tax expense for the years ended December 31, 2017, 2016, 2015 For the Years Ended December 31, 2017 2016 2015 Federal income taxes Current $ 1,201 $ 1,176 $ 2,552 Deferred (9,332 ) 1,872 1,661 Total federal tax (benefit) expense (8,131 ) 3,048 4,213 State income taxes Current 284 308 366 Deferred (9 ) 302 365 Total state tax expense 275 610 731 Total income tax (benefit) expense $ (7,856 ) $ 3,658 $ 4,944 Public Law No: 115 97, December 22, 2017. 35% 21%. 740 21%. The Securities and Exchange Commission staff issued Staff Accounting Bulletin (“SAB”) 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act 118” 118, the Company is still analyzing certain aspects of the Tax Act and refining its calculations. The analysis could potentially affect the measurement of these deferred tax balances or give rise to new deferred tax amounts. Based on the Company’s current understanding of the Tax Act, it has made a reasonable estimate of the Tax Act’s effects on the Company’s deferred tax balances. As of December 31, 2017, $9.3 one The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax li abilities as of December 31, 2017, 2016, December 31, 2017 2016 Deferred tax liabilities: Amortization $ (11,058 ) $ (16,588 ) Depreciation (8,408 ) (11,966 ) Prepaid expense (151 ) (444 ) State net operating loss carryforwards and adjustments (266 ) (279 ) Other (8 ) (13 ) Total deferred tax liabilities $ (19,891 ) $ (29,290 ) Deferred tax assets: Deferred compensation $ 131 $ 232 Advance payments 520 245 Bad debt 71 121 Other 230 412 Total net deferred tax assets $ 952 $ 1,010 As of December 31, 2017, $0 $33 December 31, 2016, $0 $25 no December 31, 2017 , or December 31, 2016. December 31, 2017, no The effective income tax rates as of December 31, 2017 , 2016 , and 2015 , were ( 184.5 , 41.5% 39.8%, ASC 740 r ended December 31, 2017, 2016 , and 2015, not 2014 Tot al income tax expense was different than that computed by applying U.S. federal income tax rates to income before income taxes for the years ended December 31, 2017, 2016 , and 2015. For the Years Ended December 31, 2017 2016 2015 Federal income tax at statutory rate 35 % 35 % 35 % Federal income tax provision at statutory rate $ 1,491 $ 3,081 $ 4,349 State income tax provision, net of federal income tax effects 177 397 475 Federal tax rate change (9,336 ) — — Other (188 ) 180 120 (Benefit) provision for income taxes $ (7,856 ) $ 3,658 $ 4,944 Effective income tax rate (184.5 )% 41.5 % 39.8 %

Note 10 - Employee Benefit Prog

Note 10 - Employee Benefit Program	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	10. Employee Benefit Program Employees of all subsidiaries except BTC participate in a Company-sponsored defined contribution savings plan under Section 401 not $18.5 $18 $18 2017, 2016 2015, 4.5% 2017, 2016 2015. December 31, 2017, 2016 , and 2015, $486 $508 $520 The employees of BTC participate in a multiemployer Retirement and Security Program (“ RSP”) as a defined benefit plan and a Savings Plan (“SP”) provided through the National Telecommunications Cooperative Association. The risks associated with participating in a multiemployer plan are different from a single-employer plan. Contributions to the multiemployer plan by the Company may may 1 .0% 2017, 2016 2015, 4.5% 401 no 2017, 2016 2015. December 31, 2017, 2016 , and 2015, $16 $16 $15 .

Note 11 - Net Income Per Common

Note 11 - Net Income Per Common Share	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Net Income per Common Share Basic net i ncome per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that would occur should all of the shares of Class A common stock underlying restricted stock units (“RSUs”), as well as all of the shares of Class A common stock, for which the Company has accrued an expense, that may A re conciliation of the common shares for purposes of the calculation of the Company’s basic and diluted net income per common share is as follows (weighted average number of common shares outstanding in whole numbers and net income in thousands): For the Years Ended December 31, 2017 2016 2015 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 3,239,306 Effect of dilutive securities 98,943 121,519 74,335 Weighted average number of common shares and potential 3,445,632 3,404,696 3,313,641 Net income $ 12,115 $ 5,146 $ 7,484 Net income per common share - basic $ 3.62 $ 1.57 $ 2.31 Net income per common share - diluted $ 3.52 $ 1.51 $ 2.26

Note 12 - Fair Value Measuremen

Note 12 - Fair Value Measurement	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	12. Fair Value Measurement The Company adopted ASC 820, Fair Value Measurements and Disclosures 820” ASC 820 t date. ASC 820 three ● Level 1 ● Level 2 consists of observable market data, other than that included in Level 1, ● Level 3 may not if there is little available market data and the Company’s own assumptions are considered by management to be the best available information. Fair Value Notes Payable The fair value of the Company ’s notes payable is determined using various methods, including quoted market prices for notes with similar terms of maturity, which is a Level 2 3 820 not The carrying amounts and estimated fair values of notes payable are as follows (in thousands): Senior Loan Agreement Carrying Value Fair Value Notes payable December 31, 2016 $ 82,000 $ 83,989 Notes payable December 31, 2017 $ — $ — Subordinated Loan Agreement Carrying Value Fair Value Notes payable December 31, 2016 $ 15,573 $ 15,605 Notes payable December 31, 2017 $ — $ — New Credit Facility Carrying Value Fair Value Notes payable December 31, 2016 $ — $ — Notes payable December 31, 2017 $ 85,912 $ 86,562

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	13. Commitments and Contingencies From time to time, the Company may dministrative hearings of the APSC, the MPUC, the MDTC, the MPSC, the NHPUC, the VPUC and the WVPSC, relating primarily to rate making and customer service requirements. In addition, the Company may none Sprint Communications L.P. (“ Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) have filed more than 60 400 two one May 2, 2014, September 5, 2014, one September 5, 2014. November 17, 2015, May 5, 2016, 3 3” not 3 3 March 22, 2017, 3’s 3 May 3, 2017, June 1, 2017, September 1, 2017. not February 23, 2018. not On November 10, 2014, king a ruling by the FCC that: ( 1 2 may 3 4 may not March 11, 2015, No not Leases Minimum future rental commitments under non-cancellable operating leases, primarily for real property and office facilities , at December 31, 2017 , consist of the following (in thousands): 2018 $ 491 2019 465 2020 443 2021 442 2022 331 Thereafter 620 Total $ 2,792 Rent expense for t he years ended December 31, 2017, 2016 , and 2015 , was $539 $562 $582

Note 14 - Stock Plans and Stock

Note 14 - Stock Plans and Stock Associated With Acquisition	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Shareholders' Equity and Share-based Payments [Text Block]	14. Stock Plans and Stock Associated with Acquisition The Company has previously granted RSUs underlying 366,356 These RSUs (or a portion thereof) vest with respect to each recipient over a one three 366,356 162,716 December 31, 2016 . During the twelve December 31, 2017, no no The following table summarizes RSU activity as of December 31, 2017: Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at December 31, 2017 98,943 $ 4.51 CRC acquired substantially all of the assets of Reliabl e Networks on January 2, 2014. 2015 one December 31, 2014, 68,233 March 12, 2015, December 31, 2016, 2015, not no December 31, 2016. Stock-based compensation expense related t o RSUs and the Earn-Out was $308 $415 December 31, 2017, 2016, no 2014 As of December 31, 2017 , and 2016, $343 $503 2019. As stated above, the Company continues to estimate forfeitures in calculating the expense related to stock-based compensation, as opposed to only recognizing these forfeitures and the corresponding reduction in expense as they occur. The tax benefit recognized with respect to RSUs and the Earn-Out during the year s ended December 31, 2017 , and 2016 , was $108 $173 .

Note 15 - Selected Quarterly Fi

Note 15 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	15. Selected Quarterly Financial Data (unaudited and in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2016: Revenue $ 17,490 $ 17,232 $ 17,389 $ 16,833 Operating income $ 4,746 $ 4,899 $ 4,561 $ 4,607 Net income $ 1,750 $ 1,324 $ 1,125 $ 947 Net income per common share - basic $ 0.53 $ 0.40 $ 0.34 $ 0.30 Net income per common share - diluted $ 0.52 $ 0.39 $ 0.33 $ 0.27 Fiscal 2017: Revenue $ 17,380 $ 17,406 $ 16,946 $ 16,794 Operating income $ 5,021 $ 5,053 $ 4,989 $ 4,544 Net income $ 1,608 $ 1,536 $ 1,589 $ 7,382 Net income per common share - basic $ 0.48 $ 0.46 $ 0.67 $ 2.21 Net income per common share - diluted $ 0.47 $ 0.45 $ 0.65 $ 2.14

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	Refinancings On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. ’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement required principal payments of $1.0 April 1, 2016. not $15 $140 second 2017, $77.9 $8.5 $7.5 2017 2018, On November 2, 2017, $92 five $87.0 $5.0 $20.0 $28 $3.7
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Otelco Inc. and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC (“BTC”); Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly-owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying consolidated financial statements include the accounts of Otelco Inc. and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America , which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may Significant accounting estimates include the recoverability of goodwill, identified intangibles, long-term assets, deferred tax valuation allowances and allowance for bad debt.
Intercompany Profit to Regulated Affiliates, Policy [Policy Text Block]	Regulatory Accounting Th e Company follows the accounting for regulated enterprises, which is now part of Accounting Standards Codification (“ASC”) 980, Regulated Operations 980” 980 980 980 1 2 980 December 31, 2017 , and 2016, 80.5% and 77.0%, 980. The Company is subject to reviews and audits by regulatory agencies. The effect of these reviews and audits, if any, will be recorded in the period in which they first
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Goodwill Intangible assets consist primarily of the fair value s of customer related intangibles, non-compete agreements and long-term customer contracts acquired in connection with business combinations. Goodwill represents the excess of total acquisition cost over the assigned value of net identifiable tangible and intangible assets acquired through various business combinations, less any impairment. Due to the regulatory accounting required by ASC 980, not 805, Business Combinations 2004. 47 32.2000, The Company performs a quarterly review of its identified intangible assets to determine if facts and circumstances exist which indicate that the useful life is shorter than originally estimated or that the carrying amount of assets may not If such facts and circumstances do exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. ASC 350, Intangibles Goodwill and Other 350” 1
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Local services not distance in bundles is billed at a flat rate and recognized in the appropriate period . Network access . Network access revenue is derived from several sources. Revenue for interstate access services is received through tariffed access charges filed with the Federal Communications Commission (the “FCC”). These access charges are billed by the Company to interstate interexchange carriers and retail voice customers. A portion of the access charge revenue received by the Company is based upon its actual cost of providing interstate access service, plus a return on the investment dedicated to providing that service. The balance of the access charge revenue received by the Company is based upon the nationwide average schedule costs of providing interstate access services. Rates for the Company’s competitive subsidiaries are set by FCC rule to be no , which calculates the cost to provide broadband services to rural areas of each state. Ten of the Company’s RLECs receive ACAM revenues. One of the Company’s RLECs does not Revenue for intrastate access service is received through tariffed access charges billed by the Company to the originating intrastate carrier using access rates filed with the Alabama Public Service Commission (the “APSC”), the Maine Public Utilities Commission (the “MPUC”), the Massachusetts Department of Telecommunications and Cable (the “MDTC”), the Missouri Public Service Commission (the “MPSC”), the New Hampshire Public Utilities Commission (the “NHPUC”), the Vermont Public Utilities Commission (the “VPUC”) and the West Virginia Public Service Commission (the “WVPSC”) and are retained by the Company. Revenue for the intrastate/interLATA access service is received through tariffed access charges as filed with the APSC, MDTC, MPSC, MPUC, NHPUC, VPUC and WVPSC. These access charges are billed to the intrastate carriers and are retained by the Company. Revenue for terminating and originating long distance service is received through charges for providing usage of the local exchange network. Toll revenues are recognized when services are rendered. The FCC’s Intercarrier Compensation order, issued in October 2011, July 2013. 2014, six Revenues for interstate access services are based on reimbursement of costs and an allowed rate of return. Revenues of this nature are received from the USAC through the National Exchange Carrier Association (“NECA”), who files tariffs with the FCC on behalf of the NECA member companies, in the form of monthly settlements, or bill and keep of access charges. Such revenues amounted to 21.9%, 18.6%, 17.4% December 31, 2017, 2016, 2015, March 2016, 25 2016 25 2021. Internet, tran sport service, cable and satellite television and cloud hosting and managed services December 31, 2017 , and 2016 , of $2.4 $628
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash equivalents are high-quality, short-term m oney market instruments and highly liquid debt instruments with an original maturity of three
Receivables, Policy [Policy Text Block]	Accounts Receivable The Company extends credit to its business and residential customers based upon a written credit policy. Service interruption is the primary vehicle for controlling losses. Accounts receivable are recorded at the invoiced amount and do not
Inventory, Policy [Policy Text Block]	Materials and Supplies Materials and supplies are stated at the lower of cost or market value. Cost is determined using an average cost basis.
Property, Plant and Equipment, Policy [Policy Text Block]	P roperty and Equipment Regulated property and equipment is stated at original cost less any impairment. Unregulated property and equipment purchased through acquisitions is stated at its fair value at the date of acquisition less any impairment. Expenditu res for improvements that significantly add to productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are expensed when incurred. Depreciation of regulated property and equipment is computed principally using the straight-line method over useful lives determined by the APSC for Alabama locations, while the other regulated locations use similar useful lives as Alabama. Depreciation of unregulated property and equipment primarily employs the straight-line method over industry standard estimated useful lives.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Assets The Company reviews its long-lived assets for impairment at each balance sheet date and whenever events or changes in circumstances indicate that the carrying amount of an a sset should be assessed. To determine if impairment exists, the Company estimates the future undiscounted cash flows expected to result from the use of the asset being reviewed for impairment. If the sum of these expected future cash flows is less than the carrying amount of the asset, the Company recognizes an impairment loss in accordance with guidance included in ASC 360, Property, Plant, and Equipment
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs Deferred financing and loan costs consist of debt issuance costs incurred in obtaining long-term financing, which are amortized using the effective inter est method. Amortization of deferred financing and loan costs is classified as “Interest expense”. When amendments to debt agreements are considered to extinguish existing debt per guidance included in ASC 470, Debt
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes using the asset and liability approach in accordance with guidance included in ASC 740, Income Taxes 740” . The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates. Any changes in enacted tax rates or tax laws are included in the provision for income taxes in the period of enactment. A valuation allowance is provided when it is more likely than not not The provision for income taxes consists of an amount for the taxes currently payable and a provision for the tax consequences deferred to future periods. Interest and penalties related to income tax matters would be recognized in income tax expense. As of December 31, 2017, no The Company conducts business in multiple jurisdictions and, as a result, one l, various state and local jurisdictions. All tax years since 2014
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying value s of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaids, accounts payable and accrued liabilities, approximate their fair values as of December 31, 2017 , and 2016 , due to their short term nature. The fair value of debt instruments at December 31, 2017 , and 2016 , is disclosed in the notes to the consolidated financial statements.
Earnings Per Share, Policy [Policy Text Block]	Income per Common Share The Co mpany computes net income per common share in accordance with the provisions included in ASC 260, Earnings per Share 260” 260,
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In August 2014, 2014 15, Presentation of Financial Statements – Going Concern (Subtopic 205 40 December 15, 2016, not In March 2016, 2016 09 , Compensation–Stock Compensation (Topic 718 December 15, 2016, March 31, 2016 not Recent Accounting Pronou ncements Du ring 2016 2017, 2016 01 2016 20 2017 01 2017 15, , these ASUs provide technical corrections or simplifications to existing guidance and to specialized industries or entities and therefore have minimal, if any, impact on the Company. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 December 15, 2016, not July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, In January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250 323 2017 03” 2014 09 2014 09 2014 09 June 2016. 2014 09’s 2014 09, 2014 09 five 74.3% 2014 09. 2014 09. As of December 31, 2017, ’s ongoing evaluation of new transactions and contracts, the Company has substantially completed its evaluation of the expected impact of adopting ASU 2014 09 adopt ASU 2014 09 2018 not . In February 2016, 2016 02 , Leases (Topic 842 2016 02” . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 not In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 230, December 15, 2017, 2018 not . In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2 2017 04 December 15, 2019, January 1, 2017. not In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09” 2017 09 718, Stock Compensation 2017 09 December 15, 2017, not 2017 09 2018 not . In May 2017, 2017 10, Service Concession Arrangements (Topic 853 2017 10” not 840, Leases 2017 10 not December 15, 2017, 2018 not

Note 3 - Goodwill and Intangi23

Note 3 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	December 31, 2016 Carrying Value Accumulated Amortization Net Book Value Customer relationships $ 24,025 $ (22,254 ) $ 1,771 Contract relationships 19,600 (19,600 ) - Non-competition 107 (101 ) 6 Trade name 23 (15 ) 8 Total $ 43,755 $ (41,970 ) $ 1,785 December 31, 2017 Carrying Value Accumulated Amortization Net Book Value Customer relationships $ 24,025 $ (22,705 ) $ 1,320 Contract relationships 19,600 (19,600 ) - Non-competition 107 (105 ) 2 Trade name 23 (17 ) 6 Total $ 43,755 $ (42,427 ) $ 1,328
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Aggregate amortization expense for the years ended December 31, 2015 $ 815 2016 $ 578 2017 $ 458 Expected amortization expense for the years ending December 31, 2018 $ 408 2019 389 2020 372 2021 159 2022 – Total $ 1,328

Note 4 - Property and Equipme24

Note 4 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	Estimated December 31, Life 2017 2016 Land $ 1,164 $ 1,164 Building and improvements 20 - 40 12,999 12,812 Telephone equipment 6 - 20 239,539 234,422 Cable television equipment 7 12,417 12,199 Furniture and equipment 8 - 14 3,087 3,067 Vehicles 7 - 9 6,992 6,855 Computer software equipment 5 - 7 16,830 16,648 Internet equipment 5 3,940 3,891 Total property and equipment 296,968 291,058 Accumulated depreciation and amortization (246,080 ) (241,787 ) Net property and equipment $ 50,888 $ 49,271

Note 5 - Other Accounts Recei25

Note 5 - Other Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2017 2016 Carrier access bills receivable $ 282 $ 380 NECA receivable 1,238 1,028 Receivables from Alabama Service Fund 53 56 Other miscellaneous 302 64 $ 1,875 $ 1,528

Note 6 - Investments (Tables)

Note 6 - Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Investment [Table Text Block]	December 31, 2017 2016 Investment in CoBank stock $ 1,311 $ 1,475 Rental property 245 271 Other miscellaneous 76 75 $ 1,632 $ 1,821

Note 7 - Notes Payable (Tables)

Note 7 - Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	2018 $ 4,350 2019 4,350 2020 4,350 2021 4,350 2022 68,512 Total $ 85,912
Senior Notes [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, 2017 December 31, 2016 Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest was monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement was secured by the total assets of the subsidiary guarantors. The Senior Loan Agreement was fully repaid on November 2, 2017. $ — $ 82,000 Debt issuance cost — (3,889 ) Senior notes payable, net of debt issuance cost $ — $ 78,111 December 31, December 31, 2017 2016 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at December 31, 2016. Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued was added to the principal amount then outstanding on the last business day of each quarter. The Subordinated Loan Agreement was fully repaid on November 2, 2017. $ — $ 15,300 PIK interest added to principal — 273 Less: Long-term portion of debt issuance cost — (753 ) Long-term notes payable, net of debt issuance cost $ — $ 14,820
New Credit Facility [Member]
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, December 31, Current Long-term 2017 2016 New Credit Facility with CoBank, ACB; variable interest rate of 6.07% at December 31, 2017, interest is quarterly, paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022. $ 4,350 $ 81,562 $ 85,912 $ — Debt issuance cost (459 ) (1,504 ) (1,963 ) — N otes payable, net of debt issuance cost $ 3,891 $ 80,058 $ 83,949 $ —

Note 9 - Income Tax (Tables)

Note 9 - Income Tax (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the Years Ended December 31, 2017 2016 2015 Federal income taxes Current $ 1,201 $ 1,176 $ 2,552 Deferred (9,332 ) 1,872 1,661 Total federal tax (benefit) expense (8,131 ) 3,048 4,213 State income taxes Current 284 308 366 Deferred (9 ) 302 365 Total state tax expense 275 610 731 Total income tax (benefit) expense $ (7,856 ) $ 3,658 $ 4,944
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2017 2016 Deferred tax liabilities: Amortization $ (11,058 ) $ (16,588 ) Depreciation (8,408 ) (11,966 ) Prepaid expense (151 ) (444 ) State net operating loss carryforwards and adjustments (266 ) (279 ) Other (8 ) (13 ) Total deferred tax liabilities $ (19,891 ) $ (29,290 ) Deferred tax assets: Deferred compensation $ 131 $ 232 Advance payments 520 245 Bad debt 71 121 Other 230 412 Total net deferred tax assets $ 952 $ 1,010
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ended December 31, 2017 2016 2015 Federal income tax at statutory rate 35 % 35 % 35 % Federal income tax provision at statutory rate $ 1,491 $ 3,081 $ 4,349 State income tax provision, net of federal income tax effects 177 397 475 Federal tax rate change (9,336 ) — — Other (188 ) 180 120 (Benefit) provision for income taxes $ (7,856 ) $ 3,658 $ 4,944 Effective income tax rate (184.5 )% 41.5 % 39.8 %

Note 11 - Net Income Per Comm29

Note 11 - Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Years Ended December 31, 2017 2016 2015 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 3,239,306 Effect of dilutive securities 98,943 121,519 74,335 Weighted average number of common shares and potential 3,445,632 3,404,696 3,313,641 Net income $ 12,115 $ 5,146 $ 7,484 Net income per common share - basic $ 3.62 $ 1.57 $ 2.31 Net income per common share - diluted $ 3.52 $ 1.51 $ 2.26

Note 12 - Fair Value Measurem30

Note 12 - Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	Senior Loan Agreement Carrying Value Fair Value Notes payable December 31, 2016 $ 82,000 $ 83,989 Notes payable December 31, 2017 $ — $ — Subordinated Loan Agreement Carrying Value Fair Value Notes payable December 31, 2016 $ 15,573 $ 15,605 Notes payable December 31, 2017 $ — $ — New Credit Facility Carrying Value Fair Value Notes payable December 31, 2016 $ — $ — Notes payable December 31, 2017 $ 85,912 $ 86,562

Note 13 - Commitments and Con31

Note 13 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2018 $ 491 2019 465 2020 443 2021 442 2022 331 Thereafter 620 Total $ 2,792

Note 14 - Stock Plans and Sto32

Note 14 - Stock Plans and Stock Associated With Acquisition (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Weighted Average Grant Date RSUs Fair Value Outstanding at December 31, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at December 31, 2017 98,943 $ 4.51

Note 15 - Selected Quarterly 33

Note 15 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2016: Revenue $ 17,490 $ 17,232 $ 17,389 $ 16,833 Operating income $ 4,746 $ 4,899 $ 4,561 $ 4,607 Net income $ 1,750 $ 1,324 $ 1,125 $ 947 Net income per common share - basic $ 0.53 $ 0.40 $ 0.34 $ 0.30 Net income per common share - diluted $ 0.52 $ 0.39 $ 0.33 $ 0.27 Fiscal 2017: Revenue $ 17,380 $ 17,406 $ 16,946 $ 16,794 Operating income $ 5,021 $ 5,053 $ 4,989 $ 4,544 Net income $ 1,608 $ 1,536 $ 1,589 $ 7,382 Net income per common share - basic $ 0.48 $ 0.46 $ 0.67 $ 2.21 Net income per common share - diluted $ 0.47 $ 0.45 $ 0.65 $ 2.14

Note 1 - Nature of Business (De

Note 1 - Nature of Business (Details Textual) - USD ($)	Nov. 02, 2017	Feb. 17, 2016	Jan. 25, 2016	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Issuance Costs, Net		$ 15,000
Write off of Deferred Debt Issuance Cost		140,000
Long-term Debt						$ 85,912,000
Consortium of Banks Led By CoBank ABC [Member]
Debt Instrument, Term	5 years
Debt Issuance Costs, Net	$ 28,000
Write off of Deferred Debt Issuance Cost	3,700,000
Debt Agreement, Maximum Borrowing Capacity	92,000,000
Revolving Credit Facility [Member]
Debt Instrument, Term			5 years
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,000,000				$ 5,000,000
Revolving Credit Facility [Member] | Consortium of Banks Led By CoBank ABC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	5,000,000
Term Loan Facility [Member] | Consortium of Banks Led By CoBank ABC [Member]
Long-term Debt	87,000,000
Line of Credit, Accordion Feature	$ 20,000,000
Senior Notes [Member]
Debt Instrument, Term			5 years
Debt Instrument, Face Amount			$ 85,000,000
Proceeds from Issuance of Debt		85,000,000
Debt Instrument, Periodic Payment		1,000,000
Write off of Deferred Debt Issuance Cost						3,070,000
Payments of Debt Restructuring Costs				$ 77,900
Capital Expenditure Limit						8,500,000
Long-term Debt							82,000,000
Senior Notes [Member] | Scenario, Forecast [Member]
Capital Expenditure Limit					$ 7,500,000
Subordinated Debt [Member]
Debt Instrument, Term			5 years 182 days
Debt Instrument, Face Amount		15,300,000	$ 15,000,000
Proceeds from Issuance of Debt		$ 15,300,000
Write off of Deferred Debt Issuance Cost						621,000
Long-term Debt							$ 15,300,000

Note 2 - Summary of Significa35

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Percentage of Net Property, Plant, and Equipment Accounted for Under ASC980			80.50%	77.00%
Authorized Rate of Return, Reduction in Period		0.25%
Deferred Revenue			$ 2,400	$ 628
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense			$ 0
Accounting Standards Update 2017-03 [Member]
Percentage of Revenue Within Scope of ASU 2014-09	74.30%
Sales Revenue, Services, Net [Member]
Concentration Risk, Percentage			21.90%	18.60%	17.40%

Note 3 - Goodwill and Intangi36

Note 3 - Goodwill and Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Number of Reportable Segments	1
Number of Reporting Units	3
Goodwill Impairment, Weighted Percent Used in Discontinued Cash Flow Method	75.00%
Goodwill Impairment, Weighted Percent Used in Guideline Public Company Method	25.00%
Goodwill, Impairment Loss	$ 0	$ 0
Goodwill	44,976	44,976
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	0
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Alabama [Member
Percent of Goodwill	87.20%
Goodwill, Period Increase (Decrease)	$ 0	0
Goodwill	$ 39,199	39,199
Missouri [Member]
Percent of Goodwill	12.80%
Goodwill	$ 5,758	5,758
New England [Member]
Percent of Goodwill	1.00%
Goodwill	$ 19	$ 19

Note 3 - Goodwill and Intangi37

Note 3 - Goodwill and Intangible Assets - Intangible Asset Summaries (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Value	$ 43,755	$ 43,755
Accumulated Amortization	(42,427)	(41,970)
Net Book Value	1,328	1,785
Customer Relationships [Member]
Carrying Value	24,025	24,025
Accumulated Amortization	(22,705)	(22,254)
Net Book Value	1,320	1,771
Customer Contracts [Member]
Carrying Value	19,600	19,600
Accumulated Amortization	(19,600)	(19,600)
Net Book Value
Noncompete Agreements [Member]
Carrying Value	107	107
Accumulated Amortization	(105)	(101)
Net Book Value	2	6
Trade Names [Member]
Carrying Value	23	23
Accumulated Amortization	(17)	(15)
Net Book Value	$ 6	$ 8

Note 3 - Goodwill and Intangi38

Note 3 - Goodwill and Intangible Assets - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
2,015	$ 458	$ 578	$ 815
2,018	408
2,019	389
2,020	372
2,021	159
2,022
Total	$ 1,328	$ 1,785

Note 4 - Property and Equipme39

Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Depreciation	$ 7,001	$ 7,137	$ 7,678
Amortization	376	885	1,200
Telephone Plant Adjustment [Member]
Amortization	$ (82)	$ 307	$ 385

Note 4 - Property and Equipme40

Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property Plant and Equipment, Gross	$ 296,968	$ 291,058
Accumulated depreciation and amortization	(246,080)	(241,787)
Net property and equipment	50,888	49,271
Land [Member]
Property Plant and Equipment, Gross	1,164	1,164
Building Improvements [Member]
Property Plant and Equipment, Gross	$ 12,999	12,812
Building Improvements [Member] | Minimum [Member]
Estimated Life (Year)	20 years
Building Improvements [Member] | Maximum [Member]
Estimated Life (Year)	40 years
Telephone Equipment [Member]
Property Plant and Equipment, Gross	$ 239,539	234,422
Telephone Equipment [Member] | Minimum [Member]
Estimated Life (Year)	6 years
Telephone Equipment [Member] | Maximum [Member]
Estimated Life (Year)	20 years
Cable Television Equipment [Member]
Property Plant and Equipment, Gross	$ 12,417	12,199
Estimated Life (Year)	7 years
Furniture and Fixtures [Member]
Property Plant and Equipment, Gross	$ 3,087	3,067
Furniture and Fixtures [Member] | Minimum [Member]
Estimated Life (Year)	8 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated Life (Year)	14 years
Vehicles [Member]
Property Plant and Equipment, Gross	$ 6,992	6,855
Vehicles [Member] | Minimum [Member]
Estimated Life (Year)	7 years
Vehicles [Member] | Maximum [Member]
Estimated Life (Year)	9 years
Computer Equipment [Member]
Property Plant and Equipment, Gross	$ 16,830	16,648
Computer Equipment [Member] | Minimum [Member]
Estimated Life (Year)	5 years
Computer Equipment [Member] | Maximum [Member]
Estimated Life (Year)	7 years
Internet Equipment [Member]
Property Plant and Equipment, Gross	$ 3,940	$ 3,891
Estimated Life (Year)	5 years

Note 5 - Other Accounts Recei41

Note 5 - Other Accounts Receivable - Schedule of Other Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other Receivables	$ 1,875	$ 1,528
Carrier Access Bills Receivable [Member]
Other Receivables	282	380
NECA Receivable [Member]
Other Receivables	1,238	1,028
Receivables from Alabama Service Fund [Member]
Other Receivables	53	56
Other Miscellaneous [Member]
Other Receivables	$ 302	$ 64

Note 6 - Investments - Schedule

Note 6 - Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments	$ 1,632	$ 1,821
CoBank Stock, at Cost [Member]
Investments	1,311	1,475
Rental Property [Member]
Investments	245	271
Other Miscellaneous Investments [Member]
Investments	$ 76	$ 75

Note 7 - Notes Payable (Details

Note 7 - Notes Payable (Details Textual) - USD ($)	Feb. 17, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 25, 2016
Amortization of Debt Issuance Costs		$ 4,823,000	$ 1,397,000	$ 880,000
Write off of Deferred Debt Issuance Cost	$ 140,000
Debt Issuance Costs, Current, Net		2,000,000
Senior Notes [Member]
Debt Issuance Costs, Gross		4,900,000
Amortization of Debt Issuance Costs		896,000	978,000
Write off of Deferred Debt Issuance Cost		3,070,000
Legal Fees		14,000
Debt Issuance Costs, Current, Net
Subordinated Debt [Member]
Debt Issuance Costs, Gross		892,000
Amortization of Debt Issuance Costs		133,000	139,000
Write off of Deferred Debt Issuance Cost		621,000
Legal Fees		14,000
Previous Credit Facility [Member]
Debt Issuance Costs, Gross		2,700,000
Amortization of Debt Issuance Costs			141,000	880,000
Write off of Deferred Debt Issuance Cost			140,000
Legal Fees			$ 15,000
Line of Credit Facility, Maximum Borrowing Capacity				5,000,000
Long-term Line of Credit				0
Line of Credit Facility, Commitment Fee Percentage			0.50%
Line of Credit Facility, Commitment Fee Amount			$ 3,000	$ 25,000
New Credit Facility [Member]
Debt Issuance Costs, Gross		2,000,000
Amortization of Debt Issuance Costs		75,000
Line of Credit Facility, Maximum Borrowing Capacity		5,000,000
Long-term Line of Credit		$ 0
Line of Credit Facility, Commitment Fee Percentage		0.50%
Line of Credit Facility, Commitment Fee Amount		$ 4,000
Debt Issuance Costs, Current, Net		$ 459
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			5,000,000		$ 5,000,000
Long-term Line of Credit			0
Line of Credit Facility, Commitment Fee Percentage		0.75%
Line of Credit Facility, Commitment Fee Amount		$ 32,000	$ 33,000

Note 7 - Notes Payable - Senior

Note 7 - Notes Payable - Senior Loan Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term debt	$ 85,912
Debt issuance cost, current	(2,000)
Current maturity of long-term notes payable, net of debt issuance cost	3,891	$ 6,071
Long-term notes payable, less current maturities and debt issuance cost	80,058	86,860
Long-term Debt	85,912
Senior Notes [Member]
Long-term debt		82,000
Debt issuance cost, current
Debt issuance cost, long-term		(3,889)
Current maturity of long-term notes payable, net of debt issuance cost
Long-term notes payable, less current maturities and debt issuance cost		78,111
Long-term Debt		82,000
Subordinated Debt [Member]
Long-term debt		15,300
Debt issuance cost, long-term		(753)
Long-term Debt		15,300
PIK interest added to principal		273
Long-term notes payable, net of debt issuance cost		$ 14,820

Note 7 - Notes Payable - Seni45

Note 7 - Notes Payable - Senior Loan Agreement (Details) (Parentheticals)	Dec. 31, 2017	Dec. 31, 2016
Senior Notes [Member]
Interest Rate	0.00%	8.75%
Subordinated Debt [Member]
Interest Rate	0.00%	12.00%
PIK Interest Rate	0.00%	2.00%

Note 7 - Notes Payable - New Cr

Note 7 - Notes Payable - New Credit Facility (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Feb. 17, 2016
Debt issuance cost, current	$ (2,000,000)
Debt issuance cost			$ (15,000)
Current maturity of long-term notes payable, net of debt issuance cost	3,891,000	$ 6,071,000
Notes payable, net of debt issuance cost	80,058,000	86,860,000
New Credit Facility [Member]
Notes payable, current	4,350
Notes payable, long-term	81,562
Notes payable, face amount	85,912
Debt issuance cost, current	(459)
Debt issuance cost, long-term	(1,504)
Debt issuance cost	(1,963)
Current maturity of long-term notes payable, net of debt issuance cost	3,891
Notes payable, net of debt issuance cost	80,058
Notes payable, net of debt issuance cost	$ 83,949

Note 7 - Notes Payable - New 47

Note 7 - Notes Payable - New Credit Facility (Details) (Parentheticals)	Dec. 31, 2017
New Credit Facility [Member]
Interest Rate	6.07%

Note 7 - Notes Payable - Maturi

Note 7 - Notes Payable - Maturities of Notes Payable (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 4,350
2,019	4,350
2,020	4,350
2,021	4,350
2,022	68,512
Total	$ 85,912

Note 8 - Acquisition (Details T

Note 8 - Acquisition (Details Textual) $ in Millions	Jan. 02, 2014USD ($)
Reliable Networks [Member]
Payments to Acquire Businesses, Gross	$ 0.5

Note 9 - Income Tax (Details Te

Note 9 - Income Tax (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 9,300,000
Deferred Tax Assets, Valuation Allowance	$ 0
Effective Income Tax Rate Reconciliation, Percent	(184.50%)	41.50%	39.80%
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax		$ 0
Alternative Minimum Tax [Member]
Tax Credit Carryforward, Amount	$ 0
Domestic Tax Authority [Member]
Operating Loss Carryforwards	0	0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 33,000	$ 25,000

Note 9 - Income Tax - Tax Effec

Note 9 - Income Tax - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal income taxes
Current	$ 1,201	$ 1,176	$ 2,552
Deferred	(9,332)	1,872	1,661
Total federal tax (benefit) expense	(8,131)	3,048	4,213
State income taxes
Current	284	308	366
Deferred	(9)	302	365
Total state tax expense	275	610	731
Total income tax (benefit) expense	$ (7,856)	$ 3,658	$ 4,944

Note 9 - Income Tax - Deferred

Note 9 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities:
Amortization	$ (11,058)	$ (16,588)
Depreciation	(8,408)	(11,966)
Prepaid expense	(151)	(444)
State net operating loss carryforwards and adjustments, liabilties	(266)	(279)
Other	(8)	(13)
Total deferred tax liabilities	(19,891)	(29,290)
Deferred tax assets:
Deferred compensation	131	232
Advance payments	520	245
Bad debt	71	121
Other	230	412
Total net deferred tax assets	$ 952	$ 1,010

Note 9 - Income Tax - Effective

Note 9 - Income Tax - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal income tax at statutory rate	35.00%	35.00%	35.00%
Federal income tax provision at statutory rate	$ 1,491	$ 3,081	$ 4,349
State income tax provision, net of federal income tax effects	177	397	475
Federal tax rate change	(9,336)
Other	(188)	180	120
Total income tax (benefit) expense	$ (7,856)	$ 3,658	$ 4,944
Effective Income Tax Rate Reconciliation, Percent	(184.50%)	41.50%	39.80%

Note 10 - Employee Benefit Pr54

Note 10 - Employee Benefit Program (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 18,500	$ 18,000	$ 18,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.50%	4.50%	4.50%
Defined Contribution Plan, Cost	$ 486,000	$ 508,000	$ 520,000
BTC [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.50%	4.50%	4.50%
Defined Contribution Plan, Cost	$ 16,000	$ 16,000	$ 15,000
Defined Contribution Plan, Minimum Annual Contributions Per Employee, Percent	1.00%
Multiemployer Plan, Contributions by Employer	$ 0	$ 0	$ 0

Note 11 - Net Income Per Comm55

Note 11 - Net Income Per Common Share - Reconciliation of Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average number of common shares outstanding - basic (in shares)									3,346,689	3,283,177	3,239,306
Effect of dilutive securities (in shares)									98,943	121,519	74,335
Weighted average number of common shares and potential common shares - diluted (in shares)									3,445,632	3,404,696	3,313,641
Net income	$ 7,382	$ 1,589	$ 1,536	$ 1,608	$ 947	$ 1,125	$ 1,324	$ 1,750	$ 12,115	$ 5,146	$ 7,484
Net income per common share - basic (in dollars per share)	$ 2.21	$ 0.67	$ 0.46	$ 0.48	$ 0.30	$ 0.34	$ 0.40	$ 0.53	$ 3.62	$ 1.57	$ 2.31
Net income per common share - diluted (in dollars per share)	$ 2.14	$ 0.65	$ 0.45	$ 0.47	$ 0.27	$ 0.33	$ 0.39	$ 0.52	$ 3.52	$ 1.51	$ 2.26

Note 12 - Fair Value Measurem56

Note 12 - Fair Value Measurement - Fair Value of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt	$ 85,912
Senior Notes [Member]
Long-term Debt		$ 82,000
Subordinated Debt [Member]
Long-term Debt		15,300
Reported Value Measurement [Member] | New Credit Facility [Member]
Long-term Debt	85,912
Reported Value Measurement [Member] | Senior Notes [Member]
Long-term Debt		82,000
Reported Value Measurement [Member] | Subordinated Debt [Member]
Long-term Debt		15,573
Estimate of Fair Value Measurement [Member] | New Credit Facility [Member]
Long-term Debt	86,562
Estimate of Fair Value Measurement [Member] | Senior Notes [Member]
Long-term Debt		83,989
Estimate of Fair Value Measurement [Member] | Subordinated Debt [Member]
Long-term Debt		$ 15,605

Note 13 - Commitments and Con57

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leases, Rent Expense, Net	$ 539	$ 562	$ 582

Note 13 - Commitments and Con58

Note 13 - Commitments and Contingencies - Minimum Future Rental Payments Under Non-Cancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 491
2,019	465
2,020	443
2,021	442
2,022	331
Thereafter	620
Total	$ 2,792

Note 14 - Stock Plans and Sto59

Note 14 - Stock Plans and Stock Associated With Acquisition (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Allocated Share-based Compensation Expense	$ 308	$ 415
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 108	$ 173
Reliable Networks [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		0	68,233
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	366,356
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Cancelled		162,716
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 343	$ 503
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years

Note 14 - Stock Plans and Sto60

Note 14 - Stock Plans and Stock Associated with Acquisition - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Outstanding at December 31, 2016 (in shares)	203,640
Outstanding at December 31, 2016 (in dollars per share)	$ 4.57
Granted (in shares)	0	366,356
Vested (in shares)	(88,287)
Vested (in dollars per share)	$ 4.66
Forfeited or cancelled (in shares)	(16,410)
Forfeited or cancelled (in dollars per share)	$ 4.40
Outstanding at December 31, 2017 (in shares)	98,943	203,640
Outstanding at December 31, 2017 (in dollars per share)	$ 4.51	$ 4.57

Note 15 - Selected Quarterly 61

Note 15 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue	$ 16,794	$ 16,946	$ 17,406	$ 17,380	$ 16,833	$ 17,389	$ 17,232	$ 17,490	$ 68,526	$ 68,944	$ 71,102
Operating income	4,544	4,989	5,053	5,021	4,607	4,561	4,899	4,746	19,607	18,813	19,255
Net income	$ 7,382	$ 1,589	$ 1,536	$ 1,608	$ 947	$ 1,125	$ 1,324	$ 1,750	$ 12,115	$ 5,146	$ 7,484
Net income per common share - basic (in dollars per share)	$ 2.21	$ 0.67	$ 0.46	$ 0.48	$ 0.30	$ 0.34	$ 0.40	$ 0.53	$ 3.62	$ 1.57	$ 2.31
Net income per common share - diluted (in dollars per share)	$ 2.14	$ 0.65	$ 0.45	$ 0.47	$ 0.27	$ 0.33	$ 0.39	$ 0.52	$ 3.52	$ 1.51	$ 2.26