Document and Entity Information
Document and Entity Information - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | AMERICAN SHARED HOSPITAL SERVICES | |
Entity Central Index Key | 0000744825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,816 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,906 | $ 1,442 |
Restricted cash | 350 | 350 |
Accounts receivable, net of allowance for doubtful accounts of $100,000 at June 30, 2019 and $100,000 at December 31, 2018 | 6,565 | 5,502 |
Other receivables insurance proceeds | 0 | 1,137 |
Other receivables | 481 | 239 |
Prepaid expenses and other current assets | 644 | 1,276 |
Total current assets | 9,946 | 9,946 |
Property and equipment: | ||
Medical equipment and facilities | 90,600 | 94,031 |
Office equipment | 573 | 589 |
Deposits and construction in progress | 4,365 | 6,082 |
Property and equipment, gross | 95,538 | 100,702 |
Accumulated depreciation and amortization | (52,013) | (54,008) |
Net property and equipment | 43,525 | 46,694 |
Right of use assets | 1,238 | 0 |
Other assets | 858 | 862 |
Total assets | 55,567 | 57,502 |
Current liabilities: | ||
Accounts payable | 446 | 435 |
Employee compensation and benefits | 227 | 207 |
Other accrued liabilities | 1,527 | 1,329 |
Other accrued liabilities insurance payable | 0 | 977 |
Current portion of lease liabilities | 267 | 0 |
Current portion of long-term debt | 1,981 | 2,119 |
Current portion of obligations under capital leases | 4,149 | 4,407 |
Total current liabilities | 8,597 | 9,474 |
Long-term lease liabilities, less current portion | 971 | 0 |
Long-term debt, less current portion | 2,502 | 3,332 |
Long-term capital leases, less current portion | 8,456 | 10,308 |
Deferred revenue, less current portion | 329 | 382 |
Deferred income taxes | 2,958 | 2,958 |
Shareholders' equity: | ||
Common stock, no par value (10,000,000 authorized; 5,816,000 and 5,714,000 shares issued and outstanding at June 30, 2019 and at December 31, 2018) | 10,711 | 10,711 |
Additional paid-in capital | 6,603 | 6,495 |
Retained earnings | 8,197 | 7,896 |
Total equity-American Shared Hospital Services | 25,511 | 25,102 |
Non-controlling interest in subsidiary | 6,243 | 5,946 |
Total shareholders' equity | 31,754 | 31,048 |
Total liabilities and shareholders' equity | $ 55,567 | $ 57,502 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) [Parenthetical] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts (in dollars) | $ 100 | $ 100 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock | ||
Common stock, shares issued (in shares) | 5,816,000 | 5,710,000 |
Common stock, shares outstanding (in shares) | 5,816,000 | 5,710,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,197,000 | $ 5,169,000 | $ 10,518,000 | $ 10,474,000 |
Costs of revenue: | ||||
Maintenance and supplies | 652,000 | 627,000 | 1,320,000 | 1,253,000 |
Depreciation and amortization | 2,008,000 | 1,664,000 | 3,902,000 | 3,321,000 |
Other direct operating costs | 808,000 | 797,000 | 1,630,000 | 1,613,000 |
Costs of revenue | 3,468,000 | 3,088,000 | 6,852,000 | 6,187,000 |
Gross Margin | 1,729,000 | 2,081,000 | 3,666,000 | 4,287,000 |
Selling and administrative expense | 1,081,000 | 1,032,000 | 2,136,000 | 2,017,000 |
Interest expense | 346,000 | 406,000 | 713,000 | 831,000 |
Operating income | 302,000 | 643,000 | 817,000 | 1,439,000 |
Proceeds received from investment in equity securities | 0 | 22,000 | 0 | 22,000 |
Interest and other income | 4,000 | 4,000 | 8,000 | 9,000 |
Income before income taxes | 306,000 | 669,000 | 825,000 | 1,470,000 |
Income tax expense | 27,000 | 169,000 | 151,000 | 319,000 |
Net income | 279,000 | 500,000 | 674,000 | 1,151,000 |
Less: Net income attributable to non-controlling interest | (248,000) | (213,000) | (373,000) | (474,000) |
Net income attributable to American Shared Hospital Services | $ 31,000 | $ 287,000 | $ 301,000 | $ 677,000 |
Net income per share: | ||||
Earnings per common share - basic (in USD per share) | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.12 |
Earnings per common share - diluted (in USD per share) | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.12 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Sub-Total ASHS | Non-controlling Interests in Subsidiaries |
Beginning balance at Dec. 31, 2017 | $ 29,885 | $ 10,711 | $ 6,272 | $ 6,873 | $ 23,856 | $ 6,029 |
Beginning balance (in shares) at Dec. 31, 2017 | 5,710 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 55 | $ 0 | 55 | 0 | 55 | 0 |
Stock-based compensation expense (in shares) | 0 | |||||
Net income | 651 | $ 0 | 0 | 390 | 390 | 261 |
Ending balance at Mar. 31, 2018 | 30,591 | $ 10,711 | 6,327 | 7,263 | 24,301 | 6,290 |
Ending balance (in shares) at Mar. 31, 2018 | 5,710 | |||||
Beginning balance at Dec. 31, 2017 | 29,885 | $ 10,711 | 6,272 | 6,873 | 23,856 | 6,029 |
Beginning balance (in shares) at Dec. 31, 2017 | 5,710 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,151 | |||||
Ending balance at Jun. 30, 2018 | 31,071 | $ 10,711 | 6,384 | 7,550 | 24,645 | 6,426 |
Ending balance (in shares) at Jun. 30, 2018 | 5,714 | |||||
Beginning balance at Mar. 31, 2018 | 30,591 | $ 10,711 | 6,327 | 7,263 | 24,301 | 6,290 |
Beginning balance (in shares) at Mar. 31, 2018 | 5,710 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 57 | $ 0 | 57 | 0 | 57 | 0 |
Stock-based compensation expense (in shares) | 4 | |||||
Cash distributions to non-controlling interests | (77) | $ 0 | 0 | 0 | 0 | (77) |
Net income | 500 | 0 | 0 | 287 | 287 | 213 |
Ending balance at Jun. 30, 2018 | 31,071 | $ 10,711 | 6,384 | 7,550 | 24,645 | 6,426 |
Ending balance (in shares) at Jun. 30, 2018 | 5,714 | |||||
Beginning balance at Dec. 31, 2018 | 31,048 | $ 10,711 | 6,495 | 7,896 | 25,102 | 5,946 |
Beginning balance (in shares) at Dec. 31, 2018 | 5,714 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 55 | $ 0 | 55 | 0 | 55 | 0 |
Stock-based compensation expense (in shares) | 0 | |||||
Cash distributions to non-controlling interests | (19) | $ 0 | 0 | 0 | 0 | (19) |
Net income | 395 | 0 | 0 | 270 | 270 | 125 |
Ending balance at Mar. 31, 2019 | 31,479 | $ 10,711 | 6,550 | 8,166 | 25,427 | 6,052 |
Ending balance (in shares) at Mar. 31, 2019 | 5,714 | |||||
Beginning balance at Dec. 31, 2018 | 31,048 | $ 10,711 | 6,495 | 7,896 | 25,102 | 5,946 |
Beginning balance (in shares) at Dec. 31, 2018 | 5,714 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 674 | |||||
Ending balance at Jun. 30, 2019 | 31,754 | $ 10,711 | 6,603 | 8,197 | 25,511 | 6,243 |
Ending balance (in shares) at Jun. 30, 2019 | 5,816 | |||||
Beginning balance at Mar. 31, 2019 | 31,479 | $ 10,711 | 6,550 | 8,166 | 25,427 | 6,052 |
Beginning balance (in shares) at Mar. 31, 2019 | 5,714 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 53 | $ 0 | 53 | 0 | 53 | 0 |
Stock-based compensation expense (in shares) | 102 | |||||
Cash distributions to non-controlling interests | (57) | $ 0 | 0 | 0 | 0 | (57) |
Net income | 279 | 0 | 0 | 31 | 31 | 248 |
Ending balance at Jun. 30, 2019 | $ 31,754 | $ 10,711 | $ 6,603 | $ 8,197 | $ 25,511 | $ 6,243 |
Ending balance (in shares) at Jun. 30, 2019 | 5,816 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income | $ 674 | $ 1,151 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 3,933 | 3,364 |
Non cash lease expense | 124 | |
Deferred income tax | 0 | 229 |
Stock-based compensation expense | 108 | 112 |
Net accrued interest on lease financing | 9 | 7 |
Interest expense associated with lease liabilities | 40 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (1,305) | 77 |
Prepaid expenses and other assets | 618 | 481 |
Customer deposits/deferred revenue | (48) | (58) |
Lease liability | (164) | 0 |
Accounts payable and accrued liabilities | 224 | 191 |
Net cash provided by operating activities | 4,213 | 5,554 |
Investing activities: | ||
Payment for purchase of property and equipment | (746) | (792) |
Proceeds from insurance | 160 | 0 |
Net cash used in investing activities | (586) | (792) |
Financing activities: | ||
Principal payments on long-term debt | (977) | (1,278) |
Principal payments on capital leases | (2,110) | (2,066) |
Distributions to non-controlling interests | (76) | (77) |
Net cash used in financing activities | (3,163) | (3,421) |
Net change in cash, cash equivalents, and restricted cash | 464 | 1,341 |
Cash, cash equivalents, and restricted cash at beginning of period | 1,792 | 2,502 |
Cash, cash equivalents, and restricted cash at end of period | 2,256 | 3,843 |
Supplemental cash flow disclosure: | ||
Interest | 713 | 831 |
Income taxes paid | 384 | 88 |
Schedule of non-cash investing and financing activities | ||
Right of use assets and lease liabilities | 1,362 | 0 |
Interest capitalized to property and equipment | 54 | 53 |
Acquisition of equipment with capital lease financing | $ 0 | $ 1,679 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for the fair presentation of American Shared Hospital Services’ consolidated financial position as of June 30, 2019 , the results of its operations for the three and six-month periods ended June 30, 2019 and 2018 , and the cash flows for the three and six-month periods ended June 30, 2019 and 2018. The results of operations for the three and six-months ended June 30, 2019 are not necessarily indicative of results on an annualized basis. Consolidated balance sheet amounts as of December 31, 2018 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, 2018 included in American Shared Hospital Services’ Annual Report on Form 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., 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 subsidiary Instituto de Gamma Knife del Pacifico S.A.C. (“GKPeru”); 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 June 30, 2019 , GKF provided Gamma Knife units to fifteen medical centers in the United States in the states of Arkansas, California, Florida, Illinois, Indiana, Massachusetts, Mississippi, Nebraska, New Mexico, New York, Ohio, Oregon, Tennessee, 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, 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 for the purposes of expanding its business internationally; Orlando and LBE to provide proton beam therapy equipment and services in Orlando, Florida and Long Beach, California, respectively; 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. 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 through its 50% owned OR21, LLC (“OR21 LLC”). The remaining 50% is owned by an architectural design company. OR21 LLC is not expected to generate significant revenue within the next two years. 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. Accounting Pronouncements Issued and Adopted Based on the guidance provided in accordance with Accounting Standards Codification (“ASC”) 280 Segment Reporting (“ASC 280”), the Company has analyzed its subsidiaries which are all in the business of leasing radiosurgery and radiation therapy equipment to healthcare providers, and concluded there is one reportable segment, Medical Services Revenue. The Company provides Gamma Knife, PBRT, and IGRT equipment to sixteen hospitals in the United States and owns and operates a single-unit facility in Lima, Peru as of June 30, 2019 . These seventeen locations operate under different subsidiaries of the Company but offer the same services: radiosurgery and radiation therapy. The operating results of the subsidiaries are reviewed by the Company’s Chief Executive Officer and Chief Financial Officer, who are also deemed the Company’s Chief Operating Decision Makers (“CODMs”) and this is done in conjunction with all of the subsidiaries and locations. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (“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 classification criteria for direct financing and sales-type leases is modified. In July 2018, the FASB issued ASU No. 2018-10 Leases (Topic 842) Codification Improvements to Topic 842 , and ASU No. 2018-11 Leases (Topic 842) Targeted Improvements (“ASU 2018-11”), in December 2018 the FASB issued ASU No. 2018-20 Leases (Topic 842) Narrow-Scope Improvements , and in February 2019 the FASB issued ASU No. 2019-01 Leases (Topic 842) Codification Improvements . ASU 2018-11 provides a new transition method in which an entity can initially apply the new lease standards at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This standard is effective for annual periods beginning after December 15, 2018. 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, Revenue from Contracts with Customers (Topic 606) and concluded that, other than with respect to the Company’s stand-alone facility in Lima, Peru, ASU 2016-02 applied. The Company adopted ASU 2016-02 and related ASUs as of January 1, 2019 using the modified retrospective transition method. The Company elected to initially apply ASU 2016-02 and related ASUs beginning January 1, 2019 and elected to use the package of practical expedients upon adoption. The provisions of the package of practical expedients allowed the Company to not reassess whether any expired or existing contracts are or contain leases, the lease classification for expired or existing contracts, and the Company need not reassess the initial direct costs for any existing leases. The Company also used the hindsight expedient upon adoption which allowed the Company to examine its history when assessing lease term and whether it will exercise renewal options for certain contracts. The Company recognized lease liabilities and right-of-use assets of approximately $1,362,000 for its operating leases at January 1, 2019, with no initial material impact to its consolidated statements of operations. Accounting Pronouncements Issued and Not Yet Adopted In February 2018, the FASB issued ASU No. 2018-03 Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2018-03”), which clarifies certain aspects of ASU 2016-01. These are: equity securities without a readily determinable fair value – discontinuation, equity securities without a readily determinable fair value – adjustments, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements to Fair Value Measurement (“ASU 2018-13”), which amended the effective date and other certain measurement aspects of ASU 2018-03. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company does not expect ASU 2018-03 or ASU 2018-13 to have a significant impact on its consolidated financial statements and related disclosures. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation for Gamma Knife, IGRT, and other equipment is determined using the straight-line method over the estimated useful lives of the assets, which for medical and office equipment is generally 3 – 10 years , and after accounting for salvage value on the equipment where indicated. Salvage value is based on the estimated fair value of the equipment at the end of its useful life. Depreciation for PBRT equipment is determined using the modified units of production method, which is a function of both time and usage of the equipment. This depreciation method allocates costs considering the projected volume of usage through the useful life of the PBRT unit, which has been estimated at 20 years . The estimated useful life of the PBRT unit is consistent with the estimated economic life of 20 years . The following table summarizes property and equipment as of June 30, 2019 and December 31, 2018 : June 30, December 31, 2019 2018 Medical equipment and facilities $ 90,600,000 $ 94,031,000 Office equipment 573,000 589,000 Deposits and construction in progress 2,115,000 3,832,000 Deposits towards purchase of proton beam systems 2,250,000 2,250,000 95,538,000 100,702,000 Accumulated depreciation (52,013,000 ) (54,008,000 ) Net property and equipment $ 43,525,000 $ 46,694,000 As of June 30, 2019 , the Company has one idle Gamma Knife unit with a cumulative net book value of $729,000 . There are currently no commitments to place into service or trade in this unit during 2019. |
Long-Term Debt Financing
Long-Term Debt Financing | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt Financing | Long-Term Debt Financing Long-term debt consists of seven notes with three financing companies collateralized by the Gamma Knife equipment, the individual customer contracts, and related accounts receivable at June 30, 2019 . As of June 30, 2019 , long-term debt on the Condensed Consolidated Balance Sheets was $4,483,000 . See disclosure of future payments below under the heading “Commitments”. |
Capital Lease Financing
Capital Lease Financing | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Capital Lease Financing | Capital Lease Financing Capital lease financing consists of ten leases with three financing companies, collateralized by Gamma Knife and PBRT equipment, the individual customer contracts, and related accounts receivable at June 30, 2019 . As of June 30, 2019 , obligations under capital leases on the Condensed Consolidated Balance Sheets were $12,605,000 . See disclosure of future payments below under the heading “Commitments”. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company determines if a contract is a lease at inception. Under ASC 842 Leases (“ASC 842”), the Company is a lessor of equipment to various customers. Leases that commenced prior to ASC 842 adoption date were classified as operating leases under historical guidance. As the Company has elected the package of practical expedients allowing to not reassess lease classification, these leases are classified as operating leases under ASC 842 as well. All of the Company’s lessor arrangements entered into after ASC 842 adoption are also classified as operating leases. Some of these lease terms have an option to extend the lease after the initial term, but do not contain the option to terminate early or purchase the asset at the end of the term. The Company’s Gamma Knife, PBRT, and IGRT contracts with hospitals are classified as operating leases under ASC 842. The related equipment is included in medical equipment and facilities on the Company’s condensed consolidated balance sheets (see further discussion at Note 2). As all income from the Company’s lessor arrangements is solely based on procedure volume, all income is considered variable payments not dependent on an index or a rate. As such, the Company does not measure future operating lease receivable. The Company’s lessee operating leases are accounted for as right-of-use (“ROU”) assets, other current liabilities, and lease liabilities on the condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company’s operating lease contracts do not provide an implicit rate for calculating the present value of future lease payments, so the Company determined its incremental borrowing rate of approximately 6.0% by using available market rates and expected lease terms. The operating lease ROU assets and liabilities also include any lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company’s lessee operating lease agreements are for administrative office space and related equipment, and the agreement to lease clinic space for its stand-alone facility in Lima, Peru. These leases have remaining lease terms between 3 and 5 years , some of which include options to renew or extend the lease. As of June 30, 2019 , operating ROU assets and liabilities were $1,238,000 . The following table summarizes maturities of lessee operating lease ROU assets and liabilities as of June 30, 2019 : Year ending December 31, Operating Leases 2019 (excluding the six-months ended June 30, 2019) $ 168,000 2020 340,000 2021 347,000 2022 331,000 2023 214,000 Thereafter 6,000 Total lease payments 1,406,000 Less imputed interest (168,000 ) Total $ 1,238,000 |
Per Share Amounts
Per Share Amounts | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Per Share Amounts | 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 six-month periods ended June 30, 2019 excluded approximately 181,000 and 513,000 , respectively, of the Company’s stock options because the exercise price of the options was higher than the average market price during those periods. The computation for the three and six-month periods ended June 30, 2018 excluded approximately 547,000 of the Company's stock options because the exercise price of the options was higher than the average market price during those periods. Based on the guidance provided in accordance with ASC 260 Earnings Per Share (“ASC 260”), the weighted average common shares for basic earnings per share, for the three and six-month periods ended June 30, 2019 and 2018 , excluded the weighted average impact of the unvested performance share awards, discussed below. These awards are legally outstanding but are not deemed participating securities and therefore are excluded from the calculation of basic earnings per share. The unvested shares are also excluded from the denominator for diluted earnings per share because they are considered contingent shares not deemed probable as of June 30, 2019 . The following table sets forth the computation of basic and diluted earnings per share for the three and six-month periods ended June 30, 2019 and 2018 : Three Months ended June 30, Six Months ended June 30, 2019 2018 2019 2018 Net income attributable to American Shared Hospital Services $ 31,000 $ 287,000 $ 301,000 $ 677,000 Weighted average common shares for basic earnings per share 5,876,000 5,834,000 5,862,000 5,826,000 Diluted effect of stock options and restricted stock 30,000 28,000 33,000 29,000 Weighted average common shares for diluted earnings per share 5,906,000 5,862,000 5,895,000 5,855,000 Basic earnings per share $ 0.01 $ 0.05 $ 0.05 $ 0.12 Diluted earnings per share $ 0.01 $ 0.05 $ 0.05 $ 0.12 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 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 . The Plan provides that the shares reserved under the Plan are available for issuance to officers of the Company, other key employees, non-employee directors, and advisors. The Plan is a successor to the Company’s previous plans, and any shares awarded and outstanding under those plans were transferred to the Plan. No further grants or share issuances will be made under the previous plans. On June 21, 2019, the Company’s shareholders approved an amendment and restatement of the Plan in order to extend the term of the Plan by two years to February 22, 2022. 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 units in the amount of $53,000 and $ 108,000 is reflected in net income for the three and six-month periods ended June 30, 2019 compared to $ 57,000 and $ 112,000 in the same periods of the prior year, respectively. At June 30, 2019 , there was approximately $118,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan, excluding unrecognized compensation cost associated with the performance share awards, discussed below. This cost is expected to be recognized over a period of approximately five years . 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 restricted stock awards which vest upon the achievement of certain performance metrics. The Award Agreements expire on March 31, 2020. Based on the guidance in ASC 718 Stock Compensation (“ASC 718”), the Company concluded these were performance-based awards with vesting criteria tied to performance metrics. As of December 31, 2017 , the Company achieved one of those certain performance metrics under the Award Agreements and recognized stock compensation expense of approximately $108,000 related to these awards. As of June 30, 2019 , it is not probable that any of the remaining required metrics for vesting will be achieved. The unrecognized stock-based compensation expense for these awards was approximately $434,000 and unvested awards were approximately 129,000 as of June 30, 2019 . If and when the Company determines that the remaining performance metrics’ achievement becomes probable, the Company will record a cumulative catch-up stock-based compensation amount and the remaining unrecognized amount will be recorded over the remaining requisite service period of the awards. The following table summarizes stock option activity for the six-month periods ended June 30, 2019 and 2018 : Stock Options Grant Date Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Intrinsic Value Outstanding at January 1, 2019 613,000 $ 2.85 3.18 $ — Granted 18,000 $ 2.91 7.00 $ — Exercised (16,000 ) $ 2.59 — $ — Forfeited (12,000 ) $ 3.05 — $ — Outstanding at June 30, 2019 603,000 $ 2.86 2.34 $ 57,000 Exercisable at June 30, 2019 477,000 $ 2.87 2.22 $ — Outstanding at January 1, 2018 615,000 $ 2.87 3.48 $ — Granted 16,000 $ 2.68 6.96 $ — Forfeited (18,000 ) $ 3.15 0 $ — Outstanding at June 30, 2018 613,000 $ 2.85 3.18 $ 32,000 Exercisable at June 30, 2018 382,000 $ 2.86 3.04 $ — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 six-month periods ended June 30, 2019 by applying the actual effective tax rates to income or (loss) reported within the condensed consolidated financial statements through those periods. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for the fair presentation of American Shared Hospital Services’ consolidated financial position as of June 30, 2019 , the results of its operations for the three and six-month periods ended June 30, 2019 and 2018 , and the cash flows for the three and six-month periods ended June 30, 2019 and 2018. The results of operations for the three and six-months ended June 30, 2019 are not necessarily indicative of results on an annualized basis. Consolidated balance sheet amounts as of December 31, 2018 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, 2018 included in American Shared Hospital Services’ Annual Report on Form 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., 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 subsidiary Instituto de Gamma Knife del Pacifico S.A.C. (“GKPeru”); 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 June 30, 2019 , GKF provided Gamma Knife units to fifteen medical centers in the United States in the states of Arkansas, California, Florida, Illinois, Indiana, Massachusetts, Mississippi, Nebraska, New Mexico, New York, Ohio, Oregon, Tennessee, 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, 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 for the purposes of expanding its business internationally; Orlando and LBE to provide proton beam therapy equipment and services in Orlando, Florida and Long Beach, California, respectively; 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. 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 through its 50% owned OR21, LLC (“OR21 LLC”). The remaining 50% is owned by an architectural design company. OR21 LLC is not expected to generate significant revenue within the next two years. 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. |
Accounting Pronouncements Issued | Accounting Pronouncements Issued and Adopted Based on the guidance provided in accordance with Accounting Standards Codification (“ASC”) 280 Segment Reporting (“ASC 280”), the Company has analyzed its subsidiaries which are all in the business of leasing radiosurgery and radiation therapy equipment to healthcare providers, and concluded there is one reportable segment, Medical Services Revenue. The Company provides Gamma Knife, PBRT, and IGRT equipment to sixteen hospitals in the United States and owns and operates a single-unit facility in Lima, Peru as of June 30, 2019 . These seventeen locations operate under different subsidiaries of the Company but offer the same services: radiosurgery and radiation therapy. The operating results of the subsidiaries are reviewed by the Company’s Chief Executive Officer and Chief Financial Officer, who are also deemed the Company’s Chief Operating Decision Makers (“CODMs”) and this is done in conjunction with all of the subsidiaries and locations. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (“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 classification criteria for direct financing and sales-type leases is modified. In July 2018, the FASB issued ASU No. 2018-10 Leases (Topic 842) Codification Improvements to Topic 842 , and ASU No. 2018-11 Leases (Topic 842) Targeted Improvements (“ASU 2018-11”), in December 2018 the FASB issued ASU No. 2018-20 Leases (Topic 842) Narrow-Scope Improvements , and in February 2019 the FASB issued ASU No. 2019-01 Leases (Topic 842) Codification Improvements . ASU 2018-11 provides a new transition method in which an entity can initially apply the new lease standards at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This standard is effective for annual periods beginning after December 15, 2018. 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, Revenue from Contracts with Customers (Topic 606) and concluded that, other than with respect to the Company’s stand-alone facility in Lima, Peru, ASU 2016-02 applied. The Company adopted ASU 2016-02 and related ASUs as of January 1, 2019 using the modified retrospective transition method. The Company elected to initially apply ASU 2016-02 and related ASUs beginning January 1, 2019 and elected to use the package of practical expedients upon adoption. The provisions of the package of practical expedients allowed the Company to not reassess whether any expired or existing contracts are or contain leases, the lease classification for expired or existing contracts, and the Company need not reassess the initial direct costs for any existing leases. The Company also used the hindsight expedient upon adoption which allowed the Company to examine its history when assessing lease term and whether it will exercise renewal options for certain contracts. The Company recognized lease liabilities and right-of-use assets of approximately $1,362,000 for its operating leases at January 1, 2019, with no initial material impact to its consolidated statements of operations. Accounting Pronouncements Issued and Not Yet Adopted In February 2018, the FASB issued ASU No. 2018-03 Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2018-03”), which clarifies certain aspects of ASU 2016-01. These are: equity securities without a readily determinable fair value – discontinuation, equity securities without a readily determinable fair value – adjustments, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements to Fair Value Measurement (“ASU 2018-13”), which amended the effective date and other certain measurement aspects of ASU 2018-03. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company does not expect ASU 2018-03 or ASU 2018-13 to have a significant impact on its consolidated financial statements and related disclosures. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | The following table summarizes property and equipment as of June 30, 2019 and December 31, 2018 : June 30, December 31, 2019 2018 Medical equipment and facilities $ 90,600,000 $ 94,031,000 Office equipment 573,000 589,000 Deposits and construction in progress 2,115,000 3,832,000 Deposits towards purchase of proton beam systems 2,250,000 2,250,000 95,538,000 100,702,000 Accumulated depreciation (52,013,000 ) (54,008,000 ) Net property and equipment $ 43,525,000 $ 46,694,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Maturities of Lessee Operating Lease | The following table summarizes maturities of lessee operating lease ROU assets and liabilities as of June 30, 2019 : Year ending December 31, Operating Leases 2019 (excluding the six-months ended June 30, 2019) $ 168,000 2020 340,000 2021 347,000 2022 331,000 2023 214,000 Thereafter 6,000 Total lease payments 1,406,000 Less imputed interest (168,000 ) Total $ 1,238,000 |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share for the three and six-month periods ended June 30, 2019 and 2018 : Three Months ended June 30, Six Months ended June 30, 2019 2018 2019 2018 Net income attributable to American Shared Hospital Services $ 31,000 $ 287,000 $ 301,000 $ 677,000 Weighted average common shares for basic earnings per share 5,876,000 5,834,000 5,862,000 5,826,000 Diluted effect of stock options and restricted stock 30,000 28,000 33,000 29,000 Weighted average common shares for diluted earnings per share 5,906,000 5,862,000 5,895,000 5,855,000 Basic earnings per share $ 0.01 $ 0.05 $ 0.05 $ 0.12 Diluted earnings per share $ 0.01 $ 0.05 $ 0.05 $ 0.12 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the six-month periods ended June 30, 2019 and 2018 : Stock Options Grant Date Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Intrinsic Value Outstanding at January 1, 2019 613,000 $ 2.85 3.18 $ — Granted 18,000 $ 2.91 7.00 $ — Exercised (16,000 ) $ 2.59 — $ — Forfeited (12,000 ) $ 3.05 — $ — Outstanding at June 30, 2019 603,000 $ 2.86 2.34 $ 57,000 Exercisable at June 30, 2019 477,000 $ 2.87 2.22 $ — Outstanding at January 1, 2018 615,000 $ 2.87 3.48 $ — Granted 16,000 $ 2.68 6.96 $ — Forfeited (18,000 ) $ 3.15 0 $ — Outstanding at June 30, 2018 613,000 $ 2.85 3.18 $ 32,000 Exercisable at June 30, 2018 382,000 $ 2.86 3.04 $ — |
Basis of Presentation (Details
Basis of Presentation (Details Textual) | 6 Months Ended | ||
Jun. 30, 2019USD ($)segment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of reportable segments | segment | 1 | ||
Operating lease, liability | $ 1,238,000 | ||
Operating lease, right-of-use asset | $ 1,238,000 | $ 0 | |
Accounting Standards Update 2016-02 | |||
Operating lease, liability | $ 1,362,000 | ||
Operating lease, right-of-use asset | $ 1,362,000 | ||
OR21 LLC | |||
Equity method investment, ownership percentage | 50.00% | ||
Architectural Design Company | |||
Equity method investment, ownership percentage | 50.00% |
Property and Equipment (Details
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 43,525 | $ 46,694 |
Gamma Knife | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 729 | |
Medical Equipment and Facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 3 years | |
Medical Equipment and Facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 10 years | |
PBRT Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 20 years |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 95,538 | $ 100,702 |
Accumulated depreciation | (52,013) | (54,008) |
Net property and equipment | 43,525 | 46,694 |
Medical equipment and facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 90,600 | 94,031 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 573 | 589 |
Deposits and construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,115 | 3,832 |
Deposits towards purchase of proton beam systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,250 | $ 2,250 |
Long-Term Debt Financing (Detai
Long-Term Debt Financing (Details Textual) $ in Thousands | Jun. 30, 2019USD ($)note |
Debt Disclosure [Abstract] | |
Number of debt instruments | note | 7 |
Long-term debt | $ | $ 4,483 |
Capital Lease Financing (Detail
Capital Lease Financing (Details Textual) $ in Thousands | Jun. 30, 2019USD ($)lease |
Debt Disclosure [Abstract] | |
Number of financing leases | lease | 10 |
Capital lease obligations | $ | $ 12,605 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, discount rate | 6.00% | |
Operating lease, right-of-use asset | $ 1,238,000 | $ 0 |
Operating lease, liability | $ 1,238,000 | |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Operating lease remaining lease term (in years) | 3 years | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Operating lease remaining lease term (in years) | 5 years |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lessee Operating Lease (Details) | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 168,000 |
2020 | 340,000 |
2021 | 347,000 |
2022 | 331,000 |
2023 | 214,000 |
Thereafter | 6,000 |
Total lease payments | 1,406,000 |
Less imputed interest | (168,000) |
Total | $ 1,238,000 |
Per Share Amounts (Details Text
Per Share Amounts (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Amount of antidilutive securities excluded from computation (in shares) | 181 | 547 | 513 | 547 |
Per Share Amounts - Schedule of
Per Share Amounts - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to American Shared Hospital Services | $ 31 | $ 287 | $ 301 | $ 677 |
Weighted average common shares for basic earnings per share (in shares) | 5,876 | 5,834 | 5,862 | 5,826 |
Diluted effect of stock options and restricted stock (in shares) | 30 | 28 | 33 | 29 |
Weighted average common shares for diluted earnings per share (in shares) | 5,906 | 5,862 | 5,895 | 5,855 |
Basic earnings per share (in USD per share) | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.12 |
Diluted earnings per share (in USD per share) | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.12 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | Jan. 04, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ 53 | $ 57 | $ 108 | $ 112 | ||
Nonvested awards, unrecognized stock-based compensation expense | 434 | $ 434 | ||||
Expected term for cost to be recognized (in years) | 5 years | |||||
Incentive Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance (in shares) | 1,630,000 | |||||
Nonvested awards, unrecognized stock-based compensation expense | $ 118 | $ 118 | ||||
Performance Share Award Agreement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock awards (in shares) | 161,766 | |||||
Unvested awards (in shares) | 129,000 | 129,000 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | ||||
Stock Options, Outstanding Beginning Balance (in shares) | 603 | 613 | 613 | 615 |
Stock Options, Granted (in shares) | 18 | 16 | ||
Stock Options, Exercised (in shares) | (16) | |||
Stock Options, Forfeited (in shares) | (12) | (18) | ||
Stock Options, Outstanding Ending Balance (in shares) | 603 | 613 | 613 | 615 |
Stock Options, Exercisable (in shares) | 477 | 382 | ||
Grant Date Weighted- Average Exercise Price | ||||
Grant Date Weighted-Average Exercise Price, Beginning balance (in USD per share) | $ 2.86 | $ 2.85 | $ 2.85 | $ 2.87 |
Grant Date Weighted Average Exercise Price, Granted (in USD per share) | 2.91 | 2.68 | ||
Grant Date Weighted Average Exercise Price, Exercised (in USD per share) | 2.59 | |||
Grant Date Weighted Average Exercise Price, Forfeited (in USD per share) | 3.05 | 3.15 | ||
Grant Date Weighted-Average Exercise Price, Ending balance (in USD per share) | 2.86 | 2.85 | $ 2.85 | $ 2.87 |
Grant Date Weighted Average Exercise Price, Exercisable (in USD per share) | $ 2.87 | $ 2.86 | ||
Weighted- Average Remaining Contractual Life (in Years) | ||||
Weighted Average Remaining Contractual Life (Years), Beginning Balance | 2 years 4 months 2 days | 3 years 2 months 5 days | 3 years 2 months 5 days | 3 years 5 months 23 days |
Weighted Average Remaining Contractual Life (Years), Granted | 7 years | 6 years 11 months 16 days | ||
Weighted Average Remaining Contractual Life (Years), Ending Balance | 2 years 4 months 2 days | 3 years 2 months 5 days | 3 years 2 months 5 days | 3 years 5 months 23 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 2 years 2 months 19 days | 3 years 15 days | ||
Intrinsic Value | ||||
Intrinsic Value, Outstanding Beginning Balance | $ 57 | $ 32 | $ 0 | $ 0 |
Intrinsic Value, Grants in Period | 0 | 0 | ||
Intrinsic Value, Exercises in Period | 0 | |||
Intrinsic Value, Forfeitures in Period | 0 | 0 | ||
Intrinsic Value, Outstanding Ending Balance | 57 | 32 | $ 0 | $ 0 |
Intrinsic Value, Exercisable End of Period | $ 0 | $ 0 |