Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | REIS | |
Entity Registrant Name | Reis, Inc. | |
Entity Central Index Key | 1038222 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,907,579 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ||
Cash and cash equivalents | $10,242,434 | $4,960,850 |
Restricted cash and investments | 216,566 | 216,125 |
Accounts receivable, net | 4,449,514 | 10,694,201 |
Prepaid and other assets | 1,380,709 | 1,438,829 |
Total current assets | 16,289,223 | 17,310,005 |
Furniture, fixtures and equipment, net of accumulated depreciation of $1,821,764 and $1,828,199, respectively | 864,014 | 738,490 |
Intangible assets, net of accumulated amortization of $27,603,308 and $24,067,250, respectively | 15,859,904 | 16,332,596 |
Deferred tax asset, net | 7,911,420 | 8,557,420 |
Goodwill | 54,824,648 | 54,824,648 |
Other assets | 246,960 | 271,257 |
Total assets | 95,996,169 | 98,034,416 |
Current liabilities: | ||
Current portion of debt | ||
Accrued expenses and other liabilities | 3,178,880 | 3,902,206 |
Liability for option cancellations | 407,120 | 296,523 |
Deferred revenue | 15,466,666 | 18,230,332 |
Liabilities attributable to discontinued operations | 323,404 | 460,251 |
Total current liabilities | 19,376,070 | 22,889,312 |
Other long-term liabilities | 509,427 | 588,484 |
Total liabilities | 19,885,497 | 23,477,796 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 10,907,579 and 10,782,643 shares issued and outstanding, respectively | 218,151 | 215,652 |
Additional paid in capital | 102,171,434 | 102,002,972 |
Retained earnings (deficit) | -26,278,913 | -27,662,004 |
Total stockholders' equity | 76,110,672 | 74,556,620 |
Total liabilities and stockholders' equity | $95,996,169 | $98,034,416 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ||
Accumulated depreciation of furniture, fixtures and equipment | $1,821,764 | $1,828,199 |
Accumulated amortization of intangible assets | $27,603,308 | $24,067,250 |
Common stock, par value | $0.02 | $0.02 |
Common stock, shares authorized | 101,000,000 | 101,000,000 |
Common stock, shares issued | 10,907,579 | 10,782,643 |
Common stock, shares outstanding | 10,907,579 | 10,782,643 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ||||
Subscription revenue | $8,780,212 | $7,826,701 | $25,512,849 | $22,647,158 |
Cost of sales of subscription revenue | 1,755,020 | 1,475,495 | 5,111,217 | 5,006,705 |
Gross profit | 7,025,192 | 6,351,206 | 20,401,632 | 17,640,453 |
Operating expenses: | ||||
Sales and marketing | 2,096,965 | 1,908,668 | 6,097,549 | 5,459,591 |
Product development | 835,811 | 660,620 | 2,349,576 | 1,740,619 |
General and administrative expenses | 2,893,109 | 2,937,199 | 9,167,171 | 8,865,783 |
Total operating expenses | 5,825,885 | 5,506,487 | 17,614,296 | 16,065,993 |
Other income (expenses): | ||||
Interest and other income | 2,943 | 15,649 | 7,472 | 47,921 |
Interest expense | -28,352 | -531 | -84,848 | -128,133 |
Total other income (expenses) | -25,409 | 15,118 | -77,376 | -80,212 |
Income before income taxes and discontinued operations | 1,173,898 | 859,837 | 2,709,960 | 1,494,248 |
Income tax expense (benefit) | 469,000 | 1,081,000 | ||
Income from continuing operations | 704,898 | 859,837 | 1,628,960 | 1,494,248 |
(Loss) from discontinued operations, net of income tax (benefit) expense of $(36,000), $-, $(159,000) and $-, respectively | -55,947 | -194,313 | -245,869 | -12,844,365 |
Net income (loss) | $648,951 | $665,524 | $1,383,091 | ($11,350,117) |
Per share amounts - basic: | ||||
Income from continuing operations | $0.06 | $0.08 | $0.15 | $0.14 |
Net income (loss) | $0.06 | $0.06 | $0.13 | ($1.06) |
Per share amounts - diluted: | ||||
Income from continuing operations | $0.05 | $0.08 | $0.14 | $0.14 |
Net income (loss) | $0.05 | $0.06 | $0.12 | ($1.03) |
Weighted average number of common shares outstanding: | ||||
Basic | 10,907,579 | 10,702,509 | 10,876,279 | 10,670,966 |
Diluted | 11,445,326 | 11,093,888 | 11,382,774 | 10,993,436 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ||||
Income tax (benefit) expense on discontinued operations | ($36,000) | ($159,000) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders Equity (USD $) | Total | Common Shares | Paid in Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2012 | $74,556,620 | $215,652 | $102,002,972 | ($27,662,004) |
Balance, shares at Dec. 31, 2012 | 10,782,643 | |||
Shares issued for vested employees restricted stock units | 2,499 | -2,499 | ||
Shares issued for vested employees restricted stock units, shares | 124,936 | |||
Stock based compensation, net | 170,961 | 170,961 | ||
Net income | 1,383,091 | 1,383,091 | ||
Balance at Sep. 30, 2013 | $76,110,672 | $218,151 | $102,171,434 | ($26,278,913) |
Balance, shares at Sep. 30, 2013 | 10,907,579 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $1,383,091 | ($11,350,117) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Deferred tax provision | 916,000 | |
Depreciation | 240,639 | 266,173 |
Amortization of intangible assets | 3,536,058 | 3,533,297 |
Stock based compensation charges | 1,451,337 | 1,666,866 |
Changes in assets and liabilities: | ||
Restricted cash and investments | -441 | -558 |
Accounts receivable, net | 6,244,687 | 2,842,176 |
Prepaid and other assets | -187,583 | 2,820,440 |
Accrued expenses and other liabilities | -939,230 | 3,792,056 |
Liability for option cancellations | 110,597 | 123,359 |
Deferred revenue | -2,763,666 | -1,271,999 |
Net cash provided by operating activities | 9,991,489 | 2,421,693 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Web site and database development costs | -3,063,366 | -2,901,736 |
Furniture, fixtures and equipment additions | -366,163 | -171,557 |
Net cash (used in) investing activities | -3,429,529 | -3,073,293 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of debt | -5,690,940 | |
Payments for restricted stock units | -1,280,376 | -851,264 |
Net cash (used in) financing activities | -1,280,376 | -6,542,204 |
Net increase (decrease) in cash and cash equivalents | 5,281,584 | -7,193,804 |
Cash and cash equivalents, beginning of period | 4,960,850 | 22,152,802 |
Cash and cash equivalents, end of period | 10,242,434 | 14,958,998 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid during the period for interest | 17,847 | 42,008 |
Cash paid during the period for income taxes, net of refunds | 681,765 | 68,560 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Shares issued for vested employee restricted stock units | 2,499 | 2,671 |
Disposal of fully depreciated furniture, fixtures and equipment | $247,074 | $37,652 |
Organization_and_Business
Organization and Business | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Organization and Business | 1. Organization and Business |
Reis, Inc. is a Maryland corporation. The primary business of Reis, Inc. and its consolidated subsidiaries (“Reis” or the “Company”) is providing commercial real estate market information and analytical tools for its subscribers, through its Reis Services subsidiary. For disclosure and financial reporting purposes, this business is referred to as the Reis Services segment. | |
Reis Services | |
Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development and self storage properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers. | |
Reis, through its flagship institutional product, Reis SE, and through its small business product, ReisReports, provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction. | |
Reis’s revenue model is based primarily on annual subscriptions that are paid in accordance with contractual billing terms. Reis recognizes revenue from its contracts on a ratable basis; for example, one-twelfth of the value of a one-year contract is recognized monthly. | |
Discontinued Operations – Residential Development Activities | |
Reis was originally formed on January 8, 1997 as Wellsford Real Properties, Inc. (“Wellsford”). Wellsford acquired the Reis Services business by merger in May 2007 (the “Merger”). Wellsford’s primary operating activities immediately prior to the Merger, and conducted through its subsidiaries, were the development, construction and sale of its three residential projects and its approximate 23% ownership interest in the Reis Services business. The Company completed the sale of the remaining units at its Colorado project in September 2009, sold its Claverack, New York project in bulk in February 2010, sold its remaining project in East Lyme, Connecticut in bulk in April 2011, and settled construction defect litigation at the aforementioned Colorado project in 2012. | |
See Note 3 for additional information regarding the Company’s segments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
Basis of Presentation | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. | |
Discontinued Operations | |
The Company determined, as a result of the April 2011 sale of property in East Lyme, Connecticut, that the Residential Development Activities segment, including certain general and administrative costs that supported that segment’s operations, should be presented as a discontinued operation. As a result of this determination and the fact that the historic operations and cash flows can be clearly distinguished, the operating results of the Residential Development Activities segment and related general and administrative costs are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements for all periods presented. | |
Quarterly Reporting | |
The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on March 13, 2013. The consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 and changes in cash flows for the nine months ended September 30, 2013 and 2012 are not necessarily indicative of full year results. | |
Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 11. | |
New Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 changes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. These changes require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. The guidance in ASU 2013-11 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013. Management has determined that the adoption of these changes will not have a significant impact on the consolidated financial statements. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | 3. Segment Information | ||||||||||||||||
The Company is organized into two separately managed segments: the Reis Services segment and the discontinued Residential Development Activities segment. The following tables present condensed balance sheet and operating data for these segments: | |||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Balance Sheet Data | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
September 30, 2013 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 10,043 | $ | — | $ | 199 | $ | 10,242 | |||||||||
Restricted cash and investments | 217 | — | — | 217 | |||||||||||||
Accounts receivable, net | 4,450 | — | — | 4,450 | |||||||||||||
Prepaid and other assets | 266 | — | 1,114 | 1,380 | |||||||||||||
Total current assets | 14,976 | — | 1,313 | 16,289 | |||||||||||||
Furniture, fixtures and equipment, net | 838 | — | 26 | 864 | |||||||||||||
Intangible assets, net | 15,860 | — | — | 15,860 | |||||||||||||
Deferred tax asset, net | — | — | 7,911 | 7,911 | |||||||||||||
Goodwill | 57,203 | — | (2,378) | 54,825 | |||||||||||||
Other assets | 247 | — | — | 247 | |||||||||||||
Total assets | $ | 89,124 | $ | — | $ | 6,872 | $ | 95,996 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,162 | — | 1,016 | 3,178 | |||||||||||||
Liability for option cancellations | — | — | 408 | 408 | |||||||||||||
Deferred revenue | 15,467 | — | — | 15,467 | |||||||||||||
Liabilities attributable to discontinued operations | — | 278 | 45 | 323 | |||||||||||||
Total current liabilities | 17,629 | 278 | 1,469 | 19,376 | |||||||||||||
Other long-term liabilities | 509 | — | — | 509 | |||||||||||||
Deferred tax liability, net | 18,420 | — | (18,420) | — | |||||||||||||
Total liabilities | 36,558 | 278 | (16,951) | 19,885 | |||||||||||||
Total stockholders’ equity | 52,566 | (278) | 23,823 | 76,111 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 89,124 | $ | — | $ | 6,872 | $ | 95,996 | |||||||||
(A) | Includes the assets and liabilities of the Company’s discontinued Residential Development Activities segment, to the extent that such assets and liabilities existed at the date presented. | ||||||||||||||||
(B) | Includes cash, other assets and liabilities not specifically attributable to or allocable to a specific operating segment. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Balance Sheet Data | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
December 31, 2012 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,212 | $ | — | $ | 749 | $ | 4,961 | |||||||||
Restricted cash and investments | 216 | — | — | 216 | |||||||||||||
Accounts receivable, net | 10,694 | — | — | 10,694 | |||||||||||||
Prepaid and other assets | 219 | — | 1,220 | 1,439 | |||||||||||||
Total current assets | 15,341 | — | 1,969 | 17,310 | |||||||||||||
Furniture, fixtures and equipment, net | 705 | — | 33 | 738 | |||||||||||||
Intangible assets, net | 16,333 | — | — | 16,333 | |||||||||||||
Deferred tax asset, net | — | — | 8,557 | 8,557 | |||||||||||||
Goodwill | 57,203 | — | (2,378) | 54,825 | |||||||||||||
Other assets | 271 | — | — | 271 | |||||||||||||
Total assets | $ | 89,853 | $ | — | $ | 8,181 | $ | 98,034 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,556 | — | 1,346 | 3,902 | |||||||||||||
Liability for option cancellations | — | — | 297 | 297 | |||||||||||||
Deferred revenue | 18,230 | — | — | 18,230 | |||||||||||||
Liabilities attributable to discontinued operations | — | 271 | 189 | 460 | |||||||||||||
Total current liabilities | 20,786 | 271 | 1,832 | 22,889 | |||||||||||||
Other long-term liabilities | 588 | — | — | 588 | |||||||||||||
Deferred tax liability, net | 15,786 | — | (15,786) | — | |||||||||||||
Total liabilities | 37,160 | 271 | (13,954) | 23,477 | |||||||||||||
Total stockholders’ equity | 52,693 | (271) | 22,135 | 74,557 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 89,853 | $ | — | $ | 8,181 | $ | 98,034 | |||||||||
(A) | Includes the assets and liabilities of the Company’s discontinued Residential Development Activities segment, to the extent that such assets and liabilities existed at the date presented. | ||||||||||||||||
(B) | Includes cash, other assets and liabilities not specifically attributable to or allocable to a specific operating segment. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Three Months Ended September 30, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 8,780 | $ | — | $ | — | $ | 8,780 | |||||||||
Cost of sales of subscription revenue | 1,755 | — | — | 1,755 | |||||||||||||
Gross profit | 7,025 | — | — | 7,025 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 2,097 | — | — | 2,097 | |||||||||||||
Product development | 836 | — | — | 836 | |||||||||||||
General and administrative expenses | 1,686 | — | 1,207 | 2,893 | |||||||||||||
Total operating expenses | 4,619 | — | 1,207 | 5,826 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 3 | — | — | 3 | |||||||||||||
Interest expense | (28) | — | — | (28) | |||||||||||||
Total other income (expenses) | (25) | — | — | (25) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 2,381 | $ | — | $ | (1,207) | $ | 1,174 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (8) | $ | (84) | $ | (92) | |||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Three Months Ended September 30, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 7,827 | $ | — | $ | — | $ | 7,827 | |||||||||
Cost of sales of subscription revenue | 1,476 | — | — | 1,476 | |||||||||||||
Gross profit | 6,351 | — | — | 6,351 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 1,908 | — | — | 1,908 | |||||||||||||
Product development | 661 | — | — | 661 | |||||||||||||
General and administrative expenses | 1,691 | — | 1,246 | 2,937 | |||||||||||||
Total operating expenses | 4,260 | — | 1,246 | 5,506 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 16 | — | — | 16 | |||||||||||||
Interest expense | (1) | — | — | (1) | |||||||||||||
Total other income (expenses) | 15 | — | — | 15 | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 2,106 | $ | — | $ | (1,246) | $ | 860 | |||||||||
Income (loss) from discontinued operations, before income taxes | $ | — | $ | 2 | $ | (196) | $ | (194) | |||||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the period presented. | ||||||||||||||||
(B) | Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the operating segments. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Nine Months Ended September 30, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 25,512 | $ | — | $ | — | $ | 25,512 | |||||||||
Cost of sales of subscription revenue | 5,111 | — | — | 5,111 | |||||||||||||
Gross profit | 20,401 | — | — | 20,401 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,098 | — | — | 6,098 | |||||||||||||
Product development | 2,349 | — | — | 2,349 | |||||||||||||
General and administrative expenses | 5,205 | — | 3,962 | 9,167 | |||||||||||||
Total operating expenses | 13,652 | — | 3,962 | 17,614 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 7 | — | — | 7 | |||||||||||||
Interest expense | (84) | — | — | (84) | |||||||||||||
Total other income (expenses) | (77) | — | — | (77) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 6,672 | $ | — | $ | (3,962) | $ | 2,710 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (8) | $ | (397) | $ | (405) | |||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Nine Months Ended September 30, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 22,647 | $ | — | $ | — | $ | 22,647 | |||||||||
Cost of sales of subscription revenue | 5,007 | — | — | 5,007 | |||||||||||||
Gross profit | 17,640 | — | — | 17,640 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 5,459 | — | — | 5,459 | |||||||||||||
Product development | 1,741 | — | — | 1,741 | |||||||||||||
General and administrative expenses | 5,013 | — | 3,853 | 8,866 | |||||||||||||
Total operating expenses | 12,213 | — | 3,853 | 16,066 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 47 | — | 1 | 48 | |||||||||||||
Interest expense | (128) | — | — | (128) | |||||||||||||
Total other income (expenses) | (81) | — | 1 | (80) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,346 | $ | — | $ | (3,852) | $ | 1,494 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (12,648) | $ | (196) | $ | (12,844) | |||||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the period presented. | ||||||||||||||||
(B) | Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the operating segments. | ||||||||||||||||
Reis Services | |||||||||||||||||
See Note 1 for a description of Reis Services’s business and products at September 30, 2013. | |||||||||||||||||
No individual customer accounted for more than 3.5% and 4.4% of Reis Services’s revenue for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
The balance of outstanding accounts receivables of Reis Services at September 30, 2013 and December 31, 2012 follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivables | $ | 4,515,000 | $ | 10,763,000 | |||||||||||||
Allowance for doubtful accounts | (65,000) | (69,000) | |||||||||||||||
Accounts receivables, net | $ | 4,450,000 | $ | 10,694,000 | |||||||||||||
Nine subscribers accounted for an aggregate of approximately 36.6% of Reis Services’s accounts receivable at September 30, 2013, including five subscribers in excess of 4.0%, with the largest representing 5.7%. Through October 24, 2013, the Company received payments of approximately $1,709,000 or 37.9% against the September 30, 2013 accounts receivable balance. | |||||||||||||||||
At September 30, 2013, no subscriber accounted for more than 3.3% of deferred revenue. | |||||||||||||||||
Discontinued Operations – Residential Development Activities | |||||||||||||||||
(Loss) income from discontinued operations is comprised of the following: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Litigation charge, net of recoveries (see Note 11) | $ | — | $ | — | $ | 80,000 | $ | (12,260,000) | |||||||||
Other income (expense), net | (92,000) | (194,000) | (485,000) | (584,000) | |||||||||||||
(Loss) income from discontinued operations before income tax | (92,000) | (194,000) | (405,000) | (12,844,000) | |||||||||||||
Income tax (benefit) expense on discontinued operations | (36,000) | — | (159,000) | — | |||||||||||||
(Loss) income from discontinued operations, net of income tax (benefit) expense | $ | (56,000) | $ | (194,000) | $ | (246,000) | $ | (12,844,000) | |||||||||
In September 2009, the Company sold the final unit at Gold Peak, the final phase of Palomino Park, a five phase multifamily residential development in Highlands Ranch, Colorado. Gold Peak was a 259 unit condominium project on the remaining 29 acre land parcel at Palomino Park. On March 13, 2012, in connection with litigation regarding construction defects at the Gold Peak project, a jury rendered its verdict, whereby Reis, one of its subsidiaries (Gold Peak at Palomino Park LLC, the developer of the project (“GP LLC”)), and the construction manager/general contractor for the project (Tri-Star Construction West, LLC (“Tri-Star”)) were found jointly and severally liable for an aggregate of $18,200,000, plus other costs of approximately $756,000. The Company recorded a charge of $14,216,000 during the first quarter of 2012. On June 20, 2012, following denial of all of the defendants’ post-trial motions, Reis reached a settlement with the plaintiff, the Gold Peak homeowners association, providing for a total payment by Reis of $17,000,000. Of this amount, $5,000,000 was paid on August 3, 2012 and the remaining $12,000,000 was paid on October 15, 2012, in accordance with the settlement terms. As a result of the settlement, in the second quarter of 2012 the Company reversed $1,956,000 of the previously recorded charge. In December 2012, the Company recovered $712,500, which offset a portion of the previously recorded charge, resulting in the net litigation charge for the year ended December 31, 2012 of approximately $11,547,000. During the nine months ended September 30, 2013, the Company recovered $80,000; no amounts were recovered during the three months ended September 30, 2013. For additional information pertaining to the Gold Peak litigation, see Note 11. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 9 Months Ended |
Sep. 30, 2013 | |
Cash And Cash Equivalents [Abstract] | |
Restricted Cash and Investments | 4. Restricted Cash and Investments |
Restricted cash and investments represents a security deposit for the 530 Fifth Avenue corporate office space. The Company provided the lessor a bank-issued letter of credit, which is fully collateralized by a certificate of deposit issued by that bank. The restricted cash balance was approximately $217,000 and $216,000 at September 30, 2013 and December 31, 2012, respectively. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Intangible Assets | 5. Intangible Assets | ||||||||
The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Database | $ | 16,663,000 | $ | 15,175,000 | |||||
Accumulated amortization | (12,835,000) | (11,691,000) | |||||||
Database, net | 3,828,000 | 3,484,000 | |||||||
Customer relationships | 14,100,000 | 14,100,000 | |||||||
Accumulated amortization | (6,175,000) | (5,444,000) | |||||||
Customer relationships, net | 7,925,000 | 8,656,000 | |||||||
Web site | 9,900,000 | 8,325,000 | |||||||
Accumulated amortization | (6,654,000) | (5,220,000) | |||||||
Web site, net | 3,246,000 | 3,105,000 | |||||||
Acquired below market lease | 2,800,000 | 2,800,000 | |||||||
Accumulated amortization | (1,939,000) | (1,712,000) | |||||||
Acquired below market lease, net | 861,000 | 1,088,000 | |||||||
Intangibles, net | $ | 15,860,000 | $ | 16,333,000 | |||||
The Company capitalized approximately $464,000 and $520,000 during the three months ended September 30, 2013 and 2012, respectively, and approximately $1,488,000 and $1,459,000 during the nine months ended September 30, 2013 and 2012, respectively, to the database intangible asset. The Company capitalized approximately $468,000 and $474,000 during the three months ended September 30, 2013 and 2012, respectively, and approximately $1,575,000 and $1,443,000 during the nine months ended September 30, 2013 and 2012, respectively, to the web site intangible asset. | |||||||||
Amortization expense for intangible assets aggregated approximately $1,194,000 and $3,536,000 for the three and nine months ended September 30, 2013, of which approximately $395,000 and $1,144,000 related to the database, which is charged to cost of sales, approximately $243,000 and $731,000 related to customer relationships, which is charged to sales and marketing expense, approximately $480,000 and $1,434,000 related to web site development, which is charged to product development expense, and approximately $76,000 and $227,000 related to the value ascribed to the below market terms of the office lease, which is charged to general and administrative expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,046,000 and $3,533,000 for the three and nine months ended September 30, 2012, of which approximately $330,000 and $1,555,000 related to the database, approximately $246,000 and $738,000 related to customer relationships, approximately $396,000 and $1,013,000 related to web site development, and approximately $75,000 and $227,000 related to the value ascribed to the below market terms of the office lease. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt |
In October 2012, Reis Services, as borrower, and the Company, as guarantor, entered into a loan and security agreement with Capital One, National Association, as lender, for a $10,000,000 revolving credit facility (the “Revolver”). The Revolver has a three year term expiring on October 16, 2015, and any borrowings bear interest at a rate of LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans) and is subject to an unused facility fee of 0.25% per annum. The Company paid a commitment fee of $50,000 in connection with the closing. The Revolver is secured by a security interest in substantially all of the tangible and intangible assets of Reis Services and a pledge by the Company of its membership interests in Reis Services. The Revolver also contains customary affirmative and negative covenants, including minimum financial covenants, as defined in the agreement. | |
No debt was outstanding at September 30, 2013 and December 31, 2012. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Income Taxes | 7. Income Taxes | ||||||||||||||||
The components of the income tax expense (benefit) are as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Current Federal alternative minimum tax (“AMT”) expense | $ | 6,000 | $ | — | $ | 6,000 | $ | — | |||||||||
Deferred Federal tax expense (benefit) | 354,000 | — | 760,000 | — | |||||||||||||
Deferred state and local tax expense (benefit) | 73,000 | — | 156,000 | — | |||||||||||||
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (A) | 433,000 | — | 922,000 | — | |||||||||||||
Less income tax expense (benefit) attributable to discontinued operations | (36,000) | — | (159,000) | — | |||||||||||||
Income tax expense (benefit) (B) | $ | 469,000 | $ | — | $ | 1,081,000 | $ | — | |||||||||
(A) Includes income taxes attributable to income from discontinued operations. | |||||||||||||||||
(B) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. | |||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset was approximately $8,706,000 and $9,622,000 at September 30, 2013 and December 31, 2012, respectively, of which $795,000 and $1,065,000 is reflected as a net current asset and $7,911,000 and $8,557,000 is reflected as a net non-current asset in the accompanying consolidated balance sheets, respectively. The significant portion of the deferred tax items primarily relates to: (1) NOL carryforwards; (2) Federal AMT credit carryforwards; (3) stock based compensation; and (4) liability reserves, all as they relate to deferred tax assets; and (5) the deferred tax liability resulting from the intangible assets recorded at the time of the Merger. | |||||||||||||||||
The Company has aggregate Federal, state and local NOL carryforwards aggregating approximately $67,994,000 at December 31, 2012. These NOLs include NOLs generated subsequent to the Merger, losses from Private Reis prior to the Merger, losses obtained from the Company’s 1998 merger with Value Property Trust (“VLP”) and the Company’s operating losses prior to the Merger. Approximately $27,259,000 of these Federal NOLs are subject to an annual limitation, whereas the remaining balance of approximately $40,735,000 is not subject to such a limitation. There is an annual limitation on the use of NOLs after an ownership change, pursuant to Section 382 of the Internal Revenue Code. As a result of the Merger, the Company experienced such an ownership change which resulted in a new annual limitation of $2,779,000. However, because of the accumulation of annual limitations, it is expected that the use of NOLs will not be limited by expiration. A substantial NOL was realized during the year ended December 31, 2012 as a result of the Gold Peak litigation settlement, discussed in Note 11. | |||||||||||||||||
A valuation allowance is required to reduce deferred tax assets if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, management has determined that a valuation allowance of approximately $15,217,000 at September 30, 2013 and December 31, 2012, was necessary. The allowance relates primarily to NOL carryforwards and AMT credits. The Company will continue to evaluate the amount of valuation allowance on deferred tax assets during 2013 and in subsequent years based on such factors as historic profitability levels and forecasts of future taxable income. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity |
Between December 2008 and August 2011, the Company’s board of directors (the “Board”) authorized the repurchase of up to an aggregate amount of $5,000,000 of the Company’s common stock, of which approximately $551,000 remained available for repurchases as of September 30, 2013. The stock repurchases are permitted from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, additional amounts may be authorized by the Board whereby future purchases could be commenced or suspended at any time, or from time to time, without prior notice. The Company may make purchases pursuant to a trading plan under Securities Exchange Act Rule 10b5-1, permitting open market purchases of common stock during blackout periods consistent with the Company’s “Policies for Transactions in Reis Stock and Insider Trading and Tipping.” During the three and nine months ended September 30, 2013 and 2012, the Company did not repurchase any shares of common stock. |
Stock_Plans_and_Other_Incentiv
Stock Plans and Other Incentives | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock Plans and Other Incentives | 9. Stock Plans and Other Incentives | ||||||||||||||||
The Company has adopted certain incentive plans for the purpose of attracting and retaining the Company’s directors, officers and employees by having the ability to issue options, restricted stock units (“RSUs”), or stock awards. Awards granted under the Company’s incentive plans expire ten years from the date of grant and vest over periods ranging generally from three to five years for employees. | |||||||||||||||||
Option Awards | |||||||||||||||||
The following table presents option activity and other plan data for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options | Weighted- | Options | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding at beginning of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | |||||||||||
Granted | — | $ | — | — | $ | — | |||||||||||
Exercised | — | $ | — | — | $ | — | |||||||||||
Cancelled through cash settlement | — | $ | — | — | $ | — | |||||||||||
Forfeited/cancelled/expired | — | $ | — | — | $ | — | |||||||||||
Outstanding at end of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | |||||||||||
Options exercisable at end of period | 645,448 | $ | 8.94 | 438,172 | $ | 9.23 | |||||||||||
Options exercisable which can be settled in cash | 35,448 | $ | 4.67 | 53,172 | $ | 4.60 | |||||||||||
Certain outstanding options allow the option holder to receive from the Company, in cancellation of the holder’s option, a cash payment with respect to each cancelled option equal to the amount, if any, by which the fair market value of the share of stock underlying the option exceeds the exercise price of such option. The Company accounts for these options as liability awards. This liability is adjusted at the end of each reporting period to reflect: (1) the net cash payments to option holders made during each period; (2) the impact of the exercise and expiration of options; and (3) changes in the market price of the Company’s common stock. Changes in the settlement value of option awards treated under the liability method are reflected as income or expense in the statements of operations. | |||||||||||||||||
At September 30, 2013, the liability for option cancellations was approximately $407,000 based upon the difference in the closing stock price of the Company’s common stock at September 30, 2013 of $16.15 per share and the individual exercise prices of the outstanding 35,448 “in-the-money” options that were accounted for as a liability award at that date. At December 31, 2012, the liability for option cancellations was approximately $297,000 based upon the difference in the closing stock price of the Company at December 31, 2012 of $13.03 per share and the individual exercise prices of the outstanding 35,448 “in-the-money” options that were accounted for as a liability award at that date. The Company recorded a compensation benefit of approximately $83,000 for the three months ended September 30, 2013 and compensation expense of approximately $97,000 for the three months ended September 30, 2012, and $111,000 and $123,000 for the nine months ended September 30, 2013 and 2012, respectively, in general and administrative expenses in the consolidated statements of operations related to the respective changes in the amount of the liability for option cancellations. | |||||||||||||||||
RSU Awards | |||||||||||||||||
The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Outstanding at beginning of period | 469,848 | 590,662 | |||||||||||||||
Granted | 100,328 | 165,461 | |||||||||||||||
Common stock delivered (A)(B) | (205,075) | (217,885) | |||||||||||||||
Forfeited | (2,263) | — | |||||||||||||||
Outstanding at end of period | 362,838 | 538,238 | |||||||||||||||
Intrinsic value (C) | $ | 5,860,000 | $ | 6,157,000 | |||||||||||||
(A) Includes 80,139 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $1,280,000 in the nine months ended September 30, 2013. A net of 124,936 shares of common stock were delivered in the nine months ended September 30, 2013. No RSUs vested or were delivered in the three months ended September 30, 2013. | |||||||||||||||||
(B) Includes 1,202 and 84,367 shares which were used to settle minimum employee withholding tax obligations for one and 16 employees of approximately $13,000 and $851,000 in the three and nine months ended September 30, 2012, respectively. A net 2,132 and 133,518 shares of common stock were delivered in the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
(C) For purposes of this calculation, the Company’s closing stock prices were $16.15 and $11.44 per share on September 30, 2013 and 2012, respectively. | |||||||||||||||||
In February 2013, an aggregate of 91,356 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $16.20 per RSU (which was determined based on the closing stock price of the Company’s common stock on the applicable date of grant). In February 2012, an aggregate of 143,783 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $10.05 per RSU (which was determined based on the closing stock price of the Company’s common stock on the applicable date of grant). The awards granted to employees in the first quarter of 2013 and 2012 are treated as equity awards and the grant date fair value is charged to compensation expense at the corporate level on a straight-line basis over the vesting periods. | |||||||||||||||||
During the nine months ended September 30, 2013, an aggregate of 8,972 RSUs were granted to non-employee directors (with an average grant date fair value of $15.37 per RSU) related to the equity component of their compensation. During the nine months ended September 30, 2012, an aggregate of 21,678 RSUs were granted to non-employee directors (with an average grant date fair value of $9.19 per RSU) related to the equity component of their compensation. In each case, the grant date fair value was determined as of the last trading day of the quarter for which the RSUs were being received as compensation. The RSUs are immediately vested, but are not deliverable to non-employee directors until six months after termination of their service as a director. | |||||||||||||||||
Option and RSU Expense Information | |||||||||||||||||
The Company recorded non-cash compensation expense of approximately $412,000 and $501,000, respectively, including $46,000 in each period related to non-employee director equity compensation, for the three months ended September 30, 2013 and 2012, respectively, related to all stock options and RSUs accounted for as equity awards, as a component of general and administrative expenses in the statements of operations. For the nine months ended September 30, 2013 and 2012, the Company recorded non-cash compensation expense of approximately $1,451,000 and $1,667,000, respectively, including approximately $138,000 and $176,000, respectively, related to non-employee director equity compensation. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Common Share | 10. Earnings Per Common Share | ||||||||||||||||
Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic per share calculation: | |||||||||||||||||
Income from continuing operations for basic calculation | $ | 704,898 | $ | 859,837 | $ | 1,628,960 | $ | 1,494,248 | |||||||||
(Loss) income from discontinued operations, net of income tax expense | (55,947) | (194,313) | (245,869) | (12,844,365) | |||||||||||||
Net income (loss) for basic calculation | $ | 648,951 | $ | 665,524 | $ | 1,383,091 | $ | (11,350,117) | |||||||||
Numerator for diluted per share calculation: | |||||||||||||||||
Income from continuing operations | $ | 704,898 | $ | 859,837 | $ | 1,628,960 | $ | 1,494,248 | |||||||||
Adjustments to income from continuing operations for the statement of operations impact of dilutive securities | (82,948) | — | — | — | |||||||||||||
Income from continuing operations for dilution calculation | 621,950 | 859,837 | 1,628,960 | 1,494,248 | |||||||||||||
(Loss) income from discontinued operations, net of income tax expense | (55,947) | (194,313) | (245,869) | (12,844,365) | |||||||||||||
Net income (loss) for dilution calculation | $ | 566,003 | $ | 665,524 | $ | 1,383,091 | $ | (11,350,117) | |||||||||
Denominator: | |||||||||||||||||
Weighted average common shares – basic | 10,907,579 | 10,702,509 | 10,876,279 | 10,670,966 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
RSUs | 238,391 | 326,586 | 241,632 | 296,545 | |||||||||||||
Stock options | 299,356 | 64,793 | 264,863 | 25,925 | |||||||||||||
Weighted average common shares – diluted | 11,445,326 | 11,093,888 | 11,382,774 | 10,993,436 | |||||||||||||
Per common share amounts – basic: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.08 | $ | 0.15 | $ | 0.14 | |||||||||
(Loss) income from discontinued operations | — | (0.02) | (0.02) | (1.20) | |||||||||||||
Net income (loss) | $ | 0.06 | $ | 0.06 | $ | 0.13 | $ | (1.06) | |||||||||
Per common share amounts – diluted: | |||||||||||||||||
Income from continuing operations | $ | 0.05 | $ | 0.08 | $ | 0.14 | $ | 0.14 | |||||||||
(Loss) income from discontinued operations | — | (0.02) | (0.02) | (1.17) | |||||||||||||
Net income (loss) | $ | 0.05 | $ | 0.06 | $ | 0.12 | $ | (1.03) | |||||||||
Potentially dilutive securities include all stock based awards. For the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012, certain equity awards and option awards accounted for under the liability method, were antidilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies |
From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. | |
Reis has purchased insurance with respect to construction defect and completed operations at its past real estate projects. Reis has, from time to time, been exposed to various claims associated with the development, construction and sale of condominium units, single family homes or lots. Claims related to dissatisfaction by homeowners and homeowners associations with the construction of condominiums, homes and amenities by us and/or our developer partners in any condominium or subdivision development, or | |
other matters, may result in litigation costs, remediation costs, warranty expenses or settlement costs which could be material to the Company’s reportable discontinued operating income (loss), or its consolidated financial position or cash flows. It would not have any effect on the Company’s income from continuing operations. | |
Reis, Inc. and two of its subsidiaries (GP LLC and Wellsford Park Highlands Corp. (“WPHC”)) were the subject of a suit brought by the homeowners association at the Company’s former 259-unit Gold Peak condominium project outside of Denver, Colorado. This suit was filed in District Court in Douglas County, Colorado on October 19, 2010, seeking monetary damages (not quantified at the time) relating to design and construction defects at the Gold Peak project. Tri-Star, the construction manager/general contractor for the project (not affiliated with Reis) and two former senior officers of Reis, Inc. (Jeffrey H. Lynford, who was also previously a director of the Company, and David M. Strong) were also named as defendants in the suit. In October 2011, experts for the plaintiff delivered a report alleging a cost to repair of approximately $19,000,000. Trial commenced on February 21, 2012 and a jury rendered its verdict on March 13, 2012 finding Reis, GP LLC and Tri-Star jointly and severally liable for an aggregate of $18,200,000, plus other costs of approximately $756,000. | |
As of December 31, 2011, based on the best available information at that time, the Company recorded a charge of approximately $4,460,000 in discontinued operations, representing the low end of the Company’s expected range of net exposure. This amount reflected an aggregate minimum liability of approximately $7,740,000, less the then minimum expected insurance recovery of $3,000,000 and other previously reserved amounts. At March 31, 2012, as a result of the verdict, the Company recorded an additional charge of $14,216,000 in discontinued operations in the first quarter of 2012, to bring the Company’s liability up to the $18,200,000 judgment, plus other costs of approximately $756,000. As of March 31, 2012, the Company, in accordance with the applicable accounting literature, could no longer conclude that $3,000,000 of insurance was probable of being recovered. These charges were reflected in discontinued operations and negatively impacted consolidated net income (loss), but did not impact income from continuing operations. | |
On June 20, 2012, following denial of all of the defendants’ post-trial motions, Reis reached a settlement with the plaintiff, providing for a total payment by Reis of $17,000,000. Of this amount, $5,000,000 was paid on August 3, 2012 and the remaining $12,000,000 was paid on October 15, 2012, in accordance with the settlement terms. In reaching the decision to settle, Reis’s management and Board considered, among other factors: (1) the amount of the settlement versus the potential for an ultimately greater judgment after appeal, including additional costs and post-judgment interest; (2) the benefits of the clarity of settling the case at this time versus continuing uncertainty; and (3) the strong cash flow generation of Reis Services’s core business. As a result of the settlement, in the second quarter of 2012 the Company reversed $1,956,000 of the previously recorded charge. In December 2012, the Company recovered $712,500, which offset a portion of the previously recorded charge, resulting in the net litigation charge for the year ended December 31, 2012 of approximately $11,547,000. During the nine months ended September 30, 2013, the Company recovered $80,000; no amounts were recovered during the three months ended September 30, 2013. | |
In connection with the development of Gold Peak, the Company purchased a commercial general liability “WRAP” insurance policy from a predecessor of ACE Westchester (“ACE”) covering the Company (including its subsidiaries) and its former officers, Tri-Star and Tri-Star’s subcontractors. The Company, upon advice of counsel and based on a reading of the policy, has taken the position that a total of $9,000,000 (and possibly $12,000,000) of coverage is available for this claim. ACE has taken the position that only $3,000,000 of coverage (including defense costs) was provided. The Company has filed suit against ACE, alleging failure to cover this claim, bad faith and other related causes of action. In particular, the Gold Peak litigation could have been settled for $12,000,000 or less prior to the trial. The Company takes the position that ACE is liable for all damages stemming from this failure to engage and settle. Additionally, the Company has added claims against multiple additional insurance companies under policies maintained by the Company, including Reis’s directors’ and officers’ insurance policy, and against Reis’s former insurance broker. The Company has also brought separate claims against Tri-Star, the subcontractors, the architect and a third party inspector engaged at Gold Peak, relating to those parties’ actions on the project. | |
Reis continues to consider its options with respect to contribution or other actions against potentially responsible third parties and/or co-defendants in the lawsuit, and will pursue all reasonable efforts to mitigate the effects of this settlement. There is no assurance that the Company will be successful in these additional recovery efforts. | |
The Company is not a party to any other litigation that could reasonably be foreseen to be material to the Company. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 12. Fair Value of Financial Instruments |
At September 30, 2013 and December 31, 2012, the Company’s financial instruments included receivables, payables, accrued expenses and other liabilities. The fair values of these financial instruments, were not materially different from their recorded values at September 30, 2013 and December 31, 2012. There was no debt balance outstanding at September 30, 2013 and December 31, 2012. See Note 6 for the additional information about the Company’s debt. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. | |
Discontinued Operations | Discontinued Operations |
The Company determined, as a result of the April 2011 sale of property in East Lyme, Connecticut, that the Residential Development Activities segment, including certain general and administrative costs that supported that segment’s operations, should be presented as a discontinued operation. As a result of this determination and the fact that the historic operations and cash flows can be clearly distinguished, the operating results of the Residential Development Activities segment and related general and administrative costs are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements for all periods presented. | |
Quarterly Reporting | Quarterly Reporting |
The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on March 13, 2013. The consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 and changes in cash flows for the nine months ended September 30, 2013 and 2012 are not necessarily indicative of full year results. | |
Estimates | Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 11. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 changes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. These changes require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. The guidance in ASU 2013-11 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013. Management has determined that the adoption of these changes will not have a significant impact on the consolidated financial statements. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Condensed Balance Sheet and Operating Data for Segments | The following tables present condensed balance sheet and operating data for these segments: | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Balance Sheet Data | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
September 30, 2013 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 10,043 | $ | — | $ | 199 | $ | 10,242 | |||||||||
Restricted cash and investments | 217 | — | — | 217 | |||||||||||||
Accounts receivable, net | 4,450 | — | — | 4,450 | |||||||||||||
Prepaid and other assets | 266 | — | 1,114 | 1,380 | |||||||||||||
Total current assets | 14,976 | — | 1,313 | 16,289 | |||||||||||||
Furniture, fixtures and equipment, net | 838 | — | 26 | 864 | |||||||||||||
Intangible assets, net | 15,860 | — | — | 15,860 | |||||||||||||
Deferred tax asset, net | — | — | 7,911 | 7,911 | |||||||||||||
Goodwill | 57,203 | — | (2,378) | 54,825 | |||||||||||||
Other assets | 247 | — | — | 247 | |||||||||||||
Total assets | $ | 89,124 | $ | — | $ | 6,872 | $ | 95,996 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,162 | — | 1,016 | 3,178 | |||||||||||||
Liability for option cancellations | — | — | 408 | 408 | |||||||||||||
Deferred revenue | 15,467 | — | — | 15,467 | |||||||||||||
Liabilities attributable to discontinued operations | — | 278 | 45 | 323 | |||||||||||||
Total current liabilities | 17,629 | 278 | 1,469 | 19,376 | |||||||||||||
Other long-term liabilities | 509 | — | — | 509 | |||||||||||||
Deferred tax liability, net | 18,420 | — | (18,420) | — | |||||||||||||
Total liabilities | 36,558 | 278 | (16,951) | 19,885 | |||||||||||||
Total stockholders’ equity | 52,566 | (278) | 23,823 | 76,111 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 89,124 | $ | — | $ | 6,872 | $ | 95,996 | |||||||||
(A) | Includes the assets and liabilities of the Company’s discontinued Residential Development Activities segment, to the extent that such assets and liabilities existed at the date presented. | ||||||||||||||||
(B) | Includes cash, other assets and liabilities not specifically attributable to or allocable to a specific operating segment. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Balance Sheet Data | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
December 31, 2012 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,212 | $ | — | $ | 749 | $ | 4,961 | |||||||||
Restricted cash and investments | 216 | — | — | 216 | |||||||||||||
Accounts receivable, net | 10,694 | — | — | 10,694 | |||||||||||||
Prepaid and other assets | 219 | — | 1,220 | 1,439 | |||||||||||||
Total current assets | 15,341 | — | 1,969 | 17,310 | |||||||||||||
Furniture, fixtures and equipment, net | 705 | — | 33 | 738 | |||||||||||||
Intangible assets, net | 16,333 | — | — | 16,333 | |||||||||||||
Deferred tax asset, net | — | — | 8,557 | 8,557 | |||||||||||||
Goodwill | 57,203 | — | (2,378) | 54,825 | |||||||||||||
Other assets | 271 | — | — | 271 | |||||||||||||
Total assets | $ | 89,853 | $ | — | $ | 8,181 | $ | 98,034 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,556 | — | 1,346 | 3,902 | |||||||||||||
Liability for option cancellations | — | — | 297 | 297 | |||||||||||||
Deferred revenue | 18,230 | — | — | 18,230 | |||||||||||||
Liabilities attributable to discontinued operations | — | 271 | 189 | 460 | |||||||||||||
Total current liabilities | 20,786 | 271 | 1,832 | 22,889 | |||||||||||||
Other long-term liabilities | 588 | — | — | 588 | |||||||||||||
Deferred tax liability, net | 15,786 | — | (15,786) | — | |||||||||||||
Total liabilities | 37,160 | 271 | (13,954) | 23,477 | |||||||||||||
Total stockholders’ equity | 52,693 | (271) | 22,135 | 74,557 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 89,853 | $ | — | $ | 8,181 | $ | 98,034 | |||||||||
(A) | Includes the assets and liabilities of the Company’s discontinued Residential Development Activities segment, to the extent that such assets and liabilities existed at the date presented. | ||||||||||||||||
(B) | Includes cash, other assets and liabilities not specifically attributable to or allocable to a specific operating segment. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Three Months Ended September 30, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 8,780 | $ | — | $ | — | $ | 8,780 | |||||||||
Cost of sales of subscription revenue | 1,755 | — | — | 1,755 | |||||||||||||
Gross profit | 7,025 | — | — | 7,025 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 2,097 | — | — | 2,097 | |||||||||||||
Product development | 836 | — | — | 836 | |||||||||||||
General and administrative expenses | 1,686 | — | 1,207 | 2,893 | |||||||||||||
Total operating expenses | 4,619 | — | 1,207 | 5,826 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 3 | — | — | 3 | |||||||||||||
Interest expense | (28) | — | — | (28) | |||||||||||||
Total other income (expenses) | (25) | — | — | (25) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 2,381 | $ | — | $ | (1,207) | $ | 1,174 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (8) | $ | (84) | $ | (92) | |||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Three Months Ended September 30, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 7,827 | $ | — | $ | — | $ | 7,827 | |||||||||
Cost of sales of subscription revenue | 1,476 | — | — | 1,476 | |||||||||||||
Gross profit | 6,351 | — | — | 6,351 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 1,908 | — | — | 1,908 | |||||||||||||
Product development | 661 | — | — | 661 | |||||||||||||
General and administrative expenses | 1,691 | — | 1,246 | 2,937 | |||||||||||||
Total operating expenses | 4,260 | — | 1,246 | 5,506 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 16 | — | — | 16 | |||||||||||||
Interest expense | (1) | — | — | (1) | |||||||||||||
Total other income (expenses) | 15 | — | — | 15 | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 2,106 | $ | — | $ | (1,246) | $ | 860 | |||||||||
Income (loss) from discontinued operations, before income taxes | $ | — | $ | 2 | $ | (196) | $ | (194) | |||||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the period presented. | ||||||||||||||||
(B) | Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the operating segments. | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Nine Months Ended September 30, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 25,512 | $ | — | $ | — | $ | 25,512 | |||||||||
Cost of sales of subscription revenue | 5,111 | — | — | 5,111 | |||||||||||||
Gross profit | 20,401 | — | — | 20,401 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,098 | — | — | 6,098 | |||||||||||||
Product development | 2,349 | — | — | 2,349 | |||||||||||||
General and administrative expenses | 5,205 | — | 3,962 | 9,167 | |||||||||||||
Total operating expenses | 13,652 | — | 3,962 | 17,614 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 7 | — | — | 7 | |||||||||||||
Interest expense | (84) | — | — | (84) | |||||||||||||
Total other income (expenses) | (77) | — | — | (77) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 6,672 | $ | — | $ | (3,962) | $ | 2,710 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (8) | $ | (397) | $ | (405) | |||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Nine Months Ended September 30, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 22,647 | $ | — | $ | — | $ | 22,647 | |||||||||
Cost of sales of subscription revenue | 5,007 | — | — | 5,007 | |||||||||||||
Gross profit | 17,640 | — | — | 17,640 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 5,459 | — | — | 5,459 | |||||||||||||
Product development | 1,741 | — | — | 1,741 | |||||||||||||
General and administrative expenses | 5,013 | — | 3,853 | 8,866 | |||||||||||||
Total operating expenses | 12,213 | — | 3,853 | 16,066 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 47 | — | 1 | 48 | |||||||||||||
Interest expense | (128) | — | — | (128) | |||||||||||||
Total other income (expenses) | (81) | — | 1 | (80) | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,346 | $ | — | $ | (3,852) | $ | 1,494 | |||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (12,648) | $ | (196) | $ | (12,844) | |||||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the period presented. | ||||||||||||||||
(B) | Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the operating segments. | ||||||||||||||||
Balance of Outstanding Accounts Receivables of Reis Services | The balance of outstanding accounts receivables of Reis Services at September 30, 2013 and December 31, 2012 follows: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivables | $ | 4,515,000 | $ | 10,763,000 | |||||||||||||
Allowance for doubtful accounts | (65,000) | (69,000) | |||||||||||||||
Accounts receivables, net | $ | 4,450,000 | $ | 10,694,000 | |||||||||||||
(Loss) Income from Discontinued Operations | (Loss) income from discontinued operations is comprised of the following: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Litigation charge, net of recoveries (see Note 11) | $ | — | $ | — | $ | 80,000 | $ | (12,260,000) | |||||||||
Other income (expense), net | (92,000) | (194,000) | (485,000) | (584,000) | |||||||||||||
(Loss) income from discontinued operations before income tax | (92,000) | (194,000) | (405,000) | (12,844,000) | |||||||||||||
Income tax (benefit) expense on discontinued operations | (36,000) | — | (159,000) | — | |||||||||||||
(Loss) income from discontinued operations, net of income tax (benefit) expense | $ | (56,000) | $ | (194,000) | $ | (246,000) | $ | (12,844,000) | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Summary of Identified Intangible Assets | The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows: | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Database | $ | 16,663,000 | $ | 15,175,000 | |||||
Accumulated amortization | (12,835,000) | (11,691,000) | |||||||
Database, net | 3,828,000 | 3,484,000 | |||||||
Customer relationships | 14,100,000 | 14,100,000 | |||||||
Accumulated amortization | (6,175,000) | (5,444,000) | |||||||
Customer relationships, net | 7,925,000 | 8,656,000 | |||||||
Web site | 9,900,000 | 8,325,000 | |||||||
Accumulated amortization | (6,654,000) | (5,220,000) | |||||||
Web site, net | 3,246,000 | 3,105,000 | |||||||
Acquired below market lease | 2,800,000 | 2,800,000 | |||||||
Accumulated amortization | (1,939,000) | (1,712,000) | |||||||
Acquired below market lease, net | 861,000 | 1,088,000 | |||||||
Intangibles, net | $ | 15,860,000 | $ | 16,333,000 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Components of Income Tax Expense (Benefit) | The components of the income tax expense (benefit) are as follows: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Current Federal alternative minimum tax (“AMT”) expense | $ | 6,000 | $ | — | $ | 6,000 | $ | — | |||||||||
Deferred Federal tax expense (benefit) | 354,000 | — | 760,000 | — | |||||||||||||
Deferred state and local tax expense (benefit) | 73,000 | — | 156,000 | — | |||||||||||||
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (A) | 433,000 | — | 922,000 | — | |||||||||||||
Less income tax expense (benefit) attributable to discontinued operations | (36,000) | — | (159,000) | — | |||||||||||||
Income tax expense (benefit) (B) | $ | 469,000 | $ | — | $ | 1,081,000 | $ | — | |||||||||
(A) Includes income taxes attributable to income from discontinued operations. | |||||||||||||||||
(B) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. |
Stock_Plans_and_Other_Incentiv1
Stock Plans and Other Incentives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Option Activity and Other Plan Data | The following table presents option activity and other plan data for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options | Weighted- | Options | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding at beginning of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | |||||||||||
Granted | — | $ | — | — | $ | — | |||||||||||
Exercised | — | $ | — | — | $ | — | |||||||||||
Cancelled through cash settlement | — | $ | — | — | $ | — | |||||||||||
Forfeited/cancelled/expired | — | $ | — | — | $ | — | |||||||||||
Outstanding at end of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | |||||||||||
Options exercisable at end of period | 645,448 | $ | 8.94 | 438,172 | $ | 9.23 | |||||||||||
Options exercisable which can be settled in cash | 35,448 | $ | 4.67 | 53,172 | $ | 4.60 | |||||||||||
Changes in RSUs | The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Outstanding at beginning of period | 469,848 | 590,662 | |||||||||||||||
Granted | 100,328 | 165,461 | |||||||||||||||
Common stock delivered (A)(B) | (205,075) | (217,885) | |||||||||||||||
Forfeited | (2,263) | — | |||||||||||||||
Outstanding at end of period | 362,838 | 538,238 | |||||||||||||||
Intrinsic value (C) | $ | 5,860,000 | $ | 6,157,000 | |||||||||||||
(A) Includes 80,139 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $1,280,000 in the nine months ended September 30, 2013. A net of 124,936 shares of common stock were delivered in the nine months ended September 30, 2013. No RSUs vested or were delivered in the three months ended September 30, 2013. | |||||||||||||||||
(B) Includes 1,202 and 84,367 shares which were used to settle minimum employee withholding tax obligations for one and 16 employees of approximately $13,000 and $851,000 in the three and nine months ended September 30, 2012, respectively. A net 2,132 and 133,518 shares of common stock were delivered in the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
(C) For purposes of this calculation, the Company’s closing stock prices were $16.15 and $11.44 per share on September 30, 2013 and 2012, respectively. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Details of Computation of Earnings Per Common Share, Basic and Diluted | The following table details the computation of earnings per common share, basic and diluted: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic per share calculation: | |||||||||||||||||
Income from continuing operations for basic calculation | $ | 704,898 | $ | 859,837 | $ | 1,628,960 | $ | 1,494,248 | |||||||||
(Loss) income from discontinued operations, net of income tax expense | (55,947) | (194,313) | (245,869) | (12,844,365) | |||||||||||||
Net income (loss) for basic calculation | $ | 648,951 | $ | 665,524 | $ | 1,383,091 | $ | (11,350,117) | |||||||||
Numerator for diluted per share calculation: | |||||||||||||||||
Income from continuing operations | $ | 704,898 | $ | 859,837 | $ | 1,628,960 | $ | 1,494,248 | |||||||||
Adjustments to income from continuing operations for the statement of operations impact of dilutive securities | (82,948) | — | — | — | |||||||||||||
Income from continuing operations for dilution calculation | 621,950 | 859,837 | 1,628,960 | 1,494,248 | |||||||||||||
(Loss) income from discontinued operations, net of income tax expense | (55,947) | (194,313) | (245,869) | (12,844,365) | |||||||||||||
Net income (loss) for dilution calculation | $ | 566,003 | $ | 665,524 | $ | 1,383,091 | $ | (11,350,117) | |||||||||
Denominator: | |||||||||||||||||
Weighted average common shares – basic | 10,907,579 | 10,702,509 | 10,876,279 | 10,670,966 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
RSUs | 238,391 | 326,586 | 241,632 | 296,545 | |||||||||||||
Stock options | 299,356 | 64,793 | 264,863 | 25,925 | |||||||||||||
Weighted average common shares – diluted | 11,445,326 | 11,093,888 | 11,382,774 | 10,993,436 | |||||||||||||
Per common share amounts – basic: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.08 | $ | 0.15 | $ | 0.14 | |||||||||
(Loss) income from discontinued operations | — | (0.02) | (0.02) | (1.20) | |||||||||||||
Net income (loss) | $ | 0.06 | $ | 0.06 | $ | 0.13 | $ | (1.06) | |||||||||
Per common share amounts – diluted: | |||||||||||||||||
Income from continuing operations | $ | 0.05 | $ | 0.08 | $ | 0.14 | $ | 0.14 | |||||||||
(Loss) income from discontinued operations | — | (0.02) | (0.02) | (1.17) | |||||||||||||
Net income (loss) | $ | 0.05 | $ | 0.06 | $ | 0.12 | $ | (1.03) | |||||||||
Organization_and_Business_Addi
Organization and Business - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Project | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of residential projects before merger | 3 |
Percentage of ownership interest before merger | 23.00% |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2009 | Aug. 03, 2012 | Sep. 30, 2013 | Oct. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Subscriber | Segment | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Maximum [Member] | Minimum [Member] | |||
Subscriber | acre | First Installment [Member] | First Installment [Member] | Second Installment [Member] | Second Installment [Member] | ||||||||||||||
Segment | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Numbers of Segment | 2 | ||||||||||||||||||
No individual customer accounted for maximum service revenue | 3.50% | 4.40% | |||||||||||||||||
Nine subscribers accounted for an aggregate accounts receivable | 36.60% | 36.60% | |||||||||||||||||
Subscribers accounted for accounts receivable | 5.70% | 4.00% | |||||||||||||||||
Payments received against accounts receivable | $1,709,000 | $1,709,000 | |||||||||||||||||
Percentage collected from trade accounts receivable | 37.90% | ||||||||||||||||||
No individual customer accounted for maximum deferred revenue | 3.30% | 3.30% | |||||||||||||||||
Number of subscriber contributing largest share among the major account receivable | 5 | 5 | |||||||||||||||||
Number of units | 259 | ||||||||||||||||||
Number of acres prior to sale | 29 | ||||||||||||||||||
Litigation charge regarding construction defects | 18,200,000 | ||||||||||||||||||
Other charges regarding construction defects | 756,000 | 756,000 | |||||||||||||||||
Litigation charge | -80,000 | 12,260,000 | -1,956,000 | 14,216,000 | 11,547,000 | 4,460,000 | |||||||||||||
Settlement with the plaintiff | -17,000,000 | ||||||||||||||||||
Installment amount due | 5,000,000 | 12,000,000 | |||||||||||||||||
Installment due date | 3-Aug-12 | 15-Oct-12 | |||||||||||||||||
Litigation recovery | $80,000 | $712,500 |
Segment_Information_Condensed_
Segment Information - Condensed balance sheet data for segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Current assets: | ||||
Cash and cash equivalents | $10,242,434 | $4,960,850 | $14,958,998 | $22,152,802 |
Restricted cash and investments | 216,566 | 216,125 | ||
Accounts receivable, net | 4,449,514 | 10,694,201 | ||
Prepaid and other assets | 1,380,709 | 1,438,829 | ||
Total current assets | 16,289,223 | 17,310,005 | ||
Furniture, fixtures and equipment, net | 864,014 | 738,490 | ||
Intangible assets, net | 15,859,904 | 16,332,596 | ||
Deferred tax asset, net | 7,911,420 | 8,557,420 | ||
Goodwill | 54,824,648 | 54,824,648 | ||
Other assets | 246,960 | 271,257 | ||
Total assets | 95,996,169 | 98,034,416 | ||
Current liabilities: | ||||
Current portion of debt | ||||
Accrued expenses and other liabilities | 3,178,880 | 3,902,206 | ||
Liability for option cancellations | 407,120 | 296,523 | ||
Deferred revenue | 15,466,666 | 18,230,332 | ||
Liabilities attributable to discontinued operations | 323,404 | 460,251 | ||
Total current liabilities | 19,376,070 | 22,889,312 | ||
Other long-term liabilities | 509,427 | 588,484 | ||
Deferred tax liability, net | ||||
Total liabilities | 19,885,497 | 23,477,796 | ||
Total stockholders' equity | 76,110,672 | 74,556,620 | ||
Total liabilities and stockholders' equity | 95,996,169 | 98,034,416 | ||
Reis Services [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 10,043,000 | 4,212,000 | ||
Restricted cash and investments | 217,000 | 216,000 | ||
Accounts receivable, net | 4,449,514 | 10,694,201 | ||
Prepaid and other assets | 266,000 | 219,000 | ||
Total current assets | 14,976,000 | 15,341,000 | ||
Furniture, fixtures and equipment, net | 838,000 | 705,000 | ||
Intangible assets, net | 15,860,000 | 16,333,000 | ||
Deferred tax asset, net | ||||
Goodwill | 57,203,000 | 57,203,000 | ||
Other assets | 247,000 | 271,000 | ||
Total assets | 89,124,000 | 89,853,000 | ||
Current liabilities: | ||||
Current portion of debt | ||||
Accrued expenses and other liabilities | 2,162,000 | 2,556,000 | ||
Liability for option cancellations | ||||
Deferred revenue | 15,467,000 | 18,230,000 | ||
Liabilities attributable to discontinued operations | ||||
Total current liabilities | 17,629,000 | 20,786,000 | ||
Other long-term liabilities | 509,000 | 588,000 | ||
Deferred tax liability, net | 18,420,000 | 15,786,000 | ||
Total liabilities | 36,558,000 | 37,160,000 | ||
Total stockholders' equity | 52,566,000 | 52,693,000 | ||
Total liabilities and stockholders' equity | 89,124,000 | 89,853,000 | ||
Discontinued Operations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | ||||
Restricted cash and investments | ||||
Accounts receivable, net | ||||
Prepaid and other assets | ||||
Total current assets | ||||
Furniture, fixtures and equipment, net | ||||
Intangible assets, net | ||||
Deferred tax asset, net | ||||
Goodwill | ||||
Other assets | ||||
Total assets | ||||
Current liabilities: | ||||
Current portion of debt | ||||
Accrued expenses and other liabilities | ||||
Liability for option cancellations | ||||
Deferred revenue | ||||
Liabilities attributable to discontinued operations | 278,000 | 271,000 | ||
Total current liabilities | 278,000 | 271,000 | ||
Other long-term liabilities | ||||
Deferred tax liability, net | ||||
Total liabilities | 278,000 | 271,000 | ||
Total stockholders' equity | -278,000 | -271,000 | ||
Total liabilities and stockholders' equity | ||||
Other [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 199,000 | 749,000 | ||
Restricted cash and investments | ||||
Accounts receivable, net | ||||
Prepaid and other assets | 1,114,000 | 1,220,000 | ||
Total current assets | 1,313,000 | 1,969,000 | ||
Furniture, fixtures and equipment, net | 26,000 | 33,000 | ||
Intangible assets, net | ||||
Deferred tax asset, net | 7,911,000 | 8,557,000 | ||
Goodwill | -2,378,000 | -2,378,000 | ||
Other assets | ||||
Total assets | 6,872,000 | 8,181,000 | ||
Current liabilities: | ||||
Current portion of debt | ||||
Accrued expenses and other liabilities | 1,016,000 | 1,346,000 | ||
Liability for option cancellations | 408,000 | 297,000 | ||
Deferred revenue | ||||
Liabilities attributable to discontinued operations | 45,000 | 189,000 | ||
Total current liabilities | 1,469,000 | 1,832,000 | ||
Other long-term liabilities | ||||
Deferred tax liability, net | -18,420,000 | -15,786,000 | ||
Total liabilities | -16,951,000 | -13,954,000 | ||
Total stockholders' equity | 23,823,000 | 22,135,000 | ||
Total liabilities and stockholders' equity | $6,872,000 | $8,181,000 |
Segment_Information_Condensed_1
Segment Information - Condensed Operating Data for Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ||||
Subscription revenue | $8,780,212 | $7,826,701 | $25,512,849 | $22,647,158 |
Cost of sales of subscription revenue | 1,755,020 | 1,475,495 | 5,111,217 | 5,006,705 |
Gross profit | 7,025,192 | 6,351,206 | 20,401,632 | 17,640,453 |
Operating expenses: | ||||
Sales and marketing | 2,096,965 | 1,908,668 | 6,097,549 | 5,459,591 |
Product development | 835,811 | 660,620 | 2,349,576 | 1,740,619 |
General and administrative expenses | 2,893,109 | 2,937,199 | 9,167,171 | 8,865,783 |
Total operating expenses | 5,825,885 | 5,506,487 | 17,614,296 | 16,065,993 |
Other income (expenses): | ||||
Interest and other income | 2,943 | 15,649 | 7,472 | 47,921 |
Interest expense | -28,352 | -531 | -84,848 | -128,133 |
Total other income (expenses) | -25,409 | 15,118 | -77,376 | -80,212 |
Income (loss) before income taxes and discontinued operations | 1,173,898 | 859,837 | 2,709,960 | 1,494,248 |
(Loss) from discontinued operations, before income taxes | -92,000 | -194,000 | -405,000 | -12,844,000 |
Reis Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Subscription revenue | 8,780,212 | 7,827,000 | 25,512,849 | 22,647,158 |
Cost of sales of subscription revenue | 1,755,020 | 1,476,000 | 5,111,217 | 5,006,705 |
Gross profit | 7,025,192 | 6,351,000 | 20,401,632 | 17,640,453 |
Operating expenses: | ||||
Sales and marketing | 2,096,965 | 1,908,000 | 6,097,549 | 5,459,591 |
Product development | 835,811 | 661,000 | 2,349,576 | 1,740,619 |
General and administrative expenses | 1,686,000 | 1,691,000 | 5,205,000 | 5,013,000 |
Total operating expenses | 4,619,000 | 4,260,000 | 13,652,000 | 12,213,000 |
Other income (expenses): | ||||
Interest and other income | 2,943 | 16,000 | 7,472 | 47,000 |
Interest expense | -28,352 | -1,000 | -84,848 | -128,000 |
Total other income (expenses) | -25,409 | 15,000 | -77,376 | -81,000 |
Income (loss) before income taxes and discontinued operations | 2,381,000 | 2,106,000 | 6,672,000 | 5,346,000 |
(Loss) from discontinued operations, before income taxes | ||||
Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Subscription revenue | ||||
Cost of sales of subscription revenue | ||||
Gross profit | ||||
Operating expenses: | ||||
Sales and marketing | ||||
Product development | ||||
General and administrative expenses | ||||
Total operating expenses | ||||
Other income (expenses): | ||||
Interest and other income | ||||
Interest expense | ||||
Total other income (expenses) | ||||
Income (loss) before income taxes and discontinued operations | ||||
(Loss) from discontinued operations, before income taxes | -8,000 | 2,000 | -8,000 | -12,648,000 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Subscription revenue | ||||
Cost of sales of subscription revenue | ||||
Gross profit | ||||
Operating expenses: | ||||
Sales and marketing | ||||
Product development | ||||
General and administrative expenses | 1,207,000 | 1,246,000 | 3,962,000 | 3,853,000 |
Total operating expenses | 1,207,000 | 1,246,000 | 3,962,000 | 3,853,000 |
Other income (expenses): | ||||
Interest and other income | 1,000 | |||
Interest expense | ||||
Total other income (expenses) | 1,000 | |||
Income (loss) before income taxes and discontinued operations | -1,207,000 | -1,246,000 | -3,962,000 | -3,852,000 |
(Loss) from discontinued operations, before income taxes | ($84,000) | ($196,000) | ($397,000) | ($196,000) |
Segment_Information_Balance_of
Segment Information - Balance of outstanding accounts receivables of Reis Services (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $4,449,514 | $10,694,201 |
Reis Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivables | 4,515,000 | 10,763,000 |
Allowance for doubtful accounts | -65,000 | -69,000 |
Accounts receivable, net | $4,449,514 | $10,694,201 |
Segment_Information_Loss_Incom
Segment Information - (Loss) Income from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting [Abstract] | ||||
Litigation charge, net of recoveries (see Note 11) | $80,000 | ($12,260,000) | ||
Other income (expense), net | -92,000 | -194,000 | -485,000 | -584,000 |
(Loss) income from discontinued operations before income tax | -92,000 | -194,000 | -405,000 | -12,844,000 |
Income tax (benefit) expense on discontinued operations | -36,000 | -159,000 | ||
(Loss) income from discontinued operations, net of income tax (benefit) expense | ($55,947) | ($194,313) | ($245,869) | ($12,844,365) |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Cash And Cash Equivalents [Abstract] | ||
Restricted Cash | $216,566 | $216,125 |
Intangible_Assets_Summary_of_i
Intangible Assets - Summary of identified intangible assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | ($27,603,308) | ($24,067,250) |
Total | 15,859,904 | 16,332,596 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 16,663,000 | 15,175,000 |
Accumulated amortization | -12,835,000 | -11,691,000 |
Total | 3,828,000 | 3,484,000 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,100,000 | 14,100,000 |
Accumulated amortization | -6,175,000 | -5,444,000 |
Total | 7,925,000 | 8,656,000 |
Web site [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 9,900,000 | 8,325,000 |
Accumulated amortization | -6,654,000 | -5,220,000 |
Total | 3,246,000 | 3,105,000 |
Acquired below market lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,800,000 | 2,800,000 |
Accumulated amortization | -1,939,000 | -1,712,000 |
Total | $861,000 | $1,088,000 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $1,194,000 | $1,046,000 | $3,536,058 | $3,533,297 |
Database [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount Capitalize Intangible Asset | 464,000 | 520,000 | 1,488,000 | 1,459,000 |
Amortization expense for intangible assets | 395,000 | 330,000 | 1,144,000 | 1,555,000 |
Customer relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | 243,000 | 246,000 | 731,000 | 738,000 |
Web site [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount Capitalize Intangible Asset | 468,000 | 474,000 | 1,575,000 | 1,443,000 |
Amortization expense for intangible assets | 480,000 | 396,000 | 1,434,000 | 1,013,000 |
Acquired below market lease [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $76,000 | $75,000 | $227,000 | $227,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
Debt Instrument [Line Items] | |||
Amount of revolving credit facility | $10,000,000 | ||
Expiry period of revolver | 3 years | ||
Revolver interest rate LIBOR | Interest at a rate of LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans) with an unused facility fee of 0.25% per annum. | ||
Base rate loan | 1.00% | ||
Commitment fee | 50,000 | ||
Date of expiry | 16-Oct-15 | ||
Unused credit facility fee | 0.25% | ||
Outstanding debt at end | $0 | $0 | |
LIBOR Loans [Member] | |||
Debt Instrument [Line Items] | |||
Rate of Base Rate Loans | 2.00% | ||
Base Rate Loans [Member] | |||
Debt Instrument [Line Items] | |||
Rate of Base Rate Loans | -0.50% |
Income_Taxes_Components_of_the
Income Taxes - Components of the income tax expense (benefit) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Current Federal alternative minimum tax ("AMT") expense | $6,000 | $6,000 | ||
Deferred Federal tax expense (benefit) | 354,000 | 760,000 | ||
Deferred state and local tax expense (benefit) | 73,000 | 156,000 | ||
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations | 433,000 | 922,000 | ||
Less income tax expense (benefit) attributable to discontinued operations | -36,000 | -159,000 | ||
Income tax expense (benefit) | $469,000 | $1,081,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax asset | $8,706,000 | $9,622,000 |
Net current deferred tax asset | 795,000 | 1,065,000 |
Net non-current deferred tax asset | 7,911,000 | 8,557,000 |
Aggregate Federal, state and local NOL | 67,994,000 | |
Federal NOLs subject to an annual limitation | 27,259,000 | |
Federal NOLs not subject to an annual limitation | 40,735,000 | |
New NOLs annual limitation as a result of merger | 2,779,000 | |
Valuation allowance | $15,217,000 | $15,217,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 33 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2011 | |
Stockholders Equity Note [Abstract] | |||||
Common stock repurchase authorized | $5,000,000 | ||||
Common stock remained available | $551,000 | ||||
Repurchase of common stock | 0 | 0 | 0 | 0 |
Stock_Plans_and_Other_Incentiv2
Stock Plans and Other Incentives - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Money option [Member] | Money option [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | Non Employee Directors Compensation Plan [Member] | Non Employee Directors Compensation Plan [Member] | Non Employee Directors Compensation Plan [Member] | Non Employee Directors Compensation Plan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Non-employee directors [Member] | Non-employee directors [Member] | Employees [Member] | Employees [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Expiration period of the awards granted under the company's incentive plans | 10 years | |||||||||||||||||||
Vesting period of stock awards for employees | 3 years | 3 years | 5 years | |||||||||||||||||
Liability for option cancellations amount | $407,000 | $297,000 | ||||||||||||||||||
Closing stock price | $16.15 | $11.44 | $16.15 | $11.44 | $13.03 | |||||||||||||||
Outstanding in-the-money options | 35,448 | 35,448 | ||||||||||||||||||
Recorded compensation expense (benefit) | -83,000 | 97,000 | 111,000 | 123,000 | ||||||||||||||||
RSUs granted to employees | 100,328 | 165,461 | 8,972 | 21,678 | 91,356 | 143,783 | ||||||||||||||
Weighted average grant date fair value | $15.37 | $9.19 | $16.20 | $10.05 | ||||||||||||||||
Vesting Rights | RSUs vest one-third a year over three years | RSUs vest one-third a year over three years | ||||||||||||||||||
Number of months after the termination of service, RSUs delivered to non-employee directors | 6 months | |||||||||||||||||||
Non-cash compensation expense | $412,000 | $501,000 | $1,451,337 | $1,666,866 | $46,000 | $46,000 | $138,000 | $176,000 |
Stock_Plans_and_Other_Incentiv3
Stock Plans and Other Incentives - Option activity and other plan data (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Options | 645,448 | 663,172 |
Granted, Options | ||
Exercised, Options | ||
Cancelled through cash settlement, Options | ||
Forfeited/cancelled/expired, Options | ||
Outstanding at end of period, Options | 645,448 | 663,172 |
Options exercisable at end of period, Options | 645,448 | 438,172 |
Options exercisable which can be settled in cash, Options | 35,448 | 53,172 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $8.94 | $8.82 |
Granted, Weighted Average Exercise Price | ||
Exercised, Weighted Average Exercise Price | ||
Cancelled through cash settlement, Weighted-Average Exercise Price | ||
Forfeited/cancelled/expired, Weighted-Average Exercise Price | ||
Outstanding at end of period, Weighted Average Exercise Price | $8.94 | $8.82 |
Options exercisable at end of period, Weighted-Average Exercise Price | $8.94 | $9.23 |
Options exercisable which can be settled in cash, Weighted-Average Exercise Price | $4.67 | $4.60 |
Stock_Plans_and_Other_Incentiv4
Stock Plans and Other Incentives - Changes in RSUs (Detail) (RSU [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period | 469,848 | 590,662 |
Granted | 100,328 | 165,461 |
Common stock delivered | -205,075 | -217,885 |
Forfeited | -2,263 | |
Outstanding at end of period | 362,838 | 538,238 |
Intrinsic value | $5,860,000 | $6,157,000 |
Stock_Plans_and_Other_Incentiv5
Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
RSU [Member] | RSU [Member] | RSU [Member] | ||||
Employee | Employee | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock used to settle minimum employee withholding tax obligations | 1,202 | 80,139 | 84,367 | |||
Number of employees withholding tax obligations | 1 | 16 | 16 | |||
Employee withholding tax obligations approx amount | $13,000 | $1,280,000 | $851,000 | |||
Common stock delivered, net | 2,132 | 124,936 | 133,518 | |||
Closing stock price | $16.15 | $13.03 | $11.44 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share - Details of computation of earnings per common share, basic and diluted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Numerator for basic per share calculation: | ||||
Income from continuing operations for basic calculation | $704,898 | $859,837 | $1,628,960 | $1,494,248 |
(Loss) income from discontinued operations, net of income tax expense | -55,947 | -194,313 | -245,869 | -12,844,365 |
Net income (loss) for basic calculation | 648,951 | 665,524 | 1,383,091 | -11,350,117 |
Numerator for diluted per share calculation: | ||||
Income from continuing operations | 704,898 | 859,837 | 1,628,960 | 1,494,248 |
Adjustments to income from continuing operations for the statement of operations impact of dilutive securities | -82,948 | |||
Income from continuing operations for dilution calculation | 621,950 | 859,837 | 1,628,960 | 1,494,248 |
(Loss) income from discontinued operations, net of income tax expense | -55,947 | -194,313 | -245,869 | -12,844,365 |
Net income (loss) for dilution calculation | $566,003 | $665,524 | $1,383,091 | ($11,350,117) |
Denominator: | ||||
Weighted average common shares - basic | 10,907,579 | 10,702,509 | 10,876,279 | 10,670,966 |
Effect of dilutive securities: | ||||
RSUs | 238,391 | 326,586 | 241,632 | 296,545 |
Stock options | 299,356 | 64,793 | 264,863 | 25,925 |
Weighted average common shares - diluted | 11,445,326 | 11,093,888 | 11,382,774 | 10,993,436 |
Per common share amounts - basic: | ||||
Income from continuing operations | $0.06 | $0.08 | $0.15 | $0.14 |
(Loss) income from discontinued operations | ($0.02) | ($0.02) | ($1.20) | |
Net income (loss) | $0.06 | $0.06 | $0.13 | ($1.06) |
Per common share amounts - diluted: | ||||
Income from continuing operations | $0.05 | $0.08 | $0.14 | $0.14 |
(Loss) income from discontinued operations | ($0.02) | ($0.02) | ($1.17) | |
Net income (loss) | $0.05 | $0.06 | $0.12 | ($1.03) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Oct. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2009 | Aug. 03, 2012 | Oct. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | |||||
Segment | First Installment [Member] | Second Installment [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Former Gold Peak condominium project unit | 259 | |||||||||||||||||
Construction defect suit filed against the company | $19,000,000 | |||||||||||||||||
Amount of liability through verdict by jury | 18,200,000 | |||||||||||||||||
Other costs associated with judgment | 756,000 | |||||||||||||||||
Additional charge recorded by company in discontinued operations as a result of the verdict | -80,000 | 12,260,000 | -1,956,000 | 14,216,000 | 11,547,000 | 4,460,000 | ||||||||||||
Estimated litigation liability | 7,740,000 | |||||||||||||||||
Amount not probable to be received from Insurance company | 3,000,000 | 3,000,000 | ||||||||||||||||
Settlement with the plaintiff | -17,000,000 | |||||||||||||||||
Installment amount due | 5,000,000 | 12,000,000 | ||||||||||||||||
Recovery of litigation charge | 80,000 | 712,500 | ||||||||||||||||
Amount of cover available for claim through insurance policy | 9,000,000 | 12,000,000 | ||||||||||||||||
Amount of cover available for claim through insurance policy as per ACE | 3,000,000 | |||||||||||||||||
Lawsuit could have been settled | $12,000,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ||
Revolving line of credit facility outstanding | $0 | $0 |
Outstanding debt at end | $0 | $0 |