Tuesday, August 2, 2016

During the Obama Administration, the 3,384 Largest US Companies With Market Caps Above $100 Mil Generated Total Audited US GAAP Earnings of $906.9 Bil in 2015, Up $934.4 Bil From the Total Losses of $27.5 Bil in 2008, the Year Before Obama Took Office..... The Total Earnings of US Companies Improved More During the Obama Administration Than Under Any Other US Presidency and by a Long Shot ..... But to be Fair, 2015 Total Earnings of These 3,384 US Companies Were Down 20% From 2014, Due Mainly to the 2,407 US Companies, or 71% of Them, With Market Caps of $100 Mil to $3 Bil, the Smallest of these 3,384 US Companies, Generating Total Losses of $25.461 Bil in 2015, Down 132% or Down $106 Bil From Their Total Earnings of $80.752 Bil in 2014 ..... When Real US GAAP Earnings, Which Most CEOs Base Their Decisions On, Drop in 2014 and Drop So Precipitously in Both 2015 and in the First Half of 2016, Business Investment Drops, GDP Growth Stagnates and Many Higher-Paying Jobs Disappear

From a review of the very fine Google Finance Website and of company financial statements in the US SEC website, I found the 3,384 largest Companies headquartered in the US with Stock Market Capitalizations now of more than $100 Mil.

As you can see in the below chart, the Total US GAAP Audited Earnings of these largest US Companies dropped massively by 104% from 2007 to 2008, which was the US financial meltdown year and also the last year of the Bush/Cheney Presidency.  Then, these Total Earnings increased by an almost unbelievable 1,446% in 2009 over 2008 and increased by an additional 116% in 2010 over 2009, thereby much more than recouping in only two years the total earnings decline resulting from the disastrous 2008 financial meltdown.

The Democrats were in control of both the US House and US Senate in both 2009 and 2010 when this miraculous earnings recovery occurred ..... from Total Company Losses in 2008 of $27.517 Bil to Total Company Earnings in 2009 of $370.274 Bil and in 2010 of $798.191 Bil.

But on the downside, 2015 Total Earnings of these 3,384 largest US Companies were down 20% from 2014, after 2014 Total Earnings had already declined by another 10% from 2013.

While the 113 Companies with Market Caps above $40 Bil generated 2015 Total Earnings which declined by only 0.1% from 2014, the 2,407 middle-sized and smaller of these US Companies, those with Market Cap Ranges from $100 Mil to $3 Bil, generated 2015 Total Losses of $25.461 Bil which were down 132% from 2014 Total Earnings of $80.752 Bil (yeah, that's a Total Earnings Decline in only one year of $106 Bil).

These above real US GAAP earnings numbers tell you that there is something seriously unfair with the US economy and points to why Income Inequality Expansion is such a serious problem in the US.  When Total Real Audited US GAAP Earnings drop so precipitously and across the board, CEOs drop their business investment budgets, US Real GDP Growth stagnates and many higher-paying US jobs disappear. 

Nearly all of the US House Republicans and also the Big Corporatist Democratic Wing in the US Senate, which now comprises a clear majority of US Senate Democrats, have both focused much more on the success of the very largest, most profitable US Companies than they have on the success of the middle-sized and smaller US C Corp Companies.

This Big Corporatist Democratic Wing is led by New York Senator Chuck Schumer and includes among others Virginia Senators Mark Warner and Tim Kaine, New Jersey Senators Bob Menendez and Cory Booker, Minnesota Senators Amy Klobachur and Al Franken and California Senators Dianne Feinstein and Barbara Boxer.  These US States are HQs to many very large, highly profitable Corporations that have been very effective in having their US State Senators consistently taking actions which economically benefited them, nothing more so than the PATH Act of 2015 which not only has really hurt the overall US economy and was extremely expensive, but also is the largest Income Inequality Expansion legislation passed in the last decade and will continue to expand Income Inequality for many years to come.

The horrible US Company Total Earnings of the past two and a half years, which has hurt the middle-sized and smaller US Companies much more than the largest US Companies, along with the resultant huge expansion of Income Inequality, tells you why so many Americans are very disappointed with both parties of the US Congress and have become political Independents.

It also tells you why so many Americans turned to anti-establishment Presidential candidates Donald Trump and Bernie Sanders.

It is pretty clear that the Big US Corporations are in complete control of the US Congress on all matters related to their earnings.  

And the middle-sized and smaller companies are not even on the radar screen of the US Congress.  

The US Congress, both political parties, is responsible for the across-the-board, massive earnings depression of middle-sized and smaller US publicly-held Companies of the most recent two and a half years, as well as for the resultant huge Income Inequality Expansion.

By giving huge tax breaks to the largest, most profitable US Companies and not giving the same tax breaks to the middle-sized and smaller publicly-held US Companies because they have tax losses, the US Congress has ensured that these middle-sized and smaller US Companies will not be able to compete with the largest, most profitable US Corporations.

And also, the US Congress in the PATH ACT of 2015 gives $80 bil of tax breaks to the largest, multi-national US Banks and gives no tax breaks to middle-sized and smaller US banks.  How can smaller US banks compete with the largest US Banks who are given a second US Government bailout.....this one for $80 bil and also this one will not be repaid to US taxpayers.

Rich people call this tax policy the effective use of American exceptionalism.  I call it economic and social injustice.....pure and simple. 

As contrasted with the US Congress overwhelmingly being focused on the success of the very largest, powerful Corporations which ends up Expanding Income Inequality, they should be doing just the opposite and focusing more on improving the middle-sized and smaller US Companies which ends up Narrowing Income Inequality.

I think the single smartest initiative here is to allow, on a prospective basis, a current US Federal Income Tax Cash Benefit in the same year a Tax Loss is generated.  This would be so economically explosive to the majority of US Companies that I think it would yield US real annual GDP growth above 4% for many years.  And such a broad-based economic approach will Narrow Income Inequality significantly.  

First, below here are the total reported Audited US GAAP Earnings (Losses) From Continuing Operations of these 3,384 largest US Companies for all years where consistent earnings amounts were reported from 2007 through 2015 and the Annual Earnings Percentage Change from the prior year, with the Total Earnings amounts broken down by Company Stock Market Capitalization Range:


2015 2014 2013 2012 2011 2010 2009 2008 2007


US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP


Audited Audited Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net Net Net
# of Income Income Income Income Income Income Income Income Income
Company Market Cap Range Companies (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils











Above $40 Bil 113   646,812     647,485     678,815   590,929   594,543   507,526   341,877   163,115   373,271
$30-40 Bil 37     56,327       69,062       52,892     40,872     46,630     38,726     27,332     10,971     44,619
$20-30 Bil 86     61,336       87,215       92,080     71,735     85,234     61,015     29,726     20,906     63,825
$10-20 Bil 180     67,550     110,192     107,529     87,041     90,470     75,685     34,094   (12,248)     50,945
$5-10 Bil 285     74,330     104,741     102,157     83,358     65,700     67,061     34,103   (30,363)     48,293
$3-5 Bil 276     25,994       39,502       43,012     37,251     28,626     32,726       9,488     (5,790)     21,146
$2-3 Bil 308     11,380       42,827     107,064     36,876       1,284       3,393   (75,462)   (64,054)     13,018
$1-2 Bil 522       2,088       31,939       70,086     34,277     15,124       3,397   (19,246)   (74,092)       8,331
$700 Mil-$1 Bil 236     (4,383)         8,551         8,021       4,529       4,609       4,155          159     (7,158)       3,125
$600-700 Mil 116     (1,485)            602            895          747       1,232       1,018        (405)     (1,681)            18
$500-600 Mil 117        (252)            982            385          612          503          214        (355)     (2,730)          657
$400-500 Mil 165     (4,295)           (326)         2,546       3,764       2,022       1,644            63     (1,848)     (1,647)
$300-400 Mil 208     (4,364)            163         1,026        (444)       1,396       1,870     (2,062)     (7,495)        (645)
$200-300 Mil 285   (14,363)           (531)           (254)     (2,365)     (1,072)          184     (3,891)     (6,148)     (1,738)
$100-200 Mil 450     (9,788)        (3,455)           (951)        (296)        (236)        (423)     (5,146)     (8,903)        (839)
Totals (All Above $100 Mil) 3384   906,888  1,138,949  1,265,303   988,886   936,064   798,191   370,274   (27,517)   622,379











Annual Earnings % Change vs Prior Year









Above $40 Bil 113 -0.1% -5% 15% -1% 17% 48% 110% -56%
$30-40 Bil 37 -18% 31% 29% -12% 20% 42% 149% -75%
$20-30 Bil 86 -30% -5% 28% -16% 40% 105% 42% -67%
$10-20 Bil 180 -39% 2% 24% -4% 20% 122% 378% -124%
$5-10 Bil 285 -29% 3% 23% 27% -2% 97% 212% -163%
$3-5 Bil 276 -34% -8% 15% 30% -13% 245% 264% -127%
$2-3 Bil 308 -73% -60% 190% 2772% -62% 104% -18% -592%
$1-2 Bil 522 -93% -54% 104% 127% 345% 118% 74% -989%
$700 Mil-$1 Bil 236 -151% 7% 77% -2% 11% 2518% 102% -329%
$600-700 Mil 116 -347% -33% 20% -39% 21% 351% 76% -9397%
$500-600 Mil 117 -126% 155% -37% 22% 134% 160% 87% -515%
$400-500 Mil 165 -1219% -113% -32% 86% 23% 2506% -103% -12%
$300-400 Mil 208 -2772% -84% 331% -132% -25% 191% 72% -1062%
$200-300 Mil 285 -2604% -109% 89% -121% -684% 105% 37% -254%
$100-200 Mil 450 -183% -263% -222% -25% 44% 92% 42% -961%
Totals (All Above $100 Mil) 3384 -20% -10% 28% 6% 17% 116% 1446% -104%











2015 Total Earnings  % Above 









….. 2008 Total Earnings
3396%





….. 2007 Total Earnings
46%





























All Mkt Caps of $100 Mil to $3 Bil       2,407   (25,461)       80,752    





….. Total Earnings Decline 2015 vs 2014
-132%

















All Mkt Caps of $100 Mil to $2 Bil       2,099   (36,841)       37,925






….. Total Earnings Decline 2015 vs 2014
-197%







In my most recent posts, I have shown the US GAAP Audited Earnings (Losses) for each of the 2,934 largest US Companies with stock market capitalizations of above $200 Mil.  Thus, below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of the 450 US Companies with recent stock market caps of $100 Mil-200 Mil, for all years in which consistent earnings amounts were available from 2007 through 2015, with all companies presented in recent Stock Market Cap order:




2015 2014 2013 2012 2011 2010 2009 2008 2007



Most Audited Audited Audited Audited Audited Audited Audited Audited Audited



Recent Net Net Net Net Net Net Net Net Net
City State 2015 Income Income Income Income Income Income Income Income Income
Company HQs HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils













Tactile Systems Technology Minneapolis MN Dec15              1              2              3





Zix Corp Dallas TX Dec15              5              4            10            11            23            41              2              2            (1)
PTC Therapeutics South Plainfield NJ Dec15        (170)          (94)          (52)          (26)            31



Selecta Biosciences Watertown MA Dec15          (25)          (13)          (15)





PAVmed New York NY Dec15            (2)            (0)






Charter Financial Corp West Point GA Sep15              6              6              6              5              2              6              2            11            51
Lifetime Brands Inc Garden City NY Dec15            12              2              9            21            14            20              3          (48)              8
Penns Woods Bancorp Jersey Shore NJ Dec15            14            15            14            14            12            11              6              8              9
Synutra Intl Inc Rockville MD Mar16            21            72            30          (64)            17          (40)          (25)        (101)            46
Hallmark Financial Services Inc Fort Worth TX Dec15            22            13              8              4          (11)              7            25            13            28
Willis Lease Finance Corp Novato CA Dec15              7              7            16              2            15            12            22            27            18
Middleburg Financial Middleburg VA Dec15              8              7              6              8              5            (2)              5              2              3
Northrim BanCorp Inc  Anchorage AK Dec15            18            18            12            13            12              9              8              6            12
Power Solutions Intl Inc Wood Dale IL Dec15            14            24          (19)              7              4              2


Tidewater Inc New Orleans LA Mar16        (160)          (65)          140          151            87          106          259          407          349
Paragon Commercial Raleigh NC Dec15            11              8              5              3              1



Noodles & Co Broomfield CO Dec15          (14)            11              7              5              4              2              1              0
Solar Senior Capital Ltd New York NY Dec15              1            12            13            14            (0)



Chimerix Inc Durham NC Dec15        (117)          (59)          (36)            (4)          (26)          (25)          (13)  NA   NA 
Investors Title Co Chapel Hill NC Dec15            13            10            15            11              7              6              5            (1)              8
JAKKS Pacific Inc Malibu CA Dec15            23            22          (54)        (105)              8            47        (386)            76            89
Turning Point Brands Louisville KY Dec15              9          (29)            (2)              0              8            16


Medallion Financial Corp New York NY Dec15            29            29            26            25            19            11              1            15            15
NEWTEK Business Services Corp New York NY Dec15            36              4              7              6              3              1            (1)          (11)
Power Solutions Intl Inc Wood Dale IL Dec15            14            24          (19)              7              4              2              2

GlycoMimentics Rockville MD Dec15          (13)          (11)          (11)              4            (6)



Guidance Software Inc Pasadena CA Dec15          (14)          (15)          (22)            (2)            (2)            (5)          (14)          (11)            (3)
Pulaski Financial Corp St Louis MO Sep15            14            11            10            10              8              3              5              3              9
Cardinal Ethanol LLC Union City IN Sep15            39            87            26              2            26            20            (1)            (1)              2
New England Realty Associates LP Allston MA Dec15              4              1              2              4              1            (2)              2            (3)              1
PFSweb Inc Allen TX Dec15            (8)            (5)            (6)            (2)            (4)            (3)            (5)          (16)            (1)
CommerceHub Albany NY Dec15            (4)              4






Adept Technology Inc Pleasanton CA Jun15            (5)            (1)          (10)            (4)            (7)            (1)          (13)              4          (12)
Athersys Cleveland OH Dec15          (16)          (22)          (31)          (15)          (14)          (11)          (15)          (18)          (19)
LifeVantage Corp Sandy UT Jun15              7            11              8            12          (51)          (11)            (9)            (2)            (4)
Pioneer Energy Services Corp San Antonio TX Dec15        (155)          (38)          (36)            30            11          (33)          (23)          (63)            40
TriplePoint Venture Growth BDC Menlo Park CA Dec15            16            14






vTv Therapeutics High Point NC Dec15          (41)          (36)          (48)





Bone Biologics Boston MA Dec15          (14)            (4)






First Financial Northwest Inc Renton WA Dec15              9            11            24              3              4          (54)          (41)              5            (4)
Park City Group Inc Salt Lake City UT Jun15            (4)            (2)              0            (1)            (0)              0            (4)            (3)            (3)
Salem Media Group Inc Camarillo CA Dec15            11              5            (3)              5              6              2            (8)          (35)              9
USA Truck Inc Van Buren AR Dec15            11              6            (9)          (18)          (11)            (3)            (7)              3              0
Veritex Holdings Dallas TX Dec15              9              5              3              1              0            (2)


Gladstone Capital McLean VA Sep15              8            11            32            (8)          (21)            16              4          (21)            15
Hurco Companies Inc Indianapolis IN Oct15            16            15              8            16            11            (6)            (2)            23            21
Pendrell Corp Kirkland WA Dec15        (118)          (58)          (58)            40          319            (3)          195        (103)          (75)
Equity BancShares Inc Wichita KS Dec15            10              9              8              4              2              2


Era Group Inc Houston TX Dec15              8            17            18              8              2            (4)              2            (2)            (0)
Collectors Universe Inc Santa Ana CA Jun15              7              7              6              7              5            17              1              0              3
Delta Natural Gas Company Inc Winchester KY Jun15              6              8              7              6              6              6              5              7              5
Independence Contract Drilling Houston TX Dec15            (8)          (28)            (2)          (10)




Southern Missouri Bancorp Inc Poplar Bluff MO Jun15            14            10            10            10            11              5              4              4              3
TerraVia Holdings South San Francisco CA Dec15        (141)        (162)        (116)          (83)          (54)          (16)          (14)          (15)            (5)
MVC Capital Inc Purchase NY Oct15          (38)          (20)            19          (22)              7            16            14            64            66
Liberator Medical Holdings Stuart FL Sep15              7              8              7              3              0              3              2            (1)            (2)
Liberty Tax Inc Virginia Beach VA Apr16            19              9            22            18            16            15            11            12            17
Maxwell Technologies Inc San Diego CA Dec15          (22)            (6)              6              7            (1)            (6)          (23)          (15)          (16)
Westmoreland Coal Company Englewood CO Dec15        (209)        (173)            (8)          (14)          (37)            (3)          (29)          (49)          (13)
Zagg Inc Salt Lake City UT Dec15            16            10              5            15            18            10              3              2            (1)
Graham Corp Batavia NY Mar16              6            15            10            11            11              6              6            17            15
TrovaGene Inc San Diego CA Dec15          (27)          (14)          (12)          (12)            (2)            (5)            (2)

Vishay Precision Group Inc Malvern PA Dec15          (13)              3              4            12            11            12              2          (74)            28
Codexis Inc Redwood City CA Dec15            (8)          (19)          (41)          (31)          (17)            (9)          (20)          (45)          (39)
FreightCar America Inc Chicago IL Dec15            32              6          (19)            19              5            13              5            11            27
LCNB Corp Lebanon OH Dec15            11            10              9              8              7              9              8              6              6
HCSB Financial Loris SC Dec15            (0)            (0)              2          (10)          (29)          (17)            (1)              2              2
BG Staffing Inc Plano TX Dec15              5            (0)              8            (2)            (0)            (3)            (2)

Delta Apparel Inc Greenville SC Sep15              8            (1)              9            (2)            17            12              6            (1)              6
Hennessy Advisors Inc Novato CA Sep15            11              8              5              1              1              1            (0)              2              4
USA Technologies Inc Malvern PA Jun15            (1)            28              1            (5)            (6)          (12)          (14)          (16)          (18)
PCM Inc El Segundo CA Dec15          (18)              7              9              6              5              7              3            10            12
Anavex Life Sciences Corp New York NY Sep15          (12)          (10)            (4)            (8)            (7)            (9)            (5)            (5)            (2)
ARC Document Solutions Inc Walnut Creek CA Dec15            97              7          (15)          (31)        (133)          (28)          (15)            37            69
Datalink Corp Chanhassen MN Dec15              5            11            10            11            10              2            (1)              3              1
Dimension Therapeutics Inc Cambridge MA Dec15          (35)          (13)            (3)





Premier Financial Bancorp Inc Huntington WV Dec15            12            13            13            10              7              9              9              8              7
Value Line Inc New York NY Apr16              7              7              7              7              7            38          (23)            23            26
Frisch's Restaurants Inc Cincinnati OH May15            10              9              7              6              7              7              8              8              9
FuelCell Energy Danbury CT Oct15          (30)          (39)          (35)          (36)          (46)          (56)          (69)          (93)          (69)
Ampco-Pittsburgh Corp Pittsburgh PA Dec15              1            (1)            12              8            21            15            28            13            39
Evolution Petroleum Corp Houston TX Jun15              5              4              7              5            (0)            (2)            (3)            (2)            (2)
Inventure Foods Inc Phoenix AZ Dec15          (21)            11              7              7              3              4              4              2            (2)
CAI Intl Inc San Francisco CA Dec15            27            60            65            64            51            28            14          (27)            19
Dawson Geophysical Co Midland TX Dec15          (26)          (13)            10            11            (3)



ExOne Co North Huntingdon PA Dec15          (26)          (22)            (6)          (10)            (8)            (6)


Garrison Capital Inc New York NY Dec15            (4)            30            24              4            11            (0)


Skullcandy Inc Park City UT Dec15              6              8            (3)            26          (19)          (10)            12            13              6
UFP Technologies Inc Georgetown MA Dec15              8              8            11            11            10              9              6              5              4
Global Medical REIT Bethesda MD Dec15            (2)            (1)            (1)





Baylake Corp Sturgeon Bay WI Dec15              8              9              8              8              4              1              4          (10)              0
NCI Inc Reston VA Dec15            12              8              8          (87)            13            24            22            17            13
QuinStreet Inc Foster City CA Jun15          (20)        (146)          (67)            13            27            21            17            13            16
Synergetics USA Inc O'Fallon MO Jul15              4              3              3              6              6              6              2              3              1
B. Riley Financial Inc Woodland Hills CA Dec15            14            (6)              1              4              1          (11)            17              2            (5)
Synthetic Biologics Inc Ann Arbor MI Dec15          (44)          (20)          (12)          (17)            (8)            (1)            (4)            (7)          (10)
Limelight Networks Inc Tempe AZ Dec15          (24)          (25)          (35)          (30)          (30)          (22)            35          (63)          (73)
OvaScience Waltham MA Dec15          (73)          (50)          (29)          (14)            (3)



Owens Realty Mortgage Wanut Creek CA Dec15            26              8            11            (1)          (24)



Bankwell Financial Group Inc New Canaan CT Dec15              9              5              5              1              2              1            (1)            (0)
Bio-Path Holdings Inc Bellaire TX Dec15            (5)            (5)            (3)            (3)            (2)            (2)            (2)            (3)              0
Codorus Valley Bancorp Inc York PA Dec15            11            12            11              9              7              6              3              4              6
PharmAthene Inc Annapolis MD Dec15            (3)          (10)          (12)            (5)            (4)          (35)          (32)          (36)          (14)
Republic First Bancorp Inc Philadelphia PA Dec15              2              2            (3)              4          (25)          (11)          (11)            (0)              7
RTI Surgical Inc Alachua FL Dec15            15              3          (18)              8              8        (129)              6        (100)            (2)
Southern First Bancshares Greenville SC Dec15            10              7              5              4              2              1              1              2              3
Invuity San Francisco CA Dec15          (38)          (21)          (12)





Central Valley Community Bancorp Fresno CA Dec15            11              5              8              8              6              3              3              5              6
EMCORE Corp Alhambra CA Sep15            (2)              4            (6)          (21)            (6)                
IRIDEX Corp Mountain View CA Dec15              0            10              2            (0)              2              3              3            (7)          (22)
RadiSys Corp Hillsboro OR Dec15          (15)          (28)          (49)          (43)            (2)            (0)          (43)          (67)          (21)
Rosetta Stone Arlington VA Dec15          (47)          (74)          (16)          (34)          (20)            13            13            14              3
Hudson Technologies Inc Pearl River NY Dec15              5            (1)            (6)            13              1              1            (2)              7            (2)
Jamba Inc Emeryville CA Dec15              9            (4)              2              0            (8)          (17)          (24)        (149)        (113)
Tilly's Inc Irvine CA Jan16              8            14            18            24            34            24            21            24            40
Global Water Resources Phoenix AZ Dec15            21            65






Alcentra Capital Corp New York NY Dec15            13            15            10            10            15



Cidara Therapeutics San Diego CA Dec15          (32)          (12)            (1)





Cloud Peak Energy Inc Gillette WY Dec15        (205)            79            52          174          190          117          183            88            54
Kemet Corp Simpsonville SC Mar16          (54)          (20)          (65)          (79)            (2)            58          (69)        (285)          (25)
Shiloh Industrials Inc Wimington DE Oct15              8            22            22            14              8              4          (18)              7            10
SI Financial Group Inc Willimantic CT Dec15              4              4            (1)              1              2              3              0            (3)              1
United Online Inc Woodland Hills CA Dec15              5              4          (86)          (12)            32            44            70          (95)            58
Gencor Industries Orlando FL Sep15            (2)              3              7              4              0              3            (3)            15            18
Quantum Corp San Jose CA Mar16          (75)            17          (21)          (52)            (9)              6            17        (358)          (60)
Alliance One Intl Inc Morrisville NC Mar16            65          (28)        (103)            25            25          (72)            80          133              9
CIFC LLC New York NY Dec15              1          (12)






Griffin Industrial Realty Inc New York NY Nov15              0            (1)              2              0            (1)            (4)            (6)            (8)              9
Orrstown Financuial Services Shippensburg PA Dec15              8            29            10          (38)          (32)            17            13            13            13
ALJ Regional Holdings New York NY Sep15            12            16






First Northwest Bancorp Port Angeles WA Jun15            (5)              3              2            (2)              4              0              1              2
RenovaCare Inc New York NY Dec15            (1)            (2)            (1)            (0)              4            (4)              1            (0)            (0)
Southern National Banc of Virginia Inc Charlottesville VA Dec15              9              7              6              7              4              4            (5)              1              2
Corindus Vascular Robotics Waltham MA Dec15          (29)          (25)          (15)





Stage Stores Houston TX Jan16              4            38            25            42            32            38            29          (66)            53
Citizens Financial Services Inc Mansfield PA Dec15            12            13            13            14            13            12            10              7              7
HC2 Holdings Inc Herndon VA Dec15          (36)          (12)          (18)          (45)          (44)          (27)            42          (15)            24
Antares Pharma Inc Ewing NJ Dec15          (21)          (35)          (21)          (11)            (4)            (6)          (10)          (13)            (9)
Cara Therapeutics Inc Shelton CT Dec15          (25)          (18)            (4)            (6)          (10)            (6)            (4)

ESSA Bancorp Inc Stroudsburg PA Sep15            10              9              9              0              5              5              7              6            (5)
IEG Holdings Corp Las Vegas NV Dec15            (6)            (5)            (4)            (3)




Niska Gas Storage Partners LLC Radnor PA Mar16        (103)        (351)            (9)          (44)        (166)            57            53          109            48
Red Lion Hotels Corp Spokane WA Dec15              4              2          (15)          (11)            (5)            (2)            (6)            (2)              5
Senomyx San Diego CA Dec15          (13)          (12)          (12)            (9)            (9)          (11)          (26)          (27)          (22)
Royal Energy Resources Charleston SC Aug15            (1)            (1)            (0)            (0)            (0)            (1)            (2)            (0)            (0)
ACNB Corp Gettysburg PA Dec15            11            10              9              9              9              8              7              7              8
C&F Financial Corp West Point VA Dec15            13            12            14            16            13              8              6              4              8
Genie Energy Ltd Newark NJ Dec15            (9)          (27)            (5)            (3)            (3)            14            23            (1)
SL Industries Inc Mt Laurel NJ Dec15            12            14              7              8            11              8              4              5            10
Century Bancorp Inc Medford MA Dec15            23            22            20            19            17            14            10              9              8
Radiant Logistics Inc Bellevue WA Jun15              6              5              4              2              3              2          (10)              1              0
Sears Hometown and Outlet Stores Inc Hpffman Estates IL Jan16          (27)        (169)            36            60            33            50            60            30            58
Fincera San Diego CA Dec15              0          (16)            (9)





Autobytel Irvine CA Dec15              5              3            38              1              0            (9)            (4)          (84)          (17)
Horizon Technology Finance Corp Farmington CT Dec15            12            15              4              4            11            15              9              1
KCAP Financial Inc New York NY Dec15          (19)            15            17            26              8          (14)            34          (63)            26
McClatchy Co Sacramento CA Dec15        (300)          376            16            (4)            50            33            57              3     (2,727)
Pacific Mercantile Bancorp Costa Mesa CA Dec15            12            (1)          (15)              3            12          (14)          (17)          (12)              6
Union Bankshares Inc Morrisville VT Dec15              8              8              7              7              5              6              5              5              6
Hallador Energy Co Denver CO Dec15            20            10            22            24            36            22            22              9            (2)
Layne Christensen Co Woodlands TX Jan16          (53)          (62)        (108)          (11)          (64)            28              1            26            37
Orion Marine Group Inc Houston TX Dec15            (8)              7              0          (12)          (13)            21            20            14            17
Radio One Inc Silver Spring MD Dec15          (66)          (43)          (44)          (54)            13          (27)          (47)        (291)        (250)
RealNetworks Inc Seattle WA Dec15          (82)          (72)          (59)            45          (27)              2        (243)        (285)            29
Strattec Security Corp Milwaukee WI Jun15            25            19            12            12              8              4            (7)              3              8
Fortress Biotech Inc New York NY Dec15          (54)          (20)          (37)          (28)          (36)          (10)            (4)            (4)
Lake Sunapee Bank Group Newpoer NH Dec15              9            10              8              8              8              8              7              6              5
First Community Financial Partners Inc Joliet IL Dec15            10              6            17              3            (5)          (21)


Gulf Island Fabrcation Houston TX Dec15          (25)            15              7            (4)            (2)            13            21            29            31
Silvercrest Asset Management Group Inc New York NY Dec15            11            11            17            20            15            11              8              2              7
Tiptree Financial Inc New York NY Dec15          (14)            (3)            16            (1)            17          (19)            (3)          (31)            (2)
Workhorse Group Loveland OH Dec15            (9)            (7)            (6)            (4)            (9)            (5)            (2)            (1)            (0)
Transenterix Morrisville NC Dec15          (47)          (38)          (28)          (15)          (17)



Advanced Emissions Solutions Highlands Ranch CO Dec15          (30)              1          (16)          (13)          (31)          (31)


Orion Group Holdings Houston TX Dec15            (8)              7              0          (12)          (13)            22            20            14            17
Century Casinos Inc Colorado Springs CO Dec15            14            (1)              6              4              3              1          (13)          (18)            (1)
Provident Bancorp Inc Amesbury MA Dec15              4              5              4              3              5              2


Provident Financial Holdings Inc Riverside CA Jun15            10              7            26            11            13              1            (7)              1            10
Vuzix Corp West Henrietta NY Dec15          (13)            (8)          (10)            (5)            (4)            (5)            (3)            (5)            (3)
Performance Sports Group Ltd Exeter NH May15              3            20            25            30




California First National Bancorp Irvine CA Jun15              9              7              7              9            11            11              9              7            10
Cellceutix Corp Beverly MA Jun15          (13)            (8)            (3)            (5)            (6)            (3)            (1)            (1)            (0)
CompX Intl Inc Dallas TX Dec15              9              9              6              4              4              3            (2)            (3)              9
KVH Industries Inc Middletown RI Dec15              2              0              5              4              1              8            (0)              3              2
Numerex Corp Atlanta GA Dec15          (19)              2              2              7              2            (0)            (6)          (11)              0
W&T Offshore Inc Houston TX Dec15     (1,045)          (12)            51            72          173          118        (188)        (559)          144
Abraxas Petroleum Corp San Antonio TX Dec15        (127)            62            47              3            14              7          (19)          (52)            57
ChromaDex Corp Irvine CA Dec15            (3)            (5)            (4)          (12)            (8)            (2)            (1)            (2)            (0)
Immune Design Corp Seattle WA Dec15          (39)          (34)          (16)          (11)




Shore Bancshares Inc Easton MD Dec15              7              5          (10)          (10)            (1)            (2)              7            11            13
Adverum Biotechnologies Menlo Park CA Dec15          (47)          (25)            (5)            (2)




Escalade Inc Evansville IN Dec15            12            13            13            11              4              6              2            (7)              9
Lifeway Foods Inc Morton Grove IL Dec15              2              2              5              6              3              4              6              2              3
NL Industries Inc Dallas TX Dec15          (23)            30          (55)            79            83            71          (12)            33              1
eXp World Holdings Bellingham WA Dec15            (5)              0            (1)            (0)




BioDelivery Sciences Intl Inc Raleigh NC Dec15          (38)          (54)          (57)              2          (23)          (13)            33          (17)          (25)
Chemung Financial Corp Elmira NY Dec15              9              8              9            11            11            10              5              8              7
Civeo Corp Houston TX Dec15        (132)        (189)          182          245          169            98            98            79
RMG Networks Holding Corp Addison TX Dec15          (10)          (41)          (16)              3




Stemline Therapeutics Inc New York NY Dec15          (37)          (29)          (24)            (6)            (3)            (2)            (2)            (2)            (2)
Loop Industries Los Angeles CA Feb16            (3)            (0)






Axsome Therapeutics New York NY Dec15          (11)            (6)            (2)





Ooma Inc Palo Alto CA Jan 16          (14)            (6)            (2)            (4)




Cascadian Therapeutics Seattle WA Dec15          (33)          (50)          (39)            (3)          (43)          (16)          (17)              7          (20)
CNX Coal Resources LP Canonsburg PA Dec15            51            84            64





Dynamic Materials Corp Boulder CO Dec15          (24)              2              6            10            10              3              9            24            25
First Keystone Corp Berwick PA Dec15              9            10            10            10            10              9              8              8              6
J Alexanders Holdings Nashville TN Dec15              6              9              8              3




Kopin Corp Westborough MA Dec15          (15)          (29)          (26)          (22)            (6)              2            11              1    
Stratus Properties Inc Austin TX Dec15            14            18              6            (9)            (5)          (18)            (6)            (4)              3
Tetraphase Pharmaceuticals Watertown MA Dec15          (83)          (67)          (30)          (15)          (22)          (17)


Townsquare Media Inc Greenwich CT Dec15            10          (17)            10              6




Westfield Financial Inc Westfield MA Dec15              6              6              7              6              6              3              5              7              9
Farmers & Merchants Bancorp Archbold OH Dec15            10            10              9            10              9              7              7              7              8
CoLucid Pharmaceuticals Cambridge MA Dec15          (31)            (3)






Greene County Bancorp Catskill NY Jun15              7              7              6              6              5              5              4              3              2
Viewray Inc Oakwood Village OH Dec15          (45)          (34)          (27)





Calamos Asset Management Inc Naperville IL Dec15            21            71          101          128          138          136            85        (201)          186
Cutera Inc Brisbane CA Dec15            (4)          (11)            (5)            (7)          (10)          (11)          (18)            (3)            11
Farmland Partners Inc Denver CO Dec15              2            (1)              0              1




Second Sight Medical Products Sylmar CA Dec15          (20)          (35)          (23)          (16)




Argos Therapeutics Inc Durham NC Dec15          (75)          (53)          (24)          (10)          (20)            (9)          (11)          (13)            (6)
Huttig Building Products St. Louis MO Dec15            29              6              4            (0)          (13)          (19)          (20)          (35)            (8)
Symmetry Surgical Antioch TN Dec15              1          (36)          (12)              9




Akari Therapeutics plc New York NY Dec15          (45)            (2)






Lombard Medical Irvine CA Dec15          (38)          (35)          (19)          (13)          (16)



AcelRx Pharmaceuticals Redwood City CA Dec15          (24)          (33)          (23)          (33)          (20)          (14)          (20)          (21)          (10)
First Real Estate Investment Trust of NJ Hackensack NJ Oct15              3              3              4              4              6              4              7              7              6
Napco Security Technologies Inc Amityville NY Jun15              5              3              3              2              1            (7)          (13)              4              4
Eiger Biopharmaceuticals Palo Alto CA Dec15          (44)          (34)          (20)          (16)            (7)



Fonar Corp Melville NY Jun15            15            13            10              7              3            (3)              1    
Lawson Products Chicago IL Dec15              0            (6)            (7)          (64)            (5)              7            (3)          (28)            11
Travelzoo Inc New York NY Dec15            11            13            (7)            14            (1)            13              6              6            12
SandRidge Permian Trust Austin TX Dec15            81          123          121          122            39



Ocean Shore Holding Ocean City NJ Dec15              7              6              5              5              5              5              4              3              3
CyberOptics Corp Golden Valley MN Dec15            (2)            (1)            (6)            (7)              4              3            (7)            (7)              5
Mesabi Trust New York NY Jan16              9            25            21            31            33            32            12            35            18
ReachLocal Inc Woodland Hills CA Dec15          (62)          (46)              3              4            (4)            (8)            11            (7)            (3)
T2 Biosystems Inc Lexington MA Dec15          (45)          (31)          (21)          (14)




Oakridge Global Energy Solutions Melbourne FL Dec15            12            (9)            (5)            (0)




Stellus Capital Investment Corp Houston TX Dec15              8            10            18              1




Sterling Construction Company Inc Wilmington DE Dec15          (17)            (5)          (70)            18          (35)            26            26            19            15
VirnetX Holding Zephyr Cove NV Dec15          (29)          (10)          (28)          (27)          (17)            41          (13)          (12)            (9)
Simulations Plus Lancaster CA Aug15              4              3              3              3              3              2              1              2
County Bancorp Manitowoc WI Dec15            11              8              7              8




Cypress Energy Partners LP Tulsa OK Dec15              4          (15)              4              5              2



Endocyte Lafayette IN Dec15          (41)              5          (18)          (17)          (41)          (20)          (17)          (18)          (14)
HF Financial Corp Sioux Falls SD Jun15              4              7              6              5              1              6              8              6              5
Marchex Inc Seattle WA Dec15            (1)          (23)            (2)          (30)            (4)            (4)            (2)        (128)            (2)
Veracyte South San Francisco CA Dec15          (34)          (29)          (26)          (19)          (14)



VBI Vaccines Cambridge MA Dec15          (15)            (6)            (9)            (1)            (5)



Core Molding Technologies Inc Columbus OH Dec15            12            10              7              8            11              2              1              6              4
Luby's Inc Houston TX Aug15            (1)            (2)              5              7              3            (1)          (14)              3            10
PMFG Inc Dallas TX Jun15            (8)          (38)            (1)            (1)              6            (4)              3              8              6
PrimeEnergy Corp Stamford CA Dec15          (13)            29            13            15              7              4          (23)              1              8
Prudential Bancorp Inc of PA Philadelphia PA Sep15              2              2              2              3              0              3              0              3            (1)
Lantheus Holdings North Billerica MA Dec15          (15)            (4)          (62)          (42)




Neos Therapeutics Grand Prairie TX Dec15          (31)          (21)          (19)





OFS Capital Corp Chicago IL Dec15            18            10              8              6            (2)              5    

US Auto Parts Network Carson CA Dec15            (2)            (7)          (16)          (36)          (15)          (14)              1          (17)            (4)
Asterias Biotherapeutics Fremont CA Dec15          (15)          (10)          (22)            (1)




Willbros Group Inc Houston TX Dec15          (65)          (75)          (37)          (43)        (211)          (36)            21            24          (26)
Golden Enterprises Birmingham AL May15              2              1              1              2              3              4              2              1              1
Aqua Metals Alameda CA Dec15          (12)            (2)






Derma Sciences Inc Princeton NJ Dec15          (20)          (21)          (13)            (5)            (3)            (2)            (1)            (4)            (2)
First Internet Bancorp Indianapolis IN Dec15              9              4              5              6              3              5            (2)              2              3
Nicholas Financial Inc Clearwater FL Mar16            12            17            17            20            22            17            11              5            10
Adams Resources & Energy Inc Houston TX Dec15              1              6            22            27            23              7              4            (6)            17
Hardinge Inc Elmira NY Dec15              3            (2)              4            18            12            (5)          (33)          (34)            15
Kona Grill Inc Scottsdale AZ Dec15            (4)              1              3              5              2            (1)          (17)            (6)              0
Memorial Production Partners LP Houston TX Dec15        (395)          116            61            23          148              3              1            21          (16)
EndoChoice Holdings Alpharetta GA Dec15          (59)          (54)          (24)            (1)




Proteon Therapeutics Waltham MA Dec15          (21)            (3)            (8)            (8)




Unique Fabricating Auburn Hills MI Dec15              5              4            (1)              3




American Semiconductor Devens MA Mar16          (23)          (49)          (56)          (66)        (137)        (186)            16          (17)          (25)
Black Diamond Inc Salt Lake City UT Dec15          (87)          (10)          (11)            (1)              3            53            (5)            (2)              0
Hillman Companies Inc Cincinnati OH Dec15          (23)          (63)            (1)            (7)          (10)          (33)            (1)            (1)            (8)
Information Services Group Inc Stamford CT Dec15              4              6              5              1          (56)          (53)            (3)          (58)              4
P.A.M. Transportation Services Inc Tontitown AR Dec15            21            13              6              2            (3)            (1)          (11)          (19)              3
pSivida Corp Watertown MA Jun15              6          (13)          (12)          (25)            (9)              9            (3)          (76)          (84)
CM Finance New York NY Jun15            15            16              8              0




Asta Funding Inc Englewood Cliffs NJ Sep14              3              6              2            10            11              2          (91)              9            52
Ellington Residential Mortgage REIT Old Greenwich CT Dec15              0            16            (2)            (1)




GigOptix Inc San Jose CA Dec15              1            (6)            (2)            (7)          (14)            (4)          (10)            (8)            (6)
Upland Software Austin TX Dec15          (14)          (20)            (9)            (4)




Vista Gold Littleton CO Dec15              1          (19)          (59)          (71)            52          (20)            (6)          (15)          (15)
Energy Fuels Lakewood CO Dec15          (82)          (87)          (37)            21




Cadiz Inc Los Angeles CA Dec15          (24)          (19)          (23)          (20)          (17)          (16)          (14)          (16)          (14)
FNB Bancorp South San Francisco CA Dec15              8              9              7              9              4              4              1              4              7
LoJack Corp Canton MA Dec15              3          (18)              3            (8)              1          (19)          (35)          (33)            21
Sientra Santa Barbara CA Dec15          (41)            (6)          (19)          (23)




Bridgford Foods Anaheim CA Oct15            15            (4)              3              4            (0)              4              7          (12)            (0)
CytoDyn Vancouver WA May16          (26)          (25)          (12)          (10)            (7)            (4)            (3)            (1)            (3)
Anthera Pharmaceuticals Hayward CA Dec15          (35)          (30)          (31)          (45)          (99)          (40)          (12)          (18)          (26)
Castle Brands Inc New York NY Mar15            (2)            (3)            (8)            (5)            (5)            (6)            (3)          (22)          (29)
CDI Corp Philadelphia PA Dec15          (37)              3            13            19            15          (11)          (20)            19            32
Cytosorbents Corp Monmouth Junction NJ Dec15            (8)            (9)            (5)            (4)            (5)            (3)            (3)            (3)            (3)
Mattersight Corp Chicago IL Dec15          (16)          (14)          (11)          (15)          (11)          (16)          (15)          (26)          (19)
Pain Therapeutics Austin TX Dec15          (14)          (12)            32            (3)            (3)



Wheeler Real Estate Investment Trust Inc Virginia Beach VA Dec15          (21)          (12)            (4)            (1)            (1)              0              0

Pershing Gold Corp Lakewood CO Dec15          (19)          (16)          (14)          (49)          (21)            (1)


Gastar Exploration Inc Houston TX Dec15        (460)            51            49        (153)            (1)          (12)            49            (5)          (31)
Internap Corp Atlanta GA Dec15          (48)          (39)          (20)            (4)            (2)            (4)          (70)        (105)            (6)
Papa Murphy's Holdings Inc Vancouver WA Dec15              4              1            (3)            (2)            (1)            (3)              5

SWK Holdings Corp Dallas TX Dec15            (4)            24            14            (1)            (1)            (1)            35            (4)            (8)
Volt Information Sciences Inc New York NY Oct14          (20)            (3)          (13)          (16)          (29)          (37)          (26)        (111)            30
GigPeak San Jose CA Dec15              1            (6)            (2)            (7)          (14)            (4)          (10)            (8)            (6)
A-Mark Precious Metals Inc Santa Monica CA Jun15              7              8            13            11            13              7            17    
Demand Media Inc Santa Monica CA Dec15          (44)        (256)          (14)            (5)          (36)          (15)          (22)          (15)            (6)
Manning and Napier Inc Fairport NY Dec15          117          124            77            76        (106)            53            54            59            35
Maui Land & Pineapple Lahaina HI Dec15              7            18            (3)            (4)          (10)          (11)          (88)          (54)              8
Southcross Energy Partners LP Dallas TX Dec15          (55)          (38)          (16)            (4)              8            10              6

Terra Tech Corp Newport Beach CA Dec15            (9)          (22)            (6)            (6)            (2)



Sophiris Bio La Jolla CA Dec15          (14)          (31)          (11)          (21)          (14)            (4)            (7)

Bravo Brio Restaurant Group Inc Columbus OH Dec15              5            12              8            16            76            (1)              3          (61)            (1)
Kingold Jewelry Inc New York NY Dec15            22            47            28            33            27            19              9              6
Elite Pharmaceuticals Northvale NJ Mar16            (1)              5          (41)              2            (4)            (8)            (7)          (11)          (11)
American Farmland Co New York NY Dec15            (9)              1              1            (1)            (0)



ArQule Inc Burlington MA Dec15          (14)          (23)          (25)          (11)          (11)          (30)          (36)          (51)          (53)
Astro-Nova West Warwick RI Jan16              5              5              1              2              1              2              3              3              4
AXT Inc Fremont CA Dec15            (3)            (1)            (7)              6            26            20            (2)              1              7
EV Energy Partners LP Houston TX Dec15        (234)            22          (76)          (16)          103          106              1          225            11
Everi Holdings Inc Las Vegas NV Dec15        (105)            12            24            26              9            18            34            27            27
GSV Capital Corp Woodside CA Dec15              8            (2)            35          (20)            (4)



Intevac Inc Santa Clara CA Dec15            (9)          (27)          (16)          (55)          (22)            28          (10)          (15)            27
Manitex Intl Inc Bridgeview IL Dec15            (4)              8            11              9              3              2              4              2              2
Revolution Lighting Technologies Stamford CT Dec15            (2)            (5)          (17)            (9)            (5)            (6)            (7)          (10)            (3)
Comstock Resources Frisco TX Dec15     (1,047)          (57)        (107)        (103)          (33)          (20)          (36)            58            46
Clearside Pharmaceuticals Alpharetta GA Dec15          (18)          (10)            (7)            (4)




Meganet Las Vegas NV Mar16            (0)            (0)            (1)            (1)            (1)



Aspen Aerogels Inc Northborough MA Dec15            (6)          (66)          (48)          (56)          (33)          (10)          (19)          (35)          (29)
BCB Bancorp Bayonne NJ Dec15              7              8              9            (2)              6            14              4              3              4
Digirad Corp Poway CA Dec15            22              2              0            (5)            (3)            (6)              1            (7)            (1)
First Guaranty Bancshares Inc Hammond LA Dec15            15            11              9            12              8            10              8              6            10
Imageware Systems Inc San Diego CA Dec15            (9)            (8)          (10)          (10)            (3)            (5)          (13)            (6)            (5)
YuMe Inc Redwood City CA Dec15          (17)            (9)              0              6          (11)            (0)


SIGA Technologies New York NY Dec15          (39)        (265)          (17)          (14)            29          (50)          (29)

A. H. Belo Corp Dallas TX Dec15          (18)            86              2              5            (8)        (131)        (108)          (50)        (347)
ContraFect Corp Yonkers NY Dec15          (25)          (30)          (24)          (19)          (10)



eHealth Inc Mountain View CA Dec15            (5)          (16)              2              7              7            17            15            14            32
Xerium Technologies Inc Youngsville NC Dec15            (4)            (7)              4          (18)              8          (28)        (112)            27        (150)
Cherry Hill Mortgage Investment Corp Moorestown NJ Dec15            13              2            21





Commerce Union Bancshares Brentwood TN Dec15              6              3              2              2




Commercial Vehicle Group Inc New Albany OH Dec15              7              8          (12)            50            19              6          (82)        (207)            (3)
Five Star Quality Care Newton MA Dec15          (41)          (79)              3            11            76            24            41            12
Legacy Reserves LP Midland TX Dec15        (702)        (284)          (35)            69            72            11          (93)          155          (56)
MidSouth Bancorp Inc Lafayette LA Dec15            11            19            14            10              4              6              5              6              9
National Research Corp Lincoln NE Dec15            18            18            15            15            12              8              8              7              7
Cross Timbers Royalty Trust Fort Worth TX Dec15              8            16            14            15            18            17            11            31            20
1st Century Bancshares Los Angeles CA Dec15              3              2              7              3              1            (2)            (8)            (2)              3
New York & Company Inc New York NY Jan16          (10)          (17)              2              2          (39)          (77)          (13)          (20)            27
iHeartMedia Inc San Antonio TX Dec15        (737)        (762)        (584)        (411)        (268)        (463)     (4,049)     (4,627)          840
QNB Corp Quakertown PA Dec15              8              9              8              9              9              7              4              6              3
Trans World Entertainment Corp Albany NY Jan16              3              2              8            34              2          (31)          (42)          (69)          (99)
Community Bankers Trust Corp Richmond VA Dec15            (2)              8              6              6              1          (21)          (30)              1              1
Entegra Financial Corp Franklin NC Dec15            24              6            (0)              1          (26)          (14)            (8)              6            11
Oconee Federal Financial Seneca SC June15              5              4              4              4              2              3              2              1              2
Xenith Bankshares Richmond VA Dec15              4              1              2              7              4            (6)          (11)            (3)
Gladstone Land Corp McLean VA Dec15              1            (0)            (1)              1              0              1


Investar Holding Corp Baton Rouge LA Dec15              7              5              3              2              1              1              0

JMP Group Inc San Francisco CA Dec15              7            22            14              8            (3)            12            13          (11)        (105)
MMA Capital Management LLC Baltimore MD Dec15          (37)        (101)            73          (42)          (24)          (68)        (146)        (373)        (141)
API Technologies Corp Orlando FL Nov15          (23)          (19)          (23)        (149)          (24)            (1)            (6)            (7)            (1)
Be Active Holdings Inc New York NY Dec15            (3)          (13)            (4)            (6)          (50)          (14)            (0)

Beasley Broadcast Group Naples FL Dec15              6              1            12            11            10              8              3          (31)              5
Centrue Financial Corp Ottawa IL Dec15            43            (5)              4





First Capital Inc Corydon IN Dec15              5              6              5              4              4              4              1              4              3
General Finance Corporation Pasadena CA Jun15            13            15            11              9            (9)            (9)            (7)              5              0
Genocea Biosciences Cambridge MA Dec15          (42)          (35)          (21)          (13)          (15)



Tremor Video New York NY Dec15          (43)          (23)          (14)          (17)          (21)



FBR & Co Arlington VA Dec15            (7)            17            85              5          (51)          (37)          (28)        (195)              5
Peoples Bancorp of North Carolina Newton NC Dec15            10              9              7              6              5              2              3              6            10
SeaChange Intl Acton MA Jan16          (48)          (27)            (2)            (3)            (3)            31              7            12              7
Arcadia Biosciences Davis CA Dec15          (18)          (18)          (13)          (12)




Aware Inc Bedford MA Dec15              5              5              4            72              4              0              1              2              0
Civista Bancshares Sandusky OH Dec15            13            10              6              6              4            (1)              2          (39)              7
Dipexium Pharmaceuticals New York NY Dec15          (19)          (14)            (4)





Evans Bancorp Angola NY Dec15              8              8              8              8              6              5              1              5              3
Kraig Biocraft Laboratories Ann Arbor MI Dec15            (2)            (2)            (7)            (2)            (1)            (2)            (3)            (0)            (0)
Timberland Bancorp Hoquiam WA Sep15              8              6              5              5              1            (2)            (0)              4              8
ZAIS Financial Corp Red Bank NJ Dec15            (0)            30              8            20            (5)



Riverview Bancorp Inc Vancouver WA Mar16              6              4            19              3          (32)              4            (5)            (3)              9
Uranium Corp Corpus Christi TX Jul15          (23)          (26)          (22)          (25)          (27)          (23)          (13)          (19)            (8)
Pure Cycle Denver CO Aug15          (23)            (0)            (4)          (17)            (6)            (5)            (6)            (7)            (7)
Psychemedics Acton MA Dec15              2              3              4              3              3              3              2              3              4
Iteris Santa Ana CA Mar16          (13)            (1)              1              1              1            (5)              2            10            12
Norwood Financial Corp Honesdale PA Dec15              6              8              8              8              7              7              7              7              7
Performant Financial Corp Livermore CA Dec15            (2)              9            36            23            12            10              5              4            (3)
Steel Excel Inc San Ramon CA Dec15          (98)          (24)            13            22              0          (17)          (17)            (6)            (6)
TESSCO Technologies Inc Hunt Valley MD Mar16              5              9            16            18            16            10              9              6              5
Vape Holdings Agoura Hills CA Sep15            (3)          (25)            (0)





Achaogen Inc South San Francisco CA Dec15          (27)          (20)          (13)          (18)




Consumer Portfolio Services Inc Irvine CA Dec15            35            30            21            69          (14)          (33)          (58)          (26)            14
Eastern Co Naugatuck CT Dec15              6              8              7              9              6              6              1              5            10
EVINE Live Inc Minneapolis MN Jan16          (12)            (1)            (3)          (28)          (48)          (26)          (42)          (98)            22
GSI Technology Inc Sunnyvale CA Mar16            (2)            (5)            (6)              4              7            19            10              9              7
Northwest Pipe Co Vanvouver WA Dec15          (29)            (6)            22            18            13            (2)          (11)            28            11
SeaSpine Holdings Carlsbad CA Dec15          (56)          (25)          (26)          (30)




Sevcon Inc Southborough MA Sep15              2              1            (1)              1              1              1            (1)              1              1
Titan Pharmaceuticals San Francisco CA Dec15          (11)            (2)            10          (15)          (15)            (6)            (6)          (25)          (18)
VIVUS Inc Mountain View CA Dec15          (93)          (83)        (175)        (140)          (47)          (75)          (53)            (9)            (2)
Youngevity Intl Inc Chula Vista CA Dec15            (2)              5              3            (1)        (152)            (1)


Valmie Resources Houston TX Nov15          (14)            (0)            (0)            (0)




Novatel Wireless San Diego CA Dec15          (52)          (39)          (43)          (89)          (25)          (33)              4            (1)            39
CIBER Inc Greenwood Village CO Dec15              4          (19)            (8)            (4)          (52)          (55)            13            23            20
Citizens Holding Company Philadelphia MS Dec15              8              7              7              7              7              7              7              8              7
CUI Global Inc Tualatin OR Dec15            (6)            (3)            (1)            (3)            (0)            (7)            (4)            (2)            (6)
Lee Enterprises Inc Davenport IA Sep15            24              8          (76)          (13)        (145)            47        (180)        (871)            81
LMI Aerospace Inc St Charles MO Dec15            (2)          (29)          (58)            16            16            13            10            15            13
Petro River Oil New York NY Apr16          (12)            (6)            (9)            (2)




Xcel Brands New York NY Dec15              3              0              2              4              3              5            (1)            (2)          (12)
Community Financial Corp Waldorf MD Dec15              6              6              7              5              3              5              3              4              5
Emergent Capital Inc Boca Raton FL Dec15          (30)            (5)            52          (42)          (34)          (13)            (9)            (6)              2
Morgans Hotel Group New York NY Dec15            22          (50)          (44)          (56)          (88)        (100)          (81)          (44)            (8)
MVB Financial Corp Fairmont WV Dec15              7              2              4              4              3              2              1              1              1
Ocular Therapeutix Bedford MA Dec15          (40)          (29)          (13)          (14)




Walter Investment Management Corp Tampa FL Dec15        (263)        (110)          253          (22)          (66)            37          114              2            24
1st Constitution Bancorp Cranbury NJ Dec15              9              4              6              5              4              3              3              3              5
Edgewater Technology Wakefield MA Dec15            (4)              4            35              1              0          (24)            (4)          (47)              9
RCI Hospitality Holdings Inc Houston TX Sep14              9            11              9              8              8            (8)              8              8              3
Transcontinental Realty Investors Inc Dallas TX Dec15            (8)              4            (2)            (6)          (46)          (66)          (74)          (13)          (10)
OncoCyte Alameda CA Dec15            (9)            (5)            (3)





American Realty Investors Dallas TX Dec15            (4)              2          (11)            (6)          (23)        (104)          (80)          (36)          (11)
Enduro Royalty Trust Austin TX Dec15            14            28            48            58            10



American Capital Senior Floating Ltd Bethesda MD Dec15          (15)              4              1





Assembly Biosciences Inc New York NY Dec15          (28)          (24)          (19)          (25)          (34)          (15)            (5)            (9)            (5)
Auburn National Bancorporation Auburn AL Dec15              8              7              7              7              6              5              2              7              7
Bioamber Inc Plymouth MN Dec15          (41)          (47)          (28)          (39)          (37)



Franklin Financial Services Corp Chambersburg PA Dec15            10              8              6              5              7              8              7              9              9
iPass Inc Redwood Shores CA Dec15          (15)          (12)          (15)            (6)            (3)            (3)          (13)          (92)          (34)
Twin Disc Inc Racine WI Jun15            11              4              4            27            18              1            12            24            22
Cherokee Sherman Oaks CA Jan16              8            10              6              7              8              8            13            14            16
Corium Pharmaceuticals Menlo Park CA Sep15          (28)          (10)          (14)            (5)




Cheviot Financial Corp Cheviot OH Dec15              1              3              1              3              3              2              1              1              1
ClearOne Inc Salt Lake City UT Dec15              7              6              5            27              7              2              2              5              5
First Community Corp Lexington SC Dec15              6              5              4              4              3              2          (25)            (7)              4
L.B. Foster Co Pittsburgh PA Dec15          (44)            26            29            15            22            20            16            28          111
Malvern Bancorp Inc Paoli PA Sep15              4              0          (19)              2            (6)            (3)              1              1              2
Unity Bancorp Clinton NJ Dec15            10              6              5              4              3              2            (1)              2              5
Eastern Virginia Bankshares Tappahannock VA Dec15              7              6            (3)              3              2          (11)            (9)              3              9
Harte Hanks Inc San Antonio TX Dec15        (171)            24            24            35            42            43            48            63            93
Harvard Bioscience Holliston MA Dec15          (19)              2              1              4              5            19              7              5              8
Northeast Bancorp Lewiston ME Jun15              7              3              4              1            14              2              1              2              2
PRGX Global Atlanta GA Dec15              2            (3)              2              6              7



Zoned Properties Scottsdale AZ Dec15            (1)            (6)






NanoViricides West Haven CT Jun15            (2)          (14)            (9)            (6)            (6)            (5)            (3)            (3)            (3)
Crown Crafts Gonzales LA Mar16              7              6              6              5              5              4              5          (17)              4
Stonegate Mortgage Indianapolis IN Dec15          (16)          (25)            23            17              2



Intrepid Potash Inc Denver CO Dec15        (525)            10            22            87          109            45            55          143            30
Abeona Therapeutics Dallas TX Dec15          (15)          (27)              4          (11)            (3)            (8)          (17)          (31)          (22)













Total all 450


    (9,788)     (3,455)        (951)        (296)        (236)        (423)     (5,146)     (8,903)        (839)
Annual Earnings % Change vs Prior Year

-183% -263% -222% -25% 44% 92% 42% -961%

Next up, the many US Companies with Market Caps below $100 mil.