Reis 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 25, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		11,468,276

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 17,443,113	$ 21,490,586
Accounts receivable, net	10,014,544	10,743,505
Prepaid and other assets	1,040,049	792,991
Total current assets	28,497,706	33,027,082
Furniture, fixtures and equipment, net of accumulated depreciation of $1,845,990 and $1,082,793, respectively	5,163,799	5,260,443
Intangible assets, net of accumulated amortization of $46,995,686 and $41,861,561, respectively	19,441,536	17,922,282
Deferred tax asset, net	17,662,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	236,894	295,349
Total assets	125,827,351	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,646,253	4,031,444
Deferred revenue	24,971,999	25,031,100
Total current liabilities	28,618,252	29,062,544
Other long-term liabilities	2,491,237	1,902,081
Total liabilities	31,109,489	30,964,625
Commitments and contingencies
Stockholders' equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,476,776 and 11,272,150 shares issued and outstanding, respectively	229,536	225,443
Additional paid in capital	109,050,093	107,668,599
Retained earnings (deficit)	(14,561,767)	(10,714,126)
Total stockholders' equity	94,717,862	97,179,916
Total liabilities and stockholders' equity	$ 125,827,351	$ 128,144,541

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation of furniture, fixtures and equipment	$ 1,845,990	$ 1,082,793
Accumulated amortization of intangible assets	$ 46,995,686	$ 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	11,476,776	11,272,150
Common stock, shares outstanding	11,476,776	11,272,150

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Subscription revenue	$ 11,954,591			$ 11,261,831			$ 34,963,042	$ 34,059,230
Other revenue	137,178			275,344			963,901	1,916,367
Total revenue	12,091,769			11,537,175			35,926,943	35,975,597
Cost of sales	2,944,607			2,925,212			9,527,037	7,881,536
Gross profit	9,147,162			8,611,963			26,399,906	28,094,061
Operating expenses:
Sales and marketing	3,189,695			2,890,739			9,622,811	8,583,395
Product development	1,194,925			1,001,072			3,467,223	3,021,726
General and administrative expenses	3,987,280			3,933,992			11,820,321	11,555,444
Total operating expenses	8,371,900			7,825,803			24,910,355	23,160,565
Other income (expenses):
Interest and other income	979			5,214			2,681	19,380
Interest expense	(32,511)			(28,709)			(97,117)	(78,250)
Total other income (expenses)	(31,532)			(23,495)			(94,436)	(58,870)
Income before income taxes	743,730			762,665			1,395,115	4,874,626
Income tax expense	286,000			297,000			5,000	1,864,000
Net income	$ 457,730			$ 465,665			$ 1,390,115	$ 3,010,626
Net income per common share:
Basic	$ 0.04			$ 0.04			$ 0.12	$ 0.27
Diluted	$ 0.04			$ 0.04			$ 0.12	$ 0.26
Weighted average number of common shares outstanding:
Basic	11,499,832			11,320,904			11,487,280	11,308,833
Diluted	11,774,684			11,764,210			11,758,368	11,745,499
Dividends declared per common share	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.51	$ 0.51

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 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	$ 2,935,000	$ 5,700	2,929,300
Shares issued for option exercises, shares	285,000	285,000
Stock based compensation, net	$ 1,656,282		1,656,282
Dividends	(5,911,617)			(5,911,617)
Stock repurchases	$ (3,177,865)	$ (3,378)	(3,174,487)
Stock repurchases, shares	(168,917)	(168,917)
Net income	$ 1,390,115			1,390,115
Balance at Sep. 30, 2017	$ 94,717,862	$ 229,536	$ 109,050,093	$ (14,561,767)
Balance, shares at Sep. 30, 2017		11,476,776

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,390,115	$ 3,010,626
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax (benefit) provision	(202,000)	1,604,000
Depreciation	763,197	415,812
Amortization of intangible assets	5,134,125	4,310,343
Stock based compensation charges	1,656,282	1,579,725
Changes in assets and liabilities:
Accounts receivable, net	728,961	6,623,910
Prepaid and other assets	(188,603)	(432,056)
Accrued expenses and other liabilities	550,295	(1,480,046)
Deferred revenue	(59,101)	(3,197,347)
Net cash provided by operating activities	9,773,271	12,434,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs	(6,653,379)	(6,567,863)
Furniture, fixtures and equipment additions	(1,012,883)	(2,466,432)
Proceeds from sale of furniture, fixtures and equipment		2,091
Net cash (used in) investing activities	(7,666,262)	(9,032,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends	(5,911,617)	(5,813,374)
Proceeds from option exercises	2,935,000	153,000
Payments for option cancellations and restricted stock units		(701,159)
Payment of financing costs		(180,552)
Stock repurchases	(3,177,865)	(357,991)
Net cash (used in) financing activities	(6,154,482)	(6,900,076)
Net decrease in cash and cash equivalents	(4,047,473)	(3,497,313)
Cash and cash equivalents, beginning of period	21,490,586	28,657,956
Cash and cash equivalents, end of period	17,443,113	25,160,643
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	37,917	29,722
Cash paid during the period for income taxes	202,484	635,692
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual for furniture, fixtures and equipment additions	(346,330)	38,766
Disposal of fully depreciated furniture, fixtures and equipment		64,039
Shares issued for vested employee restricted stock units	1,771	$ 1,048
Shares issued for option exercises	$ 5,700

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 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 mid-sized ReisReports Reis Portfolio CRE , non-bank non-bank

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 Rule 10-01 Regulation S-X Form 10-K 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 2014-09”). 2014-09 2014-09, 2014-09 The Company has substantially completed its preliminary assessment of potential changes from adopting the new standard, which included a detailed review of contractual terms for all of its significant revenue streams. The Company currently recognizes subscription revenue ratably over the subscription period. Under the updated standard, subscriptions represent a series of performance obligations that are delivered over time, primarily on a stand-ready basis. As a result, the Company believes that its subscription revenue meets the criteria for revenue recognition over time and will continue to be recognized ratably under ASU 2014-09. Additionally, the Company’s evaluation considers the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions. The new standard requires these costs to be capitalized and amortized over the estimated life of the asset. Currently, these costs are expensed as incurred. The Company expects to record an asset and a cumulative effect adjustment to retained earnings upon adoption of the new revenue standard in the beginning of 2018 as a result of capitalizing commissions, including the incremental commission costs associated with acquiring a new customer. The amortization periods associated with such incremental costs have not yet been determined by the Company. In addition, the Company is assessing the impact of the new standard on its policies and procedures, internal controls and systems to support recognition and disclosure under the new standard. The Company will utilize the modified retrospective method when it adopts the new standard on January 1, 2018. The Company is continuing to evaluate the impact of the new standard and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”) . 2016-02 right-of-use 2016-02 2016-02 In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation 2016-09”). 2016-09, 2016-09 2016-09 January 1, 2017, which included (1) recording an additional deferred tax asset on the consolidated balance sheet of approximately $657,000 and (2) the recording of a cumulative effect change in stockholders’ equity related to the prior treatment of estimated forfeitures of $28,000 as the Company has elected to record forfeitures in the period in which they occur. The cumulative effect change in accounting principle is reflected on the consolidated statement of changes in stockholders’ equity to reconcile from the previously reported December 31, 2016 balances to the recast amounts after giving effect to ASU 2016-09. 2016-09 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a Consensus of the FASB Emerging Issues Task Force 2016-18”). 2016-18 2016-18 In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment 2017-04”). 2017-04 2017-04, 2017-04 2017-04 2017-04 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	9 Months Ended
	Sep. 30, 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 September 30, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 16,570 $ 873 $ 17,443 Accounts receivable, net 10,015 — 10,015 Prepaid and other assets 762 278 1,040 Total current assets 27,347 1,151 28,498 Furniture, fixtures and equipment, net 5,163 — 5,163 Intangible assets, net 19,442 — 19,442 Deferred tax asset, net 285 17,378 17,663 Goodwill 57,203 (2,378) 54,825 Other assets 236 — 236 Total assets $ 109,676 $ 16,151 $ 125,827 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,183 463 3,646 Deferred revenue 24,972 — 24,972 Total current liabilities 28,155 463 28,618 Other long-term liabilities 2,491 — 2,491 Deferred tax liability, net 34,862 (34,862) — Total liabilities 65,508 (34,399) 31,109 Total stockholders’ equity 44,168 50,550 94,718 Total liabilities and stockholders’ equity $ 109,676 $ 16,151 $ 125,827 Condensed Balance Sheet Data December 31, 2016 Reis 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 September 30, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,955 $ — $ 11,955 Other revenue 137 — 137 Total revenue 12,092 — 12,092 Cost of sales 2,945 — 2,945 Gross profit 9,147 — 9,147 Operating expenses: Sales and marketing 3,190 — 3,190 Product development 1,194 — 1,194 General and administrative expenses 2,789 1,198 3,987 Total operating expenses 7,173 1,198 8,371 Other income (expenses): Interest and other income — — — Interest expense (32) — (32) Total other income (expenses) (32) — (32) Income (loss) before income taxes $ 1,942 $ (1,198) $ 744 Condensed Operating Data for the Three Months Ended September 30, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,262 $ — $ 11,262 Other revenue 276 — 276 Total revenue 11,538 — 11,538 Cost of sales 2,926 — 2,926 Gross profit 8,612 — 8,612 Operating expenses: Sales and marketing 2,890 — 2,890 Product development 1,001 — 1,001 General and administrative expenses 3,005 929 3,934 Total operating expenses 6,896 929 7,825 Other income (expenses): Interest and other income 5 — 5 Interest expense (29) — (29) Total other income (expenses) (24) — (24) Income (loss) before income taxes $ 1,692 $ (929) $ 763 (A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Nine Months Ended September 30, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 34,963 $ — $ 34,963 Other revenue 964 — 964 Total revenue 35,927 — 35,927 Cost of sales 9,527 — 9,527 Gross profit 26,400 — 26,400 Operating expenses: Sales and marketing 9,623 — 9,623 Product development 3,467 — 3,467 General and administrative expenses 8,401 3,419 11,820 Total operating expenses 21,491 3,419 24,910 Other income (expenses): Interest and other income 1 1 2 Interest expense (97) — (97) Total other income (expenses) (96) 1 (95) Income (loss) before income taxes $ 4,813 $ (3,418) $ 1,395 Condensed Operating Data for the Nine Months Ended September 30, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 34,060 $ — $ 34,060 Other revenue 1,916 — 1,916 Total revenue 35,976 — 35,976 Cost of sales of subscription revenue 7,882 — 7,882 Gross profit 28,094 — 28,094 Operating expenses: Sales and marketing 8,583 — 8,583 Product development 3,022 — 3,022 General and administrative expenses 8,336 3,219 11,555 Total operating expenses 19,941 3,219 23,160 Other income (expenses): Interest and other income 19 — 19 Interest expense (78) — (78) Total other income (expenses) (59) — (59) Income (loss) before income taxes $ 8,094 $ (3,219) $ 4,875 (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 September 30, 2017. The Company’s largest individual customer accounted for 4.0% and 6.9% of total revenue for the nine months ended September 30, 2017 and 2016, respectively. The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016: September 30, December 31, Accounts receivable $ 10,258,000 $ 10,862,000 Allowance for doubtful accounts (243,000) (118,000) Accounts receivable, net $ 10,015,000 $ 10,744,000 Twenty-three subscribers accounted for an aggregate of approximately 68.5% of accounts receivable at September 30, 2017, with the largest representing 18.7%. Through November 3, 2017, the Company received payments of approximately $4,478,000, or 43.7%, against the September 30, 2017 accounts receivable balance. At September 30, 2017, the largest individual subscriber accounted for 9.6% of deferred revenue.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 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: September 30, December 31, Database $ 32,286,000 $ 28,146,000 Accumulated amortization (22,714,000) (19,974,000) Database, net 9,572,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (9,953,000) (9,263,000) Customer relationships, net 4,147,000 4,837,000 Website 20,051,000 17,538,000 Accumulated amortization (14,328,000) (12,624,000) Website, net 5,723,000 4,914,000 Intangibles, net $ 19,442,000 $ 17,923,000 The Company capitalized approximately $1,363,000 and $1,338,000 during the three months ended September 30, 2017 and 2016, respectively, and approximately $4,140,000 and $4,059,000 during the nine months ended September 30, 2017 and 2016, respectively, to the database intangible asset. The Company capitalized approximately $762,000 and $768,000 during the three months ended September 30, 2017 and 2016, respectively, and $2,513,000 and $2,158,000 during the nine months ended September 30, 2017 and 2016, respectively, to the website intangible asset. Amortization expense for intangible assets aggregated approximately $1,765,000 and $5,134,000 for the three and nine months ended September 30, 2017, of which approximately $951,000 and $2,740,000 related to the database, which is charged to cost of sales, approximately $228,000 and $690,000 related to customer relationships, which is charged to sales and marketing expense and approximately $586,000 and $1,704,000 related to website development, which is charged to product development expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,498,000 and $4,310,000 for the three and nine months ended September 30, 2016, of which approximately $761,000 and $2,031,000 related to the database, approximately $233,000 and $702,000 related to customer relationships, approximately $475,000 and $1,397,000 related to website development, and approximately $29,000 and $180,000 related to the value ascribed to the below market terms of a then existing office lease.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	5. Debt The Company had no debt outstanding at September 30, 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 September 30, 2017 and December 31, 2016. No borrowings were made on the Revolver during the three and nine months ended September 30, 2017 and during the year ended December 31, 2016.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended 2017 2016 2017 2016 Current Federal alternative minimum tax (“AMT”) (benefit) expense $ (8,000) $ 8,000 $ 27,000 $ 149,000 Current state and local tax (benefit) expense (8,000) (49,000) 180,000 111,000 Deferred Federal tax expense (benefit) (A) 256,000 245,000 (114,000) 1,490,000 Deferred state and local tax expense (benefit) 46,000 93,000 (88,000) 114,000 Income tax expense (B) $ 286,000 $ 297,000 $ 5,000 $ 1,864,000 (A) Includes an AMT deferred expense (benefit) of $8,000 and $(8,000) in the three months ended September 30, 2017 and 2016, respectively, and $(27,000) and $(149,000) in the nine months ended September 30, 2017 and 2016, respectively. (B) The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017. 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, state and local taxes where the Company has established nexus and there are no available NOLs, and for a portion of its state and local income taxes for New York State and New York City due to laws enacted in March 2014 and April 2015, respectively, which 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 $17,663,000 and $16,815,000 at September 30, 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	9 Months Ended
	Sep. 30, 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, During the three and nine months ended September 30, 2017, the Company purchased an aggregate of 35,709 and 168,917 shares of common stock, respectively, for approximately $641,000 and $3,178,000, or an average price of $17.95 and $18.81 per share, respectively. From the inception of the share repurchase program in August 2016 through September 30, 2017, the Company purchased an aggregate of 223,093 shares of common stock for approximately $4,322,000 or an average price of $19.37 per share. During both the three and nine months ended September 30, 2016, the Company purchased an aggregate of 18,127 shares of common stock for approximately $358,000. The Company declared and paid a quarterly cash dividend of $0.17 per common share for the first, second and third quarters of 2017 and 2016. Dividend payments aggregated approximately $1,974,000 and $5,912,000 for the three and nine months ended September 30, 2017, respectively, and $1,937,000 and $5,813,000 in the three and nine months ended September 30, 2016, respectively.

Stock Plans and Other Incentive

Stock Plans and Other Incentives	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Options Weighted- Average Exercise Price Options Weighted- Average Exercise Price Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 Granted — $ — — $ — Exercised (285,000) $ (10.30) (17,500) $ (8.74) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 245,000 $ 8.88 530,000 $ 9.64 Options exercisable at end of period 237,000 $ 8.56 518,000 $ 9.44 RSU Awards The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Outstanding at beginning of period 281,320 254,041 Granted 136,727 123,023 Common stock delivered (A) (B) (88,543) (85,181) Forfeited (7,993) (4,451) Outstanding at end of period 321,511 287,432 Intrinsic value (C) $ 5,787,198 $ 5,880,859 (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 $18.00 and $20.46 per share on September 30, 2017 and 2016, respectively. In the nine months ended September 30, 2017, an aggregate of 131,630 RSUs were granted to employees, which RSUs vest one-third one-third During the nine months ended September 30, 2017 and 2016, an aggregate of 5,097 RSUs and 4,299 RSUs, respectively, were granted to non-employee non-employee non-employee Option and RSU Expense Information The Company recorded non-cash non-employee non-cash non-employee

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income for basic calculation $ 457,730 $ 465,665 $ 1,390,115 $ 3,010,626 Adjustments to net income for the impact of dilutive securities — — — — Net income for dilution calculation $ 457,730 $ 465,665 $ 1,390,115 $ 3,010,626 Denominator: Weighted average common shares – basic 11,499,832 11,320,904 11,487,280 11,308,833 Effect of dilutive securities: RSUs 146,152 150,070 117,609 130,191 Stock options 128,700 293,236 153,479 306,475 Weighted average common shares – diluted 11,774,684 11,764,210 11,758,368 11,745,499 Net income per common share: Basic $ 0.04 $ 0.04 $ 0.12 $ 0.27 Diluted $ 0.04 $ 0.04 $ 0.12 $ 0.26 Potentially dilutive securities include all stock based awards. For the three and nine months ended September 30, 2017 and 2016, certain equity awards were antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments At September 30, 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 September 30, 2017 and December 31, 2016. The Company had no debt outstanding at September 30, 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)	9 Months Ended
	Sep. 30, 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 Rule 10-01 Regulation S-X Form 10-K
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 2014-09”). 2014-09 2014-09, 2014-09 The Company has substantially completed its preliminary assessment of potential changes from adopting the new standard, which included a detailed review of contractual terms for all of its significant revenue streams. The Company currently recognizes subscription revenue ratably over the subscription period. Under the updated standard, subscriptions represent a series of performance obligations that are delivered over time, primarily on a stand-ready basis. As a result, the Company believes that its subscription revenue meets the criteria for revenue recognition over time and will continue to be recognized ratably under ASU 2014-09. Additionally, the Company’s evaluation considers the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions. The new standard requires these costs to be capitalized and amortized over the estimated life of the asset. Currently, these costs are expensed as incurred. The Company expects to record an asset and a cumulative effect adjustment to retained earnings upon adoption of the new revenue standard in the beginning of 2018 as a result of capitalizing commissions, including the incremental commission costs associated with acquiring a new customer. The amortization periods associated with such incremental costs have not yet been determined by the Company. In addition, the Company is assessing the impact of the new standard on its policies and procedures, internal controls and systems to support recognition and disclosure under the new standard. The Company will utilize the modified retrospective method when it adopts the new standard on January 1, 2018. The Company is continuing to evaluate the impact of the new standard and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”) . 2016-02 right-of-use 2016-02 2016-02 In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation 2016-09”). 2016-09, 2016-09 2016-09 January 1, 2017, which included (1) recording an additional deferred tax asset on the consolidated balance sheet of approximately $657,000 and (2) the recording of a cumulative effect change in stockholders’ equity related to the prior treatment of estimated forfeitures of $28,000 as the Company has elected to record forfeitures in the period in which they occur. The cumulative effect change in accounting principle is reflected on the consolidated statement of changes in stockholders’ equity to reconcile from the previously reported December 31, 2016 balances to the recast amounts after giving effect to ASU 2016-09. 2016-09 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a Consensus of the FASB Emerging Issues Task Force 2016-18”). 2016-18 2016-18 In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment 2017-04”). 2017-04 2017-04, 2017-04 2017-04 2017-04
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)	9 Months Ended
	Sep. 30, 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 September 30, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 16,570 $ 873 $ 17,443 Accounts receivable, net 10,015 — 10,015 Prepaid and other assets 762 278 1,040 Total current assets 27,347 1,151 28,498 Furniture, fixtures and equipment, net 5,163 — 5,163 Intangible assets, net 19,442 — 19,442 Deferred tax asset, net 285 17,378 17,663 Goodwill 57,203 (2,378) 54,825 Other assets 236 — 236 Total assets $ 109,676 $ 16,151 $ 125,827 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,183 463 3,646 Deferred revenue 24,972 — 24,972 Total current liabilities 28,155 463 28,618 Other long-term liabilities 2,491 — 2,491 Deferred tax liability, net 34,862 (34,862) — Total liabilities 65,508 (34,399) 31,109 Total stockholders’ equity 44,168 50,550 94,718 Total liabilities and stockholders’ equity $ 109,676 $ 16,151 $ 125,827 Condensed Balance Sheet Data December 31, 2016 Reis 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 September 30, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,955 $ — $ 11,955 Other revenue 137 — 137 Total revenue 12,092 — 12,092 Cost of sales 2,945 — 2,945 Gross profit 9,147 — 9,147 Operating expenses: Sales and marketing 3,190 — 3,190 Product development 1,194 — 1,194 General and administrative expenses 2,789 1,198 3,987 Total operating expenses 7,173 1,198 8,371 Other income (expenses): Interest and other income — — — Interest expense (32) — (32) Total other income (expenses) (32) — (32) Income (loss) before income taxes $ 1,942 $ (1,198) $ 744 Condensed Operating Data for the Three Months Ended September 30, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 11,262 $ — $ 11,262 Other revenue 276 — 276 Total revenue 11,538 — 11,538 Cost of sales 2,926 — 2,926 Gross profit 8,612 — 8,612 Operating expenses: Sales and marketing 2,890 — 2,890 Product development 1,001 — 1,001 General and administrative expenses 3,005 929 3,934 Total operating expenses 6,896 929 7,825 Other income (expenses): Interest and other income 5 — 5 Interest expense (29) — (29) Total other income (expenses) (24) — (24) Income (loss) before income taxes $ 1,692 $ (929) $ 763 (A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. (amounts in thousands) Condensed Operating Data for the Nine Months Ended September 30, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 34,963 $ — $ 34,963 Other revenue 964 — 964 Total revenue 35,927 — 35,927 Cost of sales 9,527 — 9,527 Gross profit 26,400 — 26,400 Operating expenses: Sales and marketing 9,623 — 9,623 Product development 3,467 — 3,467 General and administrative expenses 8,401 3,419 11,820 Total operating expenses 21,491 3,419 24,910 Other income (expenses): Interest and other income 1 1 2 Interest expense (97) — (97) Total other income (expenses) (96) 1 (95) Income (loss) before income taxes $ 4,813 $ (3,418) $ 1,395 Condensed Operating Data for the Nine Months Ended September 30, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 34,060 $ — $ 34,060 Other revenue 1,916 — 1,916 Total revenue 35,976 — 35,976 Cost of sales of subscription revenue 7,882 — 7,882 Gross profit 28,094 — 28,094 Operating expenses: Sales and marketing 8,583 — 8,583 Product development 3,022 — 3,022 General and administrative expenses 8,336 3,219 11,555 Total operating expenses 19,941 3,219 23,160 Other income (expenses): Interest and other income 19 — 19 Interest expense (78) — (78) Total other income (expenses) (59) — (59) Income (loss) before income taxes $ 8,094 $ (3,219) $ 4,875 (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 September 30, 2017 and December 31, 2016: September 30, December 31, Accounts receivable $ 10,258,000 $ 10,862,000 Allowance for doubtful accounts (243,000) (118,000) Accounts receivable, net $ 10,015,000 $ 10,744,000

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, Database $ 32,286,000 $ 28,146,000 Accumulated amortization (22,714,000) (19,974,000) Database, net 9,572,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (9,953,000) (9,263,000) Customer relationships, net 4,147,000 4,837,000 Website 20,051,000 17,538,000 Accumulated amortization (14,328,000) (12,624,000) Website, net 5,723,000 4,914,000 Intangibles, net $ 19,442,000 $ 17,923,000

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended 2017 2016 2017 2016 Current Federal alternative minimum tax (“AMT”) (benefit) expense $ (8,000) $ 8,000 $ 27,000 $ 149,000 Current state and local tax (benefit) expense (8,000) (49,000) 180,000 111,000 Deferred Federal tax expense (benefit) (A) 256,000 245,000 (114,000) 1,490,000 Deferred state and local tax expense (benefit) 46,000 93,000 (88,000) 114,000 Income tax expense (B) $ 286,000 $ 297,000 $ 5,000 $ 1,864,000 (A) Includes an AMT deferred expense (benefit) of $8,000 and $(8,000) in the three months ended September 30, 2017 and 2016, respectively, and $(27,000) and $(149,000) in the nine months ended September 30, 2017 and 2016, respectively. (B) The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017.

Stock Plans and Other Incenti22

Stock Plans and Other Incentives (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Options Weighted- Average Exercise Price Options Weighted- Average Exercise Price Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 Granted — $ — — $ — Exercised (285,000) $ (10.30) (17,500) $ (8.74) Forfeited/cancelled/expired — $ — — $ — Outstanding at end of period 245,000 $ 8.88 530,000 $ 9.64 Options exercisable at end of period 237,000 $ 8.56 518,000 $ 9.44
Changes in RSUs	The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Outstanding at beginning of period 281,320 254,041 Granted 136,727 123,023 Common stock delivered (A) (B) (88,543) (85,181) Forfeited (7,993) (4,451) Outstanding at end of period 321,511 287,432 Intrinsic value (C) $ 5,787,198 $ 5,880,859 (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 $18.00 and $20.46 per share on September 30, 2017 and 2016, respectively.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income for basic calculation $ 457,730 $ 465,665 $ 1,390,115 $ 3,010,626 Adjustments to net income for the impact of dilutive securities — — — — Net income for dilution calculation $ 457,730 $ 465,665 $ 1,390,115 $ 3,010,626 Denominator: Weighted average common shares – basic 11,499,832 11,320,904 11,487,280 11,308,833 Effect of dilutive securities: RSUs 146,152 150,070 117,609 130,191 Stock options 128,700 293,236 153,479 306,475 Weighted average common shares – diluted 11,774,684 11,764,210 11,758,368 11,745,499 Net income per common share: Basic $ 0.04 $ 0.04 $ 0.12 $ 0.27 Diluted $ 0.04 $ 0.04 $ 0.12 $ 0.26

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect change in stockholders' equity	$ 646,031
ASU 2016-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional non-current deferred tax asset amount	657,000
Cumulative effect change in stockholders' equity	$ 28,000

Segment Information - Condensed

Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 17,443,113	$ 21,490,586	$ 25,160,643	$ 28,657,956
Accounts receivable, net	10,014,544	10,743,505
Prepaid and other assets	1,040,049	792,991
Total current assets	28,497,706	33,027,082
Furniture, fixtures and equipment, net	5,163,799	5,260,443
Intangible assets, net	19,441,536	17,922,282
Deferred tax asset, net	17,662,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	236,894	295,349
Total assets	125,827,351	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,646,253	4,031,444
Deferred revenue	24,971,999	25,031,100
Total current liabilities	28,618,252	29,062,544
Other long-term liabilities	2,491,237	1,902,081
Deferred tax liability, net	0	0
Total liabilities	31,109,489	30,964,625
Total stockholders' equity	94,717,862	97,179,916
Total liabilities and stockholders' equity	125,827,351	128,144,541
Reis Services [Member]
Current assets:
Cash and cash equivalents	16,570,000	19,903,000
Accounts receivable, net	10,015,000	10,744,000
Prepaid and other assets	762,000	622,000
Total current assets	27,347,000	31,269,000
Furniture, fixtures and equipment, net	5,163,000	5,260,000
Intangible assets, net	19,442,000	17,922,000
Deferred tax asset, net	285,000	285,000
Goodwill	57,203,000	57,203,000
Other assets	236,000	295,000
Total assets	109,676,000	112,234,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,183,000	3,724,000
Deferred revenue	24,972,000	25,031,000
Total current liabilities	28,155,000	28,755,000
Other long-term liabilities	2,491,000	1,902,000
Deferred tax liability, net	34,862,000	32,909,000
Total liabilities	65,508,000	63,566,000
Total stockholders' equity	44,168,000	48,668,000
Total liabilities and stockholders' equity	109,676,000	112,234,000
Other [Member]
Current assets:
Cash and cash equivalents	873,000	1,588,000
Accounts receivable, net	0	0
Prepaid and other assets	278,000	170,000
Total current assets	1,151,000	1,758,000
Furniture, fixtures and equipment, net	0	0
Intangible assets, net	0	0
Deferred tax asset, net	17,378,000	16,530,000
Goodwill	(2,378,000)	(2,378,000)
Other assets	0	0
Total assets	16,151,000	15,910,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	463,000	307,000
Deferred revenue	0	0
Total current liabilities	463,000	307,000
Other long-term liabilities	0	0
Deferred tax liability, net	(34,862,000)	(32,909,000)
Total liabilities	(34,399,000)	(32,602,000)
Total stockholders' equity	50,550,000	48,512,000
Total liabilities and stockholders' equity	$ 16,151,000	$ 15,910,000

Segment Information - Condens26

Segment Information - Condensed Operating Data for Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Subscription revenue	$ 11,954,591	$ 11,261,831	$ 34,963,042	$ 34,059,230
Other revenue	137,178	275,344	963,901	1,916,367
Total revenue	12,091,769	11,537,175	35,926,943	35,975,597
Cost of sales	2,944,607	2,925,212	9,527,037	7,881,536
Gross profit	9,147,162	8,611,963	26,399,906	28,094,061
Operating expenses:
Sales and marketing	3,189,695	2,890,739	9,622,811	8,583,395
Product development	1,194,925	1,001,072	3,467,223	3,021,726
General and administrative expenses	3,987,280	3,933,992	11,820,321	11,555,444
Total operating expenses	8,371,900	7,825,803	24,910,355	23,160,565
Other income (expenses):
Interest and other income	979	5,214	2,681	19,380
Interest expense	(32,511)	(28,709)	(97,117)	(78,250)
Total other income (expenses)	(31,532)	(23,495)	(94,436)	(58,870)
Income (loss) before income taxes	743,730	762,665	1,395,115	4,874,626
Reis Services [Member]
Revenue:
Subscription revenue	11,955,000	11,262,000	34,963,000	34,060,000
Other revenue	137,000	276,000	964,000	1,916,000
Total revenue	12,092,000	11,538,000	35,927,000	35,976,000
Cost of sales	2,945,000	2,926,000	9,527,000	7,882,000
Gross profit	9,147,000	8,612,000	26,400,000	28,094,000
Operating expenses:
Sales and marketing	3,190,000	2,890,000	9,623,000	8,583,000
Product development	1,194,000	1,001,000	3,467,000	3,022,000
General and administrative expenses	2,789,000	3,005,000	8,401,000	8,336,000
Total operating expenses	7,173,000	6,896,000	21,491,000	19,941,000
Other income (expenses):
Interest and other income	0	5,000	1,000	19,000
Interest expense	(32,000)	(29,000)	(97,000)	(78,000)
Total other income (expenses)	(32,000)	(24,000)	(96,000)	(59,000)
Income (loss) before income taxes	1,942,000	1,692,000	4,813,000	8,094,000
Other [Member]
Revenue:
Subscription revenue	0	0	0	0
Other revenue	0	0	0	0
Total revenue	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Operating expenses:
Sales and marketing	0	0	0	0
Product development	0	0	0	0
General and administrative expenses	1,198,000	929,000	3,419,000	3,219,000
Total operating expenses	1,198,000	929,000	3,419,000	3,219,000
Other income (expenses):
Interest and other income	0	0	1,000	0
Interest expense	0	0	0	0
Total other income (expenses)	0	0	1,000	0
Income (loss) before income taxes	$ (1,198,000)	$ (929,000)	$ (3,418,000)	$ (3,219,000)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	1 Months Ended	9 Months Ended
	Nov. 03, 2017USD ($)	Sep. 30, 2017Subscriber	Sep. 30, 2016
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Payments received against accounts receivable | $	$ 4,478,000
Percentage collected from trade accounts receivable	43.70%
Reis Services [Member]
Segment Reporting Information [Line Items]
Percentage of Reis Service's revenue by major customer		4.00%	6.90%
Number of subscribers contributing largest share among accounts receivable | Subscriber		23
Aggregate percentage of subscribers contributing largest share among accounts receivable		68.50%
Percentage of Reis Service's accounts receivable by major subscriber		18.70%
Percentage of deferred revenue by major subscriber		9.60%

Segment Information - Accounts

Segment Information - Accounts Receivable Balances (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 10,014,544	$ 10,743,505
Reis Services [Member]
Segment Reporting Information [Line Items]
Accounts receivable	10,258,000	10,862,000
Allowance for doubtful accounts	(243,000)	(118,000)
Accounts receivable, net	$ 10,015,000	$ 10,744,000

Intangible Assets - Summary of

Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (46,995,686)	$ (41,861,561)
Intangible assets, net	19,441,536	17,922,282
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	32,286,000	28,146,000
Accumulated amortization	(22,714,000)	(19,974,000)
Intangible assets, net	9,572,000	8,172,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14,100,000	14,100,000
Accumulated amortization	(9,953,000)	(9,263,000)
Intangible assets, net	4,147,000	4,837,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	20,051,000	17,538,000
Accumulated amortization	(14,328,000)	(12,624,000)
Intangible assets, net	$ 5,723,000	$ 4,914,000

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1,765,000	$ 1,498,000	$ 5,134,125	$ 4,310,343
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	1,363,000	1,338,000	4,140,000	4,059,000
Amortization expense for intangible assets	951,000	761,000	2,740,000	2,031,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	228,000	233,000	690,000	702,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	762,000	768,000	2,513,000	2,158,000
Amortization expense for intangible assets	$ 586,000	475,000	$ 1,704,000	1,397,000
Acquired Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 29,000		$ 180,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016	Jan. 28, 2016	Oct. 31, 2012
Debt Instrument [Line Items]
Debt outstanding	$ 0	$ 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	$ 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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Current Federal alternative minimum tax ("AMT") (benefit) expense	$ (8)	$ 8	$ 27	$ 149
Current state and local tax (benefit) expense	(8)	(49)	180	111
Deferred Federal tax expense (benefit)	256	245	(114)	1,490
Deferred state and local tax expense (benefit)	46	93	(88)	114
Income tax expense	$ 286	$ 297	$ 5	$ 1,864

Income Taxes - Components of 33

Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Deferred Federal AMT expense (benefit)	$ 8,000	$ (8,000)	$ (27,000)	$ (149,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 17,663,000	$ 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						9 Months Ended		13 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Aug. 30, 2016
Equity [Abstract]
Common stock repurchase authorized										$ 5,000,000
Repurchase of common stock, shares	35,709			18,127			168,917	18,127	223,093
Repurchase of common stock, value	$ 641,000			$ 358,000			$ 3,177,865	$ 358,000	$ 4,322,000
Common stock repurchase, average price per share	$ 17.95						$ 18.81		$ 19.37
Dividends declared, per share	0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.51	$ 0.51
Dividends paid, per share	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17
Dividend payments, amount	$ 1,974,000			$ 1,937,000			$ 5,911,617	$ 5,813,000

Stock Plans and Other Incenti36

Stock Plans and Other Incentives - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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	$ 546,000	$ 524,000	$ 1,656,282	$ 1,579,725
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted			136,727	123,023
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	118,724
Weighted average grant date fair value			$ 18.67	$ 20.22
RSU [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted			5,097	4,299
Weighted average grant date fair value			$ 20.29	$ 24.05
Number of months after the termination of service, RSUs delivered to non-employee directors			6 months
Non-cash compensation expense	$ 34,500	$ 34,500	$ 103,500	$ 103,500
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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 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	(285,000)	(17,500)
Forfeited/cancelled/expired, Options	0	0
Outstanding at end of period, Options	245,000	530,000
Options exercisable at end of period, Options	237,000	518,000
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	(10.30)	(8.74)
Forfeited/cancelled/expired, Weighted-Average Exercise Price	0	0
Outstanding at end of period, Weighted-Average Exercise Price	8.88	9.64
Options exercisable at end of period, Weighted-Average Exercise Price	$ 8.56	$ 9.44

Stock Plans and Other Incenti38

Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period	281,320	254,041
Granted	136,727	123,023
Common stock delivered	(88,543)	(85,181)
Forfeited	(7,993)	(4,451)
Outstanding at end of period	321,511	287,432
Intrinsic value	$ 5,787,198	$ 5,880,859

Stock Plans and Other Incenti39

Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Employeeshares	Sep. 30, 2017$ / shares	Sep. 30, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price | $ / shares		$ 18	$ 20.46
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income for basic calculation	$ 457,730	$ 465,665	$ 1,390,115	$ 3,010,626
Adjustments to net income for the impact of dilutive securities	0	0	0	0
Net income for dilution calculation	$ 457,730	$ 465,665	$ 1,390,115	$ 3,010,626
Denominator:
Weighted average common shares - basic	11,499,832	11,320,904	11,487,280	11,308,833
Effect of dilutive securities:
RSUs	146,152	150,070	117,609	130,191
Stock options	128,700	293,236	153,479	306,475
Weighted average common shares - diluted	11,774,684	11,764,210	11,758,368	11,745,499
Basic	$ 0.04	$ 0.04	$ 0.12	$ 0.27
Diluted	$ 0.04	$ 0.04	$ 0.12	$ 0.26

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Debt outstanding	$ 0	$ 0