Psychemedics (PMDI) 10-Q 31 Oct 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 24, 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	'	5,375,061
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$2,611,712	$3,970,512
Accounts receivable, net of allowance for doubtful accounts of $102,635 in 2014 and $144,921 in 2013	5,757,316	4,368,864
Prepaid expenses and other current assets	1,037,876	769,269
Income tax receivable	0	554,828
Deferred tax assets	469,443	292,795
Total Current Assets	9,876,347	9,956,268
Fixed Assets, net of accumulated amortization and depreciation of $5,801,269 in 2014 and $5,175,722 in 2013	12,825,455	6,050,203
Other assets	725,703	543,345
Total Assets	23,427,505	16,549,816
Current Liabilities:	'	'
Accounts payable	683,246	510,550
Accrued expenses	1,971,865	2,447,920
Current portion of long-term debt	1,399,925	0
Total Current Liabilities	4,055,036	2,958,470
Long-term debt	5,198,139	0
Deferred tax liabilities, long-term	1,314,221	1,314,221
Total Liabilities	10,567,396	4,272,691
Commitments and Contingencies (Note 7)	'	'
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 6,043,191 shares issued in 2014 and 5,981,896 shares issued in 2013	30,216	29,910
Additional paid-in capital	29,347,419	28,888,712
Accumulated deficit	-6,435,737	-6,559,708
Less - Treasury stock, at cost, 668,130 shares	-10,081,789	-10,081,789
Total Shareholders' Equity	12,860,109	12,277,125
Total Liabilities and Shareholders' Equity	$23,427,505	$16,549,816

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$102,635	$144,921
Accumulated depreciation, depletion and amortization, property, plant, and equipment	$5,801,269	$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	6,043,191	5,981,896
Treasury stock, shares	668,130	668,130

CONDENSED_STATEMENTS_OF_COMPRE

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$7,704,047	$7,055,202	$22,443,005	$20,386,381
Cost of revenues	3,734,470	2,879,150	10,786,382	8,644,109
Gross profit	3,969,577	4,176,052	11,656,623	11,742,272
Operating Expenses:	'	'	'	'
General & administrative	1,155,099	1,075,133	3,467,863	3,075,794
Marketing & selling	1,206,479	1,158,355	3,470,588	3,435,257
Research & development	363,788	203,265	986,201	558,011
Total Operating Expenses	2,725,366	2,436,753	7,924,652	7,069,062
Operating income	1,244,211	1,739,299	3,731,971	4,673,210
Other income (expense)	-33,941	280	-29,157	91,993
Net income before provision for income taxes	1,210,270	1,739,579	3,702,814	4,765,203
Provision for income taxes	293,370	687,579	1,172,836	1,827,932
Net income and comprehensive income	$916,900	$1,052,000	$2,529,978	$2,937,271
Basic net income per share (in dollars per share)	$0.17	$0.20	$0.47	$0.55
Diluted net income per share (in dollars per share)	$0.17	$0.20	$0.47	$0.55
Dividends declared per share (in dollars per share)	$0.15	$0.15	$0.45	$0.45
Weighted average common shares outstanding, basic (in shares)	5,375,061	5,312,105	5,348,730	5,301,330
Weighted average common shares outstanding, diluted (in shares)	5,389,425	5,330,515	5,375,472	5,314,224

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$2,529,978	$2,937,271
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	751,306	642,580
Stock-based compensation	448,417	386,297
Changes in assets and liabilities:	'	'
Accounts receivable	-1,388,452	-672,737
Prepaid expenses, other current assets, and income tax receivable	286,221	622,123
Accounts payable	172,696	-92,708
Accrued expenses	-667,621	184,916
Deferred income taxes	-176,648	-155,217
Net cash provided by operating activities	1,955,897	3,852,525
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of equipment and leasehold improvements	-6,993,673	-835,735
Cost of internally developed software	-321,394	-540,097
Other assets	-202,283	-227,482
Net cash used in investing activities	-7,517,350	-1,603,314
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net proceeds from exercise of stock options	47,564	20,839
Proceeds from issuance of stock, net of tax withholding	-36,968	-111,249
Proceeds from equipment financing	6,999,626	0
Payments of equipment financing	-401,562	0
Cash dividends paid	-2,406,007	-2,381,845
Net cash provided by (used in) financing activities	4,202,653	-2,472,255
Net decrease in cash and cash equivalents	-1,358,800	-223,044
Cash and cash equivalents, beginning of period	3,970,512	3,065,785
Cash and cash equivalents, end of period	2,611,712	2,842,741
Supplemental Disclosures of Cash Flow Information:	'	'
Cash paid for income taxes	461,920	643,000
Cash paid for interest	42,285	0
Purchases of equipment through accrued liabilities	$191,566	$170,642

Interim_Financial_Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2014.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2014, 146,885 shares remained available for future grant under the 2006 Incentive Plan.
	The Company granted SUAs covering 44,575 shares of common stock on May 8, 2014. 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 nine months ended September 30, 2014 is as follows:
					Aggregate
		Number of			Intrinsic
		Shares			Value (1)
						(000s)
	Unvested, December 31, 2013			138,975
	Granted			44,575
	Forfeited/expired			-9,879
	Converted to common stock			-52,046
	Unvested, September 30, 2014			121,625	$	1,722
	Available for grant, September 30, 2014			146,885
		-1	The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on September 30, 2014 ($14.16).
	Expired Plans
	As of September 30, 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 nine months ended September 30, 2014 is as follows:
					Weighted		Weighted
					Average		Average
					Exercise		Remaining		Aggregate
			Number of		Price Per		Contractual		Intrinsic
			Shares		Share		Life		Value (2)
										(000s)
	Outstanding, December 31, 2013			176,950	$	14.04
	Granted			-		-
	Exercised			-40,900	$	12.84
	Terminated/Expired			-
	Outstanding, September 30, 2014			136,050	$	14.4		0.6 years	$	0
	Exercisable, September 30, 2014			136,050	$	14.4		0.6 years	$	0
	Available for grant, September 30, 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 September 30, 2014 ($14.16) 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 September 30, 2014, a total of 404,560 shares of common stock were reserved for issuance under the various stock option and stock-based plans. As of September 30, 2014, the unamortized fair value of awards relating to outstanding SUAs and options was $1,276 thousand, which is expected to be amortized over a weighted average period of 2.9 years.

Basic_and_Diluted_Net_Income_P

Basic and Diluted Net Income Per Share	9 Months Ended
	Sep. 30, 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 has been 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				Nine months Ended
			September 30,		September 30,		September 30,		September 30,
			2014		2013		2014		2013
			(in thousands)
	Weighted average common shares outstanding, basic			5,375		5,312		5,349		5,301
	Dilutive common equivalent shares			14		19		26		13
	Weighted average common shares outstanding, diluted			5,389		5,331		5,375		5,314
	For the three months ended September 30, 2014 and 2013, 182 thousand and 153 thousand common shares, respectively, related to options and SUAs that were outstanding but not included in the diluted weighted average common share calculation as the effect would have been antidilutive. For the nine month period ended September 30, 2014 there were no antidilutive shares and for the same period in 2013 there were 167 thousand common shares.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
		6	Subsequent Events
	On October 30, 2014, the Company declared a quarterly dividend of $0.15 per share for a total of $806 thousand, which will be paid on November 20, 2014 to shareholders of record on November 10, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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.

Debt_and_Other_Financing_Arran

Debt and Other Financing Arrangements	9 Months Ended
	Sep. 30, 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. The Company was in compliance with all covenants as of September 30, 2014. On August 8, 2014, the Company amended this agreement to increase the borrowing limit by $1.5 million.
	Under the Equipment Loan Arrangement, the Company has executed four notes on March 24, 2014, May 22, 2014, June 13, 2014 and August 8, 2014 in the amounts of $1,052,943, $1,935,241, $3,011,816 and $999,626, respectively, for a total amount of $7.0 million. The interest rate for these notes for the quarter ended September 30, 2014 was 2.15%, and represented $33,941 of interest expense. The interest expense for the nine months ended September 30, 2104 was $46,958. There was no long term debt for the same period in 2013.
	The annual principal repayment requirements for debt obligations as of September 30, 2014 are as follows (in 000’s):
	2014		$	350
	2015			1,400
	2016			1,400
	2017			1,400
	2018			1,400
	2019			648
	Total long-term debt			6,598
	Less current portion of long-term debt			1,400
	Total long-term debt, net of current portion		$	5,198

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
		9	Recent Accounting Pronouncements
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
	The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2014 is as follows:
					Aggregate
		Number of			Intrinsic
		Shares			Value (1)
						(000s)
	Unvested, December 31, 2013			138,975
	Granted			44,575
	Forfeited/expired			-9,879
	Converted to common stock			-52,046
	Unvested, September 30, 2014			121,625	$	1,722
	Available for grant, September 30, 2014			146,885
		-1	The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on September 30, 2014 ($14.16).
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 nine months ended September 30, 2014 is as follows:
					Weighted		Weighted
					Average		Average
					Exercise		Remaining		Aggregate
			Number of		Price Per		Contractual		Intrinsic
			Shares		Share		Life		Value (2)
										(000s)
	Outstanding, December 31, 2013			176,950	$	14.04
	Granted			-		-
	Exercised			-40,900	$	12.84
	Terminated/Expired			-
	Outstanding, September 30, 2014			136,050	$	14.4		0.6 years	$	0
	Exercisable, September 30, 2014			136,050	$	14.4		0.6 years	$	0
	Available for grant, September 30, 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 September 30, 2014 ($14.16) 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)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share, Basic and Diluted [Abstract]	'
Schedule of Earnings Per Share Reconciliation [Table Text Block]	'
	Basic and diluted weighted average common shares outstanding are as follows:
		Three Months Ended				Nine months Ended
		September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
		(in thousands)
	Weighted average common shares outstanding, basic		5,375		5,312		5,349		5,301
	Dilutive common equivalent shares		14		19		26		13
	Weighted average common shares outstanding, diluted		5,389		5,331		5,375		5,314

Debt_and_Other_Financing_Arran1

Debt and Other Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
	The annual principal repayment requirements for debt obligations as of September 30, 2014 are as follows (in 000’s):
	2014	$	350
	2015		1,400
	2016		1,400
	2017		1,400
	2018		1,400
	2019		648
	Total long-term debt		6,598
	Less current portion of long-term debt		1,400
	Total long-term debt, net of current portion	$	5,198

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (Stock Unit Award [Member], Stock Incentive Plan 2006 [Member], USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
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	44,575
Number of Shares Forfeited/expired	-9,879
Number of Shares, Converted to common stock	-52,046
Number of Shares, Unvested	121,625
Number of Shares, Available for grant	146,885
Aggregate Intrinsic Value, Unvested	$1,722	[1]
[1]	The aggregate intrinsic value on this table was calculated based on the closing market value of the Companybs stock on September 30, 2014 ($14.16).

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 1) (Employee Stock Option [Member], USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Employee Stock Option [Member]	'
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
Number 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, Outstanding - Ending balance	$14.40
Weighted Average Exercise Price Per Share, Exercisable	$14.40
Weighted Average Remaining Contractual Life, Outstanding	'7 months 6 days
Weighted Average Remaining Contractual Life, Exercisable	'7 months 6 days
Aggregate Intrinsic Value, Outstanding	$0	[1]
Aggregate Intrinsic Value, Exercisable	$0	[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 September 30, 2014 ($14.16) 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 $)	0 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	8-May-14	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Common Stock, Capital Shares Reserved for Future Issuance	'	404,560
Stock Unit Award [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 Unamortized Fair Value (in dollars)	'	$1,276
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization	'	'2 years 10 months 24 days
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 Authorized	'	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	146,885
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	'	$14.16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	44,575	'
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	'	$14.16
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options To Common Stock In Period	'	136,050

Basic_and_Diluted_Net_Income_P2

Basic and Diluted Net Income Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Weighted average common shares outstanding, basic	5,375,061	5,312,105	5,348,730	5,301,330
Dilutive common equivalent shares	14,000	19,000	26,000	13,000
Weighted average common shares outstanding, diluted	5,389,425	5,330,515	5,375,472	5,314,224

Basic_and_Diluted_Net_Income_P3

Basic and Diluted Net Income Per Share (Details Textual)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	182	153	0	167

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Oct. 30, 2014
					Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$0.15	$0.15	$0.45	$0.45	$0.15
Dividends Payable	'	'	'	'	$806

Debt_and_Other_Financing_Arran2

Debt and Other Financing Arrangements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
2014	$350,000	'
2015	1,400,000	'
2016	1,400,000	'
2017	1,400,000	'
2018	1,400,000	'
2019	648,000	'
Total long-term debt	6,598,000	'
Less current portion of long-term debt	1,400,000	'
Total long-term debt, net of current portion	$5,198,139	$0

Debt_and_Other_Financing_Arran3

Debt and Other Financing Arrangements (Details Textual) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended				1 Months Ended
	Aug. 08, 2014	Sep. 30, 2014	Sep. 30, 2014	Jun. 13, 2014	22-May-14	Mar. 24, 2014	Mar. 20, 2014
							Equipment Loan Arrangement [Member]
Debt Instrument, Unused Borrowing Capacity, Amount	$999,626	$7,000,000	$7,000,000	$3,011,816	$1,935,241	$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%	2.15%	'	'	'	'
Interest Expense	'	33,941	46,958	'	'	'	'
Debt Instrument, Increase (Decrease), Net	$1,500,000	'	'	'	'	'	'