Reis 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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		11,515,253

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 21,535,980	$ 21,490,586
Accounts receivable, net	8,787,005	10,743,505
Prepaid and other assets	1,089,171	792,991
Total current assets	31,412,156	33,027,082
Furniture, fixtures and equipment, net of accumulated depreciation of $1,318,748 and $1,082,793, respectively	5,320,129	5,260,443
Intangible assets, net of accumulated amortization of $43,534,020 and $41,861,561, respectively	18,378,463	17,922,282
Deferred tax asset, net	18,073,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	278,300	295,349
Total assets	128,287,464	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,528,359	4,031,444
Deferred revenue	24,182,323	25,031,100
Total current liabilities	27,710,682	29,062,544
Other long-term liabilities	2,533,295	1,902,081
Total liabilities	30,243,977	30,964,625
Commitments and contingencies
Stockholders' equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,534,753 and 11,272,150 shares issued and outstanding, respectively	230,695	225,443
Additional paid in capital	109,289,158	107,668,599
Retained earnings (deficit)	(11,476,366)	(10,714,126)
Total stockholders' equity	98,043,487	97,179,916
Total liabilities and stockholders' equity	$ 128,287,464	$ 128,144,541

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation of furniture, fixtures and equipment	$ 1,318,748	$ 1,082,793
Accumulated amortization of intangible assets	$ 43,534,020	$ 41,861,561
Common stock, par value	$ 0.02	$ 0.02
Common stock, shares authorized	101,000,000	101,000,000
Common stock, shares issued	11,534,753	11,272,150
Common stock, shares outstanding	11,534,753	11,272,150

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Subscription revenue	$ 11,579,362	$ 11,427,979
Other revenue	546,592	1,395,773
Total revenue	12,125,954	12,823,752
Cost of sales	3,366,351	2,461,571
Gross profit	8,759,603	10,362,181
Operating expenses:
Sales and marketing	3,328,048	2,667,992
Product development	1,166,671	1,005,284
General and administrative expenses	4,120,484	4,084,711
Total operating expenses	8,615,203	7,757,987
Other income (expenses):
Interest and other income	576	8,256
Interest expense	(32,234)	(21,325)
Total other income (expenses)	(31,658)	(13,069)
Income before income taxes	112,742	2,591,125
Income tax (benefit) expense	(422,000)	987,000
Net income	$ 534,742	$ 1,604,125
Net income per common share:
Basic	$ 0.05	$ 0.14
Diluted	$ 0.05	$ 0.14
Weighted average number of common shares outstanding:
Basic	11,447,309	11,283,752
Diluted	11,776,375	11,725,806
Dividends declared per common share	$ 0.17	$ 0.17

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($)	Total	Common Shares	Paid in Capital	Retained Earnings (Deficit)
Balance at Dec. 31, 2016	$ 97,179,916	$ 225,443	$ 107,668,599	$ (10,714,126)
Balance, shares at Dec. 31, 2016		11,272,150
Cumulative effect change in accounting principle (as described in Note 2) at Dec. 31, 2016	646,031		(27,830)	673,861
Adjusted balance at Dec. 31, 2016	97,825,947	$ 225,443	107,640,769	(10,040,265)
Shares issued for vested employee restricted stock units		$ 1,771	(1,771)
Shares issued for vested employee restricted stock units, shares		88,543
Shares issued for option exercises	$ 2,626,000	$ 5,050	2,620,950
Shares issued for option exercises, shares	252,500	252,500
Stock based compensation, net	$ 534,717		534,717
Dividends	(1,970,843)			(1,970,843)
Stock repurchases	$ (1,507,076)	$ (1,569)	(1,505,507)
Stock repurchases, shares	(78,440)	(78,440)
Net income	$ 534,742			534,742
Balance at Mar. 31, 2017	$ 98,043,487	$ 230,695	$ 109,289,158	$ (11,476,366)
Balance, shares at Mar. 31, 2017		11,534,753

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 534,742	$ 1,604,125
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax (benefit) provision	(613,000)	864,000
Depreciation	235,955	112,870
Amortization of intangible assets	1,672,459	1,378,486
Stock based compensation charges	534,717	534,444
Changes in assets and liabilities:
Accounts receivable, net	1,956,500	6,633,929
Prepaid and other assets	(279,131)	(354,080)
Accrued expenses and other liabilities	255,699	(1,675,828)
Deferred revenue	(848,777)	(3,023,103)
Net cash provided by operating activities	3,449,164	6,074,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs	(2,128,640)	(2,164,321)
Furniture, fixtures and equipment additions	(423,211)	(839,641)
Cash (used in) investing activities	(2,551,851)	(3,003,962)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends	(1,970,843)	(1,936,421)
Proceeds from option exercises	2,626,000	0
Payments for option cancellations and restricted stock units	0	(701,159)
Payment of financing costs	0	(180,552)
Stock repurchases	(1,507,076)	0
Net cash (used in) financing activities	(851,919)	(2,818,132)
Net increase in cash and cash equivalents	45,394	252,749
Cash and cash equivalents, beginning of period	21,490,586	28,657,956
Cash and cash equivalents, end of period	21,535,980	28,910,705
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	12,778	6,389
Cash paid during the period for income taxes	21,671	288,011
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual for furniture, fixtures and equipment additions	218,760
Accrual for website and database development costs		175,000
Disposal of fully depreciated furniture, fixtures and equipment		29,697
Shares issued for vested employee restricted stock units	1,771	1,048
Shares issued for option exercises	$ 5,050	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, 2017
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 Reis Services. 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, student housing and affordable 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 Reis Portfolio CRE ,

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016, as filed with the SEC on March 9, 2017. The consolidated statements of operations and cash flows for the three months ended March 31, 2017 and 2016 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 February 2016, the FASB issued ASU 2016-02, Leases . In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a consensus of the FASB Emerging Issues Task Force statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business Reclassification Amounts in certain accounts, as presented in the consolidated statements of operations and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. In particular, the Company has changed its presentation of revenue to include two categories: subscription revenue and other revenue.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	3. Segment Information The Company is organized into separately managed segments as follows: the Reis Services segment and the Other segment. The following tables present condensed balance sheet and operating data for these segments: (amounts in thousands) Condensed Balance Sheet Data March 31, 2017 Reis Services Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,913 $ 2,623 $ 21,536 Accounts receivable, net 8,787 — 8,787 Prepaid and other assets 973 116 1,089 Total current assets 28,673 2,739 31,412 Furniture, fixtures and equipment, net 5,320 — 5,320 Intangible assets, net 18,378 — 18,378 Deferred tax asset, net 285 17,789 18,074 Goodwill 57,203 (2,378) 54,825 Other assets 278 — 278 Total assets $ 110,137 $ 18,150 $ 128,287 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,046 483 3,529 Deferred revenue 24,182 — 24,182 Total current liabilities 27,228 483 27,711 Other long-term liabilities 2,533 — 2,533 Deferred tax liability, net 33,534 (33,534) — Total liabilities 63,295 (33,051) 30,244 Total stockholders’ equity 46,842 51,201 98,043 Total liabilities and stockholders’ equity $ 110,137 $ 18,150 $ 128,287 Condensed Balance Sheet Data December 31, 2016 Reis Services Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 19,903 $ 1,588 $ 21,491 Accounts receivable, net 10,744 — 10,744 Prepaid and other assets 622 170 792 Total current assets 31,269 1,758 33,027 Furniture, fixtures and equipment, net 5,260 — 5,260 Intangible assets, net 17,922 — 17,922 Deferred tax asset, net 285 16,530 16,815 Goodwill 57,203 (2,378) 54,825 Other assets 295 — 295 Total assets $ 112,234 $ 15,910 $ 128,144 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,724 307 4,031 Deferred revenue 25,031 — 25,031 Total current liabilities 28,755 307 29,062 Other long-term liabilities 1,902 — 1,902 Deferred tax liability, net 32,909 (32,909) — Total liabilities 63,566 (32,602) 30,964 Total stockholders’ equity 48,668 48,512 97,180 Total liabilities and stockholders’ equity $ 112,234 $ 15,910 $ 128,144 (A) 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, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,579 $ — $ 11,579 Other revenue 547 — 547 Total revenue 12,126 — 12,126 Cost of sales 3,366 — 3,366 Gross profit 8,760 — 8,760 Operating expenses: Sales and marketing 3,328 — 3,328 Product development 1,167 — 1,167 General and administrative expenses 2,884 1,236 4,120 Total operating expenses 7,379 1,236 8,615 Other income (expenses): Interest and other income 1 — 1 Interest expense (33) — (33) Total other income (expenses) (32) — (32) Income (loss) before income taxes $ 1,349 $ (1,236) $ 113 Condensed Operating Data for the Three Months Ended March 31, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,428 $ — $ 11,428 Other revenue 1,396 — 1,396 Total revenue 12,824 — 12,824 Cost of sales 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 $ 3,880 $ (1,289) $ 2,591 (A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. Reis Services See Note 1 for a description of Reis Services’s business and products at March 31, 2017. The Company’s largest individual customer accounted for 4.3% and 11.4% of total revenue for the three months ended March 31, 2017 and 2016, respectively. The following table presents the accounts receivable balances at March 31, 2017 and December 31, 2016: March 31, December 31, Accounts receivable $ 8,972,000 $ 10,862,000 Allowance for doubtful accounts (185,000) (118,000) Accounts receivable, net $ 8,787,000 $ 10,744,000 Nineteen subscribers accounted for an aggregate of approximately 49.5% of accounts receivable at March 31, 2017, with the largest representing 9.6%. Through May 1, 2017, the Company received payments of approximately $3,241,000, or 36.1%, against the March 31, 2017 accounts receivable balance. At March 31, 2017, the largest individual subscriber accounted for 3.4% of deferred revenue.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
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, December 31, Database $ 29,394,000 $ 28,146,000 Accumulated amortization (20,846,000) (19,974,000) Database, net 8,548,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (9,494,000) (9,263,000) Customer relationships, net 4,606,000 4,837,000 Website 18,418,000 17,538,000 Accumulated amortization (13,194,000) (12,624,000) Website, net 5,224,000 4,914,000 Intangibles, net $ 18,378,000 $ 17,923,000 The Company capitalized approximately $1,248,000 and $1,331,000 to the database intangible asset and $880,000 and $658,000 to the website intangible asset during the three months ended March 31, 2017 and 2016, respectively. Amortization expense for intangible assets aggregated approximately $1,673,000 for the three months ended March 31, 2017, of which approximately $872,000 related to the database, which is charged to cost of sales, approximately $231,000 related to customer relationships, which is charged to sales and marketing expense and approximately $570,000 related to website development, which is charged to product development expense, all in the Reis Services segment. 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, approximately $235,000 related to customer relationships, approximately $456,000 related to website development and approximately $75,000 related to the value ascribed to the below market terms of the office lease.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	5. Debt The Company had no debt outstanding at March 31, 2017 and December 31, 2016. 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. In January 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 (as amended, 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, 2017 and December 31, 2016. No borrowings were made on the Revolver during the three months ended March 31, 2017 and during the year ended December 31, 2016.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Current Federal alternative minimum tax (“AMT”) expense $ 19,000 $ 62,000 Current state and local tax expense 172,000 61,000 Deferred Federal tax (benefit) expense (A) (473,000) 811,000 Deferred state and local tax (benefit) expense (140,000) 53,000 Income tax (benefit) expense (B) $ (422,000) $ 987,000 (A) Includes an AMT (benefit) of $(19,000) in 2017 and $(62,000) in 2016. (B) The income tax benefit in the 2017 period resulted from the recognition of a windfall tax benefit on stock options exercised in the 2017 first quarter. 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 New York State and New York City laws enacted in March 2014 and April 2015, respectively, 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 $18,074,000 and $16,815,000 at March 31, 2017 and December 31, 2016, respectively. 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 May 2007 merger. The Company had Federal NOL carryforwards aggregating approximately $38,679,000 at December 31, 2016, as well as significant state and local NOL carryforwards. Approximately $5,961,000 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 a 2014 New York State law and a 2015 New York City law 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, 2017
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity On August 30, 2016, the Company’s Board of Directors (the “Board”) authorized a repurchase program of shares of the Company’s common stock up to an aggregate of $5,000,000. Purchases under the program may be made from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, these purchases may be commenced or suspended at any time, or from time to time, without prior notice and may be expanded 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. During the three months ended March 31, 2017, the Company purchased an aggregate of 78,440 shares of common stock for approximately $1,507,000, or an average price of $19.21 per share. From the inception of the share repurchase program in August 2016 through March 31, 2017, the Company purchased an aggregate of 132,616 shares of common stock for approximately $2,651,000, or an average price of $19.99 per share. During the three months ended March 31, 2016, the Company did not repurchase any shares of common stock. The Company declared and paid a quarterly cash dividend of $0.17 per common share for both the three months ended March 31, 2017 and 2016. Dividend payments aggregated approximately $1,971,000 and $1,936,000 for the three months ended March 31, 2017 and 2016, respectively.

Stock Plans and Other Incentive

Stock Plans and Other Incentives	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Options Weighted- Options Weighted- Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 Granted — $ — — $ — Exercised (252,500) $ (10.40 ) (7,500) $ (10.40) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 277,500 $ 8.96 540,000 $ 9.60 Options exercisable at end of period 265,500 $ 8.52 524,000 $ 9.33 RSU Awards The following table presents the changes in RSUs outstanding for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Outstanding at beginning of period 281,320 254,041 Granted 133,178 117,788 Common stock delivered (A) (B) (88,543) (85,181) Forfeited (2,810) — Outstanding at end of period 323,145 286,648 Intrinsic value (C) $ 5,784,000 $ 6,751,000 (A) In the 2017 period, all of the vested RSUs were issued as shares. (B) 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. (C) For purposes of this calculation, the Company’s closing stock prices were $17.90 and $23.55 per share on March 31, 2017 and 2016, respectively. In the first quarter of 2017, an aggregate of 131,630 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $18.67 per RSU. 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 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 2017 and 2016 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, 2017 and 2016, an aggregate of 1,548 RSUs and 1,452 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $22.25 and $23.73 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 $535,000 and $534,000, respectively, including $34,500 in each period related to non-employee director equity compensation, for the three months ended March 31, 2017 and 2016, 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, 2017
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, 2017 2016 Numerator: Net income for basic calculation $ 534,742 $ 1,604,125 Adjustments to net income for the impact of dilutive securities — — Net income for dilution calculation $ 534,742 $ 1,604,125 Denominator: Weighted average common shares – basic 11,447,309 11,283,752 Effect of dilutive securities: RSUs 135,689 133,498 Stock options 193,377 308,556 Weighted average common shares – diluted 11,776,375 11,725,806 Net income per common share: Basic $ 0.05 $ 0.14 Diluted $ 0.05 $ 0.14 Potentially dilutive securities include all stock based awards. For the three months ended March 31, 2017 and 2016, certain equity awards were antidilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments At March 31, 2017 and December 31, 2016, 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, 2017 and December 31, 2016. The Company had no debt outstanding at March 31, 2017 and December 31, 2016. See Note 5 for additional information about the Company’s debt.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016, as filed with the SEC on March 9, 2017. The consolidated statements of operations and cash flows for the three months ended March 31, 2017 and 2016 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 February 2016, the FASB issued ASU 2016-02, Leases . In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a consensus of the FASB Emerging Issues Task Force In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business
Reclassification	Reclassification Amounts in certain accounts, as presented in the consolidated statements of operations and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. In particular, the Company has changed its presentation of revenue to include two categories: subscription revenue and other revenue.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 Reis Services Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,913 $ 2,623 $ 21,536 Accounts receivable, net 8,787 — 8,787 Prepaid and other assets 973 116 1,089 Total current assets 28,673 2,739 31,412 Furniture, fixtures and equipment, net 5,320 — 5,320 Intangible assets, net 18,378 — 18,378 Deferred tax asset, net 285 17,789 18,074 Goodwill 57,203 (2,378) 54,825 Other assets 278 — 278 Total assets $ 110,137 $ 18,150 $ 128,287 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,046 483 3,529 Deferred revenue 24,182 — 24,182 Total current liabilities 27,228 483 27,711 Other long-term liabilities 2,533 — 2,533 Deferred tax liability, net 33,534 (33,534) — Total liabilities 63,295 (33,051) 30,244 Total stockholders’ equity 46,842 51,201 98,043 Total liabilities and stockholders’ equity $ 110,137 $ 18,150 $ 128,287 Condensed Balance Sheet Data December 31, 2016 Reis Services Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 19,903 $ 1,588 $ 21,491 Accounts receivable, net 10,744 — 10,744 Prepaid and other assets 622 170 792 Total current assets 31,269 1,758 33,027 Furniture, fixtures and equipment, net 5,260 — 5,260 Intangible assets, net 17,922 — 17,922 Deferred tax asset, net 285 16,530 16,815 Goodwill 57,203 (2,378) 54,825 Other assets 295 — 295 Total assets $ 112,234 $ 15,910 $ 128,144 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,724 307 4,031 Deferred revenue 25,031 — 25,031 Total current liabilities 28,755 307 29,062 Other long-term liabilities 1,902 — 1,902 Deferred tax liability, net 32,909 (32,909) — Total liabilities 63,566 (32,602) 30,964 Total stockholders’ equity 48,668 48,512 97,180 Total liabilities and stockholders’ equity $ 112,234 $ 15,910 $ 128,144 (A) 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, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,579 $ — $ 11,579 Other revenue 547 — 547 Total revenue 12,126 — 12,126 Cost of sales 3,366 — 3,366 Gross profit 8,760 — 8,760 Operating expenses: Sales and marketing 3,328 — 3,328 Product development 1,167 — 1,167 General and administrative expenses 2,884 1,236 4,120 Total operating expenses 7,379 1,236 8,615 Other income (expenses): Interest and other income 1 — 1 Interest expense (33) — (33) Total other income (expenses) (32) — (32) Income (loss) before income taxes $ 1,349 $ (1,236) $ 113 Condensed Operating Data for the Three Months Ended March 31, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,428 $ — $ 11,428 Other revenue 1,396 — 1,396 Total revenue 12,824 — 12,824 Cost of sales 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 $ 3,880 $ (1,289) $ 2,591 (A) 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	The following table presents the accounts receivable balances at March 31, 2017 and December 31, 2016: March 31, December 31, Accounts receivable $ 8,972,000 $ 10,862,000 Allowance for doubtful accounts (185,000) (118,000) Accounts receivable, net $ 8,787,000 $ 10,744,000

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
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, December 31, Database $ 29,394,000 $ 28,146,000 Accumulated amortization (20,846,000) (19,974,000) Database, net 8,548,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (9,494,000) (9,263,000) Customer relationships, net 4,606,000 4,837,000 Website 18,418,000 17,538,000 Accumulated amortization (13,194,000) (12,624,000) Website, net 5,224,000 4,914,000 Intangibles, net $ 18,378,000 $ 17,923,000

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Current Federal alternative minimum tax (“AMT”) expense $ 19,000 $ 62,000 Current state and local tax expense 172,000 61,000 Deferred Federal tax (benefit) expense (A) (473,000) 811,000 Deferred state and local tax (benefit) expense (140,000) 53,000 Income tax (benefit) expense (B) $ (422,000) $ 987,000 (A) Includes an AMT (benefit) of $(19,000) in 2017 and $(62,000) in 2016. (B) The income tax benefit in the 2017 period resulted from the recognition of a windfall tax benefit on stock options exercised in the 2017 first quarter.

Stock Plans and Other Incenti22

Stock Plans and Other Incentives (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Options Weighted- Options Weighted- Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 Granted — $ — — $ — Exercised (252,500) $ (10.40 ) (7,500) $ (10.40) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 277,500 $ 8.96 540,000 $ 9.60 Options exercisable at end of period 265,500 $ 8.52 524,000 $ 9.33
Changes in RSUs	The following table presents the changes in RSUs outstanding for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Outstanding at beginning of period 281,320 254,041 Granted 133,178 117,788 Common stock delivered (A) (B) (88,543) (85,181) Forfeited (2,810) — Outstanding at end of period 323,145 286,648 Intrinsic value (C) $ 5,784,000 $ 6,751,000 (A) In the 2017 period, all of the vested RSUs were issued as shares. (B) 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. (C) For purposes of this calculation, the Company’s closing stock prices were $17.90 and $23.55 per share on March 31, 2017 and 2016, respectively.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Numerator: Net income for basic calculation $ 534,742 $ 1,604,125 Adjustments to net income for the impact of dilutive securities — — Net income for dilution calculation $ 534,742 $ 1,604,125 Denominator: Weighted average common shares – basic 11,447,309 11,283,752 Effect of dilutive securities: RSUs 135,689 133,498 Stock options 193,377 308,556 Weighted average common shares – diluted 11,776,375 11,725,806 Net income per common share: Basic $ 0.05 $ 0.14 Diluted $ 0.05 $ 0.14

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
ASU 2016-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional non-current deferred tax asset amount	$ 657,000

Segment Information - Condensed

Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 21,535,980	$ 21,490,586	$ 28,910,705	$ 28,657,956
Accounts receivable, net	8,787,005	10,743,505
Prepaid and other assets	1,089,171	792,991
Total current assets	31,412,156	33,027,082
Furniture, fixtures and equipment, net	5,320,129	5,260,443
Intangible assets, net	18,378,463	17,922,282
Deferred tax asset, net	18,073,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	278,300	295,349
Total assets	128,287,464	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,528,359	4,031,444
Deferred revenue	24,182,323	25,031,100
Total current liabilities	27,710,682	29,062,544
Other long-term liabilities	2,533,295	1,902,081
Deferred tax liability, net	0	0
Total liabilities	30,243,977	30,964,625
Total stockholders' equity	98,043,487	97,179,916
Total liabilities and stockholders' equity	128,287,464	128,144,541
Reis Services [Member]
Current assets:
Cash and cash equivalents	18,913,000	19,903,000
Accounts receivable, net	8,787,000	10,744,000
Prepaid and other assets	973,000	622,000
Total current assets	28,673,000	31,269,000
Furniture, fixtures and equipment, net	5,320,000	5,260,000
Intangible assets, net	18,378,000	17,922,000
Deferred tax asset, net	285,000	285,000
Goodwill	57,203,000	57,203,000
Other assets	278,000	295,000
Total assets	110,137,000	112,234,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,046,000	3,724,000
Deferred revenue	24,182,000	25,031,000
Total current liabilities	27,228,000	28,755,000
Other long-term liabilities	2,533,000	1,902,000
Deferred tax liability, net	33,534,000	32,909,000
Total liabilities	63,295,000	63,566,000
Total stockholders' equity	46,842,000	48,668,000
Total liabilities and stockholders' equity	110,137,000	112,234,000
Other [Member]
Current assets:
Cash and cash equivalents	2,623,000	1,588,000
Accounts receivable, net	0	0
Prepaid and other assets	116,000	170,000
Total current assets	2,739,000	1,758,000
Furniture, fixtures and equipment, net	0	0
Intangible assets, net	0	0
Deferred tax asset, net	17,789,000	16,530,000
Goodwill	(2,378,000)	(2,378,000)
Other assets	0	0
Total assets	18,150,000	15,910,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	483,000	307,000
Deferred revenue	0	0
Total current liabilities	483,000	307,000
Other long-term liabilities	0	0
Deferred tax liability, net	(33,534,000)	(32,909,000)
Total liabilities	(33,051,000)	(32,602,000)
Total stockholders' equity	51,201,000	48,512,000
Total liabilities and stockholders' equity	$ 18,150,000	$ 15,910,000

Segment Information - Condens26

Segment Information - Condensed Operating Data for Segments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Subscription revenue	$ 11,579,362	$ 11,427,979
Other revenue	546,592	1,395,773
Total revenue	12,125,954	12,823,752
Cost of sales	3,366,351	2,461,571
Gross profit	8,759,603	10,362,181
Operating expenses:
Sales and marketing	3,328,048	2,667,992
Product development	1,166,671	1,005,284
General and administrative expenses	4,120,484	4,084,711
Total operating expenses	8,615,203	7,757,987
Other income (expenses):
Interest and other income	576	8,256
Interest expense	(32,234)	(21,325)
Total other income (expenses)	(31,658)	(13,069)
Income (loss) before income taxes	112,742	2,591,125
Reis Services [Member]
Revenue:
Subscription revenue	11,579,000	11,428,000
Other revenue	547,000	1,396,000
Total revenue	12,126,000	12,824,000
Cost of sales	3,366,000	2,462,000
Gross profit	8,760,000	10,362,000
Operating expenses:
Sales and marketing	3,328,000	2,668,000
Product development	1,167,000	1,005,000
General and administrative expenses	2,884,000	2,796,000
Total operating expenses	7,379,000	6,469,000
Other income (expenses):
Interest and other income	1,000	8,000
Interest expense	(33,000)	(21,000)
Total other income (expenses)	(32,000)	(13,000)
Income (loss) before income taxes	1,349,000	3,880,000
Other [Member]
Revenue:
Subscription revenue	0	0
Other revenue	0	0
Total revenue	0	0
Cost of sales	0	0
Gross profit	0	0
Operating expenses:
Sales and marketing	0	0
Product development	0	0
General and administrative expenses	1,236,000	1,289,000
Total operating expenses	1,236,000	1,289,000
Other income (expenses):
Interest and other income	0	0
Interest expense	0	0
Total other income (expenses)	0	0
Income (loss) before income taxes	$ (1,236,000)	$ (1,289,000)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	1 Months Ended	3 Months Ended
	May 01, 2017USD ($)	Mar. 31, 2017Subscriber	Mar. 31, 2016
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Payments received against accounts receivable | $	$ 3,241,000
Percentage collected from trade accounts receivable	36.10%
Reis Services [Member]
Segment Reporting Information [Line Items]
Percentage of Reis Service's revenue by major customer		4.30%	11.40%
Number of subscribers contributing largest share among accounts receivable | Subscriber		19
Aggregate percentage of subscribers contributing largest share among accounts receivable		49.50%
Percentage of Reis Service's accounts receivable by major subscriber		9.60%
Percentage of deferred revenue by major subscriber		3.40%

Segment Information - Accounts

Segment Information - Accounts Receivable Balances (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 8,787,005	$ 10,743,505
Reis Services [Member]
Segment Reporting Information [Line Items]
Accounts receivable	8,972,000	10,862,000
Allowance for doubtful accounts	(185,000)	(118,000)
Accounts receivable, net	$ 8,787,000	$ 10,744,000

Intangible Assets - Summary of

Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (43,534,020)	$ (41,861,561)
Intangible assets, net	18,378,463	17,922,282
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	29,394,000	28,146,000
Accumulated amortization	(20,846,000)	(19,974,000)
Intangible assets, net	8,548,000	8,172,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14,100,000	14,100,000
Accumulated amortization	(9,494,000)	(9,263,000)
Intangible assets, net	4,606,000	4,837,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	18,418,000	17,538,000
Accumulated amortization	(13,194,000)	(12,624,000)
Intangible assets, net	$ 5,224,000	$ 4,914,000

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1,672,459	$ 1,378,486
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	1,248,000	1,331,000
Amortization expense for intangible assets	872,000	612,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	231,000	235,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	880,000	658,000
Amortization expense for intangible assets	$ 570,000	456,000
Acquired Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 75,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	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, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Current Federal alternative minimum tax ("AMT") expense	$ 19,000	$ 62,000
Current state and local tax expense	172,000	61,000
Deferred Federal tax (benefit) expense	(473,000)	811,000
Deferred state and local tax (benefit) expense	(140,000)	53,000
Income tax (benefit) expense	$ (422,000)	$ 987,000

Income Taxes - Components of 33

Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Deferred Federal AMT expense (benefit)	$ (19,000)	$ (62,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 18,074,000	$ 16,815,000
Aggregate Federal NOL carryforwards		38,679,000
Federal NOLs subject to an annual limitation		5,961,000
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		8 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Aug. 30, 2016
Equity [Abstract]
Common stock repurchase authorized				$ 5,000,000
Repurchase of common stock, shares	78,440	0	132,616
Repurchase of common stock, value	$ 1,507,076		$ 2,651,000
Common stock repurchase, average price per share	$ 19.21		$ 19.99
Dividends declared, per share	0.17	$ 0.17
Dividends paid, per share	$ 0.17	$ 0.17
Dividend payments, amount	$ 1,970,843	$ 1,936,000

Stock Plans and Other Incenti36

Stock Plans and Other Incentives - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 534,717	$ 534,444
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	133,178	117,788
Vesting rights	RSUs vest one-third a year over three years
RSU [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	131,630	116,336
Weighted average grant date fair value	$ 18.67	$ 20.15
RSU [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	1,548	1,452
Weighted average grant date fair value	$ 22.25	$ 23.73
Number of months after the termination of service, RSUs delivered to non-employee directors	6 months
Non-cash compensation expense	$ 34,500	$ 34,500
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 Incenti37

Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Options	530,000	547,500
Granted, Options	0	0
Exercised, Options	(252,500)	(7,500)
Forfeited/cancelled/expired, Options	0	0
Outstanding at end of period, Options	277,500	540,000
Options exercisable at end of period, Options	265,500	524,000
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 9.64	$ 9.61
Granted, Weighted-Average Exercise Price	0	0
Exercised, Weighted-Average Exercise Price	(10.40)	(10.40)
Forfeited/cancelled/expired, Weighted-Average Exercise Price	0	0
Outstanding at end of period, Weighted-Average Exercise Price	8.96	9.60
Options exercisable at end of period, Weighted-Average Exercise Price	$ 8.52	$ 9.33

Stock Plans and Other Incenti38

Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period	281,320	254,041
Granted	133,178	117,788
Common stock delivered	(88,543)	(85,181)
Forfeited	(2,810)	0
Outstanding at end of period	323,145	286,648
Intrinsic value	$ 5,784,000	$ 6,751,000

Stock Plans and Other Incenti39

Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Employeeshares	Mar. 31, 2017$ / shares	Mar. 31, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price | $ / shares		$ 17.90	$ 23.55
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
Number of employees withholding tax obligations | Employee	29
Employee withholding tax obligations approximate amount | $	$ 701,000
Common stock delivered, net	52,421

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, 2017	Mar. 31, 2016
Numerator:
Net income for basic calculation	$ 534,742	$ 1,604,125
Adjustments to net income for the impact of dilutive securities	0	0
Net income for dilution calculation	$ 534,742	$ 1,604,125
Denominator:
Weighted average common shares - basic	11,447,309	11,283,752
Effect of dilutive securities:
RSUs	135,689	133,498
Stock options	193,377	308,556
Weighted average common shares - diluted	11,776,375	11,725,806
Basic	$ 0.05	$ 0.14
Diluted	$ 0.05	$ 0.14

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Debt outstanding	$ 0	$ 0