Document Entity Information
Document Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SMITH MIDLAND CORP | |
Entity Central Index Key | 924,719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,852,628 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 991,143 | $ 3,572,405 |
Investment securities, available-for-sale, at fair value | 1,026,793 | 1,013,417 |
Accounts receivable, net | ||
Trade - billed (less allowance for doubtful accounts of $296,276 and $356,253) | 10,258,618 | 4,092,924 |
Trade - unbilled | 101,618 | 240,635 |
Inventories | ||
Raw materials | 748,090 | 353,089 |
Finished goods | 1,420,243 | 1,373,455 |
Prepaid expenses and other assets | 236,123 | 126,047 |
Refundable income taxes | 67,221 | 722,948 |
Deferred taxes | 619,000 | 441,000 |
Total current assets | 15,468,849 | 11,935,920 |
Property and equipment, net | 4,464,707 | 4,106,611 |
Other assets | 269,260 | 255,385 |
Total assets | 20,202,816 | 16,297,916 |
Current liabilities | ||
Accounts payable - trade | 2,811,671 | 1,152,506 |
Accrued expenses and other liabilities | 1,158,949 | 539,549 |
Accrued compensation | 698,109 | 442,651 |
Income taxes payable | 366,894 | 363,821 |
Customer deposits | 1,168,402 | 432,274 |
Total current liabilities | 6,204,025 | 2,930,801 |
Notes payable - less current maturities | 2,049,182 | 2,230,364 |
Deferred tax liability | 598,000 | 663,000 |
Total liabilities | 8,851,207 | 5,824,165 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity | ||
Preferred stock, $.01 par value; authorized 1,000,000 shares, none outstanding | 0 | 0 |
Common stock, $.01 par value; authorized 8,000,000 shares; 4,893,548 and 4,881,548 issued and outstanding | 48,935 | 48,815 |
Additional paid-in capital | 5,062,418 | 5,041,438 |
Accumulated other comprehensive loss, net | (20,771) | (6,629) |
Retained earnings | 6,363,327 | 5,492,427 |
Stockholders' Equity before Treasury Stock | 11,453,909 | 10,576,051 |
Treasury stock, at cost, 40,920 shares | (102,300) | (102,300) |
Total stockholders’ equity | 11,351,609 | 10,473,751 |
Total liabilities and stockholders' equity | $ 20,202,816 | $ 16,297,916 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Allowance for doubtful accounts | $ 296,276 | $ 356,253 |
Stockholders' equity | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,893,548 | 4,881,548 |
Common stock, shares outstanding | 4,893,548 | 4,881,548 |
Treasury stock, at cost | 40,920 | 40,920 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Products sales and leasing | $ 8,753,987 | $ 4,558,745 | $ 17,623,720 | $ 13,295,450 |
Shipping and installation revenue | 1,223,599 | 1,072,529 | 2,636,746 | 3,580,769 |
Royalties | 425,831 | 343,821 | 1,240,641 | 1,164,600 |
Total revenue | 10,403,417 | 5,975,095 | 21,501,107 | 18,040,819 |
Cost of goods sold | 7,280,467 | 4,454,689 | 16,180,592 | 14,385,001 |
Gross profit | 3,122,950 | 1,520,406 | 5,320,515 | 3,655,818 |
Operating expenses | ||||
General and administrative expenses | 808,216 | 761,907 | 2,429,280 | 2,337,909 |
Selling expenses | 558,212 | 549,134 | 1,576,986 | 1,635,503 |
Total operating expenses | 1,366,428 | 1,311,041 | 4,006,266 | 3,973,412 |
Gain on sale of assets | 4,066 | 4,352 | 15,693 | 38,431 |
Other income | 9,009 | 3,055 | 23,565 | 55,728 |
Operating income (loss) | 1,769,597 | 216,772 | 1,353,507 | (223,435) |
Interest income (expense) | ||||
Interest expense | (26,603) | (28,993) | (77,333) | (87,597) |
Interest income | 19,062 | (289) | 20,370 | 6,967 |
Total other expense | (7,541) | (29,282) | (56,963) | (80,630) |
Income before income tax expense | 1,762,056 | 187,490 | 1,296,544 | (304,065) |
Income tax expense (benefit) | 610,000 | 75,000 | 424,000 | (118,000) |
Net income (loss) | $ 1,152,056 | $ 112,490 | $ 872,544 | $ (186,065) |
Basic earnings (loss) per share (in dollars per share) | $ 0.24 | $ 0.02 | $ 0.18 | $ (0.04) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.23 | $ 0.02 | $ 0.18 | $ (0.04) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 4,893,548 | 4,881,548 | 4,892,977 | 4,881,548 |
Diluted (in shares) | 4,945,745 | 4,925,064 | 4,943,985 | 4,881,548 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) Statement - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 1,152,056 | $ 112,490 | $ 872,544 | $ (186,065) | ||
Other comprehensive gain, net of tax: | ||||||
Net unrealized holding gain (loss) | 3,368 | [1] | 5,274 | (12,771) | 28,513 | [2] |
Comprehensive income | $ 1,155,424 | $ 117,764 | $ 859,773 | $ (157,552) | ||
[1] | Unrealized gains on available for sale securities are shown net of income tax expense of $2,000 for September 30, 2015 and an income tax expense of $3,000 for September 30, 2014. | |||||
[2] | Unrealized gains (losses) on available for sale securities are shown net of income tax benefit of $8,000 for September 30, 2015 and an income tax expense of $19,000 for September 30, 2014. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities arising during period, tax | $ 2 | $ 3 | $ 8 | $ 19 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of net income (loss) to cash provided (absorbed) by operating activities | ||
Net income (loss) | $ 872,544 | $ (186,065) |
Adjustments to reconcile net income (loss) to net cash provided (absorbed) by operating activities: | ||
Depreciation and amortization | 499,554 | 474,744 |
Gain on disposal of fixed assets | (15,693) | (38,431) |
Deferred taxes | (243,000) | (155,000) |
(Increase) decrease in: | ||
Accounts receivable - billed | (6,165,694) | 2,450,365 |
Accounts receivable - unbilled | 139,017 | (204,854) |
Inventories | (441,789) | 261,984 |
Prepaid expenses and other assets | (123,949) | (66,895) |
Prepaid income taxes | 655,727 | (126,100) |
Increase (decrease) in: | ||
Accounts payable - trade | 1,656,645 | (76,586) |
Accrued expenses and other | 619,400 | (53,377) |
Accrued compensation | 255,458 | 0 |
Accrued income taxes payable | 0 | (302,263) |
Customer deposits | 736,128 | (246,259) |
Net cash provided (absorbed) by operating activities | (1,555,652) | 1,731,263 |
Cash flows from investing activities: | ||
Purchases of investment securities available-for-sale | (27,519) | (45,503) |
Purchases of property and equipment | (864,814) | (398,684) |
Proceeds from sale of fixed assets | 23,731 | 40,116 |
Net cash absorbed by investing activities | (868,602) | (404,071) |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 97,005 | 55,159 |
Repayments of long-term borrowings | (275,114) | (280,980) |
Proceeds from options exercised | 21,101 | 0 |
Net cash absorbed by financing activities | (157,008) | (225,821) |
Net increase (decrease) in cash and cash equivalents | (2,581,262) | 1,101,371 |
Cash and cash equivalents | ||
Beginning of period | 3,572,405 | 3,136,063 |
End of period | $ 991,143 | $ 4,237,434 |
Interim Financial Reporting
Interim Financial Reporting | 9 Months Ended |
Sep. 30, 2015 | |
INTERIM FINANCIAL REPORTING [Abstract] | |
Interim Financial Reporting | INTERIM FINANCIAL REPORTING Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 . The December 31, 2014 balance sheet was derived from audited financial statements included in the Form 10-K. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented.The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods. Reclassifications Certain minor reclassifications have been made in prior year amounts to conform to the current year presentation. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Smith-Midland Corporation (the "Company") primarily recognizes revenue on the sale of its standard precast concrete products at shipment date, including revenue derived from any projects to be completed under short-term contracts. Installation of the Company’s standard products is typically performed by the customer; however, in some circumstances, the Company will install certain products which are accomplished at the time of delivery. The installation activities of smaller buildings are usually performed at the Company's site and shipped completed to the customers site. In larger utility building sales, the buildings are erected on the customers site within one or two days, depending on style and size. Leasing fees are paid at the beginning of the lease agreement and recorded to a deferred revenue account. As the revenue is earned each month during the contract, the amount earned is recorded as lease income and an equivalent amount is debited to deferred revenue. Royalties are recognized as a percent of sales of the licensed product sold by the licensee on a monthly basis. The Company licenses certain other precast companies to produce its licensed products to our engineering specifications under licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% which are paid on a monthly basis. With respect to certain sales of Soundwall panels, architectural precast panels and Slenderwall™ precast panels, revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts pursuant to ASC 605-35-25. The contracts are executed by both parties and clearly stipulate the requirements for progress payments and a schedule of delivery dates. Provisions for estimated losses on contracts are made in the period in which such losses are determined. Shipping revenues are recognized in the period the shipping services are provided to the customer. Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expense, historically the amount of expense is immaterial. Adjusting Entry During the third quarter of 2015, the Company made an adjusting journal entry to record $240,000 of accounts receivable and revenue which related to the prior year. The entry was recorded in the current period since the effects of the adjusting journal entry was immaterial to both the prior and current periods. Cash and Cash Equivalents Cash and cash equivalents includes money market accounts. Investments Investments in marketable securities are classified as available-for-sale and are stated at market value with unrealized holding gains and losses excluded from earnings and reported as a separate component of stockholders' equity until realized. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME (LOSS) PER COMMON SHARE Basic earnings per common share exclude all dilutive stock options and are computed using the weighted average number of common shares outstanding during the period. The diluted earnings per common share calculation reflect the potential dilutive effect of securities that could share in earnings of an entity. Outstanding options are excluded from the diluted earnings per share calculation where they would have an anti-dilutive effect. There were no excluded options for the three and nine months ended September 30, 2015 and 254,166 for the three and nine months ended September 30, 2014 . Three Months Ended September 30, 2015 2014 Basic income per share Income available to common shareholders $ 1,152,056 $ 112,490 Weighted average shares outstanding 4,893,548 4,881,548 Basic income per share $ 0.24 $ 0.02 Diluted income per share Income available to common shareholders $ 1,152,056 $ 112,490 Weighted average shares outstanding 4,893,548 4,881,548 Dilutive effect of stock options 52,197 43,516 Total weighted average shares outstanding 4,945,745 4,925,064 Diluted income per share $ 0.23 $ 0.02 Nine Months Ended September 30, 2015 2014 Basic income (loss) per share Income (loss) available to common shareholders $ 872,544 $ (186,065 ) Weighted average shares outstanding 4,892,977 4,881,548 Basic income (loss) per share $ 0.18 $ (0.04 ) Diluted income (loss) per share Income (loss) available to common shareholders $ 872,544 $ (186,065 ) Weighted average shares outstanding 4,892,977 4,881,548 Dilutive effect of stock options 51,008 — Total weighted average shares outstanding 4,943,985 4,881,548 Diluted income (loss) per share $ 0.18 $ (0.04 ) |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTES PAYABLE The Company has a note payable to Summit Community Bank (the “Bank”), with a balance of $1,635,987 as of September 30, 2015 . The note has a term of approximately eight years and a fixed interest rate of 3.99% annually with monthly payments of $25,642 and is secured by principally all of the assets of the Company. Under the terms of the note, the Bank will permit chattel mortgages on purchased equipment not to exceed $250,000 for any one individual loan so long as the Company is not in default. Also, the Company is limited to $1,000,000 for annual capital expenditures. At September 30, 2015 , the Company was in compliance with all covenants pursuant to the loan agreement as amended. The Company also has a $2,000,000 line of credit, of which none was outstanding at September 30, 2015 . The line is evidenced by a commercial revolving promissory note with the Bank, which carries a variable interest rate of prime and matures on September 12, 2016. In addition, the Company has a commitment from the Bank in the amount of $1,000,000 for an equipment line of credit. |
Stock Options
Stock Options | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | STOCK OPTIONS In accordance with ASC 718, the Company had no stock option expense for the three and nine months ended September 30, 2015 and September 30, 2014 . The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. The Company did not not issue any stock options for the three and nine months ended September 30, 2015 or for the three and nine months ended September 30, 2014 . The following table summarized options outstanding at September 30, 2015 Number of Shares Weighted Average Exercise Price Balance, December 31, 2014 305,099 $ 1.97 Granted — — Forfeited (81,166 ) 2.52 Exercised (12,000 ) 1.76 Outstanding options at September 30, 2015 211,933 $ 1.78 Outstanding exercisable options at September 30, 2015 211,933 $ 1.78 The intrinsic value of outstanding and exercisable options at September 30, 2015 was approximately $164,000 . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Through the date of the filing of this Form 10-Q, the Company has evaluated events and transactions occurring subsequent to September 30, 2015 and has determined that there have been no significant events or transactions that provide additional evidence about conditions of the Company that existed as of the balance sheet date. |
Interim Financial Reporting (Po
Interim Financial Reporting (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
INTERIM FINANCIAL REPORTING [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 . The December 31, 2014 balance sheet was derived from audited financial statements included in the Form 10-K. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented.The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods. |
Reclassification | Reclassifications Certain minor reclassifications have been made in prior year amounts to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Smith-Midland Corporation (the "Company") primarily recognizes revenue on the sale of its standard precast concrete products at shipment date, including revenue derived from any projects to be completed under short-term contracts. Installation of the Company’s standard products is typically performed by the customer; however, in some circumstances, the Company will install certain products which are accomplished at the time of delivery. The installation activities of smaller buildings are usually performed at the Company's site and shipped completed to the customers site. In larger utility building sales, the buildings are erected on the customers site within one or two days, depending on style and size. Leasing fees are paid at the beginning of the lease agreement and recorded to a deferred revenue account. As the revenue is earned each month during the contract, the amount earned is recorded as lease income and an equivalent amount is debited to deferred revenue. Royalties are recognized as a percent of sales of the licensed product sold by the licensee on a monthly basis. The Company licenses certain other precast companies to produce its licensed products to our engineering specifications under licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% which are paid on a monthly basis. With respect to certain sales of Soundwall panels, architectural precast panels and Slenderwall™ precast panels, revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts pursuant to ASC 605-35-25. The contracts are executed by both parties and clearly stipulate the requirements for progress payments and a schedule of delivery dates. Provisions for estimated losses on contracts are made in the period in which such losses are determined. Shipping revenues are recognized in the period the shipping services are provided to the customer. Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expense, historically the amount of expense is immaterial. |
Adjusting Entry | Adjusting Entry During the third quarter of 2015, the Company made an adjusting journal entry to record $240,000 of accounts receivable and revenue which related to the prior year. The entry was recorded in the current period since the effects of the adjusting journal entry was immaterial to both the prior and current periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes money market accounts. |
Investments | Investments Investments in marketable securities are classified as available-for-sale and are stated at market value with unrealized holding gains and losses excluded from earnings and reported as a separate component of stockholders' equity until realized. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended September 30, 2015 2014 Basic income per share Income available to common shareholders $ 1,152,056 $ 112,490 Weighted average shares outstanding 4,893,548 4,881,548 Basic income per share $ 0.24 $ 0.02 Diluted income per share Income available to common shareholders $ 1,152,056 $ 112,490 Weighted average shares outstanding 4,893,548 4,881,548 Dilutive effect of stock options 52,197 43,516 Total weighted average shares outstanding 4,945,745 4,925,064 Diluted income per share $ 0.23 $ 0.02 Nine Months Ended September 30, 2015 2014 Basic income (loss) per share Income (loss) available to common shareholders $ 872,544 $ (186,065 ) Weighted average shares outstanding 4,892,977 4,881,548 Basic income (loss) per share $ 0.18 $ (0.04 ) Diluted income (loss) per share Income (loss) available to common shareholders $ 872,544 $ (186,065 ) Weighted average shares outstanding 4,892,977 4,881,548 Dilutive effect of stock options 51,008 — Total weighted average shares outstanding 4,943,985 4,881,548 Diluted income (loss) per share $ 0.18 $ (0.04 ) |
Stock Options (Tables)
Stock Options (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The following table summarized options outstanding at September 30, 2015 Number of Shares Weighted Average Exercise Price Balance, December 31, 2014 305,099 $ 1.97 Granted — — Forfeited (81,166 ) 2.52 Exercised (12,000 ) 1.76 Outstanding options at September 30, 2015 211,933 $ 1.78 Outstanding exercisable options at September 30, 2015 211,933 $ 1.78 |
Interim Financial Reporting (De
Interim Financial Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Deferred Revenue Arrangement [Line Items] | ||
Licensing contract term | 5 years | |
Minimum [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Royalty percent earned on licensing agreement | 4.00% | 4.00% |
Maximum [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Royalty percent earned on licensing agreement | 6.00% | 6.00% |
Scenario, Adjustment [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Accounts receivable | $ 240 | $ 240 |
Revenues | $ 240 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Number of options were excluded from diluted EPS calculation due to anti-dilutive effect | 0 | 254,166 | 0 | 254,166 |
Basic income per share | ||||
Income available to common shareholders | $ 1,152,056 | $ 112,490 | $ 872,544 | $ (186,065) |
Weighted average shares outstanding (shares) | 4,893,548 | 4,881,548 | 4,892,977 | 4,881,548 |
Basic income (loss) per share (in dollars per share) | $ 0.24 | $ 0.02 | $ 0.18 | $ (0.04) |
Diluted income per share | ||||
Income available to common shareholders | $ 1,152,056 | $ 112,490 | $ 872,544 | $ (186,065) |
Weighted average shares outstanding (shares) | 4,893,548 | 4,881,548 | 4,892,977 | 4,881,548 |
Dilutive effect of stock options (shares) | 52,197 | 43,516 | 51,008 | 0 |
Total weighted average shares outstanding (shares) | 4,945,745 | 4,925,064 | 4,943,985 | 4,881,548 |
Diluted income (loss) per share (in dollars per share) | $ 0.23 | $ 0.02 | $ 0.18 | $ (0.04) |
Notes Payable (Details)
Notes Payable (Details) - Summit Community Bank [Member] | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Notes Payable to Banks [Member] | |
Debt Instrument [Line Items] | |
Outstanding amount of debt | $ 1,635,987 |
Fixed interest rate on debt (percentage) | 3.99% |
Debt instrument monthly payment | $ 25,642 |
Limit on chattel mortgages on purchased equipment | 250,000 |
Limit on annual capital expenditures | 1,000,000 |
Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Outstanding amount of debt | 0 |
Line of credit / Commitment from Bank | 2,000,000 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit / Commitment from Bank | $ 1,000,000 |
Stock Options (Details)
Stock Options (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Number of Shares | ||||
Balance, Beginning of period (shares) | 305,099 | |||
Granted (shares) | 0 | |||
Forfeited (shares) | (81,166) | |||
Exercised (shares) | (12,000) | |||
Balance, End of period (shares) | 211,933 | 211,933 | ||
Outstanding exercisable options at end of quarter (shares) | 211,933 | |||
Weighted Average Exercise Price (in dollars per share) | ||||
Beginning balance (usd per share) | $ 1.78 | $ 1.97 | ||
Granted (usd per share) | 0 | |||
Forfeited (usd per share) | 2.52 | |||
Exercised (usd per share) | 1.76 | |||
Ending balance (usd per share) | $ 1.97 | |||
Outstanding exercisable options at end of quarter (usd per share) | $ 1.78 | |||
Intrinsic value of outstanding options | $ 164,000 | |||
Intrinsic value of exercisable options | 100,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock option expense | $ 0 | $ 0 | $ 0 | $ 0 |