Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'REIS | ' | ' |
Entity Registrant Name | 'Reis, Inc. | ' | ' |
Entity Central Index Key | '0001038222 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,057,767 | ' |
Entity Public Float | ' | ' | $158,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $10,559,899 | $4,960,850 |
Restricted cash and investments | 216,702 | 216,125 |
Accounts receivable, net | 11,386,584 | 10,694,201 |
Prepaid and other assets | 2,787,909 | 1,438,829 |
Assets attributable to discontinued operations | 8,500 | ' |
Total current assets | 24,959,594 | 17,310,005 |
Furniture, fixtures and equipment, net of accumulated depreciation of $1,905,933 and $1,828,199, respectively | 853,377 | 738,490 |
Intangible assets, net of accumulated amortization of $28,764,189 and $24,067,250, respectively | 15,687,117 | 16,332,596 |
Deferred tax asset, net | 21,316,520 | 8,557,420 |
Goodwill | 54,824,648 | 54,824,648 |
Other assets | 225,528 | 271,257 |
Total assets | 117,866,784 | 98,034,416 |
Current liabilities: | ' | ' |
Current portion of debt | ' | ' |
Accrued expenses and other liabilities | 3,578,227 | 3,902,206 |
Liability for option cancellations | 268,341 | 296,523 |
Deferred revenue | 20,284,178 | 18,230,332 |
Liabilities attributable to discontinued operations | 342,138 | 460,251 |
Total current liabilities | 24,472,884 | 22,889,312 |
Other long-term liabilities | 522,941 | 588,484 |
Total liabilities | 24,995,825 | 23,477,796 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 10,916,441 and 10,782,643 shares issued and outstanding, respectively | 218,328 | 215,652 |
Additional paid in capital | 102,717,693 | 102,002,972 |
Retained earnings (deficit) | -10,065,062 | -27,662,004 |
Total stockholders' equity | 92,870,959 | 74,556,620 |
Total liabilities and stockholders' equity | $117,866,784 | $98,034,416 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated depreciation of furniture, fixtures and equipment | $1,905,933 | $1,828,199 |
Accumulated amortization of intangible assets | $28,764,189 | $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 | 10,916,441 | 10,782,643 |
Common stock, shares outstanding | 10,916,441 | 10,782,643 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription revenue | $9,209,000 | $8,780,000 | $8,498,000 | $8,234,000 | $8,581,000 | $7,827,000 | $7,522,000 | $7,298,000 | $34,721,088 | $31,228,644 | $27,180,479 |
Cost of sales of subscription revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,973,772 | 6,616,931 | 6,304,597 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,747,316 | 24,611,713 | 20,875,882 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and marketing | ' | ' | ' | ' | ' | ' | ' | ' | 8,349,544 | 7,643,303 | 6,704,106 |
Product development | ' | ' | ' | ' | ' | ' | ' | ' | 3,121,729 | 2,485,168 | 2,093,303 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,909,462 | 11,793,441 | 11,095,425 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23,380,735 | 21,921,912 | 19,892,834 |
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 9,981 | 51,972 | 77,515 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -113,200 | -155,443 | -274,178 |
Total other income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | -103,219 | -103,471 | -196,663 |
Income before income taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,263,362 | 2,586,330 | 786,385 |
Income tax (benefit) | -14,751,000 | ' | ' | ' | -5,427,000 | ' | ' | ' | -13,670,069 | -5,427,000 | -4,075,000 |
Income from continuing operations | 16,304,000 | 705,000 | 522,000 | 402,000 | 6,519,000 | 860,000 | 498,000 | 136,000 | 17,933,431 | 8,013,330 | 4,861,385 |
(Loss) from discontinued operations, net of income tax benefit of $(230,000), $- and $-, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -336,489 | -12,296,912 | -2,974,958 |
Net income (loss) | $16,214,000 | $649,000 | $484,000 | $250,000 | $7,066,000 | $666,000 | $2,193,000 | ($14,209,000) | $17,596,942 | ($4,283,582) | $1,886,427 |
Per share amounts - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.49 | $0.06 | $0.05 | $0.04 | $0.61 | $0.08 | $0.05 | $0.01 | $1.65 | $0.75 | $0.46 |
Net income (loss) | $1.49 | $0.06 | $0.04 | $0.02 | $0.66 | $0.06 | $0.21 | ($1.34) | $1.62 | ($0.40) | $0.18 |
Per share amounts - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.42 | $0.05 | $0.05 | $0.04 | $0.58 | $0.08 | $0.05 | $0.01 | $1.57 | $0.73 | $0.45 |
Net income (loss) | $1.41 | $0.05 | $0.04 | $0.02 | $0.63 | $0.06 | $0.20 | ($1.29) | $1.54 | ($0.39) | $0.17 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 10,909,000 | 10,908,000 | 10,892,000 | 10,828,000 | 10,728,000 | 10,703,000 | 10,686,000 | 10,624,000 | 10,884,533 | 10,685,333 | 10,569,805 |
Diluted | 11,464,000 | 11,445,000 | 11,398,000 | 11,348,000 | 11,233,000 | 11,094,000 | 10,950,000 | 11,011,000 | 11,396,559 | 11,034,082 | 10,876,876 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' |
Income tax benefit on discontinued operations | ($230,000) | ' | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Shares | Paid in Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2010 | $74,292,428 | $209,440 | $99,347,837 | ($25,264,849) |
Balance, shares at Dec. 31, 2010 | ' | 10,472,010 | ' | ' |
Shares issued for vested employee restricted stock units | 2,676 | 2,676 | -2,676 | ' |
Shares issued for vested employees restricted stock units, shares | ' | 133,809 | ' | ' |
Shares issued for settlement of vested director restricted stock units | 125 | 125 | -125 | ' |
Shares issued for settlement of vested director restricted stock units, shares | 6,270 | 6,270 | ' | ' |
Option exercises | 48,120 | 177 | 47,943 | ' |
Option exercises, shares | 8,862 | 8,862 | ' | ' |
Stock based compensation, net | 1,731,877 | ' | 1,731,877 | ' |
Stock repurchases | -448,521 | -1,001 | -447,520 | ' |
Stock repurchases, shares | -50,060 | -50,060 | ' | ' |
Net income (loss) | 1,886,427 | ' | ' | 1,886,427 |
Balance at Dec. 31, 2011 | 77,510,331 | 211,417 | 100,677,336 | -23,378,422 |
Balance, shares at Dec. 31, 2011 | ' | 10,570,891 | ' | ' |
Shares issued for vested employee restricted stock units | 2,671 | 2,671 | -2,671 | ' |
Shares issued for vested employees restricted stock units, shares | ' | 133,518 | ' | ' |
Shares issued for settlement of vested director restricted stock units | 1,448 | 1,448 | -1,448 | ' |
Shares issued for settlement of vested director restricted stock units, shares | 72,410 | 72,410 | ' | ' |
Option exercises | ' | 116 | -116 | ' |
Option exercises, shares | 8,862 | 5,824 | ' | ' |
Stock based compensation, net | 1,329,871 | ' | 1,329,871 | ' |
Stock repurchases, shares | 0 | ' | ' | ' |
Net income (loss) | -4,283,582 | ' | ' | -4,283,582 |
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 employee restricted stock units | 2,499 | 2,499 | -2,499 | ' |
Shares issued for vested employees restricted stock units, shares | ' | 124,936 | ' | ' |
Option exercises | 46,437 | 177 | 46,260 | ' |
Option exercises, shares | 8,862 | 8,862 | ' | ' |
Stock based compensation, net | 670,960 | ' | 670,960 | ' |
Stock repurchases, shares | 0 | ' | ' | ' |
Net income (loss) | 17,596,942 | ' | ' | 17,596,942 |
Balance at Dec. 31, 2013 | $92,870,959 | $218,328 | $102,717,693 | ($10,065,062) |
Balance, shares at Dec. 31, 2013 | ' | 10,916,441 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $17,596,942 | ($4,283,582) | $1,886,427 |
Adjustments to reconcile to net cash provided by (used in) operating activities: | ' | ' | ' |
Deferred tax (benefit), net | -13,900,069 | -5,427,000 | -4,075,000 |
Depreciation | 332,576 | 354,953 | 351,595 |
Amortization of intangible assets | 4,696,939 | 4,629,394 | 4,788,174 |
Stock based compensation charges | 1,859,336 | 2,181,135 | 2,083,497 |
Changes in assets and liabilities: | ' | ' | ' |
Restricted cash and investments | -577 | -720 | 790,078 |
Accounts receivable, net | -692,383 | -2,096,737 | 364,159 |
Prepaid and other assets | 95,149 | 2,755,777 | -2,500,801 |
Real estate assets | ' | ' | 1,297,245 |
Accrued expenses and other liabilities | -681,666 | -7,305,528 | 6,594,351 |
Liability for option cancellations | 81,707 | 113,965 | 120,612 |
Deferred revenue | 2,053,846 | 2,523,481 | 260,603 |
Net cash provided by (used in) operating activities | 11,441,800 | -6,554,862 | 11,960,940 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Web site and database development costs | -4,051,460 | -3,806,795 | -3,366,763 |
Furniture, fixtures and equipment additions | -447,463 | -230,134 | -256,399 |
Net cash (used in) investing activities | -4,498,923 | -4,036,929 | -3,623,162 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of debt | ' | -5,690,940 | -5,531,050 |
Repayments on capitalized equipment leases | ' | ' | -27,851 |
Payments for option cancellations and restricted stock units | -1,390,265 | -909,221 | -389,461 |
Proceeds from option exercises | 46,437 | ' | 48,120 |
Stock repurchases | ' | ' | -448,521 |
Net cash (used in) financing activities | -1,343,828 | -6,600,161 | -6,348,763 |
Net increase (decrease) in cash and cash equivalents | 5,599,049 | -17,191,952 | 1,989,015 |
Cash and cash equivalents, beginning of year | 4,960,850 | 22,152,802 | 20,163,787 |
Cash and cash equivalents, end of year | 10,559,899 | 4,960,850 | 22,152,802 |
SUPPLEMENTAL INFORMATION: | ' | ' | ' |
Cash paid during the year for interest | 24,236 | 42,008 | 191,425 |
Cash paid during the year for income taxes, net of refunds | 723,228 | 77,856 | 48,559 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Shares issued for vested employee restricted stock units | 2,499 | 2,671 | 2,676 |
Shares issued for settlement of vested director restricted stock units | ' | 1,448 | 125 |
Exercise of stock options through the receipt of tendered shares | ' | 39,524 | ' |
Disposal of fully amortized intangible assets | ' | ' | 241,724 |
Disposal of fully depreciated furniture, fixtures and equipment | 254,842 | 82,776 | 51,731 |
Release of accrued remediation liability obligation upon sale of real estate | ' | ' | $1,000,000 |
Organization_and_Business
Organization and Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Business | ' | |
1 | Organization and Business | |
Reis, Inc. is a Maryland corporation. Reis, Inc. and its consolidated subsidiaries (“Reis” or the “Company”) provides commercial real estate market information and analytical tools to real estate professionals, 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. | ||
The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, launched in early 2013 and aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis, 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 or level of entitlement, 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. | ||
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 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 | 12 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
Codification and the Hierarchy of Generally Accepted Accounting Principles | |||||||||||||
Effective July 1, 2009, the Company adopted the provisions of the Financial Accounting Standards Board (“FASB”) guidance related to the Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”). This guidance identifies the sources of accepted accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). The Codification superseded all then-existing non-SEC accounting and reporting standards upon the effective date. The adoption of this standard changed how the Company references various elements of GAAP when preparing its financial statement disclosures, but has had no impact on the Company’s consolidated financial statements. | |||||||||||||
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. | |||||||||||||
Variable Interests | |||||||||||||
The Company evaluates its investments and subsidiaries to determine if an entity is a voting interest entity or a variable interest entity (“VIE”). The Company performs this analysis on an ongoing basis, or as circumstances change. The Company does not have any VIEs in the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all demand and money market accounts and short term investments in government funds with a maturity of three months or less at the date of purchase to be cash and cash equivalents. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivables are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectability of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. | |||||||||||||
Furniture, Fixtures and Equipment | |||||||||||||
The Company capitalizes costs for the purchase of furniture, fixtures and equipment that have an expected useful life beyond one year. Depreciation expense is calculated on a straight-line basis over the determined useful life of the asset, generally three to ten years. Depreciation expense was approximately $333,000, $355,000 and $352,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Intangible Assets, Amortization and Impairment | |||||||||||||
Web Site Development Costs | |||||||||||||
The Company expenses all internet web site costs incurred during the preliminary project stage. Thereafter, all direct external and internal development and implementation costs are capitalized and amortized using the straight-line method over their remaining estimated useful lives, not exceeding three years. The value ascribed to the web site intangible asset acquired at the time of the Merger was amortized on a straight-line basis over three years, and during 2010, this ascribed value was fully amortized. Amortization of all capitalized web site development costs is charged to product development expense. | |||||||||||||
Database Costs | |||||||||||||
The Company capitalizes costs for the development of its database in connection with the identification and addition of new real estate properties and sale transactions which provide a future economic benefit. Amortization is calculated on a straight-line basis over a three or five year period. Costs of updating and maintaining information on existing properties in the database are expensed as incurred. The value ascribed to the database intangible asset acquired at the time of the Merger was amortized on a straight-line basis over three or five years. The ascribed value having a three and five year amortizable life was fully amortized in 2010 and 2012, respectively. Amortization of all capitalized database costs is charged to cost of sales. | |||||||||||||
Customer Relationships | |||||||||||||
The value ascribed to customer relationships acquired at the time of the Merger is amortized over 15 years on an accelerated basis and is charged to sales and marketing expense. | |||||||||||||
Lease Value | |||||||||||||
The value ascribed to the below market terms of the office lease existing at the time of the Merger is amortized over the remaining term of the acquired office lease which was approximately nine years. Amortization is charged to general and administrative expenses. | |||||||||||||
Goodwill and Intangible Asset Impairment | |||||||||||||
Goodwill and a major portion of the other intangible assets were recorded at the time of the Merger. As a result of the tax treatment of the Merger, goodwill and the acquired intangible assets are not deductible for income tax purposes. | |||||||||||||
Goodwill is not amortized and is tested for impairment at least annually, or after a triggering event has occurred, requiring such a calculation. A qualitative assessment can be utilized to determine if a more detailed two step calculation is required. If the qualitative assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no further evaluation would be necessary. If, after performing the qualitative assessment, the Company determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then the first step of the two step test would be necessary. The first step is a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit’s carrying value. The fair values used in this evaluation would be estimates based upon market projections for the reporting unit. These market projections would utilize a number of estimates and assumptions, such as earnings before interest, taxes, depreciation and amortization (EBITDA) multiples, market comparisons, and quoted market prices. If the fair value of the reporting unit were to exceed its carrying value, goodwill would not be deemed to be impaired. If the fair value of the reporting unit is less than its carrying value, a second step would be required to calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. The Company early adopted the qualitative assessment guidance for goodwill in 2011, which did not impact the consolidated financial statements, other than disclosure, and utilized the qualitative assessment for its 2012 and 2013 evaluations. There was no goodwill impairment identified in 2013, 2012 or 2011. | |||||||||||||
Intangible assets, with determinable useful lives, are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. In addition, the carrying amount of amortizable intangible assets are reviewed when indicators of impairment are present. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, the asset would be considered impaired. An impairment charge would be determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period. There was no intangible asset impairment identified in 2013, 2012 or 2011. | |||||||||||||
Real Estate and Impairment | |||||||||||||
Costs directly related to the acquisition, development and improvement of real estate were capitalized, including interest and other costs incurred during the construction period. Ordinary repairs, maintenance and project operating costs were expensed as incurred. The Company historically reviewed its real estate assets for impairment: (1) whenever events or changes in circumstances indicated that the carrying amount of an asset may not be recoverable for assets held for use; and (2) when a determination was made to sell an asset or investment. If estimated cash flows on an undiscounted basis were insufficient to recover the carrying amount of an asset, an impairment loss equal to the excess of the carrying amount over estimated fair value would be recognized. No impairment charges were recorded during 2011 related to the Company’s real estate assets. The Company did not have any real estate assets during 2012 and 2013. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs consist of costs incurred to obtain financing or financing commitments. Such costs are amortized by the Company over the expected term of the respective agreements. | |||||||||||||
Fair Value Measurements | |||||||||||||
The current accounting literature provides for a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: | |||||||||||||
• | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | ||||||||||||
• | Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and | ||||||||||||
• | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company had no assets or liabilities valued using the valuation hierarchy. | |||||||||||||
Revenue Recognition and Related Items | |||||||||||||
The Company’s subscription revenue is derived principally from subscriptions to its web-based services for its Reis SE product and is recognized as revenue ratably over the related contractual period, which is typically one year but can be as long as 48 months. Revenues from ad-hoc and custom reports or projects are recognized as completed and delivered to the customers, provided that no significant Company obligations remain. Revenues from ReisReports are recognized monthly as billed for monthly subscribers, or recognized as revenue ratably over the related contractual period for subscriptions in excess of one month. Revenue from Mobiuss represents the Company’s 50% share of the value of the subscription and is recognized as revenue ratably over the related contractual period. Deferred revenue represents the portion of a subscription billed or collected in advance under the terms of the respective contract, which will be recognized in future periods. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. | |||||||||||||
Cost of sales of subscription revenue principally consists of salaries and related expenses for the Company’s researchers who collect and analyze the commercial real estate data that is the basis for the Company’s information services. Additionally, cost of sales includes the amortization of the database technology intangible asset. | |||||||||||||
Revenue from the sale of real estate in 2011, which solely consisted of a bulk sale of lots in a single family home development, was recognized at closing in accordance with applicable accounting guidelines. | |||||||||||||
Interest revenue is recorded on an accrual basis. | |||||||||||||
Share Based Compensation | |||||||||||||
Equity Awards | |||||||||||||
The fair market value as of the grant date of awards of stock, restricted stock units or certain stock options is recognized as compensation expense by the Company over the respective vesting periods. | |||||||||||||
Liability Awards | |||||||||||||
The Company accrues a liability for cash payments that could be made to option holders for the amount of the market value of the Company’s common stock in excess of the exercise prices of outstanding options accounted for as a liability award. 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) the 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 consolidated statements of operations. At December 31, 2013, of the 627,724 outstanding options, 17,724 options are accounted for as a liability as these awards provide for settlement in cash or in stock at the election of the option holder. At December 31, 2012, of the 645,448 outstanding options, 35,448 options were accounted for as a liability award. The liability for option cancellations was approximately $268,000 and $297,000 at December 31, 2013 and 2012, respectively. | |||||||||||||
The liability for option cancellations could materially change from period to period based upon: (1) an option holder either (a) exercising the options in a traditional manner or (b) electing the net cash settlement alternative; and (2) changes in the market price of the Company’s common stock. At each period end, an increase in the Company’s common stock price would result in an increase in compensation expense, whereas a decline in the stock price would reduce compensation expense. | |||||||||||||
See Note 9 for activity with respect to stock options and restricted stock units. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting basis and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are estimated to be in effect when the differences are expected to reverse. Valuation allowances with respect to deferred income tax assets are recorded when deemed appropriate and adjusted based upon periodic evaluations. | |||||||||||||
The Company evaluates its tax positions in accordance with applicable current accounting literature. Recognition of uncertain tax positions (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more likely than not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained or there is a satisfactory resolution of the tax position. | |||||||||||||
See Note 7 for more information regarding income taxes. | |||||||||||||
Per Share Data | |||||||||||||
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 Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic per share calculation: | |||||||||||||
Income from continuing operations for basic calculation | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for basic calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Numerator for diluted per share calculation: | |||||||||||||
Income from continuing operations | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
Adjustments to income from continuing operations for the income statement impact of dilutive securities | — | — | — | ||||||||||
Income from continuing operations for dilution calculation | 17,933,431 | 8,013,330 | 4,861,385 | ||||||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for dilution calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Denominator: | |||||||||||||
Weighted average common shares – basic | 10,884,533 | 10,685,333 | 10,569,805 | ||||||||||
Effect of dilutive securities: | |||||||||||||
RSUs | 242,396 | 305,033 | 301,956 | ||||||||||
Stock options | 269,630 | 43,716 | 5,115 | ||||||||||
Weighted average common shares – diluted | 11,396,559 | 11,034,082 | 10,876,876 | ||||||||||
Per common share amounts – basic: | |||||||||||||
Income from continuing operations | $ | 1.65 | $ | 0.75 | $ | 0.46 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.15 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.62 | $ | (0.40 | ) | $ | 0.18 | ||||||
Per common share amounts – diluted: | |||||||||||||
Income from continuing operations | $ | 1.57 | $ | 0.73 | $ | 0.45 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.12 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.54 | $ | (0.39 | ) | $ | 0.17 | ||||||
Potentially dilutive securities include all stock based awards. For the year ended December 31, 2013, the option awards accounted for under the liability method were antidilutive. For the years ended December 31, 2012 and 2011, certain equity awards, in addition to the option awards accounted for under the liability method, were antidilutive. | |||||||||||||
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 10. | |||||||||||||
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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 | |||||||||||||
December 31, 2013 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 10,347 | $ | — | $ | 213 | $ | 10,560 | |||||||||
Restricted cash and investments | 217 | — | — | 217 | |||||||||||||
Accounts receivable, net | 11,386 | — | — | 11,386 | |||||||||||||
Prepaid and other assets | 187 | — | 2,601 | 2,788 | |||||||||||||
Assets attributable to discontinued operations | — | — | 9 | 9 | |||||||||||||
Total current assets | 22,137 | — | 2,823 | 24,960 | |||||||||||||
Furniture, fixtures and equipment, net | 829 | — | 24 | 853 | |||||||||||||
Intangible assets, net | 15,687 | — | — | 15,687 | |||||||||||||
Deferred tax asset, net | 285 | — | 21,032 | 21,317 | |||||||||||||
Goodwill | 57,203 | — | (2,378 | ) | 54,825 | ||||||||||||
Other assets | 225 | — | — | 225 | |||||||||||||
Total assets | $ | 96,366 | $ | — | $ | 21,501 | $ | 117,867 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,623 | — | 956 | 3,579 | |||||||||||||
Liability for option cancellations | — | — | 268 | 268 | |||||||||||||
Deferred revenue | 20,284 | — | — | 20,284 | |||||||||||||
Liabilities attributable to discontinued operations | — | 271 | 71 | 342 | |||||||||||||
Total current liabilities | 22,907 | 271 | 1,295 | 24,473 | |||||||||||||
Other long-term liabilities | 523 | — | — | 523 | |||||||||||||
Deferred tax liability, net | 18,957 | — | (18,957 | ) | — | ||||||||||||
Total liabilities | 42,387 | 271 | (17,662 | ) | 24,996 | ||||||||||||
Total stockholders’ equity | 53,979 | (271 | ) | 39,163 | 92,871 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 96,366 | $ | — | $ | 21,501 | $ | 117,867 | |||||||||
(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. | ||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Year Ended December 31, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 34,721 | $ | — | $ | — | $ | 34,721 | |||||||||
Cost of sales of subscription revenue | 6,974 | — | — | 6,974 | |||||||||||||
Gross profit | 27,747 | — | — | 27,747 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 8,350 | — | — | 8,350 | |||||||||||||
Product development | 3,122 | — | — | 3,122 | |||||||||||||
General and administrative expenses | 6,989 | — | 4,920 | 11,909 | |||||||||||||
Total operating expenses | 18,461 | — | 4,920 | 23,381 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 10 | — | — | 10 | |||||||||||||
Interest expense | (113 | ) | — | — | (113 | ) | |||||||||||
Total other income (expenses) | (103 | ) | — | — | (103 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 9,183 | $ | — | $ | (4,920 | ) | $ | 4,263 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (9 | ) | $ | (557 | ) | $ | (566 | ) | ||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the periods 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 | |||||||||||||
Year Ended December 31, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 31,229 | $ | — | $ | — | $ | 31,229 | |||||||||
Cost of sales of subscription revenue | 6,617 | — | — | 6,617 | |||||||||||||
Gross profit | 24,612 | — | — | 24,612 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 7,643 | — | — | 7,643 | |||||||||||||
Product development | 2,485 | — | — | 2,485 | |||||||||||||
General and administrative expenses | 6,696 | — | 5,098 | 11,794 | |||||||||||||
Total operating expenses | 16,824 | — | 5,098 | 21,922 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 50 | — | 1 | 51 | |||||||||||||
Interest expense | (155 | ) | — | — | (155 | ) | |||||||||||
Total other income (expenses) | (105 | ) | — | 1 | (104 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 7,683 | $ | — | $ | (5,097 | ) | $ | 2,586 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (393 | ) | $ | (11,904 | ) | $ | (12,297 | ) | ||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Year Ended December 31, 2011 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 27,180 | $ | — | $ | — | $ | 27,180 | |||||||||
Cost of sales of subscription revenue | 6,305 | — | — | 6,305 | |||||||||||||
Gross profit | 20,875 | — | — | 20,875 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,704 | — | — | 6,704 | |||||||||||||
Product development | 2,093 | — | — | 2,093 | |||||||||||||
General and administrative expenses | 6,376 | — | 4,719 | 11,095 | |||||||||||||
Total operating expenses | 15,173 | — | 4,719 | 19,892 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 72 | — | 5 | 77 | |||||||||||||
Interest expense | (274 | ) | — | — | (274 | ) | |||||||||||
Total other income (expenses) | (202 | ) | — | 5 | (197 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,500 | $ | — | $ | (4,714 | ) | $ | 786 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (2,975 | ) | $ | — | $ | (2,975 | ) | |||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the periods 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 December 31, 2013. | |||||||||||||||||
The Company’s largest individual subscriber accounted for 3.4%, 4.2% and 4.9% of Reis Services’s revenue for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The following table presents the accounts receivable balances of Reis Services at December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable | $ | 11,465,000 | $ | 10,763,000 | |||||||||||||
Allowance for doubtful accounts | (79,000 | ) | (69,000 | ) | |||||||||||||
Accounts receivable, net | $ | 11,386,000 | $ | 10,694,000 | |||||||||||||
Twenty-five subscribers accounted for an aggregate of approximately 59.1% of Reis Services’s accounts receivable at December 31, 2013, including four subscribers in excess of 4.0% with the largest representing 10.4%. Through February 27, 2014, the Company received payments of approximately $9,079,000 or 79.2% against the December 31, 2013 accounts receivable balance. Twenty-four subscribers accounted for an aggregate of approximately 58.2% of Reis Services’s accounts receivable at December 31, 2012, including two subscribers in excess of 5.0% with the largest representing 11.1%. | |||||||||||||||||
At December 31, 2013 and 2012, the largest individual subscriber accounted for 5.9% and 6.6%, respectively, of deferred revenue. | |||||||||||||||||
Discontinued Operations – Residential Development Activities | |||||||||||||||||
Income (loss) from discontinued operations is comprised of the following: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Revenue from sales of real estate | $ | — | $ | — | $ | 1,800,000 | |||||||||||
Cost of sales of real estate | — | — | (288,000 | ) | |||||||||||||
Litigation charge, net of recoveries (see Note 10) | 80,000 | (11,547,000 | ) | (4,460,000 | ) | ||||||||||||
Other income (expense), net | (646,000 | ) | (750,000 | ) | (27,000 | ) | |||||||||||
(Loss) from discontinued operations before income tax | (566,000 | ) | (12,297,000 | ) | (2,975,000 | ) | |||||||||||
Income tax benefit from discontinued operations | (230,000 | ) | — | — | |||||||||||||
(Loss) from discontinued operations, net of income tax benefit | $ | (336,000 | ) | $ | (12,297,000 | ) | $ | (2,975,000 | ) | ||||||||
East Lyme | |||||||||||||||||
Prior to its sale in April 2011, the Company’s last remaining residential development was The Orchards, a single family home development in East Lyme, Connecticut, zoned for 161 single family homes on 224 acres (“East Lyme”). | |||||||||||||||||
The East Lyme project was sold in a bulk transaction for a gross sales price of $1,800,000 for the remaining 119 lots in inventory, plus the release of approximately $792,000 of project-related deposits and escrows held as restricted cash. Net cash received at closing, after selling expenses and closing adjustments, and including the cash received upon release of the deposits and escrows, aggregated approximately $2,600,000. Certain of the lots at East Lyme required remediation of pesticides which were used on the property when it was an apple orchard. As a result of the April 2011 bulk sale, the Company was indemnified from any financial obligation related to the environmental remediation. The Company recorded a gain on this transaction in the second quarter of 2011 of approximately $1,242,000, which is included in income (loss) from discontinued operations. | |||||||||||||||||
A bank initially provided a $3,000,000 letter of credit to a municipality in connection with the construction of public roads at the East Lyme project. In connection with the April 2011 sale of East Lyme, the Company was released from the letter of credit by the municipality and the cash collateral at that time of $400,000 was fully released. | |||||||||||||||||
Claverack | |||||||||||||||||
In February 2011, the Company received cash of approximately $455,000 in full satisfaction of a mortgage note and accrued interest thereon related to the February 2010 bulk sale of 235 acres in Claverack, New York. | |||||||||||||||||
Gold Peak | |||||||||||||||||
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 and its subsidiaries reached a settlement with the plaintiff, the Gold Peak homeowners association, providing for a total payment 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 year ended December 31, 2013, the Company recovered $80,000. For additional information pertaining to the Gold Peak litigation, see Note 10. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 12 Months Ended | |
Dec. 31, 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 December 31, 2013 and 2012, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 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: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Database | $ | 17,149,000 | $ | 15,175,000 | |||||
Accumulated amortization | (13,238,000 | ) | (11,691,000 | ) | |||||
Database, net | 3,911,000 | 3,484,000 | |||||||
Customer relationships | 14,100,000 | 14,100,000 | |||||||
Accumulated amortization | (6,417,000 | ) | (5,444,000 | ) | |||||
Customer relationships, net | 7,683,000 | 8,656,000 | |||||||
Web site | 10,402,000 | 8,325,000 | |||||||
Accumulated amortization | (7,095,000 | ) | (5,220,000 | ) | |||||
Web site, net | 3,307,000 | 3,105,000 | |||||||
Acquired below market lease | 2,800,000 | 2,800,000 | |||||||
Accumulated amortization | (2,014,000 | ) | (1,712,000 | ) | |||||
Acquired below market lease, net | 786,000 | 1,088,000 | |||||||
Intangibles, net | $ | 15,687,000 | $ | 16,333,000 | |||||
The Company capitalized approximately $1,974,000 and $1,952,000 to the database intangible asset and $2,077,000 and $1,855,000 to the web site intangible asset during the years ended December 31, 2013 and 2012, respectively. | |||||||||
Amortization expense for intangible assets aggregated approximately $4,697,000 for the year ended December 31, 2013, of which approximately $1,547,000 related to the database, which is charged to cost of sales, approximately $973,000 related to customer relationships, which is charged to sales and marketing expense, approximately $1,875,000 related to web site development, which is charged to product development expense, and approximately $302,000 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 $4,629,000 for the year ended December 31, 2012, of which approximately $1,907,000 related to the database, approximately $982,000 related to customer relationships, approximately $1,436,000 related to web site development, and approximately $304,000 related to the value ascribed to the below market terms of the office lease, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $4,788,000 for the year ended December 31, 2011, of which approximately $2,410,000 related to the database, approximately $992,000 related to customer relationships, approximately $1,084,000 related to web site development, and approximately $302,000 related to the value ascribed to the below market terms of the office lease. | |||||||||
The Company’s future amortization expense related to the net intangible asset balance at December 31, 2013 follows: | |||||||||
For the Year Ended December 31, | Amount | ||||||||
2014 | $ | 4,443,000 | |||||||
2015 | 3,548,000 | ||||||||
2016 | 2,308,000 | ||||||||
2017 | 1,317,000 | ||||||||
2018 | 1,045,000 | ||||||||
Thereafter | 3,026,000 | ||||||||
Total | $ | 15,687,000 | |||||||
Debt
Debt | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Debt | ' | |
6 | Debt | |
The Company has no debt outstanding at December 31, 2013 and 2012. | ||
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; all of the covenants were met at December 31, 2013. No borrowings were made on the Revolver during 2012 or 2013. | ||
During 2012, the Company repaid the remaining outstanding balance of $5,691,000 in connection with borrowings under a credit agreement, dated October 11, 2006, with the Bank of Montreal, Chicago Branch, as administrative agent, and BMO Capital Markets, as lead arranger. Loan proceeds were used to finance $25,000,000 of the cash portion of the Merger consideration. The final scheduled maturity date of all amounts borrowed pursuant to the credit agreement was September 30, 2012. The interest rate during 2012 was LIBOR + 1.50%. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
7 | Income Taxes | ||||||||||||||||||||||||
The components of income tax expense (benefit) are as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current Federal alternative minimum (“AMT”) expense | $ | 42,000 | $ | — | $ | — | |||||||||||||||||||
Current state and local tax expense (A) | 132,000 | 187,000 | — | ||||||||||||||||||||||
Deferred Federal tax expense (benefit) (B) | (12,775,000 | ) | (5,279,000 | ) | (3,606,000 | ) | |||||||||||||||||||
Deferred state and local tax expense (benefit) (C) | (1,299,000 | ) | (335,000 | ) | (469,000 | ) | |||||||||||||||||||
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (D) | (13,900,000 | ) | (5,427,000 | ) | (4,075,000 | ) | |||||||||||||||||||
Less income tax expense (benefit) attributable to discontinued operations | (230,000 | ) | — | — | |||||||||||||||||||||
Income tax (benefit) (E) | $ | (13,670,000 | ) | $ | (5,427,000 | ) | $ | (4,075,000 | ) | ||||||||||||||||
(A) | During 2012, the Company recorded current state and local tax expense of $187,000. This amount reflected the Company’s treatment of NOLs reflected on certain state and local tax returns. | ||||||||||||||||||||||||
(B) | Includes an AMT tax benefit of $1,181,000 in 2013. | ||||||||||||||||||||||||
(C) | Includes $92,000 in 2013 attributable to the tax benefit from excess stock based compensation deductions. | ||||||||||||||||||||||||
(D) | Includes income taxes attributable to income (loss) from discontinued operations. | ||||||||||||||||||||||||
(E) | Reflects the tax benefit from continuing operations as reported on the consolidated statements of operations for the periods presented. | ||||||||||||||||||||||||
The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense (benefit) is as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Tax (benefit) expense at U.S. statutory rate | $ | 1,492,000 | 35 | % | $ | (3,399,000 | ) | (35.00 | %) | $ | (766,000 | ) | (35.00 | %) | |||||||||||
State and local tax expense (benefit), net of Federal impact | 86,000 | 2.01 | % | (96,000 | ) | (0.99 | %) | (61,000 | ) | (2.80 | %) | ||||||||||||||
Impact of state and local tax rate change net of Federal impact | 110,000 | 2.58 | % | 6,000 | 0.06 | % | 67,000 | 3.08 | % | ||||||||||||||||
Cost (benefit) attributable to valuation allowance, net | (150,000 | ) | (3.52 | %) | 3,671,000 | 37.8 | % | 754,000 | 34.44 | % | |||||||||||||||
Non-deductible items | 9,000 | 0.21 | % | 5,000 | 0.05 | % | 6,000 | 0.28 | % | ||||||||||||||||
Benefit attributable to reduction in allowance against certain deferred tax assets | (15,217,000 | ) | (356.94 | %) | (5,614,000 | ) | (57.81 | %) | (4,075,000 | ) | (186.19 | %) | |||||||||||||
$ | (13,670,000 | ) | (320.66 | %) | $ | (5,427,000 | ) | (55.89 | %) | $ | (4,075,000 | ) | (186.19 | %) | |||||||||||
During 2013, 2012 and 2011, the Company recorded an aggregate deferred Federal, state and local income tax benefit of $15,217,000, $5,614,000 and $4,075,000, respectively, from the release of the valuation allowance against certain deferred tax assets. In the fourth quarters of 2013, 2012 and 2011, the Company reversed the valuation allowance recorded against a portion of its net operating loss (“NOL”) carryforwards in 2011 and 2012, and the remaining balance of the valuation allowance against NOL and AMT credit carryforwards in 2013. The decision to reduce the valuation allowance in each period was made after management determined, based on an assessment of continuing operations, profitability and forecasts of future taxable income, that these deferred tax assets would be realized in the future. | |||||||||||||||||||||||||
Separately, during the fourth quarter of 2013, the Company also reevaluated the availability of state operating loss carryforwards and modified the future effective state and local tax rate. As a result, the future tax benefit was reduced by approximately $346,000 during the year ended December 31, 2013. In the fourth quarter of 2011, the Company revised its annual effective tax rate. The change resulted from a review of the Company’s operations since the Merger and the adoption by New York City of a 100% revenue apportionment factor which is being implemented over a number of years through 2017. As a result of the reduction in the effective tax rate, the deferred tax benefit was reduced by approximately $339,000 for the year ended December 31, 2011. | |||||||||||||||||||||||||
Due to the amount of its NOL and credit carryforwards, the Company does not anticipate paying Federal income taxes for the foreseeable future. The Company expects, in the near-term, that it will be subject to cash payments for state and local income taxes and Federal AMT. | |||||||||||||||||||||||||
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 $23,789,000 and $9,622,000 at December 31, 2013 and 2012, respectively, of which $2,472,000 and $1,065,000 is reflected as a net current asset in prepaid and other assets and $21,317,000 and $8,557,000 is reflected separately 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. | |||||||||||||||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Net operating loss carryforwards | $ | 23,771,675 | $ | 24,807,803 | |||||||||||||||||||||
Asset basis differences — tax amount greater than book value | 263,944 | 276,365 | |||||||||||||||||||||||
Liability reserves | 212,376 | 658,713 | |||||||||||||||||||||||
Reserve for option cancellations | 99,689 | 111,878 | |||||||||||||||||||||||
Stock compensation plans | 1,598,969 | 1,514,453 | |||||||||||||||||||||||
AMT credit carryforwards | 1,181,423 | 1,139,392 | |||||||||||||||||||||||
Other | 31,167 | 25,871 | |||||||||||||||||||||||
27,159,243 | 28,534,475 | ||||||||||||||||||||||||
Valuation allowance | — | (15,217,496 | ) | ||||||||||||||||||||||
Total deferred tax assets | 27,159,243 | 13,316,979 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Acquired asset differences — book value greater than tax | (3,145,741 | ) | (3,676,472 | ) | |||||||||||||||||||||
Asset basis differences — carrying amount value greater than tax | (224,982 | ) | (18,087 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (3,370,723 | ) | (3,694,559 | ) | |||||||||||||||||||||
Net deferred tax asset (liability) | $ | 23,788,520 | $ | 9,622,420 | |||||||||||||||||||||
The Company has aggregate Federal, state and local NOL carryforwards aggregating approximately $66,006,000 at December 31, 2013. 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 $25,158,000 of these Federal NOLs are subject to an annual limitation, whereas the remaining balance of approximately $40,848,000 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 10. | |||||||||||||||||||||||||
A further requirement of the tax rules is that after a corporation experiences an ownership change, it must satisfy the continuity of business enterprise, or COBE, requirement (which generally requires that a corporation continue its historic business or use a significant portion of its historic business assets in its business for the two year period beginning on the date of the ownership change) to be able to utilize NOLs generated prior to such ownership change. The Company believes that the COBE requirement was met through the required two year period subsequent to the ownership change. In February 2012, the Internal Revenue Service (“IRS”) completed an audit of the Company’s 2009 Federal income tax return. The 2009 tax year included the end of the two year period subsequent to the Merger. The IRS issued a no change letter related to the Company’s 2009 tax return, thereby accepting the Company’s position that the two year COBE requirement was met. | |||||||||||||||||||||||||
The Company does not have any near-term expirations of NOLs; the next NOL expiration is in 2017 for approximately $3,391,000 of Federal NOLs. Included in Federal and state NOLs at December 31, 2013 is approximately $1,723,000 attributable to excess tax deductions from the issuance of common shares as non-cash compensation. The tax benefits attributable to those NOLs will be credited directly to additional paid in capital when utilized to offset taxes payable. | |||||||||||||||||||||||||
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. As a result of management’s current evaluation of the Company’s future operations, it has been determined that no valuation allowance was necessary at December 31, 2013. Management determined that a valuation allowance of approximately $15,217,000 was necessary at December 31, 2012. The allowance at December 31, 2012 related primarily to NOL carryforwards and AMT credits. The decrease in the allowance in 2012 was primarily attributable to the $5,614,000 increase in deferred tax assets expected to be realized in the years subsequent to December 31, 2012, offset in part by the litigation settlement payments made in 2012, net of recoveries, which resulted in an increase to the 2012 NOL. The decrease in the allowance in 2011 was primarily attributable to the release of valuation allowance against deferred assets expected to be utilized in the three years subsequent to December 31, 2011 of $4,075,000, a reduction in the effective tax rate utilized by the Company (approximately $1,850,000), and utilizing the tax loss on the sale of the Company’s East Lyme project for which an allowance was provided for, related to the net liability in 2010, offset by the allowance provided for the net litigation liability at December 31, 2011. | |||||||||||||||||||||||||
The Company and its subsidiaries have been audited by the Federal tax authorities for 2009 and Federal tax returns are open for 2010, 2011 and 2012; all prior Federal periods are closed, except to the extent that NOLs were generated in a given year. The acquired VLP net operating loss carryforward is open for 1997 and 1998 for the NOLs generated during those years. Private Reis was audited by the IRS for tax years ending October 31, 2005 and 2006. In addition, tax returns are open from 2000 to 2002 and 2007, to the extent that NOLs were generated during these periods by Private Reis. | |||||||||||||||||||||||||
Tax returns for the Company and a subsidiary are under audit by the State of New York for the years 2004 to 2006 and are open for the years 2007 to 2012. As a result of the New York State audit, New York City returns are open for the years 2004 to 2012 as well. The tax years for another subsidiary, operating in Colorado are open from 2009 to 2012. | |||||||||||||||||||||||||
The Company’s reserve for unrecognized tax benefits, including estimated interest, was $62,000 and $345,000 at December 31, 2013 and 2012, respectively. The unrecognized tax benefits as well as related interest was included in general and administrative expenses. The Company recorded an additional provision, including interest, of $51,000 and $200,000 in 2013 and 2012, respectively. A reconciliation of the unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of period | $ | 345,000 | $ | 145,000 | $ | 145,000 | |||||||||||||||||||
Additional provisions and interest related to prior years | 51,000 | 200,000 | 7,700 | ||||||||||||||||||||||
Resolution of matters during the period | (334,000 | ) | — | (7,700 | ) | ||||||||||||||||||||
Balance at end of period | $ | 62,000 | $ | 345,000 | $ | 145,000 | |||||||||||||||||||
The Company expects that a substantial portion of the 2013 balance could be resolved in 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 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 December 31, 2013. Although the Company has remaining availability under a prior authorization, such authorization was at a time when the Company’s stock price and cash position was significantly different than where they were at December 31, 2013; and therefore, management would probably seek a new authorization from the Board if the Company were to consider stock repurchases in the future. | ||
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 years ended December 31, 2013 and 2012, the Company did not repurchase any shares of common stock. During the year ended December 31, 2011, the Company repurchased 50,060 shares of common stock at an average price of $8.96 per share. | ||
The Company did not declare or distribute any dividends during the years ended December 31, 2013, 2012 or 2011. |
Stock_Plans_and_Other_Incentiv
Stock Plans and Other Incentives | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||||||||||
Outstanding at beginning of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | 680,896 | $ | 8.73 | ||||||||||||||||||||||||
Granted | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Exercised | (8,862 | ) | $ | (5.24 | ) | (8,862 | ) | $ | (4.46 | ) | (8,862 | ) | $ | (5.43 | ) | ||||||||||||||||||
Cancelled through cash settlement | (8,862 | ) | $ | (5.24 | ) | (8,862 | ) | $ | (4.46 | ) | (8,862 | ) | $ | (5.43 | ) | ||||||||||||||||||
Forfeited/cancelled/expired | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Outstanding at end of period | 627,724 | $ | 9.05 | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | ||||||||||||||||||||||||
Options exercisable at end of period | 627,724 | $ | 9.05 | 420,448 | $ | 9.43 | 361,172 | $ | 9.1 | ||||||||||||||||||||||||
Options exercisable which can be settled in cash | 17,724 | $ | 4.09 | 35,448 | $ | 4.67 | 53,172 | $ | 4.6 | ||||||||||||||||||||||||
Weighted average fair value of options granted per year (per option) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Weighted average remaining contractual life at end of period | 4.5 years | 5.3 years | 6.2 years | ||||||||||||||||||||||||||||||
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 December 31, 2013, the liability for option cancellations was approximately $268,000 based upon the difference in the closing stock price of the Company’s common stock at December 31, 2013 of $19.23 per share and the individual exercise prices of the outstanding 17,724 “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 compensation expense of approximately $82,000, $114,000 and $121,000 for the years ended December 31, 2013, 2012 and 2011, 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. | |||||||||||||||||||||||||||||||||
In each of the years ended December 31, 2013, 2012 and 2011, a total of 8,862 options were settled with net cash payments aggregating approximately $110,000, $58,000 and $38,000, respectively. | |||||||||||||||||||||||||||||||||
The following table presents additional option details at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Options Outstanding and Exercisable | Options Outstanding and Exercisable | ||||||||||||||||||||||||||||||||
at December 31, 2013 | at December 31, 2012 | ||||||||||||||||||||||||||||||||
Range of Exercise Prices | Outstanding | Remaining | Weighted | Intrinsic | Outstanding | Remaining | Weighted | Intrinsic | |||||||||||||||||||||||||
Contractual | Average | Value (A) | Contractual | Average | Value (A) | ||||||||||||||||||||||||||||
Life (Years) | Exercise | Life (Years) | Exercise | ||||||||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||||||||||
$4.09 (B) | 17,724 | 0.72 | $ | 4.09 | $ | 268,341 | 17,724 | 1.72 | $ | 4.09 | $ | 158,453 | |||||||||||||||||||||
$5.24 (B) | — | — | — | — | 17,724 | 1 | 5.24 | 138,070 | |||||||||||||||||||||||||
$7.50 | 70,000 | 3.62 | 7.5 | 821,100 | 70,000 | 4.62 | 7.5 | 387,100 | |||||||||||||||||||||||||
$8.03 | 225,000 | 6.58 | 8.03 | 2,521,125 | 225,000 | 7.5 | 8.03 | 1,126,125 | |||||||||||||||||||||||||
$10.40 | 315,000 | 3.41 | 10.4 | 2,781,450 | 315,000 | 4.41 | 10.4 | 828,450 | |||||||||||||||||||||||||
627,724 | 4.49 | 9.05 | $ | 6,392,016 | 645,448 | 5.34 | 8.94 | $ | 2,638,198 | ||||||||||||||||||||||||
(A) | The intrinsic value is the amount by which the fair value of the Company’s stock price exceeds the exercise price of an option at December 31, 2013 and 2012, respectively. For purposes of this calculation, the Company’s closing stock prices were $19.23 and $13.03 per share on December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
(B) | These options are the remaining options accounted for as liability awards at December 31, 2013 and 2012, respectively. During 2014, the remaining 17,724 options with an exercise price of $4.09 are scheduled to expire. | ||||||||||||||||||||||||||||||||
The Company estimates the fair value of each option granted on the date of grant using the Black-Scholes option-pricing model; however there were no option awards granted during the years ended December 31, 2013, 2012 or 2011. | |||||||||||||||||||||||||||||||||
RSU Awards | |||||||||||||||||||||||||||||||||
The following table presents the changes in RSUs outstanding for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Outstanding at beginning of period | 469,848 | 590,662 | 523,479 | ||||||||||||||||||||||||||||||
Granted | 103,176 | 169,481 | 251,281 | ||||||||||||||||||||||||||||||
Common stock delivered (A) (B) (C) | (205,075 | ) | (290,295 | ) | (184,098 | ) | |||||||||||||||||||||||||||
Forfeited | (2,263 | ) | — | — | |||||||||||||||||||||||||||||
Outstanding at end of period | 365,686 | 469,848 | 590,662 | ||||||||||||||||||||||||||||||
Intrinsic value (D) | $ | 7,032,000 | $ | 6,122,000 | $ | 5,386,800 | |||||||||||||||||||||||||||
(A) | Includes 80,139 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $1,280,000 in 2013. A net of 124,936 shares of common stock were delivered in 2013. | ||||||||||||||||||||||||||||||||
(B) | Includes 84,367 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $851,000 in 2012. A net of 133,518 shares of common stock were delivered in 2012. | ||||||||||||||||||||||||||||||||
(C) | Includes 44,019 shares which were used to settle minimum employee withholding tax obligations for 14 employees of approximately $352,000 in 2011. A net of 133,809 shares of common stock were delivered in 2011. | ||||||||||||||||||||||||||||||||
(D) | For purposes of this calculation, the Company’s closing stock prices were $19.23, $13.03 and $9.12 per share on December 31, 2013, 2012 and 2011, 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). In March 2011, an aggregate of 214,135 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a weighted average grant date fair value of $7.41 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 2013, 2012 and 2011 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 years ended December 31, 2013, 2012 and 2011, an aggregate of 11,820 RSUs, 25,698 RSUs and 37,146 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $15.56, $9.54 and $8.25 per RSU, respectively) 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. The Company issued 72,410 and 6,270 shares in December 2012 and 2011, respectively, to satisfy the settlement of RSUs related to directors that retired from the Board during those years. | |||||||||||||||||||||||||||||||||
Option and RSU Expense Information | |||||||||||||||||||||||||||||||||
The Company recorded non-cash compensation expense of approximately $1,859,000, $2,181,000 and $2,083,000, respectively, including approximately $173,000, $222,000 and $295,000 related to non-employee director equity compensation, for the years ended December 31, 2013, 2012 and 2011, 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. | |||||||||||||||||||||||||||||||||
At December 31, 2013, the total compensation cost related to outstanding, non-vested equity awards of options and RSUs that is expected to be recognized as compensation cost in the future aggregates approximately $1,637,000. It does not include any awards granted subsequent to December 31, 2013. | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | Options | RSUs | Total | ||||||||||||||||||||||||||||||
2014 | $ | — | $ | 1,037,000 | $ | 1,037,000 | |||||||||||||||||||||||||||
2015 | — | 520,000 | 520,000 | ||||||||||||||||||||||||||||||
2016 | — | 80,000 | 80,000 | ||||||||||||||||||||||||||||||
$ | — | $ | 1,637,000 | $ | 1,637,000 | ||||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
10 | Commitments and Contingencies | ||||
Litigation | |||||
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, GP LLC and WPHC reached a settlement with the plaintiff, providing for a total payment 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 year ended December 31, 2013, the Company recovered $80,000. | |||||
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 in District Court in Douglas County, Colorado on January 18, 2012, 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 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. Trial in this comprehensive insurance action is scheduled for June 2014. 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. A trial for these actions would not occur until 2015. | |||||
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. | |||||
Other Operating Commitments | |||||
The Company is a tenant under three operating leases, two of which are for office space in Midtown Manhattan, New York and expire in September 2016, and a third for office space in White Plains, New York, which expires in September 2019. Rent expense was approximately $1,893,000, $1,793,000 and $1,738,000 for the years ended December 31, 2013, 2012 and 2011, respectively, which includes base rent plus other charges including, but not limited to, real estate taxes and maintenance costs in excess of base year amounts. In connection with one lease, the Company provided a letter of credit through a bank, to the lessor. The letter of credit requirement is approximately $212,000 which is collateralized by a certificate of deposit issued by that bank. The certificate of deposit is included in restricted cash and investments in the consolidated balance sheets at December 31, 2013 and 2012. | |||||
Future minimum lease payments under operating leases at December 31, 2013 are as follows: | |||||
For the Year Ended December 31, | Amount | ||||
2014 | $ | 1,812,000 | |||
2015 | 1,896,000 | ||||
2016 | 1,495,000 | ||||
2017 | 214,000 | ||||
2018 | 219,000 | ||||
Thereafter | 166,000 | ||||
Total | $ | 5,802,000 | |||
The Company has a defined contribution savings plans pursuant to Section 401 of the Internal Revenue Code. The Company matches contributions up to 2% of employees’ salaries, as then defined, for 2013, 2012 and 2011 (calculated as 50% of the employee’s contribution, capped at 4% of the employee’s salary). The Company made contributions to this plan of approximately $203,000, $159,000 and $148,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value of Financial Instruments | ' | |
11 | Fair Value of Financial Instruments | |
At December 31, 2013 and 2012, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments, excluding debt, were not materially different from their recorded values at December 31, 2013 and 2012. The Company had no debt balance outstanding at December 31, 2013 or 2012. See Note 6 for more information about the Company’s debt. |
Summarized_Consolidated_Quarte
Summarized Consolidated Quarterly Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summarized Consolidated Quarterly Information | ' | ||||||||||||||||
12 | Summarized Consolidated Quarterly Information (Unaudited) | ||||||||||||||||
Summarized consolidated and condensed quarterly financial information is as follows: | |||||||||||||||||
(amounts in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | For the Three Months | ||||||||||||||
Ended March 31 | Ended June 30 | Ended September 30 | Ended December 31 | ||||||||||||||
Subscription revenue | $ | 8,234 | $ | 8,498 | $ | 8,780 | $ | 9,209 | |||||||||
Income from continuing operations (A) | $ | 402 | $ | 522 | $ | 705 | $ | 16,304 | |||||||||
Net income (A) | $ | 250 | $ | 484 | $ | 649 | $ | 16,214 | |||||||||
Per share amounts – basic (B): | |||||||||||||||||
Income from continuing operations | $ | 0.04 | $ | 0.05 | $ | 0.06 | $ | 1.49 | |||||||||
Net income | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 1.49 | |||||||||
Per share amounts – diluted (B): | |||||||||||||||||
Income from continuing operations | $ | 0.04 | $ | 0.05 | $ | 0.05 | $ | 1.42 | |||||||||
Net income | $ | 0.02 | $ | 0.04 | $ | 0.05 | $ | 1.41 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 10,828 | 10,892 | 10,908 | 10,909 | |||||||||||||
Diluted | 11,348 | 11,398 | 11,445 | 11,464 | |||||||||||||
2012 | |||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | For the Three Months | ||||||||||||||
Ended March 31 | Ended June 30 | Ended September 30 | Ended December 31 | ||||||||||||||
Subscription revenue | $ | 7,298 | $ | 7,522 | $ | 7,827 | $ | 8,581 | |||||||||
Income from continuing operations (A) | $ | 136 | $ | 498 | $ | 860 | $ | 6,519 | |||||||||
Net (loss) income (A)(C) | $ | (14,209 | ) | $ | 2,193 | $ | 666 | $ | 7,066 | ||||||||
Per share amounts – basic (B): | |||||||||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.61 | |||||||||
Net (loss) income | $ | (1.34 | ) | $ | 0.21 | $ | 0.06 | $ | 0.66 | ||||||||
Per share amounts – diluted (B): | |||||||||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.58 | |||||||||
Net (loss) income | $ | (1.29 | ) | $ | 0.2 | $ | 0.06 | $ | 0.63 | ||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 10,624 | 10,686 | 10,703 | 10,728 | |||||||||||||
Diluted | 11,011 | 10,950 | 11,094 | 11,233 | |||||||||||||
(A) | The fourth quarter of 2013 and 2012 amounts reflect a net tax benefit of $14,751 and $5,427, respectively. See Note 7. | ||||||||||||||||
(B) | Aggregate quarterly per share amounts may not equal annual or period to date amounts presented elsewhere in these consolidated financial statements due to rounding differences. | ||||||||||||||||
(C) | The 2012 net (loss) income reflects the following events, all of which were recorded in income (loss) from discontinued operations in the respective quarterly periods pertaining to the Gold Peak project (see Note 10): | ||||||||||||||||
- | the first quarter of 2012 charge of $14,216, based upon the March 2012 verdict; | ||||||||||||||||
- | the second quarter of 2012 reversal of $1,956 of previously recorded litigation charges, based upon the June 2012 settlement; and | ||||||||||||||||
- | the fourth quarter of 2012 recoveries of approximately $713, which offset a portion of the previously recorded charges. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
Codification and Hierarchy of Generally Accepted Accounting Principles | ' | ||||||||||||
Codification and the Hierarchy of Generally Accepted Accounting Principles | |||||||||||||
Effective July 1, 2009, the Company adopted the provisions of the Financial Accounting Standards Board (“FASB”) guidance related to the Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”). This guidance identifies the sources of accepted accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). The Codification superseded all then-existing non-SEC accounting and reporting standards upon the effective date. The adoption of this standard changed how the Company references various elements of GAAP when preparing its financial statement disclosures, but has had no impact on the Company’s consolidated financial statements. | |||||||||||||
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. | |||||||||||||
Variable Interests | ' | ||||||||||||
Variable Interests | |||||||||||||
The Company evaluates its investments and subsidiaries to determine if an entity is a voting interest entity or a variable interest entity (“VIE”). The Company performs this analysis on an ongoing basis, or as circumstances change. The Company does not have any VIEs in the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all demand and money market accounts and short term investments in government funds with a maturity of three months or less at the date of purchase to be cash and cash equivalents. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivables are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectability of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. | |||||||||||||
Furniture, Fixtures and Equipment | ' | ||||||||||||
Furniture, Fixtures and Equipment | |||||||||||||
The Company capitalizes costs for the purchase of furniture, fixtures and equipment that have an expected useful life beyond one year. Depreciation expense is calculated on a straight-line basis over the determined useful life of the asset, generally three to ten years. Depreciation expense was approximately $333,000, $355,000 and $352,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Intangible Assets, Amortization and Impairment | ' | ||||||||||||
Intangible Assets, Amortization and Impairment | |||||||||||||
Web Site Development Costs | |||||||||||||
The Company expenses all internet web site costs incurred during the preliminary project stage. Thereafter, all direct external and internal development and implementation costs are capitalized and amortized using the straight-line method over their remaining estimated useful lives, not exceeding three years. The value ascribed to the web site intangible asset acquired at the time of the Merger was amortized on a straight-line basis over three years, and during 2010, this ascribed value was fully amortized. Amortization of all capitalized web site development costs is charged to product development expense. | |||||||||||||
Database Costs | |||||||||||||
The Company capitalizes costs for the development of its database in connection with the identification and addition of new real estate properties and sale transactions which provide a future economic benefit. Amortization is calculated on a straight-line basis over a three or five year period. Costs of updating and maintaining information on existing properties in the database are expensed as incurred. The value ascribed to the database intangible asset acquired at the time of the Merger was amortized on a straight-line basis over three or five years. The ascribed value having a three and five year amortizable life was fully amortized in 2010 and 2012, respectively. Amortization of all capitalized database costs is charged to cost of sales. | |||||||||||||
Customer Relationships | |||||||||||||
The value ascribed to customer relationships acquired at the time of the Merger is amortized over 15 years on an accelerated basis and is charged to sales and marketing expense. | |||||||||||||
Lease Value | |||||||||||||
The value ascribed to the below market terms of the office lease existing at the time of the Merger is amortized over the remaining term of the acquired office lease which was approximately nine years. Amortization is charged to general and administrative expenses. | |||||||||||||
Goodwill and Intangible Asset Impairment | |||||||||||||
Goodwill and a major portion of the other intangible assets were recorded at the time of the Merger. As a result of the tax treatment of the Merger, goodwill and the acquired intangible assets are not deductible for income tax purposes. | |||||||||||||
Goodwill is not amortized and is tested for impairment at least annually, or after a triggering event has occurred, requiring such a calculation. A qualitative assessment can be utilized to determine if a more detailed two step calculation is required. If the qualitative assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no further evaluation would be necessary. If, after performing the qualitative assessment, the Company determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then the first step of the two step test would be necessary. The first step is a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit’s carrying value. The fair values used in this evaluation would be estimates based upon market projections for the reporting unit. These market projections would utilize a number of estimates and assumptions, such as earnings before interest, taxes, depreciation and amortization (EBITDA) multiples, market comparisons, and quoted market prices. If the fair value of the reporting unit were to exceed its carrying value, goodwill would not be deemed to be impaired. If the fair value of the reporting unit is less than its carrying value, a second step would be required to calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. The Company early adopted the qualitative assessment guidance for goodwill in 2011, which did not impact the consolidated financial statements, other than disclosure, and utilized the qualitative assessment for its 2012 and 2013 evaluations. There was no goodwill impairment identified in 2013, 2012 or 2011. | |||||||||||||
Intangible assets, with determinable useful lives, are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up. In addition, the carrying amount of amortizable intangible assets are reviewed when indicators of impairment are present. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, the asset would be considered impaired. An impairment charge would be determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period. There was no intangible asset impairment identified in 2013, 2012 or 2011. | |||||||||||||
Real Estate and Impairment | ' | ||||||||||||
Real Estate and Impairment | |||||||||||||
Costs directly related to the acquisition, development and improvement of real estate were capitalized, including interest and other costs incurred during the construction period. Ordinary repairs, maintenance and project operating costs were expensed as incurred. The Company historically reviewed its real estate assets for impairment: (1) whenever events or changes in circumstances indicated that the carrying amount of an asset may not be recoverable for assets held for use; and (2) when a determination was made to sell an asset or investment. If estimated cash flows on an undiscounted basis were insufficient to recover the carrying amount of an asset, an impairment loss equal to the excess of the carrying amount over estimated fair value would be recognized. No impairment charges were recorded during 2011 related to the Company’s real estate assets. The Company did not have any real estate assets during 2012 and 2013. | |||||||||||||
Deferred Financing Costs | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs consist of costs incurred to obtain financing or financing commitments. Such costs are amortized by the Company over the expected term of the respective agreements. | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
The current accounting literature provides for a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: | |||||||||||||
• | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | ||||||||||||
• | Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and | ||||||||||||
• | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company had no assets or liabilities valued using the valuation hierarchy. | |||||||||||||
Revenue Recognition and Related Items | ' | ||||||||||||
Revenue Recognition and Related Items | |||||||||||||
The Company’s subscription revenue is derived principally from subscriptions to its web-based services for its Reis SE product and is recognized as revenue ratably over the related contractual period, which is typically one year but can be as long as 48 months. Revenues from ad-hoc and custom reports or projects are recognized as completed and delivered to the customers, provided that no significant Company obligations remain. Revenues from ReisReports are recognized monthly as billed for monthly subscribers, or recognized as revenue ratably over the related contractual period for subscriptions in excess of one month. Revenue from Mobiuss represents the Company’s 50% share of the value of the subscription and is recognized as revenue ratably over the related contractual period. Deferred revenue represents the portion of a subscription billed or collected in advance under the terms of the respective contract, which will be recognized in future periods. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. | |||||||||||||
Cost of sales of subscription revenue principally consists of salaries and related expenses for the Company’s researchers who collect and analyze the commercial real estate data that is the basis for the Company’s information services. Additionally, cost of sales includes the amortization of the database technology intangible asset. | |||||||||||||
Revenue from the sale of real estate in 2011, which solely consisted of a bulk sale of lots in a single family home development, was recognized at closing in accordance with applicable accounting guidelines. | |||||||||||||
Interest revenue is recorded on an accrual basis. | |||||||||||||
Share Based Compensation | ' | ||||||||||||
Share Based Compensation | |||||||||||||
Equity Awards | |||||||||||||
The fair market value as of the grant date of awards of stock, restricted stock units or certain stock options is recognized as compensation expense by the Company over the respective vesting periods. | |||||||||||||
Liability Awards | |||||||||||||
The Company accrues a liability for cash payments that could be made to option holders for the amount of the market value of the Company’s common stock in excess of the exercise prices of outstanding options accounted for as a liability award. 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) the 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 consolidated statements of operations. At December 31, 2013, of the 627,724 outstanding options, 17,724 options are accounted for as a liability as these awards provide for settlement in cash or in stock at the election of the option holder. At December 31, 2012, of the 645,448 outstanding options, 35,448 options were accounted for as a liability award. The liability for option cancellations was approximately $268,000 and $297,000 at December 31, 2013 and 2012, respectively. | |||||||||||||
The liability for option cancellations could materially change from period to period based upon: (1) an option holder either (a) exercising the options in a traditional manner or (b) electing the net cash settlement alternative; and (2) changes in the market price of the Company’s common stock. At each period end, an increase in the Company’s common stock price would result in an increase in compensation expense, whereas a decline in the stock price would reduce compensation expense. | |||||||||||||
See Note 9 for activity with respect to stock options and restricted stock units. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting basis and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are estimated to be in effect when the differences are expected to reverse. Valuation allowances with respect to deferred income tax assets are recorded when deemed appropriate and adjusted based upon periodic evaluations. | |||||||||||||
The Company evaluates its tax positions in accordance with applicable current accounting literature. Recognition of uncertain tax positions (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more likely than not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained or there is a satisfactory resolution of the tax position. | |||||||||||||
See Note 7 for more information regarding income taxes. | |||||||||||||
Per Share Data | ' | ||||||||||||
Per Share Data | |||||||||||||
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 Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic per share calculation: | |||||||||||||
Income from continuing operations for basic calculation | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for basic calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Numerator for diluted per share calculation: | |||||||||||||
Income from continuing operations | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
Adjustments to income from continuing operations for the income statement impact of dilutive securities | — | — | — | ||||||||||
Income from continuing operations for dilution calculation | 17,933,431 | 8,013,330 | 4,861,385 | ||||||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for dilution calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Denominator: | |||||||||||||
Weighted average common shares – basic | 10,884,533 | 10,685,333 | 10,569,805 | ||||||||||
Effect of dilutive securities: | |||||||||||||
RSUs | 242,396 | 305,033 | 301,956 | ||||||||||
Stock options | 269,630 | 43,716 | 5,115 | ||||||||||
Weighted average common shares – diluted | 11,396,559 | 11,034,082 | 10,876,876 | ||||||||||
Per common share amounts – basic: | |||||||||||||
Income from continuing operations | $ | 1.65 | $ | 0.75 | $ | 0.46 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.15 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.62 | $ | (0.40 | ) | $ | 0.18 | ||||||
Per common share amounts – diluted: | |||||||||||||
Income from continuing operations | $ | 1.57 | $ | 0.73 | $ | 0.45 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.12 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.54 | $ | (0.39 | ) | $ | 0.17 | ||||||
Potentially dilutive securities include all stock based awards. For the year ended December 31, 2013, the option awards accounted for under the liability method were antidilutive. For the years ended December 31, 2012 and 2011, certain equity awards, in addition to the option awards accounted for under the liability method, were antidilutive. | |||||||||||||
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 10. | |||||||||||||
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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [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 Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic per share calculation: | |||||||||||||
Income from continuing operations for basic calculation | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for basic calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Numerator for diluted per share calculation: | |||||||||||||
Income from continuing operations | $ | 17,933,431 | $ | 8,013,330 | $ | 4,861,385 | |||||||
Adjustments to income from continuing operations for the income statement impact of dilutive securities | — | — | — | ||||||||||
Income from continuing operations for dilution calculation | 17,933,431 | 8,013,330 | 4,861,385 | ||||||||||
(Loss) from discontinued operations, net of income tax expense | (336,489 | ) | (12,296,912 | ) | (2,974,958 | ) | |||||||
Net income (loss) for dilution calculation | $ | 17,596,942 | $ | (4,283,582 | ) | $ | 1,886,427 | ||||||
Denominator: | |||||||||||||
Weighted average common shares – basic | 10,884,533 | 10,685,333 | 10,569,805 | ||||||||||
Effect of dilutive securities: | |||||||||||||
RSUs | 242,396 | 305,033 | 301,956 | ||||||||||
Stock options | 269,630 | 43,716 | 5,115 | ||||||||||
Weighted average common shares – diluted | 11,396,559 | 11,034,082 | 10,876,876 | ||||||||||
Per common share amounts – basic: | |||||||||||||
Income from continuing operations | $ | 1.65 | $ | 0.75 | $ | 0.46 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.15 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.62 | $ | (0.40 | ) | $ | 0.18 | ||||||
Per common share amounts – diluted: | |||||||||||||
Income from continuing operations | $ | 1.57 | $ | 0.73 | $ | 0.45 | |||||||
(Loss) from discontinued operations | (0.03 | ) | (1.12 | ) | (0.28 | ) | |||||||
Net income (loss) | $ | 1.54 | $ | (0.39 | ) | $ | 0.17 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 | |||||||||||||
December 31, 2013 | Services | Operations (A) | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 10,347 | $ | — | $ | 213 | $ | 10,560 | |||||||||
Restricted cash and investments | 217 | — | — | 217 | |||||||||||||
Accounts receivable, net | 11,386 | — | — | 11,386 | |||||||||||||
Prepaid and other assets | 187 | — | 2,601 | 2,788 | |||||||||||||
Assets attributable to discontinued operations | — | — | 9 | 9 | |||||||||||||
Total current assets | 22,137 | — | 2,823 | 24,960 | |||||||||||||
Furniture, fixtures and equipment, net | 829 | — | 24 | 853 | |||||||||||||
Intangible assets, net | 15,687 | — | — | 15,687 | |||||||||||||
Deferred tax asset, net | 285 | — | 21,032 | 21,317 | |||||||||||||
Goodwill | 57,203 | — | (2,378 | ) | 54,825 | ||||||||||||
Other assets | 225 | — | — | 225 | |||||||||||||
Total assets | $ | 96,366 | $ | — | $ | 21,501 | $ | 117,867 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current portion of debt | $ | — | $ | — | $ | — | $ | — | |||||||||
Accrued expenses and other liabilities | 2,623 | — | 956 | 3,579 | |||||||||||||
Liability for option cancellations | — | — | 268 | 268 | |||||||||||||
Deferred revenue | 20,284 | — | — | 20,284 | |||||||||||||
Liabilities attributable to discontinued operations | — | 271 | 71 | 342 | |||||||||||||
Total current liabilities | 22,907 | 271 | 1,295 | 24,473 | |||||||||||||
Other long-term liabilities | 523 | — | — | 523 | |||||||||||||
Deferred tax liability, net | 18,957 | — | (18,957 | ) | — | ||||||||||||
Total liabilities | 42,387 | 271 | (17,662 | ) | 24,996 | ||||||||||||
Total stockholders’ equity | 53,979 | (271 | ) | 39,163 | 92,871 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 96,366 | $ | — | $ | 21,501 | $ | 117,867 | |||||||||
(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. | ||||||||||||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Year Ended December 31, 2013 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 34,721 | $ | — | $ | — | $ | 34,721 | |||||||||
Cost of sales of subscription revenue | 6,974 | — | — | 6,974 | |||||||||||||
Gross profit | 27,747 | — | — | 27,747 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 8,350 | — | — | 8,350 | |||||||||||||
Product development | 3,122 | — | — | 3,122 | |||||||||||||
General and administrative expenses | 6,989 | — | 4,920 | 11,909 | |||||||||||||
Total operating expenses | 18,461 | — | 4,920 | 23,381 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 10 | — | — | 10 | |||||||||||||
Interest expense | (113 | ) | — | — | (113 | ) | |||||||||||
Total other income (expenses) | (103 | ) | — | — | (103 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 9,183 | $ | — | $ | (4,920 | ) | $ | 4,263 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (9 | ) | $ | (557 | ) | $ | (566 | ) | ||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the periods 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 | |||||||||||||
Year Ended December 31, 2012 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 31,229 | $ | — | $ | — | $ | 31,229 | |||||||||
Cost of sales of subscription revenue | 6,617 | — | — | 6,617 | |||||||||||||
Gross profit | 24,612 | — | — | 24,612 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 7,643 | — | — | 7,643 | |||||||||||||
Product development | 2,485 | — | — | 2,485 | |||||||||||||
General and administrative expenses | 6,696 | — | 5,098 | 11,794 | |||||||||||||
Total operating expenses | 16,824 | — | 5,098 | 21,922 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 50 | — | 1 | 51 | |||||||||||||
Interest expense | (155 | ) | — | — | (155 | ) | |||||||||||
Total other income (expenses) | (105 | ) | — | 1 | (104 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 7,683 | $ | — | $ | (5,097 | ) | $ | 2,586 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (393 | ) | $ | (11,904 | ) | $ | (12,297 | ) | ||||||
Condensed Operating Data for the | Reis | Discontinued | Other (B) | Consolidated | |||||||||||||
Year Ended December 31, 2011 | Services | Operations (A) | |||||||||||||||
Subscription revenue | $ | 27,180 | $ | — | $ | — | $ | 27,180 | |||||||||
Cost of sales of subscription revenue | 6,305 | — | — | 6,305 | |||||||||||||
Gross profit | 20,875 | — | — | 20,875 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,704 | — | — | 6,704 | |||||||||||||
Product development | 2,093 | — | — | 2,093 | |||||||||||||
General and administrative expenses | 6,376 | — | 4,719 | 11,095 | |||||||||||||
Total operating expenses | 15,173 | — | 4,719 | 19,892 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest and other income | 72 | — | 5 | 77 | |||||||||||||
Interest expense | (274 | ) | — | — | (274 | ) | |||||||||||
Total other income (expenses) | (202 | ) | — | 5 | (197 | ) | |||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,500 | $ | — | $ | (4,714 | ) | $ | 786 | ||||||||
(Loss) from discontinued operations, before income taxes | $ | — | $ | (2,975 | ) | $ | — | $ | (2,975 | ) | |||||||
(A) | Includes the results of the Company’s discontinued Residential Development Activities segment, to the extent that such operations existed during the periods presented. | ||||||||||||||||
(B) | Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the operating segments. | ||||||||||||||||
Accounts Receivable Balances of Reis Services | ' | ||||||||||||||||
The following table presents the accounts receivable balances of Reis Services at December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable | $ | 11,465,000 | $ | 10,763,000 | |||||||||||||
Allowance for doubtful accounts | (79,000 | ) | (69,000 | ) | |||||||||||||
Accounts receivable, net | $ | 11,386,000 | $ | 10,694,000 | |||||||||||||
Income (Loss) from Discontinued Operations | ' | ||||||||||||||||
Income (loss) from discontinued operations is comprised of the following: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Revenue from sales of real estate | $ | — | $ | — | $ | 1,800,000 | |||||||||||
Cost of sales of real estate | — | — | (288,000 | ) | |||||||||||||
Litigation charge, net of recoveries (see Note 10) | 80,000 | (11,547,000 | ) | (4,460,000 | ) | ||||||||||||
Other income (expense), net | (646,000 | ) | (750,000 | ) | (27,000 | ) | |||||||||||
(Loss) from discontinued operations before income tax | (566,000 | ) | (12,297,000 | ) | (2,975,000 | ) | |||||||||||
Income tax benefit from discontinued operations | (230,000 | ) | — | — | |||||||||||||
(Loss) from discontinued operations, net of income tax benefit | $ | (336,000 | ) | $ | (12,297,000 | ) | $ | (2,975,000 | ) | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Database | $ | 17,149,000 | $ | 15,175,000 | |||||
Accumulated amortization | (13,238,000 | ) | (11,691,000 | ) | |||||
Database, net | 3,911,000 | 3,484,000 | |||||||
Customer relationships | 14,100,000 | 14,100,000 | |||||||
Accumulated amortization | (6,417,000 | ) | (5,444,000 | ) | |||||
Customer relationships, net | 7,683,000 | 8,656,000 | |||||||
Web site | 10,402,000 | 8,325,000 | |||||||
Accumulated amortization | (7,095,000 | ) | (5,220,000 | ) | |||||
Web site, net | 3,307,000 | 3,105,000 | |||||||
Acquired below market lease | 2,800,000 | 2,800,000 | |||||||
Accumulated amortization | (2,014,000 | ) | (1,712,000 | ) | |||||
Acquired below market lease, net | 786,000 | 1,088,000 | |||||||
Intangibles, net | $ | 15,687,000 | $ | 16,333,000 | |||||
Summary Amortization Expense Related to Net Intangible Asset | ' | ||||||||
The Company’s future amortization expense related to the net intangible asset balance at December 31, 2013 follows: | |||||||||
For the Year Ended December 31, | Amount | ||||||||
2014 | $ | 4,443,000 | |||||||
2015 | 3,548,000 | ||||||||
2016 | 2,308,000 | ||||||||
2017 | 1,317,000 | ||||||||
2018 | 1,045,000 | ||||||||
Thereafter | 3,026,000 | ||||||||
Total | $ | 15,687,000 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||
The components of income tax expense (benefit) are as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current Federal alternative minimum (“AMT”) expense | $ | 42,000 | $ | — | $ | — | |||||||||||||||||||
Current state and local tax expense (A) | 132,000 | 187,000 | — | ||||||||||||||||||||||
Deferred Federal tax expense (benefit) (B) | (12,775,000 | ) | (5,279,000 | ) | (3,606,000 | ) | |||||||||||||||||||
Deferred state and local tax expense (benefit) (C) | (1,299,000 | ) | (335,000 | ) | (469,000 | ) | |||||||||||||||||||
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (D) | (13,900,000 | ) | (5,427,000 | ) | (4,075,000 | ) | |||||||||||||||||||
Less income tax expense (benefit) attributable to discontinued operations | (230,000 | ) | — | — | |||||||||||||||||||||
Income tax (benefit) (E) | $ | (13,670,000 | ) | $ | (5,427,000 | ) | $ | (4,075,000 | ) | ||||||||||||||||
(A) | During 2012, the Company recorded current state and local tax expense of $187,000. This amount reflected the Company’s treatment of NOLs reflected on certain state and local tax returns. | ||||||||||||||||||||||||
(B) | Includes an AMT tax benefit of $1,181,000 in 2013. | ||||||||||||||||||||||||
(C) | Includes $92,000 in 2013 attributable to the tax benefit from excess stock based compensation deductions. | ||||||||||||||||||||||||
(D) | Includes income taxes attributable to income (loss) from discontinued operations. | ||||||||||||||||||||||||
(E) | Reflects the tax benefit from continuing operations as reported on the consolidated statements of operations for the periods presented. | ||||||||||||||||||||||||
Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||
The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense (benefit) is as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Tax (benefit) expense at U.S. statutory rate | $ | 1,492,000 | 35 | % | $ | (3,399,000 | ) | (35.00 | %) | $ | (766,000 | ) | (35.00 | %) | |||||||||||
State and local tax expense (benefit), net of Federal impact | 86,000 | 2.01 | % | (96,000 | ) | (0.99 | %) | (61,000 | ) | (2.80 | %) | ||||||||||||||
Impact of state and local tax rate change net of Federal impact | 110,000 | 2.58 | % | 6,000 | 0.06 | % | 67,000 | 3.08 | % | ||||||||||||||||
Cost (benefit) attributable to valuation allowance, net | (150,000 | ) | (3.52 | %) | 3,671,000 | 37.8 | % | 754,000 | 34.44 | % | |||||||||||||||
Non-deductible items | 9,000 | 0.21 | % | 5,000 | 0.05 | % | 6,000 | 0.28 | % | ||||||||||||||||
Benefit attributable to reduction in allowance against certain deferred tax assets | (15,217,000 | ) | (356.94 | %) | (5,614,000 | ) | (57.81 | %) | (4,075,000 | ) | (186.19 | %) | |||||||||||||
$ | (13,670,000 | ) | (320.66 | %) | $ | (5,427,000 | ) | (55.89 | %) | $ | (4,075,000 | ) | (186.19 | %) | |||||||||||
Significant Components of Company's Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Net operating loss carryforwards | $ | 23,771,675 | $ | 24,807,803 | |||||||||||||||||||||
Asset basis differences — tax amount greater than book value | 263,944 | 276,365 | |||||||||||||||||||||||
Liability reserves | 212,376 | 658,713 | |||||||||||||||||||||||
Reserve for option cancellations | 99,689 | 111,878 | |||||||||||||||||||||||
Stock compensation plans | 1,598,969 | 1,514,453 | |||||||||||||||||||||||
AMT credit carryforwards | 1,181,423 | 1,139,392 | |||||||||||||||||||||||
Other | 31,167 | 25,871 | |||||||||||||||||||||||
27,159,243 | 28,534,475 | ||||||||||||||||||||||||
Valuation allowance | — | (15,217,496 | ) | ||||||||||||||||||||||
Total deferred tax assets | 27,159,243 | 13,316,979 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Acquired asset differences — book value greater than tax | (3,145,741 | ) | (3,676,472 | ) | |||||||||||||||||||||
Asset basis differences — carrying amount value greater than tax | (224,982 | ) | (18,087 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (3,370,723 | ) | (3,694,559 | ) | |||||||||||||||||||||
Net deferred tax asset (liability) | $ | 23,788,520 | $ | 9,622,420 | |||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
A reconciliation of the unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of period | $ | 345,000 | $ | 145,000 | $ | 145,000 | |||||||||||||||||||
Additional provisions and interest related to prior years | 51,000 | 200,000 | 7,700 | ||||||||||||||||||||||
Resolution of matters during the period | (334,000 | ) | — | (7,700 | ) | ||||||||||||||||||||
Balance at end of period | $ | 62,000 | $ | 345,000 | $ | 145,000 | |||||||||||||||||||
Stock_Plans_and_Other_Incentiv1
Stock Plans and Other Incentives (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||||||||||
Outstanding at beginning of period | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | 680,896 | $ | 8.73 | ||||||||||||||||||||||||
Granted | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Exercised | (8,862 | ) | $ | (5.24 | ) | (8,862 | ) | $ | (4.46 | ) | (8,862 | ) | $ | (5.43 | ) | ||||||||||||||||||
Cancelled through cash settlement | (8,862 | ) | $ | (5.24 | ) | (8,862 | ) | $ | (4.46 | ) | (8,862 | ) | $ | (5.43 | ) | ||||||||||||||||||
Forfeited/cancelled/expired | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Outstanding at end of period | 627,724 | $ | 9.05 | 645,448 | $ | 8.94 | 663,172 | $ | 8.82 | ||||||||||||||||||||||||
Options exercisable at end of period | 627,724 | $ | 9.05 | 420,448 | $ | 9.43 | 361,172 | $ | 9.1 | ||||||||||||||||||||||||
Options exercisable which can be settled in cash | 17,724 | $ | 4.09 | 35,448 | $ | 4.67 | 53,172 | $ | 4.6 | ||||||||||||||||||||||||
Weighted average fair value of options granted per year (per option) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Weighted average remaining contractual life at end of period | 4.5 years | 5.3 years | 6.2 years | ||||||||||||||||||||||||||||||
Summary of Options | ' | ||||||||||||||||||||||||||||||||
The following table presents additional option details at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Options Outstanding and Exercisable | Options Outstanding and Exercisable | ||||||||||||||||||||||||||||||||
at December 31, 2013 | at December 31, 2012 | ||||||||||||||||||||||||||||||||
Range of Exercise Prices | Outstanding | Remaining | Weighted | Intrinsic | Outstanding | Remaining | Weighted | Intrinsic | |||||||||||||||||||||||||
Contractual | Average | Value (A) | Contractual | Average | Value (A) | ||||||||||||||||||||||||||||
Life (Years) | Exercise | Life (Years) | Exercise | ||||||||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||||||||||
$4.09 (B) | 17,724 | 0.72 | $ | 4.09 | $ | 268,341 | 17,724 | 1.72 | $ | 4.09 | $ | 158,453 | |||||||||||||||||||||
$5.24 (B) | — | — | — | — | 17,724 | 1 | 5.24 | 138,070 | |||||||||||||||||||||||||
$7.50 | 70,000 | 3.62 | 7.5 | 821,100 | 70,000 | 4.62 | 7.5 | 387,100 | |||||||||||||||||||||||||
$8.03 | 225,000 | 6.58 | 8.03 | 2,521,125 | 225,000 | 7.5 | 8.03 | 1,126,125 | |||||||||||||||||||||||||
$10.40 | 315,000 | 3.41 | 10.4 | 2,781,450 | 315,000 | 4.41 | 10.4 | 828,450 | |||||||||||||||||||||||||
627,724 | 4.49 | 9.05 | $ | 6,392,016 | 645,448 | 5.34 | 8.94 | $ | 2,638,198 | ||||||||||||||||||||||||
(A) | The intrinsic value is the amount by which the fair value of the Company’s stock price exceeds the exercise price of an option at December 31, 2013 and 2012, respectively. For purposes of this calculation, the Company’s closing stock prices were $19.23 and $13.03 per share on December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
(B) | These options are the remaining options accounted for as liability awards at December 31, 2013 and 2012, respectively. During 2014, the remaining 17,724 options with an exercise price of $4.09 are scheduled to expire. | ||||||||||||||||||||||||||||||||
Changes in RSUs | ' | ||||||||||||||||||||||||||||||||
The following table presents the changes in RSUs outstanding for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Outstanding at beginning of period | 469,848 | 590,662 | 523,479 | ||||||||||||||||||||||||||||||
Granted | 103,176 | 169,481 | 251,281 | ||||||||||||||||||||||||||||||
Common stock delivered (A) (B) (C) | (205,075 | ) | (290,295 | ) | (184,098 | ) | |||||||||||||||||||||||||||
Forfeited | (2,263 | ) | — | — | |||||||||||||||||||||||||||||
Outstanding at end of period | 365,686 | 469,848 | 590,662 | ||||||||||||||||||||||||||||||
Intrinsic value (D) | $ | 7,032,000 | $ | 6,122,000 | $ | 5,386,800 | |||||||||||||||||||||||||||
(A) | Includes 80,139 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $1,280,000 in 2013. A net of 124,936 shares of common stock were delivered in 2013. | ||||||||||||||||||||||||||||||||
(B) | Includes 84,367 shares which were used to settle minimum employee withholding tax obligations for 16 employees of approximately $851,000 in 2012. A net of 133,518 shares of common stock were delivered in 2012. | ||||||||||||||||||||||||||||||||
(C) | Includes 44,019 shares which were used to settle minimum employee withholding tax obligations for 14 employees of approximately $352,000 in 2011. A net of 133,809 shares of common stock were delivered in 2011. | ||||||||||||||||||||||||||||||||
(D) | For purposes of this calculation, the Company’s closing stock prices were $19.23, $13.03 and $9.12 per share on December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||
Total Compensation Cost | ' | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, | Options | RSUs | Total | ||||||||||||||||||||||||||||||
2014 | $ | — | $ | 1,037,000 | $ | 1,037,000 | |||||||||||||||||||||||||||
2015 | — | 520,000 | 520,000 | ||||||||||||||||||||||||||||||
2016 | — | 80,000 | 80,000 | ||||||||||||||||||||||||||||||
$ | — | $ | 1,637,000 | $ | 1,637,000 | ||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments under Operating Leases | ' | ||||
Future minimum lease payments under operating leases at December 31, 2013 are as follows: | |||||
For the Year Ended December 31, | Amount | ||||
2014 | $ | 1,812,000 | |||
2015 | 1,896,000 | ||||
2016 | 1,495,000 | ||||
2017 | 214,000 | ||||
2018 | 219,000 | ||||
Thereafter | 166,000 | ||||
Total | $ | 5,802,000 | |||
Summarized_Consolidated_Quarte1
Summarized Consolidated Quarterly Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summarized Consolidated and Condensed Quarterly Financial Information | ' | ||||||||||||||||
Summarized consolidated and condensed quarterly financial information is as follows: | |||||||||||||||||
(amounts in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | For the Three Months | ||||||||||||||
Ended March 31 | Ended June 30 | Ended September 30 | Ended December 31 | ||||||||||||||
Subscription revenue | $ | 8,234 | $ | 8,498 | $ | 8,780 | $ | 9,209 | |||||||||
Income from continuing operations (A) | $ | 402 | $ | 522 | $ | 705 | $ | 16,304 | |||||||||
Net income (A) | $ | 250 | $ | 484 | $ | 649 | $ | 16,214 | |||||||||
Per share amounts – basic (B): | |||||||||||||||||
Income from continuing operations | $ | 0.04 | $ | 0.05 | $ | 0.06 | $ | 1.49 | |||||||||
Net income | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 1.49 | |||||||||
Per share amounts – diluted (B): | |||||||||||||||||
Income from continuing operations | $ | 0.04 | $ | 0.05 | $ | 0.05 | $ | 1.42 | |||||||||
Net income | $ | 0.02 | $ | 0.04 | $ | 0.05 | $ | 1.41 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 10,828 | 10,892 | 10,908 | 10,909 | |||||||||||||
Diluted | 11,348 | 11,398 | 11,445 | 11,464 | |||||||||||||
2012 | |||||||||||||||||
For the Three Months | For the Three Months | For the Three Months | For the Three Months | ||||||||||||||
Ended March 31 | Ended June 30 | Ended September 30 | Ended December 31 | ||||||||||||||
Subscription revenue | $ | 7,298 | $ | 7,522 | $ | 7,827 | $ | 8,581 | |||||||||
Income from continuing operations (A) | $ | 136 | $ | 498 | $ | 860 | $ | 6,519 | |||||||||
Net (loss) income (A)(C) | $ | (14,209 | ) | $ | 2,193 | $ | 666 | $ | 7,066 | ||||||||
Per share amounts – basic (B): | |||||||||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.61 | |||||||||
Net (loss) income | $ | (1.34 | ) | $ | 0.21 | $ | 0.06 | $ | 0.66 | ||||||||
Per share amounts – diluted (B): | |||||||||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.58 | |||||||||
Net (loss) income | $ | (1.29 | ) | $ | 0.2 | $ | 0.06 | $ | 0.63 | ||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 10,624 | 10,686 | 10,703 | 10,728 | |||||||||||||
Diluted | 11,011 | 10,950 | 11,094 | 11,233 | |||||||||||||
(A) | The fourth quarter of 2013 and 2012 amounts reflect a net tax benefit of $14,751 and $5,427, respectively. See Note 7. | ||||||||||||||||
(B) | Aggregate quarterly per share amounts may not equal annual or period to date amounts presented elsewhere in these consolidated financial statements due to rounding differences. | ||||||||||||||||
(C) | The 2012 net (loss) income reflects the following events, all of which were recorded in income (loss) from discontinued operations in the respective quarterly periods pertaining to the Gold Peak project (see Note 10): | ||||||||||||||||
- | the first quarter of 2012 charge of $14,216, based upon the March 2012 verdict; | ||||||||||||||||
- | the second quarter of 2012 reversal of $1,956 of previously recorded litigation charges, based upon the June 2012 settlement; and | ||||||||||||||||
- | the fourth quarter of 2012 recoveries of approximately $713, which offset a portion of the previously recorded charges. |
Organization_and_Business_Addi
Organization and Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Variable interest entity | $0 | $0 | $0 | ' |
Maturity period of demand and money market accounts and short term investments | 'three months or less | ' | ' | ' |
Depreciation expense | 333,000 | 355,000 | 352,000 | ' |
Goodwill impairment identified | 0 | 0 | 0 | ' |
Intangible asset impairment | 0 | 0 | 0 | ' |
Impairment charges related to real estate assets | ' | ' | 0 | ' |
Fair value of assets | 0 | 0 | 0 | ' |
Fair value of liabilities | 0 | 0 | 0 | ' |
Company's share of the value of subscription | 50.00% | ' | ' | ' |
Outstanding options | 627,724 | 645,448 | 663,172 | 680,896 |
Settlement in cash or in stock | 17,724 | 35,448 | 53,172 | ' |
Liability for option cancellations | $268,341 | $296,523 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Contractual period | '1 year | ' | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Expected useful life of assets | '3 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Contractual period | '48 months | ' | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Expected useful life of assets | '10 years | ' | ' | ' |
Web Site Development [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, amortization period | '3 years | ' | ' | ' |
Database [Member] | Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, amortization period | '3 years | ' | ' | ' |
Database [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, amortization period | '5 years | ' | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, amortization period | '15 years | ' | ' | ' |
Lease Value [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Remaining term of acquired office lease | '9 years | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Details of Computation of Earnings Per Common Share, Basic and Diluted (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Numerator for basic per share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations for basic calculation | $16,304,000 | $705,000 | $522,000 | $402,000 | $6,519,000 | $860,000 | $498,000 | $136,000 | $17,933,431 | $8,013,330 | $4,861,385 |
(Loss) from discontinued operations, net of income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -336,489 | -12,296,912 | -2,974,958 |
Net income (loss) for basic calculation | 16,214,000 | 649,000 | 484,000 | 250,000 | 7,066,000 | 666,000 | 2,193,000 | -14,209,000 | 17,596,942 | -4,283,582 | 1,886,427 |
Numerator for diluted per share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 16,304,000 | 705,000 | 522,000 | 402,000 | 6,519,000 | 860,000 | 498,000 | 136,000 | 17,933,431 | 8,013,330 | 4,861,385 |
Adjustments to income from continuing operations for the income statement impact of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations for dilution calculation | ' | ' | ' | ' | ' | ' | ' | ' | 17,933,431 | 8,013,330 | 4,861,385 |
(Loss) from discontinued operations, net of income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -336,489 | -12,296,912 | -2,974,958 |
Net income (loss) for dilution calculation | ' | ' | ' | ' | ' | ' | ' | ' | $17,596,942 | ($4,283,582) | $1,886,427 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares - basic | 10,909,000 | 10,908,000 | 10,892,000 | 10,828,000 | 10,728,000 | 10,703,000 | 10,686,000 | 10,624,000 | 10,884,533 | 10,685,333 | 10,569,805 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs | ' | ' | ' | ' | ' | ' | ' | ' | 242,396 | 305,033 | 301,956 |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 269,630 | 43,716 | 5,115 |
Weighted average common shares - diluted | 11,464,000 | 11,445,000 | 11,398,000 | 11,348,000 | 11,233,000 | 11,094,000 | 10,950,000 | 11,011,000 | 11,396,559 | 11,034,082 | 10,876,876 |
Per common share amounts - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.49 | $0.06 | $0.05 | $0.04 | $0.61 | $0.08 | $0.05 | $0.01 | $1.65 | $0.75 | $0.46 |
(Loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | ($1.15) | ($0.28) |
Net income (loss) | $1.49 | $0.06 | $0.04 | $0.02 | $0.66 | $0.06 | $0.21 | ($1.34) | $1.62 | ($0.40) | $0.18 |
Per common share amounts - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.42 | $0.05 | $0.05 | $0.04 | $0.58 | $0.08 | $0.05 | $0.01 | $1.57 | $0.73 | $0.45 |
(Loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | ($1.12) | ($0.28) |
Net income (loss) | $1.41 | $0.05 | $0.04 | $0.02 | $0.63 | $0.06 | $0.20 | ($1.29) | $1.54 | ($0.39) | $0.17 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 27, 2014 | Jun. 30, 2012 | Mar. 13, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2009 | Aug. 03, 2012 | Dec. 31, 2013 | Oct. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 20, 2011 | Apr. 30, 2011 | Jun. 30, 2011 | Feb. 28, 2011 | Feb. 28, 2010 | |
Segment | Subsequent Event [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] | Gold Peak [Member] | Reis Services [Member] | Reis Services [Member] | Reis Services [Member] | Reis Services [Member] | Reis Services [Member] | Reis Services [Member] | Reis Services [Member] | East Lyme [Member] | East Lyme [Member] | East Lyme [Member] | Claverack [Member] | Claverack [Member] | |||
Segment | First Installment [Member] | First Installment [Member] | Second Installment [Member] | Second Installment [Member] | Subscriber | Subscriber | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Home | acre | ||||||||||||||||||
acre | Subscriber | Subscriber | acre | |||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numbers of segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of Reis Service's revenue by subscribers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.40% | 4.20% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate percentage of accounts receivable accounted for by subscribers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.10% | 58.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subscribers contributing largest share among major accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 24 | ' | 4 | 2 | ' | ' | ' | ' | ' | ' | ' |
Percentage of accounts receivable accounted for by major subscribers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 5.00% | 10.40% | 11.10% | ' | ' | ' | ' | ' |
Payments received against accounts receivable | ' | ' | ' | $9,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage collected from trade accounts receivable | ' | ' | ' | 79.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of deferred revenue by subscribers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres prior to sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224 | ' | ' | ' | 235 |
Number of single family homes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161 | ' | ' | ' | ' |
Gross sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' |
Cash received from the release of deposits and escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 792,000 | ' | ' | ' |
Net cash received from the sale of project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' |
Gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,242,000 | ' | ' |
Letter of Credit | 212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 400,000 | ' | ' | ' |
Proceed in satisfaction of mortgage note and accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 455,000 | ' |
Number of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation charge regarding construction defects | ' | ' | ' | ' | ' | 18,200,000 | 18,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other charges regarding construction defects | ' | ' | ' | ' | ' | 756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation charge | -80,000 | 11,547,000 | 4,460,000 | ' | ' | ' | ' | ' | ' | 14,216,000 | ' | 11,547,000 | 4,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of litigation charge | ' | ' | ' | ' | ' | ' | ' | ' | 1,956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | $712,500 | ' | ' | $80,000 | $712,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Condensed_
Segment Information - Condensed Balance Sheet Data for Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $10,559,899 | $4,960,850 | $22,152,802 | $20,163,787 |
Restricted cash and investments | 216,702 | 216,125 | ' | ' |
Accounts receivable, net | 11,386,584 | 10,694,201 | ' | ' |
Prepaid and other assets | 2,787,909 | 1,438,829 | ' | ' |
Assets attributable to discontinued operations | 8,500 | ' | ' | ' |
Total current assets | 24,959,594 | 17,310,005 | ' | ' |
Furniture, fixtures and equipment, net | 853,377 | 738,490 | ' | ' |
Intangible assets, net | 15,687,117 | 16,332,596 | ' | ' |
Deferred tax asset, net | 21,316,520 | 8,557,420 | ' | ' |
Goodwill | 54,824,648 | 54,824,648 | ' | ' |
Other assets | 225,528 | 271,257 | ' | ' |
Total assets | 117,866,784 | 98,034,416 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | ' | ' | ' | ' |
Accrued expenses and other liabilities | 3,578,227 | 3,902,206 | ' | ' |
Liability for option cancellations | 268,341 | 296,523 | ' | ' |
Deferred revenue | 20,284,178 | 18,230,332 | ' | ' |
Liabilities attributable to discontinued operations | 342,138 | 460,251 | ' | ' |
Total current liabilities | 24,472,884 | 22,889,312 | ' | ' |
Other long-term liabilities | 522,941 | 588,484 | ' | ' |
Deferred tax liability, net | ' | ' | ' | ' |
Total liabilities | 24,995,825 | 23,477,796 | ' | ' |
Total stockholders' equity | 92,870,959 | 74,556,620 | 77,510,331 | 74,292,428 |
Total liabilities and stockholders' equity | 117,866,784 | 98,034,416 | ' | ' |
Reis Services [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 10,347,000 | 4,212,000 | ' | ' |
Restricted cash and investments | 216,702 | 216,125 | ' | ' |
Accounts receivable, net | 11,386,584 | 10,694,201 | ' | ' |
Prepaid and other assets | 187,000 | 219,000 | ' | ' |
Assets attributable to discontinued operations | ' | ' | ' | ' |
Total current assets | 22,137,000 | 15,341,000 | ' | ' |
Furniture, fixtures and equipment, net | 829,000 | 705,000 | ' | ' |
Intangible assets, net | 15,687,117 | 16,332,596 | ' | ' |
Deferred tax asset, net | 285,000 | ' | ' | ' |
Goodwill | 57,203,000 | 57,203,000 | ' | ' |
Other assets | 225,000 | 271,257 | ' | ' |
Total assets | 96,366,000 | 89,853,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | ' | ' | ' | ' |
Accrued expenses and other liabilities | 2,623,000 | 2,556,000 | ' | ' |
Liability for option cancellations | ' | ' | ' | ' |
Deferred revenue | 20,284,178 | 18,230,332 | ' | ' |
Liabilities attributable to discontinued operations | ' | ' | ' | ' |
Total current liabilities | 22,907,000 | 20,786,000 | ' | ' |
Other long-term liabilities | 522,941 | 588,484 | ' | ' |
Deferred tax liability, net | 18,957,000 | 15,786,000 | ' | ' |
Total liabilities | 42,387,000 | 37,160,000 | ' | ' |
Total stockholders' equity | 53,979,000 | 52,693,000 | ' | ' |
Total liabilities and stockholders' equity | 96,366,000 | 89,853,000 | ' | ' |
Other [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 213,000 | 749,000 | ' | ' |
Restricted cash and investments | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' |
Prepaid and other assets | 2,601,000 | 1,220,000 | ' | ' |
Assets attributable to discontinued operations | 8,500 | ' | ' | ' |
Total current assets | 2,823,000 | 1,969,000 | ' | ' |
Furniture, fixtures and equipment, net | 24,000 | 33,000 | ' | ' |
Intangible assets, net | ' | ' | ' | ' |
Deferred tax asset, net | 21,032,000 | 8,557,420 | ' | ' |
Goodwill | -2,378,000 | -2,378,000 | ' | ' |
Other assets | ' | ' | ' | ' |
Total assets | 21,501,000 | 8,181,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | ' | ' | ' | ' |
Accrued expenses and other liabilities | 956,000 | 1,346,000 | ' | ' |
Liability for option cancellations | 268,341 | 296,523 | ' | ' |
Deferred revenue | ' | ' | ' | ' |
Liabilities attributable to discontinued operations | 71,000 | 189,000 | ' | ' |
Total current liabilities | 1,295,000 | 1,832,000 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' |
Deferred tax liability, net | -18,957,000 | -15,786,000 | ' | ' |
Total liabilities | -17,662,000 | -13,954,000 | ' | ' |
Total stockholders' equity | 39,163,000 | 22,135,000 | ' | ' |
Total liabilities and stockholders' equity | 21,501,000 | 8,181,000 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash and investments | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' |
Prepaid and other assets | ' | ' | ' | ' |
Assets attributable to discontinued operations | ' | ' | ' | ' |
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 | 271,000 | 271,000 | ' | ' |
Total current liabilities | 271,000 | 271,000 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' |
Deferred tax liability, net | ' | ' | ' | ' |
Total liabilities | 271,000 | 271,000 | ' | ' |
Total stockholders' equity | -271,000 | -271,000 | ' | ' |
Total liabilities and stockholders' equity | ' | ' | ' | ' |
Segment_Information_Condensed_1
Segment Information - Condensed Operating Data for Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription revenue | $9,209,000 | $8,780,000 | $8,498,000 | $8,234,000 | $8,581,000 | $7,827,000 | $7,522,000 | $7,298,000 | $34,721,088 | $31,228,644 | $27,180,479 |
Cost of sales of subscription revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,973,772 | 6,616,931 | 6,304,597 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,747,316 | 24,611,713 | 20,875,882 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and marketing | ' | ' | ' | ' | ' | ' | ' | ' | 8,349,544 | 7,643,303 | 6,704,106 |
Product development | ' | ' | ' | ' | ' | ' | ' | ' | 3,121,729 | 2,485,168 | 2,093,303 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,909,462 | 11,793,441 | 11,095,425 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23,380,735 | 21,921,912 | 19,892,834 |
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 9,981 | 51,972 | 77,515 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -113,200 | -155,443 | -274,178 |
Total other income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | -103,219 | -103,471 | -196,663 |
Income (loss) before income taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,263,362 | 2,586,330 | 786,385 |
(Loss) from discontinued operations, before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -566,000 | -12,297,000 | -2,975,000 |
Reis Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription revenue | ' | ' | ' | ' | ' | ' | ' | ' | 34,721,088 | 31,228,644 | 27,180,479 |
Cost of sales of subscription revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,973,772 | 6,616,931 | 6,304,597 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,747,316 | 24,611,713 | 20,875,882 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and marketing | ' | ' | ' | ' | ' | ' | ' | ' | 8,349,544 | 7,643,303 | 6,704,106 |
Product development | ' | ' | ' | ' | ' | ' | ' | ' | 3,121,729 | 2,485,168 | 2,093,303 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,989,000 | 6,696,000 | 6,376,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,461,000 | 16,824,000 | 15,173,000 |
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 9,981 | 50,000 | 72,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -113,200 | -155,443 | -274,178 |
Total other income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | -103,219 | -105,000 | -202,000 |
Income (loss) before income taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 9,183,000 | 7,683,000 | 5,500,000 |
(Loss) from discontinued operations, before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 4,920,000 | 5,098,000 | 4,719,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,920,000 | 5,098,000 | 4,719,000 |
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 5,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 5,000 |
Income (loss) before income taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,920,000 | -5,097,000 | -4,714,000 |
(Loss) from discontinued operations, before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -557,000 | -11,904,000 | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ($9,000) | ($393,000) | ($2,975,000) |
Segment_Information_Accounts_R
Segment Information - Accounts Receivable Balances of Reis Services (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Accounts receivable, net | $11,386,584 | $10,694,201 |
Reis Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accounts receivable | 11,465,000 | 10,763,000 |
Allowance for doubtful accounts | -79,000 | -69,000 |
Accounts receivable, net | $11,386,584 | $10,694,201 |
Segment_Information_Income_Los
Segment Information - Income (Loss) from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting [Abstract] | ' | ' | ' |
Revenue from sales of real estate | ' | ' | $1,800,000 |
Cost of sales of real estate | ' | ' | -288,000 |
Litigation charge, net of recoveries (see Note 10) | 80,000 | -11,547,000 | -4,460,000 |
Other income (expense), net | -646,000 | -750,000 | -27,000 |
(Loss) from discontinued operations before income tax | -566,000 | -12,297,000 | -2,975,000 |
Income tax benefit from discontinued operations | -230,000 | ' | ' |
(Loss) from discontinued operations, net of income tax benefit | ($336,489) | ($12,296,912) | ($2,974,958) |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash And Cash Equivalents [Abstract] | ' | ' |
Restricted cash | $216,702 | $216,125 |
Intangible_Assets_Summary_of_I
Intangible Assets - Summary of Identified Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization | ($28,764,189) | ($24,067,250) |
Total | 15,687,117 | 16,332,596 |
Database [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 17,149,000 | 15,175,000 |
Accumulated amortization | -13,238,000 | -11,691,000 |
Total | 3,911,000 | 3,484,000 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 14,100,000 | 14,100,000 |
Accumulated amortization | -6,417,000 | -5,444,000 |
Total | 7,683,000 | 8,656,000 |
Web Site [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 10,402,000 | 8,325,000 |
Accumulated amortization | -7,095,000 | -5,220,000 |
Total | 3,307,000 | 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 | -2,014,000 | -1,712,000 |
Total | $786,000 | $1,088,000 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | $4,696,939 | $4,629,394 | $4,788,174 |
Database [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amount capitalize intangible asset | 1,974,000 | 1,952,000 | ' |
Amortization expense for intangible assets | 1,547,000 | 1,907,000 | 2,410,000 |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | 973,000 | 982,000 | 992,000 |
Web Site [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amount capitalize intangible asset | 2,077,000 | 1,855,000 | ' |
Amortization expense for intangible assets | 1,875,000 | 1,436,000 | 1,084,000 |
Acquired Below Market Lease [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | $302,000 | $304,000 | $302,000 |
Intangible_Assets_Summary_Amor
Intangible Assets - Summary Amortization Expense Related to Net Intangible Asset (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $4,443,000 | ' |
2015 | 3,548,000 | ' |
2016 | 2,308,000 | ' |
2017 | 1,317,000 | ' |
2018 | 1,045,000 | ' |
Thereafter | 3,026,000 | ' |
Total | $15,687,117 | $16,332,596 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 11, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Bank Loan [Member] | Bank Loan [Member] | Bank Loan [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | ||||
Base Rate Loan [Member] | LIBOR Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Expiry period of revolver | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Revolving credit facility, interest rate description | ' | ' | ' | ' | ' | ' | '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) | ' | ' | ' | ' |
Base rate loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Commitment fee | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Date of expiry | ' | ' | ' | ' | ' | ' | 16-Oct-15 | ' | ' | ' | ' |
Unused credit facility fee | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' |
Rate of Base Rate Loans | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | -0.50% | 2.00% |
Borrowings under Revolver | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Repayment of Bank Loan | 5,690,940 | 5,531,050 | ' | ' | 5,690,940 | ' | ' | ' | ' | ' | ' |
Cash portion used for Merger consideration | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | 30-Sep-12 | ' | ' | ' | ' | ' | ' | ' |
Bank loan interest rate, description | ' | ' | ' | 'The interest rate during 2012 was LIBOR + 1.50% | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Current Federal alternative minimum ("AMT") expense | ' | ' | $42,000 | ' | ' |
Current state and local tax expense | ' | ' | 132,000 | 187,000 | ' |
Deferred Federal tax expense (benefit) | ' | ' | -12,775,000 | -5,279,000 | -3,606,000 |
Deferred state and local tax expense (benefit) | ' | ' | -1,299,000 | -335,000 | -469,000 |
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations | ' | ' | -13,900,000 | -5,427,000 | -4,075,000 |
Less income tax expense (benefit) attributable to discontinued operations | ' | ' | -230,000 | ' | ' |
Income tax (benefit) | ($14,751,000) | ($5,427,000) | ($13,670,069) | ($5,427,000) | ($4,075,000) |
Income_Taxes_Components_of_Inc1
Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current state and local tax expense | $132,000 | $187,000 | ' |
AMT tax benefit | 1,181,423 | 1,139,392 | ' |
Deferred state and local tax benefit from excess stock based compensation deductions | $92,000 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Tax (benefit) expense at U.S. statutory rate, Amount | ' | ' | $1,492,000 | ($3,399,000) | ($766,000) |
State and local tax expense (benefit), net of Federal impact, Amount | ' | ' | 86,000 | -96,000 | -61,000 |
Impact of state and local tax rate change net of Federal impact, Amount | ' | ' | 110,000 | 6,000 | 67,000 |
Cost (benefit) attributable to valuation allowance, net, Amount | ' | ' | -150,000 | 3,671,000 | 754,000 |
Non-deductible items, Amount | ' | ' | 9,000 | 5,000 | 6,000 |
Benefit attributable to reduction in allowance against certain deferred tax assets, Amount | ' | ' | -15,217,000 | -5,614,000 | -4,075,000 |
Income tax (benefit) | ($14,751,000) | ($5,427,000) | ($13,670,069) | ($5,427,000) | ($4,075,000) |
Tax (benefit) expense at U.S. statutory rate, Percent | ' | ' | 35.00% | -35.00% | -35.00% |
State and local tax expense (benefit), net of Federal impact, Percent | ' | ' | 2.01% | -0.99% | -2.80% |
Impact of state and local tax rate change net of Federal impact, percent | ' | ' | 2.58% | 0.06% | 3.08% |
Cost (benefit) attributable to valuation allowance, net, Percent | ' | ' | -3.52% | 37.80% | 34.44% |
Non-deductible items, Percent | ' | ' | 0.21% | 0.05% | 0.28% |
Benefit attributable to reduction in allowance against certain deferred tax assets, Percent | ' | ' | -356.94% | -57.81% | -186.19% |
Income tax expense (benefit), Percent | ' | ' | -320.66% | -55.89% | -186.19% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Benefit attributable to reduction in allowance against certain deferred tax assets | ($15,217,000) | ($5,614,000) | ($4,075,000) | ' |
Deferred tax benefit | 346,000 | ' | 339,000 | ' |
New York City change resulted from a review of the Company's operations since the Merger and the adoption | ' | ' | 100.00% | ' |
Revenue apportionment factor implementation period | 'thru 2017 | ' | ' | ' |
Net deferred tax asset | 23,788,520 | 9,622,420 | ' | ' |
Net current deferred tax asset in prepaid and other assets | 2,472,000 | 1,065,000 | ' | ' |
Net non-current deferred tax asset | 21,317,000 | 8,557,000 | ' | ' |
Aggregate Federal, state and local NOL | 66,006,000 | ' | ' | ' |
Federal NOLs subject to an annual limitation | 25,158,000 | ' | ' | ' |
Federal NOLs not subject to an annual limitation | 40,848,000 | ' | ' | ' |
New NOLs annual limitation as a result of merger | 2,779,000 | ' | ' | ' |
Aggregate Federal, state and local NOL | 3,391,000 | ' | ' | ' |
Amount attributable to excess tax deductions | 1,723,000 | ' | ' | ' |
Expirations of NOL | '2017 | ' | ' | ' |
Valuation allowance | 0 | 15,217,496 | ' | ' |
Portion of allowance reversed | ' | ' | 1,850,000 | ' |
Expected utilization period of deferred tax assets | ' | '3 years | ' | ' |
Unrecognized tax benefits and the related estimate for interest and penalties | 62,000 | 345,000 | 145,000 | 145,000 |
Interest and penalties related to tax provisions | $51,000 | $200,000 | $7,700 | ' |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets | ' | ' |
Net operating loss carryforwards | $23,771,675 | $24,807,803 |
Asset basis differences - tax amount greater than book value | 263,944 | 276,365 |
Liability reserves | 212,376 | 658,713 |
Reserve for option cancellations | 99,689 | 111,878 |
Stock compensation plans | 1,598,969 | 1,514,453 |
AMT credit carryforwards | 1,181,423 | 1,139,392 |
Other | 31,167 | 25,871 |
Deferred tax assets, gross | 27,159,243 | 28,534,475 |
Valuation allowance | 0 | -15,217,496 |
Total deferred tax assets | 27,159,243 | 13,316,979 |
Deferred Tax Liabilities | ' | ' |
Acquired asset differences - book value greater than tax | -3,145,741 | -3,676,472 |
Asset basis differences - carrying amount value greater than tax | -224,982 | -18,087 |
Total deferred tax liabilities | -3,370,723 | -3,694,559 |
Net deferred tax asset (liability) | $23,788,520 | $9,622,420 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $345,000 | $145,000 | $145,000 |
Additional provisions and interest related to prior years | 51,000 | 200,000 | 7,700 |
Resolution of matters during the period | -334,000 | ' | -7,700 |
Balance at end of period | $62,000 | $345,000 | $145,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 33 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' |
Common stock repurchase authorized | ' | ' | ' | $5,000,000 |
Common stock remained available | 551,000 | ' | ' | ' |
Repurchase of common stock | 0 | 0 | 50,060 | ' |
Common stock repurchase average price per share | ' | ' | $8.96 | ' |
Dividends declared or distributed during period | $0 | $0 | $0 | ' |
Stock_Plans_and_Other_Incentiv2
Stock Plans and Other Incentives - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Feb. 29, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | Maximum [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | RSU [Member] | Money Option [Member] | Money Option [Member] | Non-Employee Directors Compensation Plan [Member] | Non-Employee Directors Compensation Plan [Member] | Non-Employee Directors Compensation Plan [Member] | ||||
Employees [Member] | Employees [Member] | Employees [Member] | Non-Employee Directors [Member] | Non-Employee Directors [Member] | Non-Employee Directors [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 for Incentive Plans | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for option cancellations amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $268,000 | $297,000 | ' | ' | ' |
Closing stock price | $19.23 | $13.03 | $9.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding in-the-money options | 17,724 | 35,448 | 53,172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,724 | 35,448 | ' | ' | ' |
Recorded compensation expense (benefit) | 82,000 | 114,000 | 121,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock options settled with net cash payments | 8,862 | 8,862 | 8,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash payments to stock options | 110,000 | 58,000 | 38,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs granted | ' | ' | ' | ' | ' | 103,176 | 169,481 | 251,281 | 91,356 | 143,783 | 214,135 | 11,820 | 25,698 | 37,146 | ' | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | $16.20 | $10.05 | $7.41 | $15.56 | $9.54 | $8.25 | ' | ' | ' | ' | ' |
Vesting Rights | ' | ' | ' | ' | ' | '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 | ' | ' | ' | ' | ' | ' | ' |
Shares issued for settlement of vested director restricted stock units | ' | 72,410 | 6,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash compensation expense | 1,859,336 | 2,181,135 | 2,083,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,000 | 222,000 | 295,000 |
Compensation cost expected to be recognized | $1,637,000 | ' | ' | ' | ' | $1,637,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Plans_and_Other_Incentiv3
Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Outstanding at beginning of period, Options | 645,448 | 663,172 | 680,896 |
Granted, Options | ' | ' | ' |
Exercised, Options | -8,862 | -8,862 | -8,862 |
Cancelled through cash settlement, Options | -8,862 | -8,862 | -8,862 |
Forfeited/cancelled/expired, Options | ' | ' | ' |
Outstanding at end of period, Options | 627,724 | 645,448 | 663,172 |
Options exercisable at end of period, Options | 627,724 | 420,448 | 361,172 |
Options exercisable which can be settled in cash, Options | 17,724 | 35,448 | 53,172 |
Weighted average fair value of options granted per year (per option) | ' | ' | ' |
Weighted average remaining contractual life at end of period | '4 years 6 months | '5 years 3 months 18 days | '6 years 2 months 12 days |
Outstanding at beginning of period, Weighted-Average Exercise Price | $8.94 | $8.82 | $8.73 |
Granted, Weighted-Average Exercise Price | ' | ' | ' |
Exercised, Weighted-Average Exercise Price | ($5.24) | ($4.46) | ($5.43) |
Cancelled through cash settlement, Weighted-Average Exercise Price | ($5.24) | ($4.46) | ($5.43) |
Forfeited/cancelled/expired, Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at end of period, Weighted-Average Exercise Price | $9.05 | $8.94 | $8.82 |
Options exercisable at end of period, Weighted-Average Exercise Price | $9.05 | $9.43 | $9.10 |
Options exercisable which can be settled in cash, Weighted-Average Exercise Price | $4.09 | $4.67 | $4.60 |
Stock_Plans_and_Other_Incentiv4
Stock Plans and Other Incentives - Summary of Options (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Outstanding | 627,724 | 645,448 |
Remaining Contractual Life (Years) | '4 years 5 months 27 days | '5 years 4 months 2 days |
Weighted Average Exercise Price | $9.05 | $8.94 |
Intrinsic Value | $6,392,016 | $2,638,198 |
Exercise Price Range $4.09 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices | $4.09 | ' |
Outstanding | 17,724 | 17,724 |
Remaining Contractual Life (Years) | '8 months 19 days | '1 year 8 months 19 days |
Weighted Average Exercise Price | $4.09 | $4.09 |
Intrinsic Value | 268,341 | 158,453 |
Exercise Price Range $5.24 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices | $5.24 | ' |
Outstanding | ' | 17,724 |
Remaining Contractual Life (Years) | ' | '1 year |
Weighted Average Exercise Price | ' | $5.24 |
Intrinsic Value | ' | 138,070 |
Exercise Price Range $7.50 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices | $7.50 | ' |
Outstanding | 70,000 | 70,000 |
Remaining Contractual Life (Years) | '3 years 7 months 13 days | '4 years 7 months 13 days |
Weighted Average Exercise Price | $7.50 | $7.50 |
Intrinsic Value | 821,100 | 387,100 |
Exercise Price Range $8.03 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices | $8.03 | ' |
Outstanding | 225,000 | 225,000 |
Remaining Contractual Life (Years) | '6 years 6 months 29 days | '7 years 6 months |
Weighted Average Exercise Price | $8.03 | $8.03 |
Intrinsic Value | 2,521,125 | 1,126,125 |
Exercise Price Range $10.40 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices | $10.40 | ' |
Outstanding | 315,000 | 315,000 |
Remaining Contractual Life (Years) | '3 years 4 months 28 days | '4 years 4 months 28 days |
Weighted Average Exercise Price | $10.40 | $10.40 |
Intrinsic Value | $2,781,450 | $828,450 |
Stock_Plans_and_Other_Incentiv5
Stock Plans and Other Incentives - Summary of Options (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Closing stock price | $19.23 | $13.03 | $9.12 |
Stock_Plans_and_Other_Incentiv6
Stock Plans and Other Incentives - Changes in RSUs (Detail) (RSU [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
RSU [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding at beginning of period | 469,848 | 590,662 | 523,479 |
Granted | 103,176 | 169,481 | 251,281 |
Common stock delivered | -205,075 | -290,295 | -184,098 |
Forfeited | -2,263 | ' | ' |
Outstanding at end of period | 365,686 | 469,848 | 590,662 |
Intrinsic value | $7,032,000 | $6,122,000 | $5,386,800 |
Stock_Plans_and_Other_Incentiv7
Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee | Employee | Employee | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Closing stock price | $19.23 | $13.03 | $9.12 |
RSU [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of common stock used to settle minimum employee withholding tax obligations | 80,139 | 84,367 | 44,019 |
Number of employees withholding tax obligations | 16 | 16 | 14 |
Employee withholding tax obligations approx amount | $1,280,000 | $851,000 | $352,000 |
Common stock delivered, net | 124,936 | 133,518 | 133,809 |
Stock_Plans_and_Other_Incentiv8
Stock Plans and Other Incentives - Total Compensation Cost (Detail) (USD $) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
2014 | $1,037,000 |
2015 | 520,000 |
2016 | 80,000 |
Total compensation cost | 1,637,000 |
Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
2014 | ' |
2015 | ' |
2016 | ' |
Total compensation cost | ' |
RSU [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
2014 | 1,037,000 |
2015 | 520,000 |
2016 | 80,000 |
Total compensation cost | $1,637,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 13, 2012 | Mar. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2009 | Aug. 03, 2012 | Oct. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Lease | Midtown Manhattan [Member] | White Plains [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] | Gold Peak [Member] | Gold Peak [Member] | |||
Lease | Lease | 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 | 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 | 11,547,000 | 4,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' |
Reversal of litigation charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery of litigation charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 712,500 | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' |
Number of operating leases | 3 | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration period | ' | ' | ' | 30-Sep-16 | 30-Sep-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | 1,893,000 | 1,793,000 | 1,738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit requirement | 212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions percentage of employees' salary | 2.00% | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employees' contribution | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capped percentage of employees' salary | 4.00% | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contributions | $203,000 | $159,000 | $148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $1,812,000 |
2015 | 1,896,000 |
2016 | 1,495,000 |
2017 | 214,000 |
2018 | 219,000 |
Thereafter | 166,000 |
Total | $5,802,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Debt outstanding | $0 | $0 |
Summarized_Consolidated_Quarte2
Summarized Consolidated Quarterly Information - Summarized Consolidated and Condensed Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription revenue | $9,209,000 | $8,780,000 | $8,498,000 | $8,234,000 | $8,581,000 | $7,827,000 | $7,522,000 | $7,298,000 | $34,721,088 | $31,228,644 | $27,180,479 |
Income from continuing operations | 16,304,000 | 705,000 | 522,000 | 402,000 | 6,519,000 | 860,000 | 498,000 | 136,000 | 17,933,431 | 8,013,330 | 4,861,385 |
Net (loss) income | $16,214,000 | $649,000 | $484,000 | $250,000 | $7,066,000 | $666,000 | $2,193,000 | ($14,209,000) | $17,596,942 | ($4,283,582) | $1,886,427 |
Per share amounts - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.49 | $0.06 | $0.05 | $0.04 | $0.61 | $0.08 | $0.05 | $0.01 | $1.65 | $0.75 | $0.46 |
Net (loss) income | $1.49 | $0.06 | $0.04 | $0.02 | $0.66 | $0.06 | $0.21 | ($1.34) | $1.62 | ($0.40) | $0.18 |
Per share amounts - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1.42 | $0.05 | $0.05 | $0.04 | $0.58 | $0.08 | $0.05 | $0.01 | $1.57 | $0.73 | $0.45 |
Net (loss) income | $1.41 | $0.05 | $0.04 | $0.02 | $0.63 | $0.06 | $0.20 | ($1.29) | $1.54 | ($0.39) | $0.17 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 10,909,000 | 10,908,000 | 10,892,000 | 10,828,000 | 10,728,000 | 10,703,000 | 10,686,000 | 10,624,000 | 10,884,533 | 10,685,333 | 10,569,805 |
Diluted | 11,464,000 | 11,445,000 | 11,398,000 | 11,348,000 | 11,233,000 | 11,094,000 | 10,950,000 | 11,011,000 | 11,396,559 | 11,034,082 | 10,876,876 |
Summarized_Consolidated_Quarte3
Summarized Consolidated Quarterly Information - Summarized Consolidated and Condensed Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | Gold Peak [Member] | ||||||
Condensed Unaudited Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit | $14,751,000 | $5,427,000 | $13,670,069 | $5,427,000 | $4,075,000 | ' | ' | ' | ' | ' | ' |
Litigation charge, net of recoveries | ' | ' | -80,000 | 11,547,000 | 4,460,000 | ' | ' | 14,216,000 | ' | 11,547,000 | 4,460,000 |
Reversal of litigation charge | ' | ' | ' | ' | ' | ' | 1,956,000 | ' | ' | ' | ' |
Litigation recovery | ' | ' | ' | ' | ' | $712,500 | ' | ' | $80,000 | $712,500 | ' |