Atrion (ATRI) 10-K 10 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 15, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	ATRI
Entity Registrant Name	ATRION CORP
Entity Central Index Key	701,288
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		1,823,614
Entity Public Float			$ 557,443,479

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenues	$ 145,733	$ 140,762	$ 131,993
Cost of Goods Sold	74,752	72,244	68,931
Gross Profit	70,981	68,518	63,062
Operating Expenses:
Selling	6,043	6,210	6,218
General and administrative	16,082	16,205	14,612
Research and development	6,346	5,286	4,288
Operating Expenses, Total	28,471	27,701	25,118
Operating Income	42,510	40,817	37,944
Interest Income	771	1,191	1,313
Other Income (Expense), net	(2,411)	13	8
Income before Provision for Income Taxes	40,870	42,021	39,265
Provision for Income Taxes	(11,945)	(14,213)	(12,683)
Net Income	$ 28,925	$ 27,808	$ 26,582
Net Income Per Basic Share	$ 15.67	$ 14.20	$ 13.22
Weighted Average Basic Shares Outstanding	1,846	1,958	2,010
Net Income Per Diluted Share	$ 15.47	$ 14.08	$ 13.18
Weighted Average Diluted Shares Outstanding	1,870	1,975	2,017
Dividends Per Common Share	$ 3.30	$ 2.78	$ 2.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements Of Comprehensive Income
Net Income	$ 6,050	$ 7,799	$ 7,474	$ 7,602	$ 6,040	$ 7,685	$ 6,882	$ 7,201	$ 28,925	$ 27,808	$ 26,582
Other Comprehensive Income (loss), net of tax: Unrealized Gain (loss) on investments, net of tax expense of $283 in 2015 and net of tax benefit of $131 in 2014									528	(245)	0
Comprehensive Income									$ 29,453	$ 27,563	$ 26,582

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 28,346	$ 20,775
Short-term investments	44	3,084
Accounts receivable, net of allowance for doubtful accounts of $50 and $22 in 2015 and 2014, respectively	16,620	16,962
Inventories	29,771	28,022
Prepaid expenses and other current assets	2,934	4,720
Deferred income taxes	580	573
Total Current Assets	78,295	74,136
Long-term investments	9,866	21,760
Property, Plant and Equipment	150,807	142,171
Less accumulated depreciation and amortization	87,493	79,655
Property plant and equipment net	63,314	62,516
Other Assets and Deferred Charges:
Patents and licenses, net of accumulated amortization of $11,647 and $11,302 in 2015 and 2014, respectively	2,193	2,538
Goodwill	9,730	9,730
Other	938	834
Prepaid Expense and Other Assets, Noncurrent, Total	12,861	13,102
Total Assets	164,336	171,514
Current Liabilities:
Accounts payable	3,926	4,529
Accrued liabilities	5,061	4,950
Accrued income and other taxes	329	457
Total Current Liabilities	9,316	9,936
Line of credit	0	0
Other Liabilities and Deferred Credits:
Deferred income taxes	9,989	11,129
Other	933	879
Liabilities Noncurrent	10,922	12,008
Total Liabilities	20,238	$ 21,944
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $.10 per share, authorized 10,000 shares, issued 3,420 shares	342	$ 342
Additional paid-in capital	35,945	33,940
Accumulated other comprehensive income (loss)	283	(245)
Retained earnings	219,516	196,706
Treasury shares, 1,596 shares in 2015 and 1,507 shares in 2014, at cost	(111,988)	(81,173)
Total Stockholders' Equity	144,098	149,570
Total Liabilities and Stockholders' Equity	$ 164,336	$ 171,514

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 50	$ 22
Patents and licenses, accumulated amortization	$ 11,647	$ 11,302
Common stock, par value	$ 0.10	$ 0.10
Common stock, authorized	10,000	10,000
Common stock, issued	3,420	3,420
Treasury shares, shares	1,596	1,507

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities:
Net Income	$ 28,925	$ 27,808	$ 26,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,823	8,723	8,592
Deferred income taxes	(1,431)	2	(923)
Stock-based compensation	1,841	2,209	1,586
Impairment of investment	2,413	0	0
Net change in accrued interest, premiums, and discounts on investments	100	340	556
Other	17	29	30
Net Cash Provided By Used In Operating Activities Before Changes In Operating Capital, Total	40,688	39,111	36,423
Changes in operating assets and liabilities:
Accounts receivable	371	(2,798)	(1,110)
Inventories	(1,749)	(1,756)	(2,487)
Prepaid expenses and other current assets	1,786	(3,117)	1,507
Other non-current assets	(103)	(22)	(17)
Accounts payable and accrued liabilities	(492)	968	1,768
Accrued income and other taxes	(128)	(396)	388
Other non-current liabilities	54	(767)	104
Net Cash Provided by (Used in) Operating Activities, Total	40,427	31,223	36,576
Cash Flows From Investing Activities:
Property, plant and equipment additions	(9,323)	(12,671)	(7,503)
Purchase of patents	0	0	(2,150)
Purchase of investments	(168)	(33,115)	0
Proceeds from maturities of investments	13,400	35,975	7,639
Net Cash Provided by (Used in) Investing Activities, Total	3,909	(9,811)	(2,014)
Cash Flows From Financing Activities:
Shares tendered for employees' withholding taxes on stock-based compensation	(154)	(376)	0
Tax benefit related to stock-based compensation	156	168	15
Purchase of treasury stock	(30,698)	(23,556)	(9,196)
Dividends paid	(6,069)	(5,432)	(4,821)
Net Cash Provided by (Used in) Financing Activities, Total	(36,765)	(29,196)	(14,002)
Net change in cash and cash equivalents	7,571	(7,784)	20,560
Cash and cash equivalents, beginning of year	20,775	28,559	7,999
Cash and cash equivalents, end of year	28,346	20,775	28,559
Cash paid for:
Income taxes	$ 12,900	$ 17,475	$ 8,036

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-In Capital	Other Comprehensive Income / Loss	Retained Earnings	Total
Beginning Balances (in shares) at Dec. 31, 2012	2,021	1,399
Beginning Balances at Dec. 31, 2012	$ 342	$ (48,142)	$ 29,998		$ 152,630	$ 134,828
Net Income					26,582	26,582
Tax benefit from stock-based compensation			15			15
Stock-based compensation transactions (in shares)	1	(1)
Stock-based compensation transactions		$ 36	1,579			1,615
Purchase of treasury stock (in shares)	(37)	37
Purchase of treasury stock		$ (9,196)				(9,196)
Dividends					(4,850)	(4,850)
Ending Balances (in shares) at Dec. 31, 2013	1,985	1,435
Ending Balances at Dec. 31, 2013	$ 342	$ (57,302)	31,592		174,362	148,994
Net Income					27,808	27,808
Other comprehensive income				$ (245)		(245)
Tax benefit from stock-based compensation			168			168
Stock-based compensation transactions (in shares)	3	(3)
Stock-based compensation transactions		$ 61	2,180			2,241
Shares surrendered in stock transactions (in shares)	(1)	1
Shares surrendered in stock transactions		$ (376)				(376)
Purchase of treasury stock (in shares)	(74)	74
Purchase of treasury stock		$ (23,556)				(23,556)
Ending Balances (in shares) at Dec. 31, 2014	1,913	1,507
Ending Balances at Dec. 31, 2014	$ 342	$ (81,173)	33,940	(245)	196,706	149,570
Net Income					28,925	28,925
Other comprehensive income				528		528
Tax benefit from stock-based compensation			156			156
Stock-based compensation transactions (in shares)	1	(1)
Stock-based compensation transactions		$ (154)				(154)
Shares surrendered in stock transactions (in shares)	(1)	1
Shares surrendered in stock transactions		$ 37	1,849			1,886
Purchase of treasury stock (in shares)	(89)	89
Purchase of treasury stock		$ (30,698)				(30,698)
Dividends					(6,115)	(6,115)
Ending Balances (in shares) at Dec. 31, 2015	1,824	1,596
Ending Balances at Dec. 31, 2015	$ 342	$ (111,988)	$ 35,945	$ 283	$ 219,516	$ 144,098

1. Summary of Significant Accou

1. Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Atrion Corporation and its subsidiaries (“we,” “our,” “us,” “Atrion” or the “Company”) develop and manufacture products primarily for medical applications. We market our products throughout the United States and internationally. Our customers include physicians, hospitals, distributors, and other manufacturers. Atrion Corporation’s principal subsidiaries through which these operations are conducted are Atrion Medical Products, Inc., Halkey-Roberts Corporation and Quest Medical, Inc. Principles of Consolidation The consolidated financial statements include the accounts of Atrion Corporation and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents and Investments Cash equivalents include cash on hand and in the bank as well as money market accounts and debt securities with maturities at the time of purchase of 90 days or less. Our investments consist of taxable corporate bonds and equity securities. We classify our investment securities in one of three categories: held-to-maturity, trading, or available-for-sale. Securities that we have the positive intent and ability to hold to maturity are reported at amortized cost and classified as held-to-maturity securities. If we do not have the intent and ability to hold a security to maturity, we report the investment as available-for-sale securities. We report available-for-sale securities at fair value, based on quoted market prices, with unrealized gains and, to the extent deemed temporary, unrealized losses recorded in stockholders’ equity as accumulated other comprehensive income (loss). We consider investments which will mature in the next 12 months as current assets. The remaining investments are considered non-current assets including our investment in equity securities which we intend to hold longer than 12 months. We periodically evaluate our investments for impairment. The components of the Company’s cash and cash equivalents and our short and long-term investments as of December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Cash and cash equivalents: Cash deposits $ 16,015 $ 14,572 Money market funds 12,331 6,203 Total cash and cash equivalents $ 28,346 $ 20,775 Short-term investments: Corporate bonds (held-to-maturity) $ 44 $ 3,084 Total short-term investments $ 44 $ 3,084 Long-term investments: Corporate bonds (held-to-maturity) $ 5,555 $ 10,028 US government agency bonds (held-to-maturity) --- 8,400 Equity securities (available-for-sale) 4,311 3,332 Total long-term investments $ 9,866 $ 21,760 Total cash, cash equivalents and short and long-term investments $ 38,256 $ 45,619 Trade Receivables Trade accounts receivable are recorded at the original sales price to the customer. We maintain an allowance for doubtful accounts to reflect estimated losses resulting from the failure of customers to make required payments. On an ongoing basis, the collectability of accounts receivable is assessed based upon historical collection trends, current economic factors and the assessment of the collectability of specific accounts. We evaluate the collectability of specific accounts and determine when to grant credit to our customers using a combination of factors, including the age of the outstanding balances, evaluation of customers’ current and past financial condition, recent payment history, current economic environment, and discussions with appropriate Company personnel and with the customers directly. Accounts are written off when we determine the receivable will not be collected. Inventories Inventories are stated at the lower of cost (including materials, direct labor and applicable overhead) or market. Cost is determined by using the first-in, first-out method. The following table details the major components of inventory (in thousands): December 31, 2015 2014 Raw materials $ 12,775 $ 12,575 Work in process 6,557 5,600 Finished goods 10,439 9,847 Total inventories $ 29,771 $ 28,022 Accounts Payable We reflect disbursements as trade accounts payable until such time as payments are presented to our bank for payment. At December 31, 2015 and 2014, disbursements totaling approximately $636,000 and $613,000, respectively, had not been presented for payment to our bank. Income Taxes We account for income taxes utilizing Accounting Standards Codification (ASC) 740, Income Taxes ASC 740 also requires the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attributes of income tax positions taken or expected to be taken on a tax return. Under ASC 740, the impact of an uncertain tax position taken or expected to be taken on an income tax return must be recognized in the financial statements at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized in the financial statements unless it is more-likely-than-not of being sustained. Our uncertain tax positions are recorded as “Other non-current liabilities.” We classify interest expense on underpayments of income taxes and accrued penalties related to unrecognized tax benefits in the income tax provision. Property, Plant and Equipment Property, plant and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Additions and improvements are capitalized, including all material, labor and engineering costs to design, install or improve the asset. Expenditures for repairs and maintenance are charged to expense as incurred. The following table represents a summary of property, plant and equipment at original cost (in thousands): December 31, Useful 2015 2014 Lives Land $ 5,260 $ 5,260 — Buildings 31,914 31,751 30-40 yrs Machinery and equipment 113,633 105,160 3-15 yrs Total property, plant and equipment $ 150,807 $ 142,171 Depreciation expense of $8,478,000, $8,454,000 and $8,413,000 was recorded for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation expense is recorded in either cost of goods sold or operating expenses based on the associated assets’ usage. Patents and Licenses Costs for patents and licenses acquired are determined at acquisition date. Patents and licenses are amortized over the useful lives of the individual patents and licenses, which are from seven to 20 years. Patents and licenses are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill Goodwill represents the excess of cost over the fair value of tangible and identifiable intangible net assets acquired. Annual impairment testing for goodwill is done using a qualitative assessment on goodwill impairment to determine whether it is necessary to perform the two-step goodwill impairment test. Goodwill is also reviewed whenever events or changes in circumstances indicate a change in value may have occurred. We have identified three reporting units where goodwill was recorded for purposes of testing goodwill impairment annually: (1) Atrion Medical Products, Inc., (2) Halkey-Roberts Corporation and (3) Quest Medical, Inc. The total carrying amount of goodwill in each of the years ended December 31, 2015 and 2014 was $9,730,000. Our evaluation of goodwill during each year resulted in no impairment losses. Current Accrued Liabilities The items comprising current accrued liabilities are as follows (in thousands): December 31, 2015 2014 Accrued payroll and related expenses $ 4,206 $ 4,240 Accrued vacation 245 219 Other accrued liabilities 610 491 Total accrued liabilities $ 5,061 $ 4,950 Revenues We recognize revenue when our products are shipped to our customers, provided an arrangement exists, the fee is fixed and determinable and collectability is reasonably assured. All risks and rewards of ownership pass to the customer upon shipment. Net sales represent gross sales invoiced to customers, less certain related charges, including discounts, returns and other allowances. Revenues are recorded exclusive of sales and similar taxes. Returns, discounts and other allowances have been insignificant historically. Shipping and Handling Policy Shipping and handling fees charged to customers are reported as revenue and all shipping and handling costs incurred related to products sold are reported as cost of goods sold. Research and Development Costs Research and development costs relating to the development of new products and improvements of existing products are expensed as incurred. Stock-Based Compensation We have stock-based compensation plans covering certain of our officers, directors and key employees. As explained in detail in Note 8, we account for stock-based compensation utilizing the fair value recognition provisions of ASC 718, Compensation-Stock Compensation, New Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers From time to time, new accounting pronouncements applicable to us are issued by the FASB, or other standards setting bodies, which we will adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. Fair Value Measurements Accounting standards use a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers are: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists therefore requiring an entity to develop its own assumptions. As of December 31, 2015 and 2014, we held certain investments in corporate and government debt securities as well as certain equity securities. These investments are all considered Level 2 assets and the fair value of our investments were estimated using recently executed transactions and market price quotations (see Note 2). The carrying values of our other financial instruments including cash and cash equivalents, money market accounts, accounts receivable, accounts payable, accrued liabilities, and accrued income and other taxes approximated fair value due to their liquid and short-term nature. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. Our cash and cash equivalents are held in accounts with financial institutions that we believe are creditworthy. Certain of these amounts at times may exceed federally-insured limits. At December 31, 2015, approximately 91% of our cash and cash equivalents were uninsured. We have not experienced any credit losses in such accounts and do not believe we are exposed to any significant credit risk on these funds. We have investments in corporate bonds. As a result, we are exposed to potential loss from market risks that may occur as a result of changes in interest rates, changes in credit quality of the issuer and otherwise. Approximately 10% of our aggregate fixed-income investments are below investment grade. These securities have a higher degree of credit or default risk and a greater exposure to credit risk and may be less liquid in times of economic weakness or market disruptions. For accounts receivable, we perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral. We maintain reserves for possible credit losses. As of December 31, 2015 and 2014, we had allowances for doubtful accounts of approximately $50,000 and $22,000, respectively. The carrying amount of the receivables approximates their fair value. No customer exceeded 10% of our accounts receivable as of December 31, 2015 or 2014.

2. Investments

2. Investments	12 Months Ended
	Dec. 31, 2015
Investments Schedule [Abstract]
Investments	As of December 31, 2015 and 2014, we held certain investments that were required to be measured for disclosure purposes at fair value on a recurring basis. These investments were considered Level 2 investments. We consider as current assets those investments which will mature in the next 12 months. The remaining investments are considered non-current assets including our investment in equity securities which we intend to hold longer than 12 months. The amortized cost and fair value of our investments that are being accounted for as held-to- maturity securities, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands): Gross Unrealized Cost Gains Losses Fair value As of December 31, 2015: Short-term Investments: Corporate bonds $ 44 $ -- $ -- $ 44 Long-term Investments: Corporate bonds $ 5,555 $ -- $ (30 ) $ 5,525 As of December 31, 2014: Short-term Investments: Corporate bonds $ 3,084 $ -- $ (6 ) $ 3,078 Long-term Investments: Corporate and government bonds $ 18,428 $ 21 $ (292 ) $ 18,157 The above long-term corporate bonds represent investments in two issuers at December 31, 2015. One of these bonds experienced a significant decline in market value over the past twelve months due to a changed outlook for the issuer resulting from a major economic decline in its industry. In the fourth quarter of 2015, we determined based upon disclosures by the issuer, that more likely than not, we will be required to sell or exchange the bond before recovery of its amortized cost. Therefore, we then recorded an impairment loss on this bond of $2.4 million reducing the carrying value of the bond to its market value at December 31, 2015. This loss is reported as other income (loss) on our income statement. The unrealized loss for the other issuer relates to rises in interest rates which resulted in a lower market price for that security. This investment has not been in a loss position for more than twelve months. The total carrying value of these investments is reviewed quarterly for changes in circumstance or the occurrence of events that suggest our investment may not be recoverable. At December 31, 2015, the length of time until maturity of these securities ranged from 35 to 46 months. The cost and fair value of our investments that are being accounted for as available-for-sale securities, and the related gross unrealized loss reflected in accumulated other comprehensive income (loss), were as follows as of the dates shown below (in thousands): Gross Unrealized Cost Gains Losses Fair value As of December 31, 2015: Long-term Investments: Equity investments $ 3,876 $ 435 $ -- $ 4,311 As of December 31, 2014: Long-term Investments: Equity investments $ 3,708 $ -- $ (376 ) $ 3,332 Our accumulated other comprehensive income (loss) is comprised solely of unrealized losses on our available-for-sale securities, net of tax.

3. Patents and Licenses

3. Patents and Licenses	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Patents and Licenses	Purchased patents and licenses paid for the use of other entities’ patents are amortized over the useful life of the patent or license. The following tables provide information regarding patents and licenses (dollars in thousands): December 31, 2015 December 31, 2014 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 11,647 15.67 $ 13,840 $ 11,302 Aggregate amortization expense for patents and licenses was $345,000, $269,000 and $179,000 for 2015, 2014 and 2013, respectively. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2016 $ 251 2017 $ 155 2018 $ 123 2019 $ 123 2020 $ 119

4. Line of Credit

4. Line of Credit	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Line of Credit	We have a $40.0 million revolving credit facility with a money center bank pursuant to which the lender is obligated to make advances until October 1, 2021. The credit facility is secured by substantially all our inventories, equipment and accounts receivable. Interest under the credit facility is assessed at 30-day, 60-day or 90-day LIBOR, as selected by us, plus one percent (1.42 percent at December 31, 2015) and is payable monthly. We had no outstanding borrowings under the credit facility at December 31, 2015 or 2014. At any time during the term, we may convert any or all outstanding amounts under the credit facility to a term loan with a maturity of two years. Our ability to borrow funds under the credit facility from time to time is contingent on meeting certain covenants in the loan agreement, the most restrictive of which is the ratio of total debt to earnings before interest, income tax, depreciation and amortization. At December 31, 2015, we were in compliance with all of those covenants.

5. Income Taxes

5. Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	The items comprising income tax expense are as follows (in thousands): Year ended December 31, 2015 2014 2013 Current — Federal $ 11,848 $ 12,626 $ 12,541 — State 1,528 1,585 1,065 13,376 14,211 13,606 Deferred — Federal (1,364 ) 31 (1,063 ) — State (67 ) (29 ) 140 (1,431 ) 2 (923 ) Total income tax expense $ 11,945 $ 14,213 $ 12,683 Temporary differences and carryforwards which have given rise to deferred income tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Deferred tax assets: Benefit plans $ 1,958 $ 1,535 Inventories 473 483 Other 733 158 Total deferred tax assets $ 3,164 $ 2,176 Deferred tax liabilities: Property, plant and equipment $ 9,585 $ 9,648 Patents and goodwill 2,897 2,926 Other 91 158 Total deferred tax liabilities $ 12,573 $ 12,732 Net deferred tax liability $ 9,409 $ 10,556 Balance Sheet classification: Non-current deferred income tax liability $ 9,989 $ 11,129 Current deferred income tax asset 580 573 Net deferred tax liability $ 9,409 $ 10,556 Total income tax expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below (in thousands): Year ended December 31, 2015 2014 2013 Income tax expense at the statutory federal income tax rate $ 14,304 $ 14,707 $ 13,743 Increase (decrease) resulting from: State income taxes 882 934 770 Section 199 manufacturing deduction (1,383 ) (1,290 ) (1,307 ) R&D tax credits (2,254 ) (393 ) (626 ) Other, net 396 255 103 Total income tax expense $ 11,945 $ 14,213 $ 12,683 A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as required by ASC 740 is as follows (in thousands): Gross unrecognized tax benefits at January 1, 2013 $ 541 Increase in tax positions for prior years 11 Increase in tax positions for current year 0 Lapse in statutes of limitation (206 ) Gross unrecognized tax benefits at December 31, 2013 $ 346 Increase in tax positions for prior years 6 Increase in tax positions for current year 0 Lapse in statutes of limitation (223 ) Gross unrecognized tax benefits at December 31, 2014 $ 129 Increase in tax positions for prior years 122 Increase in tax positions for current year 0 Lapse in statutes of limitation (131 ) Gross unrecognized tax benefits at December 31, 2015 $ 120 As of December 31, 2015 all of the unrecognized tax benefits, which were comprised of uncertain tax positions, would impact the effective tax rate if recognized. Unrecognized tax benefits that are affected by statutes of limitation that expire within the next 12 months are immaterial. We are subject to United States federal income tax as well as to income tax of multiple state jurisdictions. We have concluded all United States federal income tax matters for years through 2010. In 2015, the Internal Revenue Service, or IRS, began examining certain of our United States federal income tax returns for 2011, 2012 and 2013. All material state and local income tax matters have been concluded for years through 2011. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The liability for unrecognized tax benefits included accrued interest of $9,000 and $21,000 at December 31, 2014 and 2013, respectively. Tax expense for the year ended December 31, 2015, 2014 and 2013 included a net interest benefit of $9,000, $12,000 and $5,400, respectively. In the fourth quarter of 2015, we recorded tax credits for our R&D expenditures totaling $2.3 million. These credits reflected amounts for the full year 2015 following the extension of the R&D tax credit laws in December. This amount also included an adjustment for recalculation of these tax credits from prior years resulting from a new regulation issued by the Treasury Department which favorably impacted the benefits provided to the Company under these rules.

6. Stockholders' Equity

6. Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Our Board of Directors has at various times authorized repurchases of our stock in open-market or privately-negotiated transactions at such times and at such prices as management may from time to time determine. On August 16, 2011, our Board of Directors adopted a stock repurchase program pursuant to which we could have repurchased up to 200,000 shares of our common stock from time to time in open market or privately-negotiated transactions. All shares of common stock under this program were repurchased. On May 21, 2015 our Board of Directors adopted a new stock repurchase program pursuant to which we can repurchase up to 250,000 shares of our common stock from time to time in open market or privately-negotiated transactions. This program has no expiration date but may be terminated by the Board of Directors at any time. As of December 31, 2015, 234,782 shares remained available for repurchase under this program. We repurchased 89,862, 74,746 and 36,666 shares during 2015, 2014 and 2013, respectively. We have increased our quarterly cash dividend payments in September of each of the past three years. The quarterly dividend was increased to $.64 per share in September 2013, to $.75 per share in September 2014 and to $.90 per share in September 2015. Holders of our stock units earned non-cash dividends of $45,000 in 2015, $33,000 in 2014 and $29,000 in 2013. We have a Rights Plan which is intended to protect the interests of stockholders in the event of a hostile attempt to take over the Company. The rights, which are not presently exercisable and do not have any voting powers, represent the right of our stockholders to purchase at a substantial discount, upon the occurrence of certain events, shares of our common stock or of an acquiring company involved in a business combination with us. This plan, which was adopted in August 2006, expires in August 2016.

7. Income Per Share

7. Income Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Income Per Share	The following is the computation of basic and diluted income per share: Year ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Net Income $ 28,925 $ 27,808 $ 26,582 Weighted average basic shares outstanding 1,846 1,958 2,010 Add: Effect of dilutive securities 24 17 7 Weighted average diluted shares outstanding 1,870 1,975 2,017 Net Income per share Basic $ 15.67 $ 14.20 $ 13.22 Diluted $ 15.47 $ 14.08 $ 13.18 As required by ASC 260, Earnings per Share Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Dilutive securities representing eight shares of common stock for the year ended December 31, 2014 were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.

8. Stock Plans

8. Stock Plans	12 Months Ended
	Dec. 31, 2015
Compensation Related Costs [Abstract]
Stock Plans	At December 31, 2015, we had three stock-based compensation plans which are described more fully below. We account for our plans under ASC 718, and the disclosures that follow are based on applying ASC 718. ASC 718 requires that cash flows from the use of stock-based compensation resulting from tax benefits in excess of recognized compensation cost (excess tax benefits) be classified as financing cash flows. We recorded $156,000, $168,000 and $15,000 of such excess tax benefits as financing cash flows in 2015, 2014 and 2013, respectively. Our Amended and Restated 2006 Equity Incentive Plan, or 2006 Plan, provides for awards to key employees, non-employee directors and consultants of incentive and nonqualified stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance shares and other stock-based awards. Under the 2006 Plan, 200,000 shares, in the aggregate, of common stock have been reserved for awards. The purchase price of shares issued on the exercise of options must be at least equal to the fair market value of such shares on the date of grant. The options granted become exercisable and expire as determined by the Compensation Committee. As of December 31, 2015, there remained 52,936 shares for future stock-based awards under the 2006 Plan. In May 2007, we adopted our Deferred Compensation Plan for Non-Employee Directors (as amended, the “Deferred Compensation Plan”), and 2,500 shares of our common stock were initially reserved for issuance thereunder. This plan allows our non-employee directors to elect to receive stock units in lieu of all or part of the cash fees they are receiving for their services as directors. On the first business day of each calendar year, each participating non-employee director is credited with a number of stock units determined on the basis of the foregone cash fees and the closing price of our common stock on the next preceding date on which shares of our stock were traded. The stock units are converted to shares of our common stock on a one-for-one basis at a future date as elected in advance by the director, but no later than the January following the year in which the director ceases to serve on the Board of Directors, and the shares are delivered to the director. As of December 31, 2015, there remained 1,583 shares of common stock reserved for issuance upon the conversion of stock units which may be credited in the future to non-employee directors. In May 2007, we also adopted our Non-Employee Director Stock Purchase Plan, (as amended, the “Director Stock Purchase Plan”), and 2,500 shares of our common stock were initially reserved for issuance thereunder. Under this plan, our non-employee directors may elect to receive on the first business day of the calendar year fully-vested stock and restricted stock in lieu of some or all of their fees payable to them during such year. The foregone fees are converted into shares of fully-vested stock and restricted stock on the first business day of such calendar year based on the closing price of our common stock on the next preceding date on which shares of our stock were traded. The restricted stock vests in equal amounts on the first day of the next three succeeding calendar quarters provided the non-employee director is then serving on our Board of Directors. As of December 31, 2015, there remained 1,126 shares reserved for issuance under such plan. A summary of stock option transactions for the year ended December 31, 2015 is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at December 31, 2014 50,000 $ 204.76 Granted -- -- Exercised -- -- Outstanding at December 31, 2015 50,000 $ 204.76 2.9 years Exercisable at December 31, 2015 35,000 $ 201.43 2.8 years All nonvested options outstanding at December 31, 2015 are expected to vest. We estimate the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. None of our grants includes performance-based or market-based vesting conditions. The expected life represents the period that our stock-based awards are expected to be outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The fair value of stock-based payments, funded with options, is valued using the Black-Scholes valuation method with a volatility factor based on our historical stock trading history. We base the risk-free interest rate using the Black-Scholes valuation method on the implied yield currently available on U.S. Treasury securities with an equivalent term. We base the dividend yield used in the Black-Scholes valuation method on our dividend history. There were no options granted in 2015, 2014 or 2013. There were no options exercised in 2015 and 2014. The total intrinsic values of options outstanding and options currently exercisable at December 31, 2015, were $8.8 million and $6.3 million, respectively. During 2015, no shares of restricted stock were awarded under the 2006 Plan. Under the terms of our restricted stock awards, the restrictions usually lapse over a five-year period. During the vesting period, holders of restricted stock have voting rights and earn dividends, but the shares may not be sold, assigned, transferred, pledged or otherwise encumbered. Nonvested shares are generally forfeited on termination of employment unless otherwise provided in the participant’s employment agreement or the termination is in connection with a change in control. A summary of changes in nonvested restricted stock for the year ended December 31, 2015 is presented below: Nonvested Shares Shares Weighted Average Award Date Fair Value Per Share Restricted stock at December 31, 2014 7,500 $ 209.42 Granted in 2015 -- -- Vested in 2015 (3,000 ) $ 204.76 Restricted stock at December 31, 2015 4,500 $ 212.53 All shares of nonvested restricted stock outstanding at December 31, 2015 are expected to vest. The total fair value of restricted stock vested during 2015, 2014 and 2013 was $1,086,000, $1,372,000 and $633,000, respectively. During 2015, restricted stock units were awarded to certain employees under the 2006 Plan. All of our restricted stock units are convertible to shares of stock on a one-for-one basis when the restrictions lapse, which is generally after a five-year period. Nonvested stock units are generally forfeited on termination of employment unless the termination is in connection with a change in control. During the vesting period, holders of all restricted stock units earn dividends in the form of additional units. During 2015, one non-employee director elected to receive stock units in lieu of a portion of his cash fees for his services as a member of the Board of Directors. A summary of changes in stock units for the year ended December 31, 2015, is presented below: Nonvested Stock Units Restricted Stock Units Weighted Average Award Date Fair Value Per Unit Director’s Stock Units Weighted Average Award Date Fair Value Per Unit Nonvested at December 31, 2014 14,858 $ 222.81 -- Granted 570 $ 391.06 15 $ 348.16 Vested -- (15 ) $ 348.16 Nonvested at December 31, 2015 15,428 $ 229.02 -- All nonvested restricted stock units at December 31, 2015 are expected to vest. The total intrinsic value of all outstanding stock units which were not convertible at December 31, 2015, including 433 stock units held for the accounts of non-employee directors, was $6,046,000. The total fair value of directors’ stock units that vested and were converted was $5,000 during 2015 and $8,000 during each of 2014 and 2013. Stock awards that vested immediately were awarded under the 2006 Plan to non-employee directors totaling $240,000 in value in each of 2015 and 2014, and $120,000 in 2013. Compensation related to stock awards, restricted stock and stock units is based on the fair market value of the stock on the date of the award. These fair values are then amortized on a straight-line basis over the requisite service periods of the entire awards, which is generally the vesting period. Compensation related to stock options is based on the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. For the years ended December 31, 2015, 2014 and 2013, we recorded stock-based compensation expense as a G&A expense in the amount of $1,841,000, $2,209,000 and $1,586,000, respectively, for all of the above mentioned stock-based compensation arrangements. The total tax benefit recognized in the income statement from stock-based compensation arrangements for the years ended December 31, 2015, 2014 and 2013, was $644,000, $773,000 and $555,000, respectively. Unrecognized compensation cost information for our various stock-based compensation types is shown below as of December 31, 2015: Unrecognized Compensation Cost Weighted Average Remaining Years in Amortization Period Stock options $ 362,000 1.2 Restricted stock 584,000 1.2 Restricted stock units 1,134,000 3.0 Total $ 2,080,000 We have a policy of utilizing treasury shares to satisfy stock option exercises, stock unit conversions and restricted stock awards.

9. Industry Segment and Geogra

9. Industry Segment and Geographic Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Industry Segment and Geographic Information	We operate in one reportable industry segment: developing and manufacturing products primarily for medical applications and have no foreign operating subsidiaries. We have other product lines which include pressure relief valves and inflation systems, which are sold primarily to the aviation and marine industries. Due to the similarities in product technologies and manufacturing processes, these products are managed as part of our medical products segment. Our revenues from sales to customers outside the United States totaled approximately 35 percent of our net revenues in 2015, and 42 percent in each of 2014 and 2013. In 2015, we saw a shift in the percentage of our international sales that was driven in large part by a customer's decision to build its new facility in the United States. We have no assets located outside the United States. A summary of revenues by geographic area, based on shipping destination, for 2015, 2014 and 2013 is as follows (in thousands): Year ended December 31, 2015 2014 2013 United States $ 94,840 $ 81,971 $ 75,997 Canada 2,062 11,655 15,114 Other countries less than 10% of revenues 48,830 47,136 40,882 Total $ 145,733 $ 140,762 $ 131,993 A summary of revenues by product line for 2015, 2014 and 2013 is as follows (in thousands): 2015 2014 2013 Fluid Delivery $ 60,630 $ 57,905 $ 51,289 Cardiovascular 46,463 43,001 40,182 Ophthalmology 18,253 19,329 20,736 Other 20,387 20,527 19,786 Total $ 145,733 $ 140,762 $ 131,993

10. Employee Retirement and Ben

10. Employee Retirement and Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Retirement and Benefit Plans	We sponsor a defined contribution 401(k) plan for all employees. Each participant may contribute certain amounts of eligible compensation. We make a matching contribution to the plan. Our contributions under this plan were $645,000, $600,000 and $561,000 in 2015, 2014 and 2013, respectively.

11. Commitments and Contingenci

11. Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	From time to time and in the ordinary course of business, we may be subject to various claims, charges and litigation. In some cases, the claimants may seek damages, as well as other relief, which, if granted, could require significant expenditures. We accrue the estimated costs of settlement or damages when a loss is deemed probable and such costs are estimable, and accrue for legal costs associated with a loss contingency when a loss is probable and such amounts are estimable. Otherwise, these costs are expensed as incurred. If the estimate of a probable loss or defense costs is a range and no amount within the range is more likely, we accrue the minimum amount of the range. As of December 31, 2015, the Company had no ongoing litigation or arbitration for such matters. We had a dispute which was favorably settled in the third quarter of 2007. This settlement was amended in December 2008. The amended settlement agreement provides that we may receive annual payments from 2009 through 2024. We have not recorded $4.5 million in potential future payments under this settlement as of December 31, 2015 due to the uncertainty of payment. We have arrangements with three of our executive officers pursuant to which the termination of their employment under certain circumstances would result in lump sum payments to them. Termination under such circumstances at December 31, 2015 could have resulted in payments aggregating $6.0 million.

12. Quarterly Financial Data (U

12. Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarter Ended Operating Revenue Operating Income Net Income Income Per Basic Share Income Per Diluted Share (In thousands, except per share amounts) 03/31/15 $ 38,324 $ 11,486 $ 7,602 $ 4.05 $ 4.01 06/30/15 37,655 11,120 7,474 4.04 3.99 09/30/15 37,381 11,573 7,799 4.25 4.19 12/31/15 32,372 8,330 6,050 3.32 3.27 03/31/14 $ 36,419 $ 10,700 $ 7,201 $ 3.63 $ 3.61 06/30/14 35,025 10,257 6,882 3.51 3.48 09/30/14 36,625 11,226 7,685 3.94 3.91 12/31/14 32,693 8,632 6,040 3.11 3.08 The quarterly information presented above reflects, in the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods presented.

1. Summary of Significant Acc20

1. Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of Atrion Corporation and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents and Investments	Cash equivalents include cash on hand and in the bank as well as money market accounts and debt securities with maturities at the time of purchase of 90 days or less. Our investments consist of taxable corporate bonds and equity securities. We classify our investment securities in one of three categories: held-to-maturity, trading, or available-for-sale. Securities that we have the positive intent and ability to hold to maturity are reported at amortized cost and classified as held-to-maturity securities. If we do not have the intent and ability to hold a security to maturity, we report the investment as available-for-sale securities. We report available-for-sale securities at fair value, based on quoted market prices, with unrealized gains and, to the extent deemed temporary, unrealized losses recorded in stockholders’ equity as accumulated other comprehensive income (loss). We consider investments which will mature in the next 12 months as current assets. The remaining investments are considered non-current assets including our investment in equity securities which we intend to hold longer than 12 months. We periodically evaluate our investments for impairment. The components of the Company’s cash and cash equivalents and our short and long-term investments as of December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Cash and cash equivalents: Cash deposits $ 16,015 $ 14,572 Money market funds 12,331 6,203 Total cash and cash equivalents $ 28,346 $ 20,775 Short-term investments: Corporate bonds (held-to-maturity) $ 44 $ 3,084 Total short-term investments $ 44 $ 3,084 Long-term investments: Corporate bonds (held-to-maturity) $ 5,555 $ 10,028 US government agency bonds (held-to-maturity) --- 8,400 Equity securities (available-for-sale) 4,311 3,332 Total long-term investments $ 9,866 $ 21,760 Total cash, cash equivalents and short and long-term investments $ 38,256 $ 45,619
Trade Receivables	Trade accounts receivable are recorded at the original sales price to the customer. We maintain an allowance for doubtful accounts to reflect estimated losses resulting from the failure of customers to make required payments. On an ongoing basis, the collectability of accounts receivable is assessed based upon historical collection trends, current economic factors and the assessment of the collectability of specific accounts. We evaluate the collectability of specific accounts and determine when to grant credit to our customers using a combination of factors, including the age of the outstanding balances, evaluation of customers’ current and past financial condition, recent payment history, current economic environment, and discussions with appropriate Company personnel and with the customers directly. Accounts are written off when we determine the receivable will not be collected.
Inventories	Inventories are stated at the lower of cost (including materials, direct labor and applicable overhead) or market. Cost is determined by using the first-in, first-out method. The following table details the major components of inventory (in thousands): December 31, 2015 2014 Raw materials $ 12,775 $ 12,575 Work in process 6,557 5,600 Finished goods 10,439 9,847 Total inventories $ 29,771 $ 28,022
Accounts Payable	We reflect disbursements as trade accounts payable until such time as payments are presented to our bank for payment. At December 31, 2015 and 2014, disbursements totaling approximately $636,000 and $613,000, respectively, had not been presented for payment to our bank.
Income Taxes	We account for income taxes utilizing Accounting Standards Codification (ASC) 740, Income Taxes ASC 740 also requires the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attributes of income tax positions taken or expected to be taken on a tax return. Under ASC 740, the impact of an uncertain tax position taken or expected to be taken on an income tax return must be recognized in the financial statements at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized in the financial statements unless it is more-likely-than-not of being sustained. Our uncertain tax positions are recorded as “Other non-current liabilities.” We classify interest expense on underpayments of income taxes and accrued penalties related to unrecognized tax benefits in the income tax provision.
Property Plant and Equipment	Property, plant and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Additions and improvements are capitalized, including all material, labor and engineering costs to design, install or improve the asset. Expenditures for repairs and maintenance are charged to expense as incurred. The following table represents a summary of property, plant and equipment at original cost (in thousands): December 31, Useful 2015 2014 Lives Land $ 5,260 $ 5,260 — Buildings 31,914 31,751 30-40 yrs Machinery and equipment 113,633 105,160 3-15 yrs Total property, plant and equipment $ 150,807 $ 142,171 Depreciation expense of $8,478,000, $8,454,000 and $8,413,000 was recorded for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation expense is recorded in either cost of goods sold or operating expenses based on the associated assets’ usage.
Patents and Licenses	Costs for patents and licenses acquired are determined at acquisition date. Patents and licenses are amortized over the useful lives of the individual patents and licenses, which are from seven to 20 years. Patents and licenses are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Goodwill	Goodwill represents the excess of cost over the fair value of tangible and identifiable intangible net assets acquired. Annual impairment testing for goodwill is done using a qualitative assessment on goodwill impairment to determine whether it is necessary to perform the two-step goodwill impairment test. Goodwill is also reviewed whenever events or changes in circumstances indicate a change in value may have occurred. We have identified three reporting units where goodwill was recorded for purposes of testing goodwill impairment annually: (1) Atrion Medical Products, Inc., (2) Halkey-Roberts Corporation and (3) Quest Medical, Inc. The total carrying amount of goodwill in each of the years ended December 31, 2015 and 2014 was $9,730,000. Our evaluation of goodwill during each year resulted in no impairment losses.
Current Accrued Liabilities	The items comprising current accrued liabilities are as follows (in thousands): December 31, 2015 2014 Accrued payroll and related expenses $ 4,206 $ 4,240 Accrued vacation 245 219 Other accrued liabilities 610 491 Total accrued liabilities $ 5,061 $ 4,950
Revenues	We recognize revenue when our products are shipped to our customers, provided an arrangement exists, the fee is fixed and determinable and collectability is reasonably assured. All risks and rewards of ownership pass to the customer upon shipment. Net sales represent gross sales invoiced to customers, less certain related charges, including discounts, returns and other allowances. Revenues are recorded exclusive of sales and similar taxes. Returns, discounts and other allowances have been insignificant historically.
Shipping and Handling Policy	Shipping and handling fees charged to customers are reported as revenue and all shipping and handling costs incurred related to products sold are reported as cost of goods sold.
Research and Development Costs	Research and development costs relating to the development of new products and improvements of existing products are expensed as incurred.
Stock-Based Compensation	We have stock-based compensation plans covering certain of our officers, directors and key employees. As explained in detail in Note 8, we account for stock-based compensation utilizing the fair value recognition provisions of ASC 718, Compensation-Stock Compensation,
New Accounting Pronouncements	In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers From time to time, new accounting pronouncements applicable to us are issued by the FASB, or other standards setting bodies, which we will adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.
Fair Value Measurements	Accounting standards use a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers are: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists therefore requiring an entity to develop its own assumptions. As of December 31, 2015 and 2014, we held certain investments in corporate and government debt securities as well as certain equity securities. These investments are all considered Level 2 assets and the fair value of our investments were estimated using recently executed transactions and market price quotations (see Note 2). The carrying values of our other financial instruments including cash and cash equivalents, money market accounts, accounts receivable, accounts payable, accrued liabilities, and accrued income and other taxes approximated fair value due to their liquid and short-term nature.
Concentration of Credit Risk	Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. Our cash and cash equivalents are held in accounts with financial institutions that we believe are creditworthy. Certain of these amounts at times may exceed federally-insured limits. At December 31, 2015, approximately 91% of our cash and cash equivalents were uninsured. We have not experienced any credit losses in such accounts and do not believe we are exposed to any significant credit risk on these funds. We have investments in corporate bonds. As a result, we are exposed to potential loss from market risks that may occur as a result of changes in interest rates, changes in credit quality of the issuer and otherwise. Approximately 10% of our aggregate fixed-income investments are below investment grade. These securities have a higher degree of credit or default risk and a greater exposure to credit risk and may be less liquid in times of economic weakness or market disruptions. For accounts receivable, we perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral. We maintain reserves for possible credit losses. As of December 31, 2015 and 2014, we had allowances for doubtful accounts of approximately $50,000 and $22,000, respectively. The carrying amount of the receivables approximates their fair value. No customer exceeded 10% of our accounts receivable as of December 31, 2015 or 2014.

1. Summary of Significant Acc21

1. Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Components of the Company's cash and cash equivalents and our short and long-term investments	2015 2014 Cash and cash equivalents: Cash deposits $ 16,015 $ 14,572 Money market funds 12,331 6,203 Total cash and cash equivalents $ 28,346 $ 20,775 Short-term investments: Corporate bonds (held-to-maturity) $ 44 $ 3,084 Total short-term investments $ 44 $ 3,084 Long-term investments: Corporate bonds (held-to-maturity) $ 5,555 $ 10,028 US government agency bonds (held-to-maturity) --- 8,400 Equity securities (available-for-sale) 4,311 3,332 Total long-term investments $ 9,866 $ 21,760 Total cash, cash equivalents and short and long-term investments $ 38,256 $ 45,619
Major Components of Inventories	December 31, 2015 2014 Raw materials $ 12,775 $ 12,575 Work in process 6,557 5,600 Finished goods 10,439 9,847 Total inventories $ 29,771 $ 28,022
Summary of Property Plant and Equipment at Original Cost	December 31, Useful 2015 2014 Lives Land $ 5,260 $ 5,260 — Buildings 31,914 31,751 30-40 yrs Machinery and equipment 113,633 105,160 3-15 yrs Total property, plant and equipment $ 150,807 $ 142,171
Current Accrued Liabilities	December 31, 2015 2014 Accrued payroll and related expenses $ 4,206 $ 4,240 Accrued vacation 245 219 Other accrued liabilities 610 491 Total accrued liabilities $ 5,061 $ 4,950

2. Investments (Tables)

2. Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments Schedule [Abstract]
Investments, Held-to-Maturity Securities	Gross Unrealized Cost Gains Losses Fair value As of December 31, 2015: Short-term Investments: Corporate bonds $ 44 $ -- $ -- $ 44 Long-term Investments: Corporate bonds $ 5,555 $ -- $ (30 ) $ 5,525 As of December 31, 2014: Short-term Investments: Corporate bonds $ 3,084 $ -- $ (6 ) $ 3,078 Long-term Investments: Corporate and government bonds $ 18,428 $ 21 $ (292 ) $ 18,157
Investments, Available for sale	Gross Unrealized Cost Gains Losses Fair value As of December 31, 2015: Long-term Investments: Equity investments $ 3,876 $ 435 $ -- $ 4,311 As of December 31, 2014: Long-term Investments: Equity investments $ 3,708 $ -- $ (376 ) $ 3,332

3. Patents and Licenses (Tables

3. Patents and Licenses (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Information Regarding Patents and Licenses	December 31, 2015 December 31, 2014 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 11,647 15.67 $ 13,840 $ 11,302
Estimated Future Amortization Expense	2016 $ 251 2017 $ 155 2018 $ 123 2019 $ 123 2020 $ 119

5. Income Taxes (Tables)

5. Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Expense	Year ended December 31, 2015 2014 2013 Current — Federal $ 11,848 $ 12,626 $ 12,541 — State 1,528 1,585 1,065 13,376 14,211 13,606 Deferred — Federal (1,364 ) 31 (1,063 ) — State (67 ) (29 ) 140 (1,431 ) 2 (923 ) Total income tax expense $ 11,945 $ 14,213 $ 12,683
Deferred Income Tax Assets and Liabilities with Temporary Differences and Carryforwards	2015 2014 Deferred tax assets: Benefit plans $ 1,958 $ 1,535 Inventories 473 483 Other 733 158 Total deferred tax assets $ 3,164 $ 2,176 Deferred tax liabilities: Property, plant and equipment $ 9,585 $ 9,648 Patents and goodwill 2,897 2,926 Other 91 158 Total deferred tax liabilities $ 12,573 $ 12,732 Net deferred tax liability $ 9,409 $ 10,556 Balance Sheet classification: Non-current deferred income tax liability $ 9,989 $ 11,129 Current deferred income tax asset 580 573 Net deferred tax liability $ 9,409 $ 10,556
Illustration of Total Income Tax Expense Difference with Amount Provided by Applying Statutory Federal Income Tax Rate to Pretax Earnings	Year ended December 31, 2015 2014 2013 Income tax expense at the statutory federal income tax rate $ 14,304 $ 14,707 $ 13,743 Increase (decrease) resulting from: State income taxes 882 934 770 Section 199 manufacturing deduction (1,383 ) (1,290 ) (1,307 ) R&D tax credits (2,254 ) (393 ) (626 ) Other, net 396 255 103 Total income tax expense $ 11,945 $ 14,213 $ 12,683
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits	Gross unrecognized tax benefits at January 1, 2013 $ 541 Increase in tax positions for prior years 11 Increase in tax positions for current year 0 Lapse in statutes of limitation (206 ) Gross unrecognized tax benefits at December 31, 2013 $ 346 Increase in tax positions for prior years 6 Increase in tax positions for current year 0 Lapse in statutes of limitation (223 ) Gross unrecognized tax benefits at December 31, 2014 $ 129 Increase in tax positions for prior years 122 Increase in tax positions for current year 0 Lapse in statutes of limitation (131 ) Gross unrecognized tax benefits at December 31, 2015 $ 120

7. Income Per Share (Tables)

7. Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income Per Share	Year ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Net Income $ 28,925 $ 27,808 $ 26,582 Weighted average basic shares outstanding 1,846 1,958 2,010 Add: Effect of dilutive securities 24 17 7 Weighted average diluted shares outstanding 1,870 1,975 2,017 Net Income per share Basic $ 15.67 $ 14.20 $ 13.22 Diluted $ 15.47 $ 14.08 $ 13.18

8. Stock Plans (Tables)

8. Stock Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation Related Costs [Abstract]
Option Transaction	Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at December 31, 2014 50,000 $ 204.76 Granted -- -- Exercised -- -- Outstanding at December 31, 2015 50,000 $ 204.76 2.9 years Exercisable at December 31, 2015 35,000 $ 201.43 2.8 years
Restricted Stock Activity	Nonvested Shares Shares Weighted Average Award Date Fair Value Per Share Restricted stock at December 31, 2014 7,500 $ 209.42 Granted in 2015 -- -- Vested in 2015 (3,000 ) $ 204.76 Restricted stock at December 31, 2015 4,500 $ 212.53
Changes in Stock Units	Nonvested Stock Units Restricted Stock Units Weighted Average Award Date Fair Value Per Unit Director’s Stock Units Weighted Average Award Date Fair Value Per Unit Nonvested at December 31, 2014 14,858 $ 222.81 -- Granted 570 $ 391.06 15 $ 348.16 Vested -- (15 ) $ 348.16 Nonvested at December 31, 2015 15,428 $ 229.02 --
Unrecognized Compensation Cost	Unrecognized Compensation Cost Weighted Average Remaining Years in Amortization Period Stock options $ 362,000 1.2 Restricted stock 584,000 1.2 Restricted stock units 1,134,000 3.0 Total $ 2,080,000

9. Industry Segment and Geograp

9. Industry Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Revenues by Geographic Territory	Year ended December 31, 2015 2014 2013 United States $ 94,840 $ 81,971 $ 75,997 Canada 2,062 11,655 15,114 Other countries less than 10% of revenues 48,830 47,136 40,882 Total $ 145,733 $ 140,762 $ 131,993
Revenue by Product Line	2015 2014 2013 Fluid Delivery $ 60,630 $ 57,905 $ 51,289 Cardiovascular 46,463 43,001 40,182 Ophthalmology 18,253 19,329 20,736 Other 20,387 20,527 19,786 Total $ 145,733 $ 140,762 $ 131,993

12. Quarterly Financial Data 28

12. Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	Quarter Ended Operating Revenue Operating Income Net Income Income Per Basic Share Income Per Diluted Share (In thousands, except per share amounts) 03/31/15 $ 38,324 $ 11,486 $ 7,602 $ 4.05 $ 4.01 06/30/15 37,655 11,120 7,474 4.04 3.99 09/30/15 37,381 11,573 7,799 4.25 4.19 12/31/15 32,372 8,330 6,050 3.32 3.27 03/31/14 $ 36,419 $ 10,700 $ 7,201 $ 3.63 $ 3.61 06/30/14 35,025 10,257 6,882 3.51 3.48 09/30/14 36,625 11,226 7,685 3.94 3.91 12/31/14 32,693 8,632 6,040 3.11 3.08

1. Summary of Significant Acc29

1. Summary of Significant Accounting Policies (Details - Cash and cash equivalents and short and long-term investments) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash and cash equivalents:
Cash deposits	$ 16,015	$ 14,572
Money market funds	12,331	6,203
Total cash and cash equivalents	28,346	20,775	$ 28,559	$ 7,999
Short-term investments:
Corporate bonds (held-to-maturity)	44	3,084
Total short-term investments	44	3,084
Long-term investments:
Equity securities (available for sale)	4,311	3,332
Total long term investments	9,866	21,760
Total cash, cash equivalents and short and long-term investments	38,256	45,619
Corporate Bond Securities [Member]
Long-term investments:
Held-to-maturity	5,555	10,028
US government agency bonds
Long-term investments:
Held-to-maturity	$ 0	$ 8,400

1. Summary of Significant Acc30

1. Summary of Significant Accounting Policies (Detail - Major Components of Inventories) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 12,775	$ 12,575
Work in process	6,557	5,600
Finished goods	10,439	9,847
Total inventories	$ 29,771	$ 28,022

1. Summary of Significant Acc31

1. Summary of Significant Accounting Policies (Detail - Property Plant and Equipment) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Land	$ 5,260	$ 5,260
Buildings	31,914	31,751
Machinery and equipment	113,633	105,160
Total property, plant and equipment	$ 150,807	$ 142,171
Building And Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	30 years
Building And Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	40 years
Machinery And Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	3 years
Machinery And Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	15 years

1. Summary of Significant Acc32

1. Summary of Significant Accounting Policies (Detail - Current Accrued Liabilities) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued payroll and related expenses	$ 4,206	$ 4,240
Accrued vacation	245	219
Other accrued liabilities	610	491
Total accrued liabilities	$ 5,061	$ 4,950

1. Summary of Significant Acc33

1. Summary of Significant Accounting Policies (Detail Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Depreciation expense	$ 8,478	$ 8,454	$ 8,413
Goodwill, carrying amount	9,730	9,730	9,730
Goodwill, impairment loss	0	0	$ 0
Allowances for doubtful accounts	$ 50	$ 22
Cash deposits in excess of federally insured limits
Significant Accounting Policies [Line Items]
Risk concentration	91.00%
Patent And License [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Patents and licenses, useful lives	7 years
Patent And License [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Patents and licenses, useful lives	20 years

2. Investments (Detail - Held-t

2. Investments (Detail - Held-to-Maturity Securities) - Corporate Bond Securities [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Short Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	$ 44	$ 3,084
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(6)
Fair Value	44	3,078
Long Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	5,555	18,428
Gross Unrealized Gains	0	21
Gross Unrealized Losses	(30)	(292)
Fair Value	$ 5,525	$ 18,157

2. Investments (Details - Avail

2. Investments (Details - Available-for sale-securities) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investments Details - Available-for Sale-securities
Equity investment, cost	$ 3,876	$ 3,708
Equity investments, unrealized gains	435	0
Equity investments, unrealized losses	0	(376)
Equity investments, fair value	$ 4,311	$ 3,332

2. Investments (Detail Narrativ

2. Investments (Detail Narrative)	12 Months Ended
	Dec. 31, 2015
Maximum [Member]
Schedule of Investments [Line Items]
Securities maturity length	35 months
Minimum [Member]
Schedule of Investments [Line Items]
Securities maturity length	46 months

3. Patents and Licenses (Detail

3. Patents and Licenses (Details - Purchased patents and licenses) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 11,647	$ 11,302
Patent And License [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Original Life (years)	15 years 8 months 8 days	15 years 8 months 8 days
Gross Carrying Amount	$ 13,840	$ 13,840
Accumulated Amortization	$ 11,647	$ 11,302

3. Patents and Licenses(Details

3. Patents and Licenses(Details - Estimated Future Amortization Expense) $ in Thousands	Dec. 31, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 251
2,017	155
2,018	123
2,019	123
2,020	$ 119

3. Patents and Licenses (Deta39

3. Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Patent And License [Member]
Finite-Lived Intangible Assets [Line Items]
Aggregate amortization expense	$ 345	$ 269	$ 179

4. Line of Credit (Details Narr

4. Line of Credit (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
Revolving line of credit, maximum principal amount	$ 40,000,000
Line of credit	$ 0
Revolving line of credit, interest plus LIBOR	1.42%	[1]
Term loan, maturity period	2 years
[1]	LIBOR plus one percent

5. Income Taxes (Details - Inco

5. Income Taxes (Details - Income tax expense items) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal income tax, current	$ 11,848	$ 12,626	$ 12,541
State income tax, current	1,528	1,585	1,065
Income tax, current	13,376	14,211	13,606
Federal income tax, deferred	(1,364)	31	(1,063)
State income tax, deferred	(67)	(29)	140
Income tax, deferred	(1,431)	2	(923)
Total income tax expense	$ 11,945	$ 14,213	$ 12,683

5. Income Taxes (Details - Defe

5. Income Taxes (Details - Deferred Income Tax Assets and Liabilities) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Benefit plans	$ 1,958	$ 1,535
Inventories	473	483
Other	733	158
Total deferred tax assets	3,164	2,176
Deferred tax liabilities:
Property, plant and equipment	9,585	9,648
Patents and goodwill	2,897	2,926
Other	91	158
Total deferred tax liabilities	12,573	12,732
Net deferred tax liability	9,409	10,556
Balance Sheet classification:
Non-current deferred income tax liability	9,989	11,129
Current deferred income tax asset	580	573
Net deferred tax liability	$ 9,409	$ 10,556

5. Income Taxes (Details - Reco

5. Income Taxes (Details - Reconciliation) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax expense at the statutory federal income tax rate	$ 14,304	$ 14,707	$ 13,743
Increase (decrease) resulting from:
State income taxes	882	934	770
Section 199 manufacturing deduction	(1,383)	(1,290)	(1,307)
R&D tax credits	(2,254)	(393)	(626)
Other, net	396	255	103
Total income tax expense	$ 11,945	$ 14,213	$ 12,683

5. Income Taxes (Details - Gros

5. Income Taxes (Details - Gross Unrecognized Tax Benefits) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits beginning balance	$ 129	$ 346	$ 541
Increase in tax positions for prior years	122	6	11
Increase in tax positions for current year	0	0	0
Lapse in statutes of limitation	(131)	(223)	(206)
Gross unrecognized tax benefits ending balance	$ 120	$ 129	$ 346

5. Income Taxes (Details Narrat

5. Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, accrued interest		$ 9	$ 21
Unrecognized tax benefits, net interest benefit	$ 9	$ 12	$ 5	[1]
[1]	5.4

6. Stockholders_ Equity (Detail

6. Stockholders’ Equity (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders Equity Details Narrative
Stock repurchase program, shares authorized to be repurchased	250,000
Stock repurchase program, shares remained eligible for repurchase	234,782
Stock repurchase program, number of shares repurchased	89,862	74,746	36,666

7. Income Per Share (Details -

7. Income Per Share (Details - Basic and diluted) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net Income	$ 6,050	$ 7,799	$ 7,474	$ 7,602	$ 6,040	$ 7,685	$ 6,882	$ 7,201	$ 28,925	$ 27,808	$ 26,582
Weighted Average Basic Shares Outstanding									1,846	1,958	2,010
Add: Effect of dilutive securities									24	17	7
Weighted average diluted shares outstanding									1,870	1,975	2,017
Net Income per share
Basic	$ 3.32	$ 4.25	$ 4.04	$ 4.05	$ 3.11	$ 3.94	$ 3.51	$ 3.63	$ 15.67	$ 14.20	$ 13.22
Diluted	$ 3.27	$ 4.19	$ 3.99	$ 4.01	$ 3.08	$ 3.91	$ 3.48	$ 3.61	$ 15.47	$ 14.08	$ 13.18

7. Income per Share (Detail Nar

7. Income per Share (Detail Narrative)	12 Months Ended
	Dec. 31, 2014shares
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from computation of diluted shares	8

8. Stock Plans (Details - Stock

8. Stock Plans (Details - Stock Option Transactions)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Shares
Outstanding at December 31, 2014 | shares	50,000
Granted | shares	0
Exercised | shares	0
Outstanding at December 31, 2015 | shares	50,000
Exercisable at December 31, 2015 | shares	35,000
Weighted Average, Exercise Price
Outstanding at December 31, 2014 | $ / shares	$ 204.76
Granted | $ / shares	0
Exercised | $ / shares	0
Outstanding at December 31, 2015 | $ / shares	204.76
Exercisable at December 31, 2015 | $ / shares	$ 201.43
Weighted Average Remaining Contractual Term
Outstanding at December 31, 2015	2 years 10 months 24 days
Exercisable at December 31, 2015	2 years 9 months 18 days

8. Stock Plans (Details - Restr

8. Stock Plans (Details - Restricted Stock Activity)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Restricted Stock Units R S U [Member]
Shares
Beginning Balance | shares	14,858
Granted | shares	570
Vested | shares	0
Ending Balance | shares	15,428
Weighted Average Award Date Fair Value Per Share
Beginning Balance | $ / shares	$ 222.81
Granted | $ / shares	391.06
Vested | $ / shares	0
Ending Balance | $ / shares	$ 229.02
Restricted Stock [Member]
Shares
Beginning Balance | shares	7,500
Granted | shares	0
Vested | shares	(3,000)
Ending Balance | shares	4,500
Weighted Average Award Date Fair Value Per Share
Beginning Balance | $ / shares	$ 209.42
Granted | $ / shares	0
Vested | $ / shares	204.76
Ending Balance | $ / shares	$ 212.53

8. Stock Plans (Details - Unrec

8. Stock Plans (Details - Unrecognized Compensation Cost ) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost, stock options	$ 362
Total Unrecognized Compensation Cost	$ 2,080
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Years in Amortization Period	1 year 2 months 12 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost, other than options	$ 584
Weighted Average Remaining Years in Amortization Period	1 year 2 months 12 days
Restricted Stock Units R S U [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost, other than options	$ 1,134
Weighted Average Remaining Years in Amortization Period	3 years

8. Stock Plans (Details Narrat

8. Stock Plans (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, total intrinsic values of options outstanding	$ 8,800	$ 6,300
Stock compensation plan, total intrinsic values of options exercisable	8,800	6,300
Fair value restricted stock awards vested	1,086	1,372	$ 633
Stock compensation plan, total intrinsic value of unvested restricted stock	6,046
Stock-based compensation expense	1,841	2,209	1,586
Stock-based compensation expense, total tax benefit recognized	644	773	555
General And Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,841	$ 2,209	$ 1,586
2006 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, remaining number of common stock shares reserved	52,936
Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, remaining number of common stock shares reserved	1,583
Director Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, remaining number of common stock shares reserved	1,126

9. Industry Segment and Geogr53

9. Industry Segment and Geographic Information (Details - Geographic area) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 32,372	$ 37,381	$ 37,655	$ 38,324	$ 32,693	$ 36,625	$ 35,025	$ 36,419	$ 145,733	$ 140,762	$ 131,993
U S
Segment Reporting Information [Line Items]
Revenues									94,840	81,971	75,997
Canada
Segment Reporting Information [Line Items]
Revenues									2,062	11,655	15,114
Other Countries [Member]
Segment Reporting Information [Line Items]
Revenues									$ 48,830	$ 47,136	$ 40,882

9. Industry Segment and Geogr54

9. Industry Segment and Geographic Information (Details - Revenues by product line ) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from External Customer [Line Items]
Revenues	$ 32,372	$ 37,381	$ 37,655	$ 38,324	$ 32,693	$ 36,625	$ 35,025	$ 36,419	$ 145,733	$ 140,762	$ 131,993
Fluid Delivery [Member]
Revenue from External Customer [Line Items]
Revenues									60,630	57,905	51,289
Cardiovascular [Member]
Revenue from External Customer [Line Items]
Revenues									46,463	43,001	40,182
Ophthalmology [Member]
Revenue from External Customer [Line Items]
Revenues									18,253	19,329	20,736
Other Products [Member]
Revenue from External Customer [Line Items]
Revenues									$ 20,387	$ 20,527	$ 19,786

10. Employee Retirement and B55

10. Employee Retirement and Benefit Plans (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Defined contribution plan, employer contribution	$ 645	$ 600	$ 561

11. Commitments and Contingen56

11. Commitments and Contingencies (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Gain contingency, potential future payment receivable under settlement	$ 4,500
Loss contingency, estimated payment from termination of executive officers	$ 6,000

12. Quarterly Financial Data (D

12. Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Operating Revenue	$ 32,372	$ 37,381	$ 37,655	$ 38,324	$ 32,693	$ 36,625	$ 35,025	$ 36,419	$ 145,733	$ 140,762	$ 131,993
Operating Income	8,330	11,573	11,120	11,486	8,632	11,226	10,257	10,700	42,510	40,817	37,944
Net Income	$ 6,050	$ 7,799	$ 7,474	$ 7,602	$ 6,040	$ 7,685	$ 6,882	$ 7,201	$ 28,925	$ 27,808	$ 26,582
Income Per Basic Share	$ 3.32	$ 4.25	$ 4.04	$ 4.05	$ 3.11	$ 3.94	$ 3.51	$ 3.63	$ 15.67	$ 14.20	$ 13.22
Income Per Diluted Share	$ 3.27	$ 4.19	$ 3.99	$ 4.01	$ 3.08	$ 3.91	$ 3.48	$ 3.61	$ 15.47	$ 14.08	$ 13.18