Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | REIS | |
Entity Registrant Name | Reis, Inc. | |
Entity Central Index Key | 1,038,222 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,316,326 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 28,910,705 | $ 28,657,956 |
Restricted cash and investments | 212,268 | 212,268 |
Accounts receivable, net | 7,107,240 | 13,741,169 |
Prepaid and other assets | 1,114,240 | 670,339 |
Total current assets | 37,344,453 | 43,281,732 |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,533,158 and $2,449,985, respectively | 1,529,107 | 804,427 |
Intangible assets, net of accumulated amortization of $40,116,778 and $38,738,292, respectively | 16,297,789 | 15,686,954 |
Deferred tax asset, net | 17,689,737 | 18,429,737 |
Goodwill | 54,824,648 | 54,824,648 |
Other assets | 342,550 | 171,728 |
Total assets | 128,028,284 | 133,199,226 |
Current liabilities: | ||
Current portion of debt | 0 | 0 |
Accrued expenses and other liabilities | 4,197,652 | 5,898,226 |
Deferred revenue | 22,268,396 | 25,291,499 |
Liabilities attributable to discontinued operations | 145,737 | |
Total current liabilities | 26,466,048 | 31,335,462 |
Other long-term liabilities | 279,799 | 284,316 |
Total liabilities | $ 26,745,847 | $ 31,619,778 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,316,326 and 11,256,405 shares issued and outstanding, respectively | $ 226,326 | $ 225,128 |
Additional paid in capital | 107,136,520 | 107,102,433 |
Retained earnings (deficit) | (6,080,409) | (5,748,113) |
Total stockholders' equity | 101,282,437 | 101,579,448 |
Total liabilities and stockholders' equity | $ 128,028,284 | $ 133,199,226 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of furniture, fixtures and equipment | $ 2,533,158 | $ 2,449,985 |
Accumulated amortization of intangible assets | $ 40,116,778 | $ 38,738,292 |
Common stock, par value | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 101,000,000 | 101,000,000 |
Common stock, shares issued | 11,316,326 | 11,256,405 |
Common stock, shares outstanding | 11,316,326 | 11,256,405 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Income Statement [Abstract] | |||||
Subscription revenue | $ 12,823,752 | $ 11,130,778 | |||
Cost of sales of subscription revenue | 2,461,571 | 2,185,440 | |||
Gross profit | 10,362,181 | 8,945,338 | |||
Operating expenses: | |||||
Sales and marketing | 2,667,992 | 2,653,014 | |||
Product development | 1,005,284 | 862,754 | |||
General and administrative expenses | 4,084,711 | 3,321,076 | |||
Total operating expenses | 7,757,987 | 6,836,844 | |||
Other income (expenses): | |||||
Interest and other income | 8,256 | 7,089 | |||
Interest expense | (21,325) | (28,213) | |||
Total other income (expenses) | (13,069) | (21,124) | |||
Income (loss) before income taxes and discontinued operations | 2,591,125 | 2,087,370 | |||
Income tax expense | 987,000 | 794,000 | |||
Income from continuing operations | 1,604,125 | 1,293,370 | |||
Loss from discontinued operations, net of income tax expense (benefit) of $- and $(47,000), respectively | (71,354) | ||||
Net income | $ 1,604,125 | $ 1,222,016 | |||
Per share amounts - basic: | |||||
Income from continuing operations | $ 0.14 | $ 0.12 | |||
Net income | 0.14 | 0.11 | |||
Per share amounts - diluted: | |||||
Income from continuing operations | 0.14 | 0.11 | |||
Net income | $ 0.14 | $ 0.10 | |||
Weighted average number of common shares outstanding: | |||||
Basic | 11,283,752 | 11,190,683 | |||
Diluted | 11,725,806 | 11,692,564 | |||
Dividends declared per common share | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Income Statement [Abstract] | |
Income tax expense (benefit) on discontinued operations | $ (47,000) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) | Total | Common Shares | Paid in Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2015 | $ 101,579,448 | $ 225,128 | $ 107,102,433 | $ (5,748,113) |
Balance, shares at Dec. 31, 2015 | 11,256,405 | |||
Shares issued for vested employee restricted stock units | $ 1,048 | (1,048) | ||
Shares issued for vested employees restricted stock units, shares | 52,421 | |||
Shares issued for option exercises | $ 78,000 | $ 150 | 77,850 | |
Shares issued for option exercises, shares | 7,500 | 7,500 | ||
Stock based compensation, net | $ (42,715) | (42,715) | ||
Dividends | (1,936,421) | (1,936,421) | ||
Net income | 1,604,125 | 1,604,125 | ||
Balance at Mar. 31, 2016 | $ 101,282,437 | $ 226,326 | $ 107,136,520 | $ (6,080,409) |
Balance, shares at Mar. 31, 2016 | 11,316,326 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,604,125 | $ 1,222,016 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Deferred tax provision | 864,000 | 709,000 |
Depreciation | 112,870 | 105,958 |
Amortization of intangible assets | 1,378,486 | 1,221,190 |
Stock based compensation charges | 534,444 | 446,244 |
Changes in assets and liabilities: | ||
Restricted cash and investments | (131) | |
Accounts receivable, net | 6,633,929 | 6,855,043 |
Prepaid and other assets | (354,080) | (117,523) |
Accrued expenses and other liabilities | (1,675,828) | (1,593,205) |
Deferred revenue | (3,023,103) | (1,568,506) |
Net cash provided by operating activities | 6,074,843 | 7,280,086 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Website and database development costs | (2,164,321) | (1,082,189) |
Furniture, fixtures and equipment additions | (839,641) | (58,452) |
Cash (used in) investing activities | (3,003,962) | (1,140,641) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends | (1,936,421) | (1,581,639) |
Proceeds from option exercises | 56,250 | |
Payments for option cancellations and restricted stock units | (701,159) | (992,971) |
Payment of financing costs | (180,552) | |
Net cash (used in) financing activities | (2,818,132) | (2,518,360) |
Net increase in cash and cash equivalents | 252,749 | 3,621,085 |
Cash and cash equivalents, beginning of period | 28,657,956 | 17,745,077 |
Cash and cash equivalents, end of period | 28,910,705 | 21,366,162 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid during the period for interest | 6,389 | 6,389 |
Cash paid during the period for income taxes | 288,011 | 164,700 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Accrual for website and database development costs | 175,000 | |
Disposal of fully depreciated furniture, fixtures and equipment | 29,697 | 45,286 |
Shares issued for vested employee restricted stock units | 1,048 | $ 1,297 |
Shares issued for option exercises | 150 | |
Proceeds receivable from option exercises | 78,000 | |
Proceeds receivable from furniture, fixtures and equipment disposal | $ 2,091 |
Organization and Business
Organization and Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business Reis, Inc. is a Maryland corporation. When we refer to “Reis” or the “Company,” we are referring to Reis, Inc. and its consolidated subsidiaries. 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, self storage, seniors housing and student housing 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 ReisReports Mobiuss Portfolio CRE, Mobiuss, Discontinued Operations – Residential Development Activities Prior to May 2007, the name of the Company was Wellsford Real Properties, Inc. (“Wellsford”). Wellsford, which was originally formed on January 8, 1997, 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 residential units and homes at its projects or divested of the remaining residential projects in bulk sales by April 2011. In 2012, the Company settled construction defect litigation at its Colorado project and in 2015, finalized its efforts to recover funds from other responsible parties involved in the design, development, construction and supervision of the Colorado project as more fully described in Note 3. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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. Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016. The consolidated statements of operations and cash flows for the three months ended March 31, 2016 and 2015 are not necessarily indicative of full year results. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation Reclassification Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 3. Segment Information The Company is organized into separately managed segments as follows: the Reis Services segment and other. The following tables present condensed balance sheet and operating data for these segments: (amounts in thousands) Condensed Balance Sheet Data March 31, 2016 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 28,714 $ 197 $ 28,911 Restricted cash and investments 212 — 212 Accounts receivable, net 7,107 — 7,107 Prepaid and other assets 917 197 1,114 Total current assets 36,950 394 37,344 Furniture, fixtures and equipment, net 1,525 4 1,529 Intangible assets, net 16,298 — 16,298 Deferred tax asset, net 285 17,405 17,690 Goodwill 57,203 (2,378) 54,825 Other assets 342 — 342 Total assets $ 112,603 $ 15,425 $ 128,028 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,190 1,008 4,198 Deferred revenue 22,268 — 22,268 Total current liabilities 25,458 1,008 26,466 Other long-term liabilities 280 — 280 Deferred tax liability, net 30,973 (30,973) — Total liabilities 56,711 (29,965) 26,746 Total stockholders’ equity 55,892 45,390 101,282 Total liabilities and stockholders’ equity $ 112,603 $ 15,425 $ 128,028 Condensed Balance Sheet Data December 31, 2015 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 28,465 $ 193 $ 28,658 Restricted cash and investments 212 — 212 Accounts receivable, net 13,741 — 13,741 Prepaid and other assets 417 253 670 Total current assets 42,835 446 43,281 Furniture, fixtures and equipment, net 798 6 804 Intangible assets, net 15,687 — 15,687 Deferred tax asset, net 285 18,145 18,430 Goodwill 57,203 (2,378) 54,825 Other assets 172 — 172 Total assets $ 116,980 $ 16,219 $ 133,199 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 4,502 1,397 5,899 Deferred revenue 25,291 — 25,291 Liabilities attributable to discontinued operations — 146 146 Total current liabilities 29,793 1,543 31,336 Other long-term liabilities 284 — 284 Deferred tax liability, net 29,498 (29,498) — Total liabilities 59,575 (27,955) 31,620 Total stockholders’ equity 57,405 44,174 101,579 Total liabilities and stockholders’ equity $ 116,980 $ 16,219 $ 133,199 (A) Includes the assets and liabilities of the Company’s discontinued operations, to the extent that such assets and liabilities existed at the date presented, and includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Three Months Ended March 31, 2016 Reis Services Other (A) Consolidated Subscription revenue $ 12,824 $ — $ 12,824 Cost of sales of subscription revenue 2,462 — 2,462 Gross profit 10,362 — 10,362 Operating expenses: Sales and marketing 2,668 — 2,668 Product development 1,005 — 1,005 General and administrative expenses 2,796 1,289 4,085 Total operating expenses 6,469 1,289 7,758 Other income (expenses): Interest and other income 8 — 8 Interest expense (21) — (21) Total other income (expenses) (13) — (13) Income (loss) before income taxes and discontinued operations $ 3,880 $ (1,289) $ 2,591 Income (loss) from discontinued operations, before income taxes $ — $ — $ — Condensed Operating Data for the Three Months Ended March 31, 2015 Reis Services Other (A) Consolidated Subscription revenue $ 11,131 $ — $ 11,131 Cost of sales of subscription revenue 2,186 — 2,186 Gross profit 8,945 — 8,945 Operating expenses: Sales and marketing 2,653 — 2,653 Product development 863 — 863 General and administrative expenses 2,160 1,161 3,321 Total operating expenses 5,676 1,161 6,837 Other income (expenses): Interest and other income 7 — 7 Interest expense (28) — (28) Total other income (expenses) (21) — (21) Income (loss) before income taxes and discontinued operations $ 3,248 $ (1,161) $ 2,087 (Loss) from discontinued operations, before income taxes $ — $ (118) $ (118) (A) Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. In the first quarter of 2016, the Company changed the segment presentation to combine the discontinued operations segment with other. The reason for this change in presentation is the result of the completion of the discontinued operating activities in 2015 and to simplify the presentation on a comparable basis. Reis Services See Note 1 for a description of Reis Services’s business and products at March 31, 2016. The Company’s largest individual subscriber accounted for 11.4% and 2.7% of Reis Services’s revenue for the three months ended March 31, 2016 and 2015, respectively. The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Accounts receivable $ 7,216,000 $ 13,828,000 Allowance for doubtful accounts (109,000) (87,000) Accounts receivable, net $ 7,107,000 $ 13,741,000 Fifteen subscribers accounted for an aggregate of approximately 49.2% of Reis Services’s accounts receivable at March 31, 2016, with the largest representing 11.4%. Through April 27, 2016, the Company received payments of approximately $3,726,000, or 51.6%, against the March 31, 2016 accounts receivable balance. At March 31, 2016, the largest individual subscriber accounted for 3.5% of deferred revenue. Discontinued Operations – Residential Development Activities Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period): For the Three Months Litigation recoveries $ — Other (expense), net (118,000) (Loss) from discontinued operations before income tax (118,000) Income tax (benefit) from discontinued operations (47,000) (Loss) from discontinued operations, net of income tax (benefit) $ (71,000) In September 2009, the Company sold the final unit at Gold Peak, the final phase of Palomino Park, a five phase multifamily residential development in Highlands Ranch, Colorado. Gold Peak was a 259-unit condominium project on the remaining 29 acre land parcel at Palomino Park. On March 13, 2012, in connection with litigation regarding construction defects at the Gold Peak project, a jury rendered its verdict whereby Reis, one of its subsidiaries (Gold Peak at Palomino Park LLC, the developer of the project (“GP LLC”)), and the construction manager/general contractor for the project (Tri-Star Construction West, LLC (“Tri-Star”)) were found jointly and severally liable for an aggregate of $18,200,000, plus other costs of approximately $756,000. 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, (“GP HOA”) 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. Subsequent to that date, the Company began recovery efforts against other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. As of December 31, 2015, the Company entered into the final settlement agreement related to its Gold Peak recovery efforts, bringing closure to this process. In summary, recovery efforts from the fourth quarter of 2012 through December 31, 2015 have resulted in cash collections aggregating approximately $5,658,000 from multiple insurance carriers, trial attorneys, an insurance broker and other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. No recoveries occurred in the three months ended March 31, 2015. Other expenses in that period primarily reflect legal and other professional costs incurred related to the Gold Peak litigation recovery efforts. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows: March 31, 2016 December 31, 2015 Database $ 24,121,000 $ 22,790,000 Accumulated amortization (17,733,000) (17,121,000) Database, net 6,388,000 5,669,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (8,563,000) (8,328,000) Customer relationships, net 5,537,000 5,772,000 Website 15,393,000 14,735,000 Accumulated amortization (11,125,000) (10,669,000) Website, net 4,268,000 4,066,000 Acquired below market lease 2,800,000 2,800,000 Accumulated amortization (2,695,000) (2,620,000) Acquired below market lease, net 105,000 180,000 Intangibles, net $ 16,298,000 $ 15,687,000 The Company capitalized approximately $1,331,000 and $596,000 to the database intangible asset and $658,000 and $486,000 to the website intangible asset during the three months ended March 31, 2016 and 2015, respectively. Amortization expense for intangible assets aggregated approximately $1,378,000 for the three months ended March 31, 2016, of which approximately $612,000 related to the database, which is charged to cost of sales, approximately $235,000 related to customer relationships, which is charged to sales and marketing expense, approximately $456,000 related to website development, which is charged to product development expense, and approximately $75,000 related to the value ascribed to the below market terms of the office lease, which is charged to general and administrative expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,221,000 for the three months ended March 31, 2015, of which approximately $482,000 related to the database, approximately $238,000 related to customer relationships, approximately $425,000 related to website development and approximately $76,000 related to the value ascribed to the below market terms of the office lease. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The Company had no debt outstanding at March 31, 2016 and December 31, 2015. 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 (“Capital One”), for a $10,000,000 revolving credit facility (the “2012 Revolver”). The 2012 Revolver had a three year term scheduled to expire on October 16, 2015; however, the expiration date was extended to January 31, 2016. On January 28, 2016, Reis Services and Capital One executed an amended and restated loan and security agreement for a $20,000,000 revolving credit facility with terms substantially similar to the 2012 Revolver (the “2016 Revolver,” and collectively with the 2012 Revolver, the “Revolver”). The 2016 Revolver expires on January 28, 2019. Any borrowings on the Revolver 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). Capital One charges an unused facility fee of 0.25% per annum. The Revolver is secured by a security interest in substantially all of the tangible and intangible assets of Reis Services, all copyrights of the Company 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 amended and restated revolving loan credit agreement; all of the covenants were met at March 31, 2016 and December 31, 2015. No borrowings were made on the Revolver during the three months ended March 31, 2016 and during the year ended December 31, 2015. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2016 2015 Current Federal alternative minimum tax (“AMT”) expense $ 62,000 $ 38,000 Current state and local tax expense 61,000 — Deferred Federal tax expense (A) 811,000 622,000 Deferred state and local tax expense 53,000 87,000 Consolidated income tax expense, including taxes attributable to discontinued operations (B) 987,000 747,000 Less income tax expense (benefit) attributable to discontinued operations — (47,000) Income tax expense (C) $ 987,000 $ 794,000 (A) Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015. (B) Includes income tax (benefit) attributable to (loss) from discontinued operations. (C) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. During March 2014, New York State enacted a law to (1) reduce corporate tax rates, effective in future years and (2) change the method of determining the availability and use of NOLs existing at December 31, 2014. In April 2015, New York City enacted a law which substantially conforms with the New York State changes. As a consequence, the Company evaluated all elements affecting the balance of its net deferred tax assets in the respective periods, including the availability of New York State and New York City NOL carryforwards. Due to the amount of its NOL and credit carryforwards, the Company does not anticipate paying Federal income taxes for a number of years. The Company expects, in the future, that it will be subject to cash payments for Federal AMT and for a portion of its state and local income taxes as the changed New York State and New York City laws limit the amount of existing NOLs which could be used each year. 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 $17,690,000 and $18,430,000 at March 31, 2016 and December 31, 2015, respectively, all of which was classified as non-current in accordance with ASU 2015-17. The significant portion of the deferred tax items relates to deferred tax assets including NOL carryforwards, Federal AMT credit carryforwards and stock based compensation, with the remainder of the deferred tax items relating to liabilities resulting from the intangible assets recorded at the time of the Merger. The Company had Federal NOL carryforwards aggregating approximately $46,018,000 at December 31, 2015, as well as significant state and local NOL carryforwards. These NOLs included amounts generated subsequent to the Merger (including a substantial NOL realized during the year ended December 31, 2012 as a result of the Gold Peak litigation settlement, discussed in Note 3), losses from the Reis Services business prior to the Merger and the Company’s operating losses prior to the Merger. Approximately $13,300,000 of these Federal NOLs are subject to an annual Internal Revenue Code Section 382 limitation of $2,779,000, whereas the remaining balance of approximately $32,718,000 is not subject to the limitation. The enactment of the 2014 New York State law and the 2015 New York City law discussed above limit the amount of existing NOLs which could be used each year in those jurisdictions; however, all such NOLs are expected to be fully utilized in the future. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity The Company declared and paid a quarterly dividend of $0.14 per common share for all four quarters of 2015 and increased the dividend declared and paid in the first quarter of 2016 to $0.17 per common share. Dividends paid by the Company aggregated $1,936,000 and $1,582,000 for the three months ended March 31, 2016 and 2015, respectively. |
Stock Plans and Other Incentive
Stock Plans and Other Incentives | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans and Other Incentives | 8. 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 three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Options Weighted- Exercise Price Options Weighted- Average Exercise Price Outstanding at beginning of period 547,500 $ 9.61 582,500 $ 9.52 Granted — $ — — $ — Exercised (7,500) $ (10.40) (7,500) $ (7.50) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 540,000 $ 9.60 575,000 $ 9.55 Options exercisable at end of period 524,000 $ 9.33 555,000 $ 9.23 RSU Awards The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Outstanding at beginning of period 254,041 277,973 Granted 117,788 78,722 Common stock delivered (A) (B) (85,181) (105,970) Forfeited — (706) Outstanding at end of period 286,648 250,019 Intrinsic value (C) $ 6,751,000 $ 6,410,000 (A) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016. (B) The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015. (C) For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively. In the first quarter of 2016, an aggregate of 116,336 RSUs were granted to employees, which RSUs vest one-third a year over three years and had an average grant date fair value of $20.15 per RSU. In the first quarter of 2015, an aggregate of 77,405 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $22.41 per RSU. In each case, the grant date fair value was determined based on the closing stock price of the Company’s common stock on the applicable date of grant and considers the impact of dividend payments. The awards granted to employees in 2016 and 2015 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. Dividends are not paid or accrued on unvested employee RSUs. During the three months ended March 31, 2016 and 2015, an aggregate of 1,452 RSUs and 1,317 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $23.73 and $26.17 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 the non-employee directors until six months after termination of their service as a director. Dividends are paid on RSUs granted to non-employee directors. Option and RSU Expense Information The Company recorded non-cash compensation expense of approximately $534,000 and $446,000, respectively, including $34,500 in each period related to non-employee director equity compensation, for the three months ended March 31, 2016 and 2015, 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. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 9. Earnings Per Common Share Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: For the Three Months Ended March 31, 2016 2015 Numerator for basic per share calculation: Income from continuing operations for basic calculation $ 1,604,125 $ 1,293,370 Income (loss) from discontinued operations, net of income tax (benefit) — (71,354) Net income for basic calculation $ 1,604,125 $ 1,222,016 Numerator for diluted per share calculation: Income from continuing operations $ 1,604,125 $ 1,293,370 Adjustments to income from continuing operations for the impact of dilutive securities — — Income from continuing operations for dilution calculation 1,604,125 1,293,370 Income (loss) from discontinued operations, net of income tax (benefit) — (71,354) Net income for dilution calculation $ 1,604,125 $ 1,222,016 Denominator: Weighted average common shares – basic 11,283,752 11,190,683 Effect of dilutive securities: RSUs 133,498 155,677 Stock options 308,556 346,204 Weighted average common shares – diluted 11,725,806 11,692,564 Per common share amounts – basic: Income from continuing operations $ 0.14 $ 0.12 Income (loss) from discontinued operations — (0.01) Net income $ 0.14 $ 0.11 Per common share amounts – diluted: Income from continuing operations $ 0.14 $ 0.11 Income (loss) from discontinued operations — (0.01) Net income $ 0.14 $ 0.10 Potentially dilutive securities include all stock based awards. For the three months ended March 31, 2016 and 2015, only certain equity awards were antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11. Fair Value of Financial Instruments At March 31, 2016 and December 31, 2015, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments, were not materially different from their recorded values at March 31, 2016 and December 31, 2015. The Company had no debt outstanding at March 31, 2016 and December 31, 2015. See Note 5 for additional information about the Company’s debt. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Quarterly Reporting | Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016. The consolidated statements of operations and cash flows for the three months ended March 31, 2016 and 2015 are not necessarily indicative of full year results. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation |
Reclassification | Reclassification Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 28,714 $ 197 $ 28,911 Restricted cash and investments 212 — 212 Accounts receivable, net 7,107 — 7,107 Prepaid and other assets 917 197 1,114 Total current assets 36,950 394 37,344 Furniture, fixtures and equipment, net 1,525 4 1,529 Intangible assets, net 16,298 — 16,298 Deferred tax asset, net 285 17,405 17,690 Goodwill 57,203 (2,378) 54,825 Other assets 342 — 342 Total assets $ 112,603 $ 15,425 $ 128,028 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,190 1,008 4,198 Deferred revenue 22,268 — 22,268 Total current liabilities 25,458 1,008 26,466 Other long-term liabilities 280 — 280 Deferred tax liability, net 30,973 (30,973) — Total liabilities 56,711 (29,965) 26,746 Total stockholders’ equity 55,892 45,390 101,282 Total liabilities and stockholders’ equity $ 112,603 $ 15,425 $ 128,028 Condensed Balance Sheet Data December 31, 2015 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 28,465 $ 193 $ 28,658 Restricted cash and investments 212 — 212 Accounts receivable, net 13,741 — 13,741 Prepaid and other assets 417 253 670 Total current assets 42,835 446 43,281 Furniture, fixtures and equipment, net 798 6 804 Intangible assets, net 15,687 — 15,687 Deferred tax asset, net 285 18,145 18,430 Goodwill 57,203 (2,378) 54,825 Other assets 172 — 172 Total assets $ 116,980 $ 16,219 $ 133,199 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 4,502 1,397 5,899 Deferred revenue 25,291 — 25,291 Liabilities attributable to discontinued operations — 146 146 Total current liabilities 29,793 1,543 31,336 Other long-term liabilities 284 — 284 Deferred tax liability, net 29,498 (29,498) — Total liabilities 59,575 (27,955) 31,620 Total stockholders’ equity 57,405 44,174 101,579 Total liabilities and stockholders’ equity $ 116,980 $ 16,219 $ 133,199 (A) Includes the assets and liabilities of the Company’s discontinued operations, to the extent that such assets and liabilities existed at the date presented, and includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Three Months Ended March 31, 2016 Reis Services Other (A) Consolidated Subscription revenue $ 12,824 $ — $ 12,824 Cost of sales of subscription revenue 2,462 — 2,462 Gross profit 10,362 — 10,362 Operating expenses: Sales and marketing 2,668 — 2,668 Product development 1,005 — 1,005 General and administrative expenses 2,796 1,289 4,085 Total operating expenses 6,469 1,289 7,758 Other income (expenses): Interest and other income 8 — 8 Interest expense (21) — (21) Total other income (expenses) (13) — (13) Income (loss) before income taxes and discontinued operations $ 3,880 $ (1,289) $ 2,591 Income (loss) from discontinued operations, before income taxes $ — $ — $ — Condensed Operating Data for the Three Months Ended March 31, 2015 Reis Services Other (A) Consolidated Subscription revenue $ 11,131 $ — $ 11,131 Cost of sales of subscription revenue 2,186 — 2,186 Gross profit 8,945 — 8,945 Operating expenses: Sales and marketing 2,653 — 2,653 Product development 863 — 863 General and administrative expenses 2,160 1,161 3,321 Total operating expenses 5,676 1,161 6,837 Other income (expenses): Interest and other income 7 — 7 Interest expense (28) — (28) Total other income (expenses) (21) — (21) Income (loss) before income taxes and discontinued operations $ 3,248 $ (1,161) $ 2,087 (Loss) from discontinued operations, before income taxes $ — $ (118) $ (118) (A) Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. |
Accounts Receivable Balances of Reis Services | The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Accounts receivable $ 7,216,000 $ 13,828,000 Allowance for doubtful accounts (109,000) (87,000) Accounts receivable, net $ 7,107,000 $ 13,741,000 |
Income (Loss) from Discontinued Operations | Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period): For the Three Months Litigation recoveries $ — Other (expense), net (118,000) (Loss) from discontinued operations before income tax (118,000) Income tax (benefit) from discontinued operations (47,000) (Loss) from discontinued operations, net of income tax (benefit) $ (71,000) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 Database $ 24,121,000 $ 22,790,000 Accumulated amortization (17,733,000) (17,121,000) Database, net 6,388,000 5,669,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (8,563,000) (8,328,000) Customer relationships, net 5,537,000 5,772,000 Website 15,393,000 14,735,000 Accumulated amortization (11,125,000) (10,669,000) Website, net 4,268,000 4,066,000 Acquired below market lease 2,800,000 2,800,000 Accumulated amortization (2,695,000) (2,620,000) Acquired below market lease, net 105,000 180,000 Intangibles, net $ 16,298,000 $ 15,687,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2016 2015 Current Federal alternative minimum tax (“AMT”) expense $ 62,000 $ 38,000 Current state and local tax expense 61,000 — Deferred Federal tax expense (A) 811,000 622,000 Deferred state and local tax expense 53,000 87,000 Consolidated income tax expense, including taxes attributable to discontinued operations (B) 987,000 747,000 Less income tax expense (benefit) attributable to discontinued operations — (47,000) Income tax expense (C) $ 987,000 $ 794,000 (A) Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015. (B) Includes income tax (benefit) attributable to (loss) from discontinued operations. (C) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. |
Stock Plans and Other Incenti23
Stock Plans and Other Incentives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Activity and Other Plan Data | The following table presents option activity and other plan data for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Options Weighted- Exercise Price Options Weighted- Average Exercise Price Outstanding at beginning of period 547,500 $ 9.61 582,500 $ 9.52 Granted — $ — — $ — Exercised (7,500) $ (10.40) (7,500) $ (7.50) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 540,000 $ 9.60 575,000 $ 9.55 Options exercisable at end of period 524,000 $ 9.33 555,000 $ 9.23 |
Changes in RSUs | The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Outstanding at beginning of period 254,041 277,973 Granted 117,788 78,722 Common stock delivered (A) (B) (85,181) (105,970) Forfeited — (706) Outstanding at end of period 286,648 250,019 Intrinsic value (C) $ 6,751,000 $ 6,410,000 (A) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016. (B) The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015. (C) For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Details of Computation of Earnings per Common Share, Basic and Diluted | The following table details the computation of earnings per common share, basic and diluted: For the Three Months Ended March 31, 2016 2015 Numerator for basic per share calculation: Income from continuing operations for basic calculation $ 1,604,125 $ 1,293,370 Income (loss) from discontinued operations, net of income tax (benefit) — (71,354) Net income for basic calculation $ 1,604,125 $ 1,222,016 Numerator for diluted per share calculation: Income from continuing operations $ 1,604,125 $ 1,293,370 Adjustments to income from continuing operations for the impact of dilutive securities — — Income from continuing operations for dilution calculation 1,604,125 1,293,370 Income (loss) from discontinued operations, net of income tax (benefit) — (71,354) Net income for dilution calculation $ 1,604,125 $ 1,222,016 Denominator: Weighted average common shares – basic 11,283,752 11,190,683 Effect of dilutive securities: RSUs 133,498 155,677 Stock options 308,556 346,204 Weighted average common shares – diluted 11,725,806 11,692,564 Per common share amounts – basic: Income from continuing operations $ 0.14 $ 0.12 Income (loss) from discontinued operations — (0.01) Net income $ 0.14 $ 0.11 Per common share amounts – diluted: Income from continuing operations $ 0.14 $ 0.11 Income (loss) from discontinued operations — (0.01) Net income $ 0.14 $ 0.10 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Project | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of residential projects before merger | 3 |
Percentage of ownership interest before merger | 23.00% |
Segment Information - Condensed
Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 28,910,705 | $ 28,657,956 | $ 21,366,162 | $ 17,745,077 |
Restricted cash and investments | 212,268 | 212,268 | ||
Accounts receivable, net | 7,107,240 | 13,741,169 | ||
Prepaid and other assets | 1,114,240 | 670,339 | ||
Total current assets | 37,344,453 | 43,281,732 | ||
Furniture, fixtures and equipment, net | 1,529,107 | 804,427 | ||
Intangible assets, net | 16,297,789 | 15,686,954 | ||
Deferred tax asset, net | 17,689,737 | 18,429,737 | ||
Goodwill | 54,824,648 | 54,824,648 | ||
Other assets | 342,550 | 171,728 | ||
Total assets | 128,028,284 | 133,199,226 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 4,197,652 | 5,898,226 | ||
Deferred revenue | 22,268,396 | 25,291,499 | ||
Liabilities attributable to discontinued operations | 145,737 | |||
Total current liabilities | 26,466,048 | 31,335,462 | ||
Other long-term liabilities | 279,799 | 284,316 | ||
Deferred tax liability, net | 0 | 0 | ||
Total liabilities | 26,745,847 | 31,619,778 | ||
Total stockholders' equity | 101,282,437 | 101,579,448 | ||
Total liabilities and stockholders' equity | 128,028,284 | 133,199,226 | ||
Reis Services [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 28,714,000 | 28,465,000 | ||
Restricted cash and investments | 212,000 | 212,000 | ||
Accounts receivable, net | 7,107,000 | 13,741,000 | ||
Prepaid and other assets | 917,000 | 417,000 | ||
Total current assets | 36,950,000 | 42,835,000 | ||
Furniture, fixtures and equipment, net | 1,525,000 | 798,000 | ||
Intangible assets, net | 16,298,000 | 15,687,000 | ||
Deferred tax asset, net | 285,000 | 285,000 | ||
Goodwill | 57,203,000 | 57,203,000 | ||
Other assets | 342,000 | 172,000 | ||
Total assets | 112,603,000 | 116,980,000 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 3,190,000 | 4,502,000 | ||
Deferred revenue | 22,268,000 | 25,291,000 | ||
Liabilities attributable to discontinued operations | 0 | |||
Total current liabilities | 25,458,000 | 29,793,000 | ||
Other long-term liabilities | 280,000 | 284,000 | ||
Deferred tax liability, net | 30,973,000 | 29,498,000 | ||
Total liabilities | 56,711,000 | 59,575,000 | ||
Total stockholders' equity | 55,892,000 | 57,405,000 | ||
Total liabilities and stockholders' equity | 112,603,000 | 116,980,000 | ||
Other [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 197,000 | 193,000 | ||
Restricted cash and investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Prepaid and other assets | 197,000 | 253,000 | ||
Total current assets | 394,000 | 446,000 | ||
Furniture, fixtures and equipment, net | 4,000 | 6,000 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax asset, net | 17,405,000 | 18,145,000 | ||
Goodwill | (2,378,000) | (2,378,000) | ||
Other assets | 0 | 0 | ||
Total assets | 15,425,000 | 16,219,000 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 1,008,000 | 1,397,000 | ||
Deferred revenue | 0 | 0 | ||
Liabilities attributable to discontinued operations | 146,000 | |||
Total current liabilities | 1,008,000 | 1,543,000 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred tax liability, net | (30,973,000) | (29,498,000) | ||
Total liabilities | (29,965,000) | (27,955,000) | ||
Total stockholders' equity | 45,390,000 | 44,174,000 | ||
Total liabilities and stockholders' equity | $ 15,425,000 | $ 16,219,000 |
Segment Information - Condens27
Segment Information - Condensed Operating Data for Segments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Subscription revenue | $ 12,823,752 | $ 11,130,778 |
Cost of sales of subscription revenue | 2,461,571 | 2,185,440 |
Gross profit | 10,362,181 | 8,945,338 |
Operating expenses: | ||
Sales and marketing | 2,667,992 | 2,653,014 |
Product development | 1,005,284 | 862,754 |
General and administrative expenses | 4,084,711 | 3,321,076 |
Total operating expenses | 7,757,987 | 6,836,844 |
Other income (expenses): | ||
Interest and other income | 8,256 | 7,089 |
Interest expense | (21,325) | (28,213) |
Total other income (expenses) | (13,069) | (21,124) |
Income (loss) before income taxes and discontinued operations | 2,591,125 | 2,087,370 |
Income (loss) from discontinued operations, before income taxes | 0 | (118,000) |
Reis Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Subscription revenue | 12,824,000 | 11,131,000 |
Cost of sales of subscription revenue | 2,462,000 | 2,186,000 |
Gross profit | 10,362,000 | 8,945,000 |
Operating expenses: | ||
Sales and marketing | 2,668,000 | 2,653,000 |
Product development | 1,005,000 | 863,000 |
General and administrative expenses | 2,796,000 | 2,160,000 |
Total operating expenses | 6,469,000 | 5,676,000 |
Other income (expenses): | ||
Interest and other income | 8,000 | 7,000 |
Interest expense | (21,000) | (28,000) |
Total other income (expenses) | (13,000) | (21,000) |
Income (loss) before income taxes and discontinued operations | 3,880,000 | 3,248,000 |
Income (loss) from discontinued operations, before income taxes | 0 | 0 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Subscription revenue | 0 | 0 |
Cost of sales of subscription revenue | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses: | ||
Sales and marketing | 0 | 0 |
Product development | 0 | 0 |
General and administrative expenses | 1,289,000 | 1,161,000 |
Total operating expenses | 1,289,000 | 1,161,000 |
Other income (expenses): | ||
Interest and other income | 0 | 0 |
Interest expense | 0 | 0 |
Total other income (expenses) | 0 | 0 |
Income (loss) before income taxes and discontinued operations | (1,289,000) | (1,161,000) |
Income (loss) from discontinued operations, before income taxes | $ 0 | $ (118,000) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | Oct. 15, 2012USD ($) | Aug. 03, 2012USD ($) | Jun. 20, 2012USD ($) | Mar. 13, 2012USD ($) | Apr. 27, 2016USD ($) | Mar. 31, 2016Subscriber | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2009aSegment |
Segment Reporting Information [Line Items] | |||||||||
Litigation recoveries | $ 0 | $ 5,658 | |||||||
Gold Peak [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Number of units prior to sale | Segment | 259 | ||||||||
Number of acres prior to sale | a | 29 | ||||||||
Litigation charge regarding construction defects | $ 18,200 | ||||||||
Other charges regarding construction defects | $ 756 | ||||||||
Settlement with the plaintiff | $ 17,000 | ||||||||
Gold Peak [Member] | First Installment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Installment amount due | $ 5,000 | ||||||||
Installment due date | Aug. 3, 2012 | ||||||||
Gold Peak [Member] | Second Installment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Installment amount due | $ 12,000 | ||||||||
Installment due date | Oct. 15, 2012 | ||||||||
Subsequent Event [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Payments received against accounts receivable | $ 3,726 | ||||||||
Percentage collected from trade accounts receivable | 51.60% | ||||||||
Reis Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of Reis Service's revenue by major subscriber | 11.40% | 2.70% | |||||||
Number of subscribers contributing largest share among accounts receivable | Subscriber | 15 | ||||||||
Aggregate percentage of subscribers contributing largest share among accounts receivable | 49.20% | ||||||||
Percentage of Reis Service's accounts receivable by major subscriber | 11.40% | ||||||||
Percentage of deferred revenue by major subscriber | 3.50% |
Segment Information - Accounts
Segment Information - Accounts Receivable Balances of Reis Services (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 7,107,240 | $ 13,741,169 |
Reis Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 7,216,000 | 13,828,000 |
Allowance for doubtful accounts | (109,000) | (87,000) |
Accounts receivable, net | $ 7,107,000 | $ 13,741,000 |
Segment Information - Income (L
Segment Information - Income (Loss) from Discontinued Operations (Detail) - USD ($) | 3 Months Ended | 39 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Litigation recoveries | $ 0 | $ 5,658,000 | |
Other (expense), net | (118,000) | ||
(Loss) from discontinued operations before income tax | $ 0 | (118,000) | |
Income tax (benefit) from discontinued operations | (47,000) | ||
(Loss) from discontinued operations, net of income tax (benefit) | $ (71,354) |
Intangible Assets - Summary of
Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (40,116,778) | $ (38,738,292) |
Intangible assets, net | 16,297,789 | 15,686,954 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 24,121,000 | 22,790,000 |
Accumulated amortization | (17,733,000) | (17,121,000) |
Intangible assets, net | 6,388,000 | 5,669,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,100,000 | 14,100,000 |
Accumulated amortization | (8,563,000) | (8,328,000) |
Intangible assets, net | 5,537,000 | 5,772,000 |
Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 15,393,000 | 14,735,000 |
Accumulated amortization | (11,125,000) | (10,669,000) |
Intangible assets, net | 4,268,000 | 4,066,000 |
Acquired Below Market Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,800,000 | 2,800,000 |
Accumulated amortization | (2,695,000) | (2,620,000) |
Intangible assets, net | $ 105,000 | $ 180,000 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense for intangible assets | $ 1,378,486 | $ 1,221,190 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount capitalized to intangible asset | 1,331,000 | 596,000 |
Amortization expense for intangible assets | 612,000 | 482,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense for intangible assets | 235,000 | 238,000 |
Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount capitalized to intangible asset | 658,000 | 486,000 |
Amortization expense for intangible assets | 456,000 | 425,000 |
Acquired Below Market Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense for intangible assets | $ 75,000 | $ 76,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Jan. 28, 2016 | Oct. 31, 2012 | |
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 0 | $ 0 | ||
Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
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) | |||
Unused credit facility fee | 0.25% | |||
Borrowings under revolver | $ 0 | $ 0 | ||
Revolver [Member] | LIBOR Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, interest rate description | LIBOR + 2.00% per annum (for LIBOR loans) | |||
Spread on variable rate | 2.00% | |||
Revolver [Member] | Base Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, interest rate description | The greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans) | |||
Base rate | 1.00% | |||
Spread on variable rate | (0.50%) | |||
2012 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of revolving credit facility | $ 10,000,000 | |||
Expiry period of revolver | 3 years | |||
Date of expiry | Oct. 16, 2015 | |||
2012 Revolver [Member] | Extended Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Date of expiry | Jan. 31, 2016 | |||
2016 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of revolving credit facility | $ 20,000,000 | |||
Date of expiry | Jan. 28, 2019 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Current Federal alternative minimum tax ("AMT") expense | $ 62,000 | $ 38,000 |
Current state and local tax expense | 61,000 | |
Deferred Federal tax expense | 811,000 | 622,000 |
Deferred state and local tax expense | 53,000 | 87,000 |
Consolidated income tax expense, including taxes attributable to discontinued operations | 987,000 | 747,000 |
Less income tax expense (benefit) attributable to discontinued operations | (47,000) | |
Income tax expense | 987,000 | 794,000 |
Consolidated income tax expense, including taxes attributable to discontinued operations | $ 987,000 | $ 747,000 |
Income Taxes - Components of 35
Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred Federal AMT expense (benefit) | $ (62,000) | $ (38,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax asset | $ 17,690,000 | $ 18,430,000 |
Aggregate Federal NOL carryforwards | 46,018,000 | |
Federal NOLs subject to an annual limitation | 13,300,000 | |
Federal NOLs not subject to an annual limitation | 32,718,000 | |
Federal NOLs annual limitation | $ 2,779,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Equity [Abstract] | |||||
Dividends declared, per share | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Dividends paid, per share | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Dividend payments, amount | $ 1,936,421 | $ 1,582,000 |
Stock Plans and Other Incenti38
Stock Plans and Other Incentives - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | |
Non-cash compensation expense | $ 534,444 | $ 446,244 |
RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 117,788 | 78,722 |
Vesting rights | RSUs vest one-third a year over three years | |
RSU [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 1,452 | 1,317 |
Weighted average grant date fair value | $ 23.73 | $ 26.17 |
Number of months after the termination of service, RSUs delivered to non-employee directors | 6 months | |
Non-cash compensation expense | $ 34,500 | $ 34,500 |
RSU [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted | 116,336 | 77,405 |
Weighted average grant date fair value | $ 20.15 | $ 22.41 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period for incentive plans | 3 years | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period for incentive plans | 5 years |
Stock Plans and Other Incenti39
Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding at beginning of period, Options | 547,500 | 582,500 |
Granted, Options | 0 | 0 |
Exercised, Options | (7,500) | (7,500) |
Forfeited/cancelled/expired, Options | 0 | 0 |
Outstanding at end of period, Options | 540,000 | 575,000 |
Options exercisable at end of period, Options | 524,000 | 555,000 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 9.61 | $ 9.52 |
Granted, Weighted-Average Exercise Price | 0 | 0 |
Exercised, Weighted-Average Exercise Price | (10.40) | (7.50) |
Forfeited/cancelled/expired, Weighted-Average Exercise Price | 0 | 0 |
Outstanding at end of period, Weighted-Average Exercise Price | 9.60 | 9.55 |
Options exercisable at end of period, Weighted-Average Exercise Price | $ 9.33 | $ 9.23 |
Stock Plans and Other Incenti40
Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period | 254,041 | 277,973 |
Granted | 117,788 | 78,722 |
Common stock delivered | (85,181) | (105,970) |
Forfeited | (706) | |
Outstanding at end of period | 286,648 | 250,019 |
Intrinsic value | $ 6,751,000 | $ 6,410,000 |
Stock Plans and Other Incenti41
Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)Employee$ / sharesshares | Mar. 31, 2015USD ($)Employee$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Closing stock price | $ / shares | $ 23.55 | $ 25.64 |
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 | 32,760 | 41,136 |
Number of employees withholding tax obligations | Employee | 29 | 28 |
Employee withholding tax obligations approximate amount | $ | $ 701,000 | $ 993,000 |
Common stock delivered, net | 52,421 | 64,834 |
Earnings Per Common Share - Det
Earnings Per Common Share - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator for basic per share calculation: | ||
Income from continuing operations for basic calculation | $ 1,604,125 | $ 1,293,370 |
Income (loss) from discontinued operations, net of income tax (benefit) | (71,354) | |
Net income for basic calculation | 1,604,125 | 1,222,016 |
Numerator for diluted per share calculation: | ||
Income from continuing operations | 1,604,125 | 1,293,370 |
Adjustments to income from continuing operations for the impact of dilutive securities | 0 | 0 |
Income from continuing operations for dilution calculation | 1,604,125 | 1,293,370 |
Income (loss) from discontinued operations, net of income tax (benefit) | (71,354) | |
Net income for dilution calculation | $ 1,604,125 | $ 1,222,016 |
Denominator: | ||
Weighted average common shares - basic | 11,283,752 | 11,190,683 |
Effect of dilutive securities: | ||
RSUs | 133,498 | 155,677 |
Stock options | 308,556 | 346,204 |
Weighted average common shares - diluted | 11,725,806 | 11,692,564 |
Per common share amounts - basic: | ||
Income from continuing operations | $ 0.14 | $ 0.12 |
Income (loss) from discontinued operations | (0.01) | |
Net income | 0.14 | 0.11 |
Per common share amounts - diluted: | ||
Income from continuing operations | 0.14 | 0.11 |
Income (loss) from discontinued operations | (0.01) | |
Net income | $ 0.14 | $ 0.10 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Debt outstanding | $ 0 | $ 0 |