Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AMERICAN SHARED HOSPITAL SERVICES | |
Entity Central Index Key | 744,825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | AMS | |
Entity Common Stock, Shares Outstanding | 5,710,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,315,000 | $ 2,871,000 |
Restricted cash | 350,000 | 250,000 |
Accounts receivable, net of allowance for doubtful accounts of $100,000 at September 30, 2017 and $100,000 at December 31, 2016 | 5,345,000 | 4,085,000 |
Other receivables | 221,000 | 290,000 |
Prepaid expenses and other current assets | 1,859,000 | 892,000 |
Total current assets | 9,090,000 | 8,388,000 |
Property and equipment: | ||
Medical equipment and facilities | 95,865,000 | 96,270,000 |
Office equipment | 566,000 | 537,000 |
Deposits and construction in progress | 3,682,000 | 8,073,000 |
Property and equipment Gross | 100,113,000 | 104,880,000 |
Accumulated depreciation and amortization | (50,057,000) | (53,549,000) |
Net property and equipment | 50,056,000 | 51,331,000 |
Investment in equity securities | 579,000 | 579,000 |
Other assets | 251,000 | 300,000 |
Total assets | 59,976,000 | 60,598,000 |
Current liabilities: | ||
Accounts payable | 261,000 | 319,000 |
Employee compensation and benefits | 240,000 | 184,000 |
Other accrued liabilities | 1,289,000 | 1,100,000 |
Current portion of long-term debt | 2,495,000 | 2,205,000 |
Current portion of obligations under capital leases | 4,538,000 | 4,873,000 |
Total current liabilities | 8,823,000 | 8,681,000 |
Long-term debt, less current portion | 4,221,000 | 5,106,000 |
Long-term capital leases, less current portion | 13,538,000 | 14,852,000 |
Deferred revenue, less current portion | 530,000 | 610,000 |
Deferred income taxes | 4,676,000 | 4,176,000 |
Shareholders’ equity: | ||
Common stock, no par value (10,000,000 authorized; 5,710,000 shares issued and outstanding at September 30, 2017 and 5,468,000 shares at December 31, 2016) | 10,711,000 | 10,596,000 |
Additional paid-in capital | 6,107,000 | 5,949,000 |
Retained earnings | 5,455,000 | 4,950,000 |
Total equity-American Shared Hospital Services | 22,273,000 | 21,495,000 |
Non-controlling interest in subsidiary | 5,915,000 | 5,678,000 |
Total shareholders’ equity | 28,188,000 | 27,173,000 |
Total liabilities and shareholders’ equity | $ 59,976,000 | $ 60,598,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts (in dollars) | $ 100,000 | $ 100,000 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,710,000 | 5,468,000 |
Common stock, shares outstanding | 5,710,000 | 5,468,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Rental income from medical services | $ 4,613,000 | $ 4,884,000 | $ 14,472,000 | $ 13,640,000 |
Costs of revenue: | ||||
Maintenance and supplies | 331,000 | 163,000 | 811,000 | 657,000 |
Depreciation and amortization | 1,674,000 | 1,687,000 | 5,000,000 | 4,898,000 |
Other direct operating costs | 726,000 | 638,000 | 2,182,000 | 2,117,000 |
Costs of revenue | 2,731,000 | 2,488,000 | 7,993,000 | 7,672,000 |
Gross Margin | 1,882,000 | 2,396,000 | 6,479,000 | 5,968,000 |
Selling and administrative expense | 1,026,000 | 999,000 | 3,303,000 | 2,911,000 |
Interest expense | 417,000 | 501,000 | 1,314,000 | 1,219,000 |
Operating income | 439,000 | 896,000 | 1,862,000 | 1,838,000 |
(Loss) on early extinguishment of debt | 0 | 0 | 0 | (108,000) |
Interest and other income (loss) | 0 | 3,000 | (1,000) | 11,000 |
Income before income taxes | 439,000 | 899,000 | 1,861,000 | 1,741,000 |
Income tax expense | 164,000 | 267,000 | 600,000 | 424,000 |
Net income | 275,000 | 632,000 | 1,261,000 | 1,317,000 |
Less: Net (income) attributable to non-controlling interests | (176,000) | (298,000) | (756,000) | (839,000) |
Net income attributable to American Shared Hospital Services | $ 99,000 | $ 334,000 | $ 505,000 | $ 478,000 |
Net income per share: | ||||
Earnings per common share - basic | $ 0.02 | $ 0.06 | $ 0.09 | $ 0.09 |
Earnings per common share - diluted | $ 0.02 | $ 0.06 | $ 0.09 | $ 0.09 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Sub-Total ASHS [Member] | Non-controlling Interests in Subsidiaries [Member] |
Balances at Dec. 31, 2015 | $ 25,180,000 | $ 10,376,000 | $ 5,734,000 | $ 4,020,000 | $ 20,130,000 | $ 5,050,000 |
Balances (in shares) at Dec. 31, 2015 | 5,364,000 | |||||
Stock-based compensation expense | 215,000 | $ 0 | 215,000 | 0 | 215,000 | 0 |
Stock-based compensation expense (in shares) | 4,000 | |||||
Warrants exercised | 220,000 | $ 220,000 | 0 | 0 | 220,000 | 0 |
Warrants exercised (in shares) | 100,000 | |||||
Non-controlling interest investment in subsidiaries | 7,000 | $ 0 | 0 | 0 | 0 | 7,000 |
Cash distributions to non-controlling interests | (699,000) | 0 | 0 | 0 | 0 | (699,000) |
Net income | 2,250,000 | 0 | 0 | 930,000 | 930,000 | 1,320,000 |
Balances at Dec. 31, 2016 | 27,173,000 | $ 10,596,000 | 5,949,000 | 4,950,000 | 21,495,000 | 5,678,000 |
Balances (in shares) at Dec. 31, 2016 | 5,468,000 | |||||
Stock-based compensation expense | 158,000 | $ 0 | 158,000 | 0 | 158,000 | 0 |
Stock-based compensation expense (in shares) | 4,000 | |||||
Restricted stock awards | 0 | $ 0 | 0 | 0 | 0 | 0 |
Restricted stock awards (in shares) | 162,000 | |||||
Warrants and options exercised | 115,000 | $ 115,000 | 0 | 0 | 115,000 | 0 |
Warrants and options exercised (in shares) | 76,000 | |||||
Cash distributions to non-controlling interests | (519,000) | $ 0 | 0 | 0 | 0 | (519,000) |
Net income | 1,261,000 | 0 | 0 | 505,000 | 505,000 | 756,000 |
Balances at Sep. 30, 2017 | $ 28,188,000 | $ 10,711,000 | $ 6,107,000 | $ 5,455,000 | $ 22,273,000 | $ 5,915,000 |
Balances (in shares) at Sep. 30, 2017 | 5,710,000 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net income | $ 1,261,000 | $ 1,317,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 5,050,000 | 4,929,000 |
Loss on sale or disposal of assets | 15,000 | 0 |
Loss on early extinguishment of debt | 0 | 108,000 |
Deferred income tax | 500,000 | 378,000 |
Stock based compensation expense | 158,000 | 161,000 |
Net accrued interest on lease financing | (79,000) | 0 |
Other non-cash items | 0 | 4,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable and other receivables | (1,191,000) | (1,281,000) |
Prepaid expenses and other assets | (944,000) | (226,000) |
Deferred revenue | (84,000) | (186,000) |
Accounts payable and accrued liabilities | 290,000 | 490,000 |
Net cash from operating activities | 4,976,000 | 5,694,000 |
Investing activities: | ||
Payment for purchase of property and equipment | (760,000) | (1,050,000) |
Proceeds from sale of equipment | 150,000 | 0 |
Net cash (used in) investing activities | (610,000) | (1,050,000) |
Financing activities: | ||
Principal payments on long-term debt | (1,595,000) | (2,383,000) |
Principal payments on capital leases | (3,823,000) | (3,054,000) |
Capital contributions from non-controlling interests | 0 | 7,000 |
Distributions to non-controlling interests | (519,000) | (514,000) |
Proceeds from warrants and options exercised | 115,000 | 0 |
Reclassification of restricted cash | (100,000) | (200,000) |
Proceeds from capital lease financing for reimbursement of payments for acquisition of equipment | 0 | 1,137,000 |
Net cash (used in) financing activities | (5,922,000) | (5,007,000) |
Net change in cash and cash equivalents | (1,556,000) | (363,000) |
Cash and cash equivalents at beginning of period | 2,871,000 | 2,209,000 |
Cash and cash equivalents at end of period | 1,315,000 | 1,846,000 |
Supplemental cash flow disclosure: | ||
Cash paid during the period for: Interest | 1,424,000 | 1,614,000 |
Cash paid during the period for: Income taxes paid | 104,000 | 219,000 |
Schedule of non-cash investing and financing activities | ||
Acquisition of equipment with capital lease financing | 2,153,000 | 8,332,000 |
Acquisition of equipment with long-term debt financing | $ 992,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly American Shared Hospital Services’ consolidated financial position as of September 30, 2017 and the results of its operations for the three and nine-month periods ended September 30, 2017 and 2016, which results are not necessarily indicative of results on an annualized basis. Consolidated balance sheet amounts as of December 31, 2016 have been derived from audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s 10-K filed with the Securities and Exchange Commission. These consolidated financial statements include the accounts of American Shared Hospital Services and its subsidiaries (the “Company”) as follows: the Company wholly-owns the subsidiaries American Shared Radiosurgery Services (“ASRS”), PBRT Orlando, LLC (“Orlando”), OR21, Inc. (“OR21”), and MedLeader.com, Inc. (“MedLeader”); the Company is the majority owner of Long Beach Equipment, LLC (“LBE”); ASRS is the majority-owner of GK Financing, LLC (“GKF”) which wholly-owns the subsidiaries Instituto de Gamma Knife del Pacifico S.A.C. (“GKPeru”) and GK Financing U.K., Limited (“GKUK”); GKF is the majority owner of the subsidiaries Albuquerque GK Equipment, LLC (“AGKE”) and Jacksonville GK Equipment, LLC (“JGKE”). The Company (through ASRS) and Elekta AB, the manufacturer of the Gamma Knife (through its wholly-owned United States subsidiary, GKV Investments, Inc.), entered into an operating agreement and formed GKF. As of September 30, 2017, GKF provided Gamma Knife units to sixteen medical centers in the United States in the states of Arkansas, California, Florida, Illinois, Massachusetts, Mississippi, Nebraska, Nevada, New Jersey, New Mexico, New York, Tennessee, Ohio, Oregon, and Texas. GKF also owns and operates a single-unit Gamma Knife facility in Lima, Peru. The Company through its wholly-owned subsidiary, Orlando, provided proton beam radiation therapy (“PBRT”) and related equipment to a customer in the United States. The Company also directly provides radiation therapy and related equipment, including Intensity Modulated Radiation Therapy (“IMRT”), Image Guided Radiation Therapy (“IGRT”) and a CT Simulator to the radiation therapy department at an existing Gamma Knife site in Massachusetts. The Company formed the subsidiaries GKPeru and GKUK for the purposes of expanding its business internationally into Peru and the United Kingdom, respectively; Orlando and LBE to provide proton beam therapy equipment and services in Orlando, Florida and Long Beach, California; and AGKE and JGKE to provide Gamma Knife equipment and services in Albuquerque, New Mexico and Jacksonville, Florida, respectively. AGKE began operations in the second quarter of 2011 and JGKE began operations in the fourth quarter of 2011. Orlando treated its first patient in April 2016. GKPeru treated its first patient in July 2017. GKUK is inactive and LBE is not expected to generate revenue within the next two years. The Company continues to develop its design and business model for “The Operating Room for the 21st Century” SM 50 50 MedLeader was formed to provide continuing medical education online and through videos for doctors, nurses, and other healthcare workers. This subsidiary is not operational at this time. All significant intercompany accounts and transactions have been eliminated in consolidation. Based on the guidance provided in accordance with Accounting Standards Codification (“ASC”) 280 Segment Reporting In February 2016, the Company used proceeds from the lease financing of its MEVION S250 at Orlando Health UF Health Cancer Center (“Orlando Health”) to pay down $ 1,000,000 Extinguishment of Liabilities Debt Modifications and Extinguishments 108,000 145,000 80,000 28,000 As of December 31, 2016, the Company had warrants outstanding representing the right to purchase 100,000 2.20 50,000 100,000 25,000 In April 2017, an existing customer exercised their option to purchase the Gamma Knife unit at its hospital at the end of the lease term for a predetermined purchase price, pursuant to the lease agreement. The lease terminated in April 2017, at which time, the unit was depreciated to the purchase price of the sale. Based on the guidance provided in ASC 360 Property, Plant and Equipment On July 21, 2017, the Company entered into a Maintenance and Support Agreement (the “Mevion Service Agreement”) with Mevion Medical Systems, Inc. (“Mevion”), formerly Still River Systems, which provides for maintenance and support of the Company’s PBRT unit at Orlando Health. The Mevion Service Agreement began September 5, 2017 and required an upfront payment of $ 1,000,000 In May 2014, the Financial Accounting Standards Board “(FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Technical Corrections and Improvements to Topic 606, Leases In January 2016, the FASB issued ASU No. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize, for all leases, at the commencement date, a lease liability, and a right-of-use asset. Under the new guidance, lessor accounting is largely unchanged. The new guidance is effective for the Company on January 1, 2019. Early adoption is permitted. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. The Company performed an analysis to determine if its revenue agreements with customers fall under the scope of ASU 2016-02 or ASU 2014-09 and conclude that, other than with respect to the Company’s stand-alone facility in Lima, Peru, ASU 2016-02 applied. The Company believes it is following an appropriate timeline to allow for proper recognition, presentation, and disclosure upon adoption of ASU 2016-02 In March 2016, the FASB issued ASU No. 2016-09 Compensation Stock Compensation In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) Restricted Cash In May 2017, the FASB issued ASU No. 2017-09 Compensation Stock Compensation (Topic 718): Scope of Modification Accounting |
Per Share Amounts
Per Share Amounts | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 2. Per Share Amounts Per share information has been computed based on the weighted average number of common shares and dilutive common share equivalents outstanding. The computation for the three and nine-month periods ended September 30, 2017 excluded approximately 14,000 571,000 600,000 200,000 Three Months ended September 30, Nine Months ended September 30, 2017 2016 2017 2016 Net income attributable to American Shared Hospital Services $ 99,000 $ 334,000 $ 505,000 $ 478,000 Weighted average common shares for basic earnings per share 5,947,000 5,554,000 5,745,000 5,553,000 Diluted effect of stock options and restricted stock 94,000 39,000 167,000 11,000 Weighted average common shares for diluted earnings per share 6,041,000 5,593,000 5,912,000 5,564,000 Basic earnings per share $ 0.02 $ 0.06 $ 0.09 $ 0.09 Diluted earnings per share $ 0.02 $ 0.06 $ 0.09 $ 0.09 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 3. Stock-based Compensation In June 2010, the Company’s shareholders approved an amendment and restatement of the Company’s stock incentive plan, renaming it the Incentive Compensation Plan (the “Plan”), and among other things, increasing the number of shares of the Company’s common stock reserved for issuance under the Plan to 1,630,000 Stock-based compensation expense associated with the Company’s stock options to employees is calculated using the Black-Scholes valuation model. The Company’s stock awards have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimates. The estimated fair value of the Company’s option grants is estimated using assumptions for expected life, volatility, dividend yield, and risk-free interest rate which are specific to each award. The estimated fair value of the Company’s options is amortized over the period during which an employee is required to provide service in exchange for the award (requisite service period), usually the vesting period. Accordingly, stock-based compensation cost before income tax effect for the Company’s options and restricted stock awards, in the amount of $ 58,000 158,000 42,000 161,000 330,000 On January 4, 2017, the Company entered into a Performance Share Award Agreement with three executive officers of the Company (the “Award Agreements”) for 161,766 Stock Compensation 542,000 Restricted Grant Date Intrinsic Outstanding at January 1, 2017 4,000 $ 2.25 $ - Granted 22,000 $ 3.47 $ - Vested (17,000) $ 3.16 $ - Forfeited - $ - $ - Outstanding at September 30, 2017 9,000 $ 3.58 $ - Stock Grant Date Weighted- Intrinsic Outstanding at January 1, 2017 625,000 $ 2.85 4.25 $ - Granted 19,000 $ 3.62 6.80 $ - Exercised (4,000) $ 2.81 - $ - Forfeited (23,000) $ 2.82 - $ - Outstanding at September 30, 2017 617,000 $ 2.87 3.63 $ - Exercisable at September 30, 2017 300,000 $ 2.82 3.43 $ 9,000 |
Investment in Equity Securities
Investment in Equity Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Cost-method Investments, Description [Text Block] | Note 4. Investment in Equity Securities As of September 30, 2017, and December 31, 2016, the Company had a $ 579,000 0.46 The Company reviewed this investment at September 30, 2017 in light of both current market conditions and the current operations of Mevion as they continue to grow their PBRT business. Based on its analysis, the Company determined no additional impairment needed to be recognized as of September 30, 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5. Fair Value of Financial Instruments The Company’s disclosures of the fair value of financial instruments is based on a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. Level 1 inputs are unadjusted quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for assets or liabilities, and reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The estimated fair value of the Company’s assets and liabilities as of September 30, 2017 and December 31, 2016 were as follows (in thousands): Level 1 Level 2 Level 3 Total Carrying September 30, 2017 Assets: Cash, cash equivalents, restricted cash $ 1,665 $ - $ - $ 1,665 $ 1,665 Investment in equity securities - - 579 579 579 Total $ 1,665 $ - $ 579 $ 2,244 $ 2,244 Liabilities Debt obligations $ - $ - $ 6,809 $ 6,809 $ 6,716 Total $ - $ - $ 6,809 $ 6,809 $ 6,716 December 31, 2016 Assets: Cash, cash equivalents, restricted cash $ 3,121 $ - $ - $ 3,121 $ 3,121 Investment in equity securities - - 579 579 579 Total $ 3,121 $ - $ 579 $ 3,700 $ 3,700 Liabilities Debt obligations $ - $ - $ 7,354 $ 7,354 $ 7,311 Total $ - $ - $ 7,354 $ 7,354 $ 7,311 |
Repurchase of Common Stock
Repurchase of Common Stock | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Repurchase of Common Stock In 1999 and 2001, the Board of Directors approved resolutions authorizing the Company to repurchase up to a total of 1,000,000 72,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 7. Income Taxes The Company generally calculates its effective income tax rate at the end of an interim period using an estimate of the annualized effective income tax rate expected to be applicable for the full fiscal year. However, when a reliable estimate of the annualized effective income tax rate cannot be made, the Company computes its provision for income taxes using the actual effective income tax rate for the results of operations reported within the year-to-date periods. The Company’s effective income tax rate is highly influenced by relative income or losses reported and the amount of the nondeductible stock-based compensation associated with grants of its common stock options and from the results of foreign operations. A small change in estimated annual pretax income (loss) can produce a significant variance in the annualized effective income tax rate given the expected amount of these items. As a result, the Company has computed its provision for income taxes for the three and nine-month periods ended September 30, 2017 and 2016 by applying the actual effective tax rates to income or (loss) reported within the condensed consolidated financial statements through those periods. |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share for the three and nine-month periods ended September 30, 2017 and 2016: Three Months ended September 30, Nine Months ended September 30, 2017 2016 2017 2016 Net income attributable to American Shared Hospital Services $ 99,000 $ 334,000 $ 505,000 $ 478,000 Weighted average common shares for basic earnings per share 5,947,000 5,554,000 5,745,000 5,553,000 Diluted effect of stock options and restricted stock 94,000 39,000 167,000 11,000 Weighted average common shares for diluted earnings per share 6,041,000 5,593,000 5,912,000 5,564,000 Basic earnings per share $ 0.02 $ 0.06 $ 0.09 $ 0.09 Diluted earnings per share $ 0.02 $ 0.06 $ 0.09 $ 0.09 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes restricted stock awards, consisting primarily of annual automatic grants and deferred compensation to non-employee directors, for the nine-month period ended September 30, 2017: Restricted Grant Date Intrinsic Outstanding at January 1, 2017 4,000 $ 2.25 $ - Granted 22,000 $ 3.47 $ - Vested (17,000) $ 3.16 $ - Forfeited - $ - $ - Outstanding at September 30, 2017 9,000 $ 3.58 $ - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the nine-month period ended September 30, 2017: Stock Grant Date Weighted- Intrinsic Outstanding at January 1, 2017 625,000 $ 2.85 4.25 $ - Granted 19,000 $ 3.62 6.80 $ - Exercised (4,000) $ 2.81 - $ - Forfeited (23,000) $ 2.82 - $ - Outstanding at September 30, 2017 617,000 $ 2.87 3.63 $ - Exercisable at September 30, 2017 300,000 $ 2.82 3.43 $ 9,000 |
Fair Value of Financial Instr16
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The estimated fair value of the Company’s assets and liabilities as of September 30, 2017 and December 31, 2016 were as follows (in thousands): Level 1 Level 2 Level 3 Total Carrying September 30, 2017 Assets: Cash, cash equivalents, restricted cash $ 1,665 $ - $ - $ 1,665 $ 1,665 Investment in equity securities - - 579 579 579 Total $ 1,665 $ - $ 579 $ 2,244 $ 2,244 Liabilities Debt obligations $ - $ - $ 6,809 $ 6,809 $ 6,716 Total $ - $ - $ 6,809 $ 6,809 $ 6,716 December 31, 2016 Assets: Cash, cash equivalents, restricted cash $ 3,121 $ - $ - $ 3,121 $ 3,121 Investment in equity securities - - 579 579 579 Total $ 3,121 $ - $ 579 $ 3,700 $ 3,700 Liabilities Debt obligations $ - $ - $ 7,354 $ 7,354 $ 7,311 Total $ - $ - $ 7,354 $ 7,354 $ 7,311 |
Basis of Presentation (Details
Basis of Presentation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Aug. 04, 2017 | |
Basis Of Presentation [Line Items] | |||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 0 | $ 0 | $ (108,000) | |||
Warrants Issued With cashless exercise during period | 25,000 | ||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.20 | ||||||
Common Stock [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Stock Issued During Period, Shares, Warrants Exercised | 100,000 | ||||||
Notes Payable [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Gain (Loss) on Extinguishment of Debt | $ 108,000 | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 145,000 | ||||||
Debt Instrument, Unamortized Discount | 80,000 | ||||||
Deferred Fees From Issuance Of Note | $ 28,000 | ||||||
Warrants Issued With cashless exercise during period | 50,000 | ||||||
OR21 LLC [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||
Architectural Design Company [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||
Mevion Medical Systems Inc [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Repayments of Notes Payable | $ 1,000,000 | ||||||
Prepaid Contract Expenses | $ 1,000,000 |
Per Share Amounts (Details)
Per Share Amounts (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Net income attributable to American Shared Hospital Services | $ 99,000 | $ 334,000 | $ 505,000 | $ 478,000 |
Weighted average common shares for basic earnings per share | 5,947,000 | 5,554,000 | 5,745,000 | 5,553,000 |
Diluted effect of stock options and restricted stock | 94,000 | 39,000 | 167,000 | 11,000 |
Weighted average common shares for diluted earnings per share | 6,041,000 | 5,593,000 | 5,912,000 | 5,564,000 |
Basic earnings per share | $ 0.02 | $ 0.06 | $ 0.09 | $ 0.09 |
Diluted earnings per share | $ 0.02 | $ 0.06 | $ 0.09 | $ 0.09 |
Per Share Amounts (Details Text
Per Share Amounts (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200,000 | |||
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,000 | 571,000 | 14,000 | 600,000 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - Restricted Stock Awards [Member] | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Shareholders Equity [Line Items] | |
Number of Options, Outstanding Beginning Balance | shares | 4,000 |
Number of Options, Granted | shares | 22,000 |
Number of Options, Vested | shares | (17,000) |
Number of Options, Forfeited | shares | 0 |
Number of Options, Outstanding Ending Balance | shares | 9,000 |
Grant Date Weighted-Average Fair Value, Outstanding Beginning Balance | $ / shares | $ 2.25 |
Grant Date Weighted-Average Fair Value, Granted | $ / shares | 3.47 |
Grant Date Weighted-Average Fair Value, Vested | $ / shares | 3.16 |
Grant Date Weighted-Average Fair Value, Forfeited | $ / shares | 0 |
Grant Date Weighted-Average Fair Value, Outstanding Ending Balance | $ / shares | $ 3.58 |
Intrinsic Value, Outstanding Beginning Balance | $ | $ 0 |
Intrinsic Value, Granted | $ | 0 |
Intrinsic Value, Vested | $ | 0 |
Intrinsic Value, Forfeited | $ | 0 |
Intrinsic Value, Outstanding Ending Balance | $ | $ 0 |
Stock-based Compensation (Det21
Stock-based Compensation (Details 1) - Employee Stock Option [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | ||
Stock Options, Outstanding Beginning balance | 625,000 | |
Stock Options, Granted | 19,000 | |
Stock Options, Exercised | (4,000) | |
Stock Options, Forfeited | (23,000) | |
Stock Options, Outstanding Ending balance | 617,000 | 625,000 |
Stock Options, Exercisable | 300,000 | |
Grant Date Weighted-Average Exercise Price, Beginning balance | $ 2.85 | |
Grant Date Weighted-Average Exercise Price, Granted | 3.62 | |
Grant Date Weighted-Average Exercise Price, Exercised | 2.81 | |
Grant Date Weighted-Average Exercise Price, Forfeited | 2.82 | |
Grant Date Weighted-Average Exercise Price, Ending balance | 2.87 | $ 2.85 |
Grant Date Weighted Average Exercise Price, Exercisable | $ 2.82 | |
Weighted Average Remaining Contractual Life (Years), Balance | 3 years 7 months 17 days | 4 years 3 months |
Weighted Average Remaining Contractual Life (Years), Granted | 6 years 9 months 18 days | |
Weighted Average Remaining Contractual Life (Years), Exercisable | 3 years 5 months 5 days | |
Intrinsic Value, Outstanding Beginning balance | $ 0 | |
Intrinsic Value, Outstanding Ending balance | 0 | $ 0 |
Intrinsic Value, Exercisable at September 30, 2017 | $ 9,000 |
Stock-based Compensation (Det22
Stock-based Compensation (Details Textual) - USD ($) | Jan. 04, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2010 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Allocated Share Based Compensation Expense | $ 58,000 | $ 42,000 | $ 158,000 | $ 161,000 | ||
Incentive Compensation Plan [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,630,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 330,000 | 330,000 | ||||
Performance Share Award Agreement [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 542,000 | $ 542,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 161,766 |
Investment in Equity Securiti23
Investment in Equity Securities (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Cost-method Investments [Line Items] | ||
Cost Method Investments | $ 579,000 | $ 579,000 |
Mevion Medical Systems Inc [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Cost Method Investments | $ 579,000 | $ 579,000 |
Cost Method Investments Ownership Percentage | 0.46% |
Fair Value of Financial Instr24
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets, Carrying Value: | ||
Cash, cash equivalents, restricted cash | $ 1,665 | $ 3,121 |
Investment in equity securities | 579 | 579 |
Total | 2,244 | 3,700 |
Liabilities, Carrying Value: | ||
Debt obligations | 6,716 | 7,311 |
Total | 6,716 | 7,311 |
Assets, Fair Value: | ||
Cash, cash equivalents, restricted cash | 1,665 | 3,121 |
Investment in equity securities | 579 | 579 |
Total | 2,244 | 3,700 |
Liabilities, Fair Value: | ||
Debt obligations | 6,809 | 7,354 |
Total | 6,809 | 7,354 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value: | ||
Cash, cash equivalents, restricted cash | 1,665 | 3,121 |
Investment in equity securities | 0 | 0 |
Total | 1,665 | 3,121 |
Liabilities, Fair Value: | ||
Debt obligations | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value: | ||
Cash, cash equivalents, restricted cash | 0 | 0 |
Investment in equity securities | 0 | 0 |
Total | 0 | 0 |
Liabilities, Fair Value: | ||
Debt obligations | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value: | ||
Cash, cash equivalents, restricted cash | 0 | 0 |
Investment in equity securities | 579 | 579 |
Total | 579 | 579 |
Liabilities, Fair Value: | ||
Debt obligations | 6,809 | 7,354 |
Total | $ 6,809 | $ 7,354 |
Repurchase of Common Stock (Det
Repurchase of Common Stock (Details Textual) - shares | Sep. 30, 2017 | Dec. 31, 2008 |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 72,000 |