Psychemedics (PMD) 10-Q 1 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 29, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'PSYCHEMEDICS CORP	'
Entity Central Index Key	'0000806517	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'PMD	'
Document Type	'10-Q	'
Entity Common Stock, Shares Outstanding	'	5,323,015
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Cash and cash equivalents	$2,208,788	$3,970,512
Accounts receivable, net of allowance for doubtful accounts of $148,605 in 2014 and $144,921 in 2013	4,818,663	4,368,864
Prepaid expenses and other current assets	1,172,688	769,269
Income tax receivable	207,119	554,828
Deferred tax assets	351,403	292,795
Total Current Assets	8,758,661	9,956,268
Fixed Assets, net of accumulated amortization and depreciation of $5,368,057 in 2014 and $5,175,722 in 2013	8,593,455	6,050,203
Other assets	672,093	543,345
Total Assets	18,024,209	16,549,816
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Accounts payable	778,548	510,550
Accrued expenses	2,443,695	2,447,920
Current portion of long-term debt	210,589	0
Total Current Liabilities	3,432,832	2,958,470
Long-term debt	842,354	0
Deferred tax liabilities, long-term	1,314,221	1,314,221
Total Liabilities	5,589,407	4,272,691
Shareholders' Equity:	'	'
Preferred-stock, $0.005 par value, 872,521 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.005 par value; 50,000,000 shares authorized 5,991,945 shares issued in 2014 and 5,981,896 shares issued in 2013	29,956	29,910
Additional paid-in capital	29,088,238	28,888,712
Accumulated deficit	-6,601,603	-6,559,708
Less - Treasury stock, at cost, 668,130 shares	-10,081,789	-10,081,789
Total Shareholders' Equity	12,434,802	12,277,125
Total Liabilities and Shareholders' Equity	$18,024,209	$16,549,816

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$148,605	$144,921
Accumulated depreciation, depletion and amortization, property, plant, and equipment	$5,368,057	$5,175,722
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	872,521	872,521
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,991,945	5,981,896
Common Stock, Shares, Outstanding	0	0
Treasury stock, shares	668,130	668,130

CONDENSED_STATEMENTS_OF_COMPRE

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues	$7,044,821	$6,432,442
Cost of revenues	3,249,039	2,945,171
Gross profit	3,795,782	3,487,271
Operating Expenses:	'	'
General & administrative	1,184,147	993,711
Marketing & selling	1,098,600	1,126,658
Research & development	344,983	164,710
Total Operating Expenses	2,627,730	2,285,079
Operating income	1,168,052	1,202,192
Other income	1,549	91,413
Net income before provision for income taxes	1,169,601	1,293,605
Provision for income taxes	413,442	471,260
Net income and comprehensive income	$756,159	$822,345
Basic net income per share (in dollars per share)	$0.14	$0.16
Diluted net income per share (in dollars per share)	$0.14	$0.16
Dividends declared per share (in dollars per share)	$0.15	$0.15
Weighted average common shares outstanding, basic (in shares)	5,317,836	5,272,647
Weighted average common shares outstanding, diluted (in shares)	5,371,418	5,292,686

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$756,159	$822,345
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	218,019	207,053
Stock-based compensation	152,008	105,684
Changes in assets and liabilities:	'	'
Accounts receivable	-449,799	-250,996
Prepaid expenses, other current assets, and income tax receivable	-55,710	322,639
Accounts payable	267,998	84,808
Accrued expenses	-1,088,173	-639,936
Deferred income taxes	-58,608	-42,696
Net cash provided by operating activities	-258,106	608,901
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of equipment and leasehold improvements	-1,524,432	-152,510
Cost of internally developed software	-147,192	-180,108
Other assets	-134,447	-43,861
Net cash used in investing activities	-1,806,071	-376,479
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net proceeds from exercise of stock options	47,564	5,323
Proceeds from long-term debt	1,052,943	0
Cash dividends paid	-798,054	-790,865
Net cash provided by (used in) financing activities	302,453	-785,542
Net decrease in cash and cash equivalents	-1,761,724	-553,120
Cash and cash equivalents, beginning of period	3,970,512	3,065,785
Cash and cash equivalents, end of period	2,208,788	2,512,665
Supplemental Disclosures of Cash Flow Information:	'	'
Acquisition of equipment through accrued liabiliites	$1,083,948	$0

Interim_Financial_Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
		1	Interim Financial Statements
	The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (“the Company,” “our Company,” “our” or “we”) as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 28, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2014 may not be indicative of the results that may be expected for the year ending December 31, 2014, or any other period.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2014
Cash and Cash Equivalents [Abstract]	'
Cash and Cash Equivalents Disclosure [Text Block]	'
		2	Cash and Cash Equivalents
	The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. There were no cash equivalents as of March 31, 2014.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
		3	Stock-Based Compensation
	2006 Equity Incentive Plan
	The Company’s 2006 Incentive Plan provides for the grant or issuance to officers, directors, employees and consultants of options with terms of up to ten years, restricted stock, stock unit awards (SUA’s), issuances of stock bonuses or other stock-based awards, covering up to 500,000 shares of common stock. As of March 31, 2014, 181,581 shares remained available for future grant under the 2006 Incentive Plan.
	The SUAs vest over a period of two years for non-employee board members and four years for employees and are convertible into an equivalent number of shares of the Company’s common stock provided that the director or employee receiving the award remains continuously employed throughout the vesting period. The Company records compensation expense related to the SUAs on a straight-line basis over the vesting term of the SUAs. Employees are issued shares upon vesting, net of tax withholdings, unless the employee chooses to receive all shares and pay for the associated employment taxes. No other types of equity-based awards have been granted or issued under the 2006 Incentive Plan.
	A summary of activity for SUAs under the Company’s 2006 Incentive Plan for the three months ended March 31, 2014 is as follows:
			Number	Aggregate
			of	Intrinsic
			Shares	Value (1)
				(000s)
	Unvested, December 31, 2013		138,975
	Granted		-
	Forfeited/expired		-
	Converted to common stock		-
	Unvested, March 31, 2014		138,975	$	2,381
	Available for grant, March 31, 2014		181,581
		-1	The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on March 31, 2014 ($17.13).
	Expired Plans
	As of March 31, 2014, the Company also had outstanding an aggregate of 136,050 options to acquire common stock under plans that had previously expired. A summary of stock option activity for the Company’s expired stock option plans for the three months ended March 31, 2014 is as follows:
				Weighted		Weighted
				Average		Average
			Number	Exercise		Remaining	Aggregate
			of	Price		Contractual	Intrinsic
			Shares	Per Share		Life	Value (2)
							(000s)
	Outstanding, December 31, 2013		176,950	$	14.04
	Granted		-		-
	Exercised		-40,900	$	12.84
	Terminated/Expired		-		-
	Outstanding, March 31, 2014		136,050	$	14.4	1.2 years	$	371
	Exercisable, March 31, 2014		136,050	$	14.4	1.2 years	$	371
	Available for grant, March 31, 2014		-
		-2	The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the March 31, 2014 ($17.13) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.
	All Stock-Based Compensation Plans
	As of March 31, 2014, a total of 456,606 shares of common stock were reserved for issuance under the various stock option and stock-based plans. As of March 31, 2014, the unamortized fair value of awards relating to outstanding SUAs and options was $905 thousand, which is expected to be amortized over a weighted average period of 2.6 years.

Basic_and_Diluted_Net_Income_P

Basic and Diluted Net Income Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share, Basic and Diluted [Abstract]	'
Earnings Per Share [Text Block]	'
		4	Basic and Diluted Net Income Per Share
	Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The number of dilutive common equivalent shares outstanding during the period was determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options and common stock issuable upon the vesting of outstanding, unvested SUAs.
	Basic and diluted weighted average common shares outstanding are as follows:
			Three Months Ended
			March 31,	March 31,
			2014	2013
			(in 000’s)
	Weighted average common shares outstanding, basic		5,318	5,273
	Dilutive common equivalent shares		53	20
	Weighted average common shares outstanding, dilutive		5,371	5,293
	For the three months ended March 31, 2013, options to purchase 200 thousand common shares, were outstanding but not included in the diluted weighted average common share calculation as the effect would have been anti-dilutive.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
		5	Fair Value Measurements
	ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), provides guidance for using fair value to measure assets and liabilities. It also responds to investors’ requests for expanded information about the extent to which companies’ measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value, and does not expand the use of fair value in any new circumstances.
	It establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy prioritizes the inputs in three broad levels as follows:
		·	Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.
		·	Level 2 inputs are quoted prices for similar assets and liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
		·	Level 3 inputs are prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
	A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level of any input that is significant to the fair value measurement.
	The financial assets of the Company measured at fair value on a recurring basis are cash and cash equivalents. The Company’s cash and cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices that are accessible at the measurement date for identical assets and liabilities.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
		6	Subsequent Events
	On April 29, 2014, the Company declared a quarterly dividend of $0.15 per share for a total of $798 thousand, which will be paid on May 19, 2014 to shareholders of record on May 9, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
		7	Commitments and Contingencies
	The Company is subject to legal proceedings and claims, which arise in the ordinary course of its business. The Company believes that based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition.
	On March 12, 2014, the Company entered into a lease agreement for an additional 16 thousand square feet of lab space in Culver City, California. The lease became effective March 15, 2014 and has a lease term of three years. The Company has an option to extend the lease for two additional years.

Debt_and_Other_Financing_Arran

Debt and Other Financing Arrangements	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
		8	Debt and Other Financing Arrangements
	On March 20, 2014, the Company entered into an equipment financing arrangement with Banc of America Leasing & Capital, LLC (the “Lender”), including a Master Loan and Security Agreement and related documentation (collectively the “Equipment Loan Arrangement”) which provided the Company with the ability to finance, at its option, up to $6 Million of new and used equipment purchases to be made over the following 12 months or purchases recently made. Each such purchase financed under the Equipment Loan Arrangement is documented by the execution of an equipment note. Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty. Borrowings under the Equipment Loan Arrangement are secured by a first priority security interest in the equipment acquired with the proceeds of the Equipment Notes. Under the Equipment Loan Arrangement, the Company is subject to a maximum quarterly funded debt to EBITDA ratio and a minimum fixed charge coverage ratio.
	On March 24, 2014, the Company incurred its first borrowing under the equipment loan arrangement and executed an equipment note for $1,052,943. The interest rate under the note for the quarter ended March 31, 2014 was 2.15%, and represented $252 of interest expense, all of which was accrued as of March 31, 2014. There was no long term debt for the same period in 2013.
	The annual repayment requirements for debt obligations are as follows (in 000’s):
	2014		$	158
	2015			211
	2016			211
	2017			211
	2018			210
	2019			52
	Total		$	1,053

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule Of Share Based Compensation Stock Unit Award Activity [Table Text Block]	'
	A summary of activity for SUAs under the Company’s 2006 Incentive Plan for the three months ended March 31, 2014 is as follows:
			Number	Aggregate
			of	Intrinsic
			Shares	Value (1)
				(000s)
	Unvested, December 31, 2013		138,975
	Granted		-
	Forfeited/expired		-
	Converted to common stock		-
	Unvested, March 31, 2014		138,975	$	2,381
	Available for grant, March 31, 2014		181,581
		-1	The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on March 31, 2014 ($17.13).
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	A summary of stock option activity for the Company’s expired stock option plans for the three months ended March 31, 2014 is as follows:
				Weighted		Weighted
				Average		Average
			Number	Exercise		Remaining	Aggregate
			of	Price		Contractual	Intrinsic
			Shares	Per Share		Life	Value (2)
							(000s)
	Outstanding, December 31, 2013		176,950	$	14.04
	Granted		-		-
	Exercised		-40,900	$	12.84
	Terminated/Expired		-		-
	Outstanding, March 31, 2014		136,050	$	14.4	1.2 years	$	371
	Exercisable, March 31, 2014		136,050	$	14.4	1.2 years	$	371
	Available for grant, March 31, 2014		-
		-2	The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the March 31, 2014 ($17.13) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

Basic_and_Diluted_Net_Income_P1

Basic and Diluted Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share, Basic and Diluted [Abstract]	'
Schedule of Weighted Average Number of Shares [Table Text Block]	'
	Basic and diluted weighted average common shares outstanding are as follows:
		Three Months Ended
		March 31,	March 31,
		2014	2013
		(in 000’s)
	Weighted average common shares outstanding, basic	5,318	5,273
	Dilutive common equivalent shares	53	20
	Weighted average common shares outstanding, dilutive	5,371	5,293

Debt_and_Other_Financing_Arran1

Debt and Other Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
	The annual repayment requirements for debt obligations are as follows (in 000’s):
	2014	$	158
	2015		211
	2016		211
	2017		211
	2018		210
	2019		52
	Total	$	1,053

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Shares, Available for grant	0
Stock Unit Award [Member] | Stock Incentive Plan 2006 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Shares, Unvested	138,975
Number of Shares, Granted	0
Number of Shares Forfeited/expired	0
Number of Shares, Converted to common stock	0
Number of Shares, Unvested	138,975
Number of Shares, Available for grant	181,581
Aggregate Intrinsic Value, Unvested	$2,381	[1]
[1]	The aggregate intrinsic value on this table was calculated based on the closing market value of the Companybs stock on March 31, 2014 ($17.13).

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 1) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Shares, Outstanding - Beginning balance	176,950
Number of Shares, Granted	0
Number of Shares, Exercised	-40,900
Number of Shares, Terminated/Expired	0
Number of Shares, Outstanding - Ending balance	136,050
Number of Shares, Exercisable	136,050
Numner of Shares, Available for grant	0
Weighted Average Exercise Price per Share, Outstanding - Beginning balance	$14.04
Weighted Average Exercise Price per Share, Granted	$0
Weighted Average Exercise Price per Share, Exercised	$12.84
Weighted Average Exercise Price per Share, Terminated/Expired	$0
Weighted Average Exercise Price per Share, Outstanding - Ending balance	$14.40
Weighted Average Exercise Price Per Share, Exercisable	$14.40
Weighted Average Remaining Contractual Life, Outstanding	'1 year 2 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	'1 year 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$371	[1]
Aggregate Intrinsic Value, Exercisable	$371	[1]
[1]	The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Companybs stock on the March 31, 2014 ($17.13) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

StockBased_Compensation_Detail2

Stock-Based Compensation (Details Textual) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	0
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value (in dollars)	$905
Common Stock, Capital Shares Reserved for Future Issuance	456,606
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization	'2 years 7 months 6 days
Stock Incentive Plan 2006 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	500,000
Stock Incentive Plan 2006 [Member] | Stock Unit Award [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	181,581
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	'grant or issuance to officers, directors, employees and consultants of options with terms of up to ten years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$17.13
Expired Plan [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$17.13
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options To Commonstock In Period	136,050

Basic_and_Diluted_Net_Income_P2

Basic and Diluted Net Income Per Share (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Weighted average common shares outstanding, basic	5,317,836	5,272,647
Dilutive common equivalent shares	53,000	20,000
Weighted average common shares outstanding, dilutive	5,371,418	5,292,686

Basic_and_Diluted_Net_Income_P3

Basic and Diluted Net Income Per Share (Details Textual)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Common Stock, Dividends, Per Share, Declared	$0.15	$0.15
Subsequent Event [Member]	'	'
Common Stock, Dividends, Per Share, Declared	$0.15	'
Dividends Payable	$798	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual)	0 Months Ended
	Mar. 12, 2014
	sqft
Commitment And Contingencies [Line Items]	'
Area of Real Estate Property	16,000
Lease Expiration Term	'three years
Lease Extended Term	'two additional years

Debt_and_Other_Financing_Arran2

Debt and Other Financing Arrangements (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
2014	$158
2015	211
2016	211
2017	211
2018	210
2019	52
Total	$1,053

Debt_and_Other_Financing_Arran3

Debt and Other Financing Arrangements (Details Textual) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 24, 2014	Mar. 20, 2014
			Equipment Loan Arrangement [Member]
Debt Instrument, Unused Borrowing Capacity, Amount	'	$1,052,943	$6,000,000
Long-term Debt, Description	'	'	'Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty.
Debt Instrument, Interest Rate, Effective Percentage	2.15%	'	'
Interest Expense	$252	'	'