Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | REIS | ||
Entity Registrant Name | Reis, Inc. | ||
Entity Central Index Key | 1,038,222 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,569,692 | ||
Entity Public Float | $ 196,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 19,670,613 | $ 21,490,586 |
Accounts receivable, net | 9,744,513 | 10,743,505 |
Prepaid and other assets | 681,039 | 792,991 |
Total current assets | 30,096,165 | 33,027,082 |
Furniture, fixtures and equipment, net of accumulated depreciation of $1,891,684 and $1,082,793, respectively | 4,919,230 | 5,260,443 |
Intangible assets, net of accumulated amortization of $48,892,725 and $41,861,561, respectively | 19,474,411 | 17,922,282 |
Deferred tax asset, net | 12,072,118 | 16,814,737 |
Goodwill | 54,824,648 | 54,824,648 |
Other assets | 217,161 | 295,349 |
Total assets | 121,603,733 | 128,144,541 |
Current liabilities: | ||
Current portion of debt | 0 | 0 |
Accrued expenses and other liabilities | 4,149,363 | 4,031,444 |
Deferred revenue | 26,533,983 | 25,031,100 |
Total current liabilities | 30,683,346 | 29,062,544 |
Other long-term liabilities | 2,447,037 | 1,902,081 |
Total liabilities | 33,130,383 | 30,964,625 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,470,565 and 11,272,150 issued and outstanding, respectively | 229,411 | 225,443 |
Additional paid in capital | 109,361,540 | 107,668,599 |
Retained earnings (deficit) | (21,117,601) | (10,714,126) |
Total stockholders' equity | 88,473,350 | 97,179,916 |
Total liabilities and stockholders' equity | $ 121,603,733 | $ 128,144,541 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of furniture, fixtures and equipment | $ 1,891,684 | $ 1,082,793 |
Accumulated amortization of intangible assets | $ 48,892,725 | $ 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 | 11,470,565 | 11,272,150 |
Common stock, shares outstanding | 11,470,565 | 11,272,150 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | ||||||||||||||||
Subscription revenue | $ 46,801,357 | $ 45,398,701 | $ 43,722,087 | |||||||||||||
Other revenue | 1,388,330 | 2,131,054 | 7,168,351 | |||||||||||||
Total revenue | $ 12,263,000 | $ 12,092,000 | $ 11,709,000 | $ 12,126,000 | $ 11,554,000 | $ 11,537,000 | $ 11,615,000 | $ 12,824,000 | 48,189,687 | 47,529,755 | 50,890,438 | |||||
Cost of sales | 12,565,299 | 10,999,146 | 9,081,624 | |||||||||||||
Gross profit | 35,624,388 | 36,530,609 | 41,808,814 | |||||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 12,626,490 | 11,878,590 | 11,700,840 | |||||||||||||
Product development | 4,696,207 | 4,167,474 | 3,711,054 | |||||||||||||
General and administrative expenses | 15,742,567 | 15,664,495 | 14,267,027 | |||||||||||||
Total operating expenses | 33,065,264 | 31,710,559 | 29,678,921 | |||||||||||||
Other income (expenses): | ||||||||||||||||
Interest and other income | 3,141 | 21,937 | 37,857 | |||||||||||||
Interest expense | (129,628) | (108,345) | (91,767) | |||||||||||||
Total other income (expenses) | (126,487) | (86,408) | (53,910) | |||||||||||||
Income before income taxes and discontinued operations | 2,432,637 | 4,733,642 | 12,075,983 | |||||||||||||
Income tax expense | 5,591,000 | 1,953,000 | 4,005,000 | |||||||||||||
(Loss) income from continuing operations | (3,158,363) | 2,780,642 | 8,070,983 | |||||||||||||
Income from discontinued operations, net of income tax expense of $-, $- and $1,409,000, respectively | 2,234,000 | |||||||||||||||
Net (loss) income | $ (4,548,000) | $ 458,000 | $ 397,000 | $ 535,000 | $ (230,000) | $ 466,000 | $ 941,000 | $ 1,604,000 | $ (3,158,363) | $ 2,780,642 | $ 10,304,983 | |||||
Per share amounts - basic: | ||||||||||||||||
(Loss) income from continuing operations | $ (0.28) | $ 0.25 | $ 0.72 | |||||||||||||
Net (loss) income | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | (0.28) | 0.25 | 0.92 | |||||
Per share amounts - diluted: | ||||||||||||||||
(Loss) income from continuing operations | (0.28) | 0.24 | 0.69 | |||||||||||||
Net (loss) income | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | $ (0.28) | $ 0.24 | $ 0.88 | |||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 11,468,000 | 11,500,000 | 11,514,000 | 11,447,000 | 11,294,000 | 11,321,000 | 11,322,000 | 11,284,000 | 11,482,343 | 11,305,110 | 11,226,932 | |||||
Diluted | 11,468,000 | 11,775,000 | 11,777,000 | 11,776,000 | 11,294,000 | 11,764,000 | 11,781,000 | 11,726,000 | 11,482,343 | 11,745,516 | 11,706,495 | |||||
Dividends declared per common share | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.11 | $ 0.68 | $ 0.68 | $ 0.56 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Income tax expense (benefit) on discontinued operations | $ 0 | $ 0 | $ 1,409,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Shares | Paid in Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2014 | $ 96,113,406 | $ 223,131 | $ 105,605,803 | $ (9,715,528) |
Balance, shares at Dec. 31, 2014 | 11,156,571 | |||
Shares issued for vested employee restricted stock units | $ 1,297 | (1,297) | ||
Shares issued for vested employees restricted stock units, shares | 64,834 | |||
Shares issued for option exercises | $ 284,250 | $ 700 | 283,550 | |
Shares issued for option exercises, shares | 35,000 | 35,000 | ||
Stock based compensation, net | $ 1,303,708 | 1,303,708 | ||
Registration statement costs | (89,331) | (89,331) | ||
Dividends | $ (6,337,568) | (6,337,568) | ||
Stock repurchases, shares | 0 | |||
Net (loss) | $ 10,304,983 | 10,304,983 | ||
Balance at Dec. 31, 2015 | 101,579,448 | $ 225,128 | 107,102,433 | (5,748,113) |
Balance, shares at Dec. 31, 2015 | 11,256,405 | |||
Shares issued for vested employee restricted stock units | $ 1,048 | (1,048) | ||
Shares issued for vested employees restricted stock units, shares | 52,421 | |||
Shares issued for option exercises | $ 153,000 | $ 350 | 152,650 | |
Shares issued for option exercises, shares | 17,500 | 17,500 | ||
Stock based compensation, net | $ 1,557,394 | 1,557,394 | ||
Dividends | (7,746,655) | (7,746,655) | ||
Stock repurchases | $ (1,143,913) | $ (1,083) | (1,142,830) | |
Stock repurchases, shares | (54,176) | (54,176) | ||
Net (loss) | $ 2,780,642 | 2,780,642 | ||
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 | 603,381 | (27,830) | 631,211 | |
Adjusted balance at Dec. 31, 2016 | 97,783,297 | $ 225,443 | 107,640,769 | (10,082,915) |
Shares issued for vested employee restricted stock units | $ 1,909 | (1,909) | ||
Shares issued for vested employees restricted stock units, shares | 95,443 | |||
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 | $ 2,211,076 | 2,211,076 | ||
Dividends | (7,876,323) | (7,876,323) | ||
Stock repurchases | $ (3,421,337) | $ (3,641) | (3,417,696) | |
Stock repurchases, shares | (182,028) | (182,028) | ||
Net (loss) | $ (3,158,363) | (3,158,363) | ||
Balance at Dec. 31, 2017 | $ 88,473,350 | $ 229,411 | $ 109,361,540 | $ (21,117,601) |
Balance, shares at Dec. 31, 2017 | 11,470,565 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (3,158,363) | $ 2,780,642 | $ 10,304,983 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Deferred tax provision | 5,346,000 | 1,766,000 | 4,449,000 |
Depreciation | 1,025,092 | 706,906 | 429,498 |
Amortization of intangible assets | 7,031,164 | 5,923,269 | 5,148,546 |
Stock based compensation charges | 2,211,076 | 2,098,553 | 1,772,679 |
Changes in assets and liabilities: | |||
Restricted cash and investments | 212,268 | 357 | |
Accounts receivable, net | 998,992 | 2,997,664 | (1,114,106) |
Prepaid and other assets | 190,140 | (40,721) | (332,450) |
Accrued expenses and other liabilities | 1,009,205 | (382,084) | 1,170,929 |
Deferred revenue | 1,502,883 | (260,399) | 2,406,212 |
Net cash provided by operating activities | 16,156,189 | 15,802,098 | 24,235,648 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Website and database development additions | (8,583,293) | (8,508,597) | (5,804,090) |
Furniture, fixtures and equipment additions | (1,030,209) | (4,818,683) | (383,059) |
Proceeds from sale of furniture, fixtures and equipment | 2,091 | ||
Net cash (used in) investing activities | (9,613,502) | (13,325,189) | (6,187,149) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends | (7,876,323) | (7,746,655) | (6,337,568) |
Registration statement costs | (89,331) | ||
Proceeds from option exercises | 2,935,000 | 153,000 | 284,250 |
Payments for option cancellations and restricted stock units | (701,159) | (992,971) | |
Payment of financing cost | (205,552) | ||
Stock repurchases | (3,421,337) | (1,143,913) | |
Net cash (used in) financing activities | (8,362,660) | (9,644,279) | (7,135,620) |
Net (decrease) increase in cash and cash equivalents | (1,819,973) | (7,167,370) | 10,912,879 |
Cash and cash equivalents, beginning of year | 21,490,586 | 28,657,956 | 17,745,077 |
Cash and cash equivalents, end of year | 19,670,613 | 21,490,586 | 28,657,956 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid during the year for interest | 50,694 | 42,500 | 25,347 |
Cash paid during the year for income taxes | 274,719 | 722,105 | 651,502 |
SUPPLEMENTAL SCHEDULEOF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Accrual for furniture, fixtures and equipment additions | (346,330) | 346,330 | |
Disposal of fully depreciated furniture, fixtures and equipment | 216,201 | 2,074,098 | 138,160 |
Accrual for website and database development costs | 350,000 | ||
Shares issued for vested employee restricted stock units | 1,909 | $ 1,048 | $ 1,297 |
Shares issued for option exercises | $ 5,700 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 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, including its predecessors, was founded in 1980. Reis Services The Company provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE 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 Reis Portfolio CRE non-bank ReisReports Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings, property valuation estimates and property level tax information. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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. Codification and the Hierarchy of Generally Accepted Accounting Principles Effective July 1, 2009, the Company adopted the provisions of the Financial Accounting Standards Board (“FASB”) guidance related to the Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”). This guidance identifies the sources of accepted accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). Discontinued Operations In April 2011, the Company determined that all operational and litigation related activities associated with the prior ownership and development of residential real estate, including certain general and administrative costs that supported the related operations, should be presented as a discontinued operation. As a result of this determination and the fact that these operations and cash flows were clearly distinguished, the operating results of the discontinued segment and related general and administrative costs were aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements for all periods presented. Discontinued operations were completed as of December 31, 2015, therefore there were no discontinued operations activities during the years ended December 31, 2017 and 2016. Variable Interests The Company evaluates its investments and subsidiaries to determine if an entity is a voting interest entity or a variable interest entity (“VIE”). The Company performs this analysis on an ongoing basis, or as circumstances change. The Company did not have any VIEs in the years ended December 31, 2017, 2016 and 2015. Cash and Cash Equivalents The Company considers all demand and money market accounts and short term investments in government funds with a maturity of three months or less at the date of purchase to be cash and cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectability of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. Furniture, Fixtures and Equipment The Company capitalizes costs for the purchase of furniture, fixtures and equipment that have an expected useful life beyond one year. Depreciation expense is calculated on a straight-line basis over the determined useful life of the asset, generally between three and ten years. Depreciation expense is charged to general and administrative expenses and aggregated approximately $1,025,000, $707,000 and $429,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Intangible Assets, Amortization and Impairment Website Development Costs The Company expenses all internet website costs incurred during the preliminary project stage. Thereafter, all direct external and internal development and implementation costs are capitalized and amortized using the straight-line method over their remaining estimated useful lives, not exceeding three years. Amortization expense for all capitalized website development costs is charged to product development expense. Database Costs The Company capitalizes costs for the development of its database in connection with the identification and addition of new real estate properties and sale transactions which provide a future economic benefit. Amortization is calculated on a straight-line basis over a three or five year period. Costs of updating and maintaining information on existing properties in the database are expensed as incurred. Amortization expense for all capitalized database costs is charged to cost of sales. Customer Relationships The value ascribed to customer relationships acquired at the time of the May 2007 merger (the “Merger”) is amortized over 15 years on an accelerated basis and is charged to sales and marketing expense. Lease Value The value ascribed to the below market terms of the office lease existing at the time of the Merger was amortized on a straight-line basis over the remaining term of the acquired office lease. During 2016 this ascribed value was fully amortized. Amortization expense was charged to general and administrative expenses during 2016 and 2015. Goodwill and Intangible Asset Impairment Goodwill and a major portion of the other intangible assets were recorded at the time of the Merger. As a result of the tax treatment of the Merger, goodwill and the acquired intangible assets are not deductible for income tax purposes. Goodwill is not amortized and is tested for impairment at least annually, or after a triggering event has occurred, requiring such an assessment. A qualitative assessment can be utilized. If the qualitative assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no further evaluation would be necessary. If, after performing the qualitative assessment, the Company determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit’s carrying value is performed. The fair values used in this evaluation would be estimates based upon market projections for the reporting unit. These market projections would utilize a number of estimates and assumptions, such as earnings before interest, taxes, depreciation and amortization (EBITDA) multiples, market comparisons, and quoted market prices. If the fair value of the reporting unit were to exceed its carrying value, goodwill would not be deemed to be impaired. If the fair value of the reporting unit is less than its carrying value, an impairment charge will be recorded based on the difference, with the impairment charge limited to the amount of goodwill allocated to the reporting unit. The Company utilized the qualitative assessment for its 2017, 2016 and 2015 evaluations. There was no goodwill impairment identified in 2017, 2016 and 2015. Intangible assets with determinable useful lives are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used. In addition, the carrying amount of amortizable intangible assets are reviewed when indicators of impairment are present. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, the asset would be considered impaired. An impairment charge would be determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period. There was no intangible asset impairment identified in 2017, 2016 and 2015. Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing or financing commitments and are included in prepaid and other assets on the consolidated balance sheets. Such costs are amortized by the Company over the expected term of the respective agreements. Fair Value Measurements The current accounting literature provides for a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. During the years ended December 31, 2017, 2016 and 2015, the Company had no assets or liabilities valued using the valuation hierarchy. Revenue Recognition and Related Items The Company’s subscription revenue is derived principally from subscriptions to its web-based Reis SE Reis Portfolio CRE Reis SE Reis Portfolio CRE Reis Portfolio CRE Reis SE ReisReports The Company’s other revenue includes; (1) non-subscription (2) one-time ad-hoc non-subscription Deferred revenue represents the portion of a subscription billed or collected in advance under the terms of the respective contract, which will be recognized in future periods. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. Cost of sales of subscription revenue principally consists of salaries and related expenses for the Company’s researchers who collect, analyze and maintain the commercial real estate data that is the basis for the Company’s information services. Additionally, cost of sales includes expenses from the amortization of the database intangible asset. Interest revenue is recorded on an accrual basis. Share Based Compensation The fair market value as of the grant date of awards of stock, restricted stock units or stock options is recognized as compensation expense by the Company over the respective vesting periods. See Note 8 for activity with respect to stock options and restricted stock units. Income Taxes Deferred income tax assets and liabilities are determined based upon differences between the financial reporting basis and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are estimated to be in effect when the differences are expected to reverse. Valuation allowances with respect to deferred income tax assets are recorded when deemed appropriate and adjusted based upon periodic evaluations. The Company evaluates its tax positions in accordance with applicable current accounting literature. Recognition of uncertain tax positions (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more likely than not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained, statutes close or there is a satisfactory resolution of the tax position. See Note 6 for more information regarding income taxes. Per Share Data Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: For the Years Ended December 31, 2017 2016 2015 Numerator for basic per share calculation: (Loss) income from continuing operations for basic calculation $ (3,158,363) $ 2,780,642 $ 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for basic calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Numerator for diluted per share calculation: (Loss) income from continuing operations $ (3,158,363) $ 2,780,642 $ 8,070,983 Adjustments to (loss) income from continuing operations for the statements of operations impact of dilutive securities — — — (Loss) income from continuing operations for dilution calculation (3,158,363) 2,780,642 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for dilution calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Denominator: Weighted average common shares – basic 11,482,343 11,305,110 11,226,932 Effect of dilutive securities: RSUs — 138,077 142,949 Stock options — 302,329 336,614 Weighted average common shares – diluted 11,482,343 11,745,516 11,706,495 Per common share amounts – basic: (Loss) income from continuing operations $ (0.28) $ 0.25 $ 0.72 Income from discontinued operations — — 0.20 Net (loss) income $ (0.28) $ 0.25 $ 0.92 Per common share amounts – diluted: (Loss) income from continuing operations $ (0.28) $ 0.24 $ 0.69 Income from discontinued operations — — 0.19 Net (loss) income $ (0.28) $ 0.24 $ 0.88 Potentially dilutive securities include all stock based awards. For the years ended December 31, 2017, 2016 and 2015, certain equity awards were antidilutive. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 9. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 2014-09, The Company has completed its assessment of 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’s 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 considered the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions and related payroll taxes. 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 amortization period associated with such costs is approximately four years for the incremental commission costs associated with acquiring a new customer. For commission costs associated with renewal contracts, the amortization period is the contract term. The Company expects to record, on a pre-tax 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 2016-09. 2016-09 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 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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 December 31, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,990 $ 681 $ 19,671 Accounts receivable, net 9,745 — 9,745 Prepaid and other assets 502 179 681 Total current assets 29,237 860 30,097 Furniture, fixtures and equipment, net 4,919 — 4,919 Intangible assets, net 19,474 — 19,474 Deferred tax asset, net 285 11,787 12,072 Goodwill 57,203 (2,378) 54,825 Other assets 217 — 217 Total assets $ 111,335 $ 10,269 $ 121,604 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,421 729 4,150 Deferred revenue 26,534 — 26,534 Total current liabilities 29,955 729 30,684 Other long-term liabilities 2,447 — 2,447 Deferred tax liability, net 34,862 (34,862) — Total liabilities 67,264 (34,133) 33,131 Total stockholders’ equity 44,071 44,402 88,473 Total liabilities and stockholders’ equity $ 111,335 $ 10,269 $ 121,604 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 Year Ended December 31, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 46,802 $ — $ 46,802 Other revenue 1,388 — 1,388 Total revenue 48,190 — 48,190 Cost of sales 12,565 — 12,565 Gross profit 35,625 — 35,625 Operating expenses: Sales and marketing 12,626 — 12,626 Product development 4,696 — 4,696 General and administrative expenses 11,225 4,518 15,743 Total operating expenses 28,547 4,518 33,065 Other income (expenses): Interest and other income 1 2 3 Interest expense (130) — (130) Total other income (expenses) (129) 2 (127) Income (loss) before income taxes $ 6,949 $ (4,516) $ 2,433 Condensed Operating Data for the Year Ended December 31, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 45,399 $ — $ 45,399 Other revenue 2,131 — 2,131 Total revenue 47,530 — 47,530 Cost of sales 10,999 — 10,999 Gross profit 36,531 — 36,531 Operating expenses: Sales and marketing 11,879 — 11,879 Product development 4,167 — 4,167 General and administrative expenses 11,572 4,093 15,665 Total operating expenses 27,618 4,093 31,711 Other income (expenses): Interest and other income 22 — 22 Interest expense (108) — (108) Total other income (expenses) (86) — (86) Income (loss) before income taxes $ 8,827 $ (4,093 ) $ 4,734 (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 Year Ended December 31, 2015 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 43,722 $ — $ 43,722 Other revenue 7,168 — 7,168 Total revenue 50,890 — 50,890 Cost of sales 9,081 — 9,081 Gross profit 41,809 — 41,809 Operating expenses: Sales and marketing 11,701 — 11,701 Product development 3,711 — 3,711 General and administrative expenses 9,892 4,375 14,267 Total operating expenses 25,304 4,375 29,679 Other income (expenses): Interest and other income 38 — 38 Interest expense (92) — (92) Total other income (expenses) (54) — (54) Income (loss) before income taxes and discontinued operations $ 16,451 $ (4,375) $ 12,076 Income from discontinued operations, before income taxes $ — $ 3,643 $ 3,643 (A) Includes the results of the Company’s discontinued operations for the year ended December 31, 2015 and 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 December 31, 2017. The Company’s largest individual customer accounted for 4.4%, 6.3% and 10.6% of Reis Services’s total revenue for the years ended December 31, 2017, 2016 and 2015, respectively. Included in other revenue was $1,200,000 and $4,519,000 for the years ended December 31, 2016 and 2015, respectively, associated with custom data deliverables and portfolio advisory services related to one customer. The following table presents the accounts receivable balances of Reis Services at December 31, 2017 and 2016: December 31, 2017 2016 Accounts receivable $ 9,937,000 $ 10,862,000 Allowance for doubtful accounts (192,000) (118,000) Accounts receivable, net $ 9,745,000 $ 10,744,000 Twenty-one At December 31, 2017 and 2016, the largest individual subscriber accounted for 6.4% and 3.7% respectively, of deferred revenue. Discontinued Operations – Residential Development Activities Income from discontinued operations was comprised of the following for the year ended December 31, 2015 (there were no discontinued operations activities for the years ended December 31, 2017 and 2016): For the Year Ended Litigation recoveries $ 4,839,000 Other (expenses), net (1,196,000) Income from discontinued operations before income tax 3,643,000 Income tax expense from discontinued operations 1,409,000 Income from discontinued operations, net of income tax expense $ 2,234,000 In September 2009, the Company sold the final unit at Gold Peak, the final phase of Palomino Park, a five phase multifamily residential development in Highlands Ranch, Colorado. Gold Peak was a 259-unit (Tri-Star (“Tri-Star”)) As of December 31, 2015, the Company entered into the final settlement agreement related to its Gold Peak recovery efforts, bringing closure to this process. In summary, recovery efforts from the fourth quarter of 2012 through December 31, 2015 resulted in cash collections aggregating approximately $5,658,000 from multiple insurance carriers, trial attorneys, an insurance broker and other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. The Company recovered approximately $4,839,000 in the year ended December 31, 2015. Other expenses in 2015 included legal and other professional costs incurred related to the Gold Peak litigation recovery efforts. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 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: December 31, 2017 2016 Database $ 33,538,000 $ 28,146,000 Accumulated amortization (23,705,000) (19,974,000) Database, net 9,833,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (10,182,000) (9,263,000) Customer relationships, net 3,918,000 4,837,000 Website 20,729,000 17,538,000 Accumulated amortization (15,006,000) (12,624,000) Website, net 5,723,000 4,914,000 Intangibles, net $ 19,474,000 $ 17,923,000 With respect to the database intangible asset, the Company capitalized approximately $5,392,000 and $5,356,000 during the years ended December 31, 2017 and 2016, respectively. Separately, for the website intangible asset, the Company capitalized approximately $3,191,000 and $2,803,000 during the years ended December 31, 2017 and 2016, respectively. Amortization expense for intangible assets aggregated approximately $7,031,000 for the year ended December 31, 2017, of which approximately $3,731,000 related to the database, which is charged to cost of sales, approximately $919,000 related to customer relationships, which is charged to sales and marketing expense and approximately $2,381,000 related to website development, which is charged to product development expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $5,923,000 for the year ended December 31, 2016, of which approximately $2,853,000 related to the database, approximately $935,000 related to customer relationships, approximately $1,955,000 related to website development, and approximately $180,000 related to the value ascribed to the below market terms of the office lease, which was charged to general and administrative expense, all in the Reis Services segment. The lease value intangible asset was fully amortized in 2016. Amortization expense for intangible assets aggregated approximately $5,148,000 for the year ended December 31, 2015, of which approximately $2,103,000 related to the database, approximately $949,000 related to customer relationships, approximately $1,793,000 related to website development, and approximately $303,000 related to the value ascribed to the below market terms of the office lease. The Company’s future amortization expense related to the net intangible asset balance at December 31, 2017 follows: For the Year Ended December 31, Amount 2018 $ 7,398,000 2019 5,729,000 2020 3,618,000 2021 1,816,000 2022 868,000 Thereafter 45,000 Total $ 19,474,000 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The Company had no debt outstanding at December 31, 2017 and 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 December 31, 2017 and 2016. No borrowings were made on the Revolver during the years ended December 31, 2017 and 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The components of income tax expense are as follows: For the Years Ended December 31, 2017 2016 2015 Current Federal alternative minimum tax (“AMT”) expense $ 20,000 $ 147,000 $ 303,000 Current state and local tax expense 225,000 40,000 662,000 Deferred Federal tax expense (A) 5,736,000 1,704,000 4,962,000 Deferred state and local tax (benefit) expense (390,000) 62,000 (513,000) Consolidated income tax expense, including taxes attributable to discontinued operations (B) 5,591,000 1,953,000 5,414,000 Less income tax expense attributable to discontinued operations — — 1,409,000 Income tax expense (C) $ 5,591,000 $ 1,953,000 $ 4,005,000 (A) Includes an AMT (benefit) of $(20,000), $(147,000) and $(303,000) in 2017, 2016 and 2015, respectively. (B) Includes income tax expense attributable to income from discontinued operations. (C) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense on continuing operations is as follows: For the Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Tax expense at U.S. statutory rate $ 851,000 35.00% $ 1,657,000 35.00% $ 4,227,000 35.00% State and local tax expense, net of Federal impact 119,000 4.89% 142,000 3.00% 494,000 4.09% Impact of state and local tax rate change, net of Federal impact 10,000 0.41% 7,000 0.15% (714,000) (5.90%) Impact of Federal rate change 5,142,000 211.38% — — — — Non-deductible 53,000 2.16% 147,000 3.10% (2,000) (0.02%) Windfall tax benefit (584,000) (24.01)% — — — — Income tax expense $ 5,591,000 229.83% $ 1,953,000 41.25% $ 4,005,000 33.17% 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 income, 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. The changes in New York City law were reflected in the second quarter of 2015 income tax expense. Given the change in the New York City law, there was a variation between the effective tax rate and the statutory tax rate for the year ended December 31, 2015. On December 22, 2017, the Federal government of the United States enacted the U.S. Tax Cuts and Jobs Act (“the Tax Act”), which significantly changed existing U.S. tax laws, including a reduction in the Federal corporate income tax rate from 35% to 21%, repeal of corporate Federal “AMT” and a refund of certain existing AMT credits over several years, introduction of a capital investment deduction, limitation of the interest deduction, limitation of the use of net operating losses incurred on or after January 1, 2018 to offset future taxable income, limitation of the deduction for compensation paid to certain executive officers and extensive changes to the U.S. international tax system, as well as other changes. These changes generally took effect on January 1, 2018. The U.S. Treasury department is expected to release regulations implementing the Tax Act and the U.S. tax laws may be further amended in the future. The Company’s federal net operating losses that have been incurred prior to December 31, 2017 will continue to have a 20-year re-measurement 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 $12,072,000 and $16,815,000 at December 31, 2017 and 2016, respectively, all of which was classified as non-current. intangible assets recorded at the time of the Merger. The significant component of the decrease in the deferred tax asset balance in 2017 is due to the re-measurement Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred Tax Assets Net operating loss carryforwards $ 9,952,569 $ 14,561,655 Liability reserves 652,000 792,075 Stock compensation plans 979,947 1,828,185 AMT credit carryforwards 1,736,984 1,717,792 Other 253,538 57,153 13,575,038 18,956,860 Valuation allowance — — Total deferred tax assets 13,575,038 18,956,860 Deferred Tax Liabilities Acquired asset differences — book value greater than tax (1,025,930) (1,842,450) Asset basis differences — carrying amount value greater than tax (476,990) (299,673) Total deferred tax liabilities (1,502,920) (2,142,123) Net deferred tax asset $ 12,072,118 $ 16,814,737 The Company had Federal NOL carryforwards aggregating approximately $37,859,000 at December 31, 2017, as well as significant state and local NOL carryforwards. These NOLs included amounts generated subsequent to the Merger (including a substantial NOL realized during the year ended December 31, 2012 as a result of a litigation settlement, discussed in Note 3), losses from the Reis Services business prior to the Merger and the Company’s operating losses prior to the Merger. Approximately $5,140,000 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 $32,719,000 is not subject to the limitation. The enactment of the 2014 New York State law and the 2015 New York City law discussed above limit the amount of existing NOLs which could be used each year in those jurisdictions; however, all such NOLs are expected to be fully utilized in the future. The next NOL expiration for the Company is in 2024 for approximately $2,513,000 of Federal NOLs. Included in the Federal NOLs at December 31, 2017 is approximately $1,723,000 attributable to excess tax deductions on equity award activity in prior years. Prior to January 1, 2017, the tax benefits attributable to those NOLs were credited directly to additional paid in capital when utilized to offset taxes payable. In 2017, these NOLs were recorded on the Company’s consolidated balance sheet upon adoption of ASU 2016-09, The Company and its subsidiaries have been audited by the IRS for the 2012 tax year, which audit was completed in February 2015 with the IRS issuing a no change letter. The 2014, 2015 and 2016 Federal tax returns are open for examination. All prior Federal periods are closed, except to the extent that an NOL was generated in a given year and such NOL was utilized during an open tax year or will be utilized in the future. During the third quarter of 2015, audits of the Company and its consolidated subsidiaries for tax years 2004 through 2006 were completed by New York State resulting in net payments aggregating approximately $16,000 in the period to New York State and New York City. Such amounts had been accrued in prior periods. With few exceptions, the state and local income tax returns are open to examination for the years 2014 through 2016. The Company’s reserve for unrecognized tax benefits, including estimated interest, was $31,000 and $154,000 at December 31, 2017 and 2016, respectively. The unrecognized tax benefits as well as related interest was included in general and administrative expenses. The Company recorded additional expense, including interest, of $3,000 in 2017, a reduction in expense of $(4,000) in 2016 and additional expense, including interest, of $70,000 in 2015. A reconciliation of the unrecognized tax benefits for the years ended December 31, 2017, 2016 and 2015 follows: For the Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 154,000 $ 159,000 $ 105,000 Additional provision (reduction) and interest related to prior years, net 3,000 (4,000) 70,000 Resolution of matters during the period (126,000) (1,000) (16,000) Balance at end of period $ 31,000 $ 154,000 $ 159,000 The Company expects that a substantial portion of the 2017 balance could be resolved in 2018. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity On August 30, 2016, the Company’s Board of Directors (the “Board”) authorized a program to purchase an aggregate of $5,000,000 of the Company’s common stock. 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 years ended December 31, 2017 and 2016, the Company purchased an aggregate of 182,028 and 54,176 shares of common stock for approximately $3,421,000 and $1,144,000, respectively. From the inception of the repurchase program to December 31, 2017, the Company purchased an aggregate of 236,204 shares for approximately $4,565,000, or an average price of $19.33 per share, leaving approximately $435,000 at December 31, 2017 that may be used to purchase additional shares under the repurchase program in the future. During the year ended December 31, 2015, the Company did not repurchase any shares of common stock. The Company commenced a quarterly dividend program in the second quarter of 2014 when it declared and paid an initial quarterly cash dividend of $0.11 per common share. The Company increased the dividends declared and paid to $0.14 per common share for all four quarters of 2015, and increased the dividend declared and paid to $0.17 per common share for all four quarters of 2016 and 2017. Dividend payments aggregated approximately $7,876,000, $7,747,000 and $6,338,000 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Stock Plans and Other Incentive
Stock Plans and Other Incentives | 12 Months Ended |
Dec. 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 years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Options Weighted- Options Weighted- Options Weighted- Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 582,500 $ 9.52 Granted — $ — — $ — — $ — Exercised (285,000) $ (10.30) (17,500) $ (8.74) (35,000) $ (8.12) Forfeited/cancelled/expired — $ — — $ — — $ — Outstanding at end of period 245,000 $ 8.88 530,000 $ 9.64 547,500 $ 9.61 Options exercisable at end of period 237,000 $ 8.56 518,000 $ 9.44 531,500 $ 9.35 Weighted average fair value of options granted per year (per option) $ — $ — $ — Weighted average remaining contractual life at end of period 2.9 years 2.0 years 3.0 years The following table presents additional option details at December 31, 2017 and 2016: Options Outstanding and Exercisable Options Outstanding and Exercisable Range of Exercise Prices Outstanding Remaining Weighted Intrinsic Outstanding Remaining Weighted Intrinsic $ 7.50 — — $ — $ — 10,000 0.6 $ 7.50 $ 147,500 $ 8.03 225,000 2.6 $ 8.03 2,840,625 225,000 3.6 $ 8.03 3,200,625 $ 10.40 — — $ — — 275,000 0.4 $ 10.40 3,258,750 $ 18.52 20,000 6.4 $ 18.52 42,600 20,000 7.4 $ 18.52 74,600 245,000 2.9 $ 8.88 $ 2,883,225 530,000 2.0 $ 9.64 $ 6,681,475 (A) The intrinsic value is the amount by which the fair value of the Company’s stock price exceeds the exercise price of an option at December 31, 2017 and 2016, respectively. For purposes of this calculation, the Company’s closing stock prices were $20.65 and $22.25 per share on December 31, 2017 and 2016, respectively. Dividends are not paid or accrued on unexercised options. RSU Awards The following table presents the changes in RSUs outstanding for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Outstanding at beginning of period 281,320 254,041 277,973 Granted 141,937 124,709 83,141 Common stock delivered (A) (B) (C) (95,443) (85,181) (105,970) Forfeited (9,672) (12,249) (1,103) Outstanding at end of period 318,142 281,320 254,041 Intrinsic value (D) $ 6,570,000 $ 6,259,000 $ 6,028,000 (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) The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015. (D) For purposes of this calculation, the Company’s closing stock prices were $20.65, $22.25 and $23.73 per share on December 31, 2017, 2016 and 2015, respectively. In the year ended December 31, 2017, an aggregate of 134,926 RSUs were granted to employees, which RSUs vest one-third one-third one-third During the years ended December 31, 2017, 2016 and 2015, an aggregate of 7,011 RSUs, 5,985 RSUs and 5,736 RSUs, respectively, were granted to non-employee non-employee non-employee Option and RSU Expense Information The Company recorded non-cash non-employee At December 31, 2017, the total compensation cost related to outstanding, non-vested For the Year Ended December 31, Options RSUs Total 2018 $ 31,000 $ 1,568,000 $ 1,599,000 2019 12,000 870,000 882,000 2020 — 68,000 68,000 $ 43,000 $ 2,506,000 $ 2,549,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Litigation From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company. Other Operating Commitments At December 31, 2017, the Company is a tenant under three operating leases for office space; the Company’s corporate headquarters in Midtown Manhattan, New York (which expires in October 2025); for operation teams in White Plains, New York (which expires in June 2023) and a sales office in Laguna Beach, California (which expires in June 2020). Rent expense was approximately $3,706,000, $3,889,000 and $2,207,000 for the years ended December 31, 2017, 2016 and 2015, respectively, which includes base rent plus other charges including, but not limited to, real estate taxes and maintenance costs in excess of base year amounts. The 2016 amount also includes the effect of overlapping leases which created a duplication of rent and other occupancy costs from June 1, 2016 to October 31, 2016. Future minimum lease payments under operating leases at December 31, 2017 are as follows: For the Year Ended December 31, Amount 2018 $ 3,422,000 2019 3,443,000 2020 3,441,000 2021 3,559,000 2022 3,652,000 Thereafter 8,083,000 Total $ 25,600,000 The Company has a defined contribution savings plans pursuant to Section 401 of the Internal Revenue Code. The Company matches contributions up to 2% of employees’ salaries, as then defined, for 2017, 2016 and 2015 (calculated as 50% of the employee’s contribution, capped at 4% of the employee’s salary). The Company made contributions to this plan of approximately $306,000, $289,000 and $259,000 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 10. Fair Value of Financial Instruments At December 31, 2017 and 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 December 31, 2017 and 2016. The Company had no debt outstanding at December 31, 2017 and 2016. See Note 5 for additional information about the Company’s debt. |
Summarized Consolidated Quarter
Summarized Consolidated Quarterly Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Consolidated Quarterly Information | 11. Summarized Consolidated Quarterly Information (Unaudited) Summarized consolidated and condensed quarterly financial information is as follows: (amounts in thousands, except per share amounts) 2017 For the Three Months For the Three Months For the Three Months For the Three Months Total revenue $ 12,126 $ 11,709 $ 12,092 $ 12,263 Net income (loss) $ 535 $ 397 $ 458 $ (4,548) Per share amounts – basic (A): Net income (loss) $ 0.05 $ 0.03 $ 0.04 $ (0.40) Per share amounts – diluted (A): Net income (loss) $ 0.05 $ 0.03 $ 0.04 $ (0.40) Weighted average number of common shares outstanding: Basic 11,447 11,514 11,500 11,468 Diluted 11,776 11,777 11,775 11,468 2016 For the Three Months For the Three Months For the Three Months For the Three Months Total revenue $ 12,824 $ 11,615 $ 11,537 $ 11,554 Net income (loss) $ 1,604 $ 941 $ 466 $ (230) Per share amounts – basic (A): Net income (loss) $ 0.14 $ 0.08 $ 0.04 $ (0.02) Per share amounts – diluted (A): Net income (loss) $ 0.14 $ 0.08 $ 0.04 $ (0.02) Weighted average number of common shares outstanding: Basic 11,284 11,322 11,321 11,294 Diluted 11,726 11,781 11,764 11,294 (A) Aggregate quarterly per share amounts may not equal annual or period to date amounts presented elsewhere in these consolidated financial statements due to rounding differences. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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. |
Codification and Hierarchy of Generally Accepted Accounting Principles | Codification and the Hierarchy of Generally Accepted Accounting Principles Effective July 1, 2009, the Company adopted the provisions of the Financial Accounting Standards Board (“FASB”) guidance related to the Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”). This guidance identifies the sources of accepted accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). |
Discontinued Operations | Discontinued Operations In April 2011, the Company determined that all operational and litigation related activities associated with the prior ownership and development of residential real estate, including certain general and administrative costs that supported the related operations, should be presented as a discontinued operation. As a result of this determination and the fact that these operations and cash flows were clearly distinguished, the operating results of the discontinued segment and related general and administrative costs were aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements for all periods presented. Discontinued operations were completed as of December 31, 2015, therefore there were no discontinued operations activities during the years ended December 31, 2017 and 2016. |
Variable Interests | Variable Interests The Company evaluates its investments and subsidiaries to determine if an entity is a voting interest entity or a variable interest entity (“VIE”). The Company performs this analysis on an ongoing basis, or as circumstances change. The Company did not have any VIEs in the years ended December 31, 2017, 2016 and 2015. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand and money market accounts and short term investments in government funds with a maturity of three months or less at the date of purchase to be cash and cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for doubtful accounts reflects the Company’s assessment of collectability of outstanding receivables after consideration of the age of a receivable, customer payment history and other current events or economic factors that could affect a customer’s ability to make payments. |
Furniture, Fixtures and Equipment | Furniture, Fixtures and Equipment The Company capitalizes costs for the purchase of furniture, fixtures and equipment that have an expected useful life beyond one year. Depreciation expense is calculated on a straight-line basis over the determined useful life of the asset, generally between three and ten years. Depreciation expense is charged to general and administrative expenses and aggregated approximately $1,025,000, $707,000 and $429,000 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Intangible Assets, Amortization and Impairment | Intangible Assets, Amortization and Impairment Website Development Costs The Company expenses all internet website costs incurred during the preliminary project stage. Thereafter, all direct external and internal development and implementation costs are capitalized and amortized using the straight-line method over their remaining estimated useful lives, not exceeding three years. Amortization expense for all capitalized website development costs is charged to product development expense. Database Costs The Company capitalizes costs for the development of its database in connection with the identification and addition of new real estate properties and sale transactions which provide a future economic benefit. Amortization is calculated on a straight-line basis over a three or five year period. Costs of updating and maintaining information on existing properties in the database are expensed as incurred. Amortization expense for all capitalized database costs is charged to cost of sales. Customer Relationships The value ascribed to customer relationships acquired at the time of the May 2007 merger (the “Merger”) is amortized over 15 years on an accelerated basis and is charged to sales and marketing expense. Lease Value The value ascribed to the below market terms of the office lease existing at the time of the Merger was amortized on a straight-line basis over the remaining term of the acquired office lease. During 2016 this ascribed value was fully amortized. Amortization expense was charged to general and administrative expenses during 2016 and 2015. Goodwill and Intangible Asset Impairment Goodwill and a major portion of the other intangible assets were recorded at the time of the Merger. As a result of the tax treatment of the Merger, goodwill and the acquired intangible assets are not deductible for income tax purposes. Goodwill is not amortized and is tested for impairment at least annually, or after a triggering event has occurred, requiring such an assessment. A qualitative assessment can be utilized. If the qualitative assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no further evaluation would be necessary. If, after performing the qualitative assessment, the Company determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit’s carrying value is performed. The fair values used in this evaluation would be estimates based upon market projections for the reporting unit. These market projections would utilize a number of estimates and assumptions, such as earnings before interest, taxes, depreciation and amortization (EBITDA) multiples, market comparisons, and quoted market prices. If the fair value of the reporting unit were to exceed its carrying value, goodwill would not be deemed to be impaired. If the fair value of the reporting unit is less than its carrying value, an impairment charge will be recorded based on the difference, with the impairment charge limited to the amount of goodwill allocated to the reporting unit. The Company utilized the qualitative assessment for its 2017, 2016 and 2015 evaluations. There was no goodwill impairment identified in 2017, 2016 and 2015. Intangible assets with determinable useful lives are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used. In addition, the carrying amount of amortizable intangible assets are reviewed when indicators of impairment are present. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, the asset would be considered impaired. An impairment charge would be determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period. There was no intangible asset impairment identified in 2017, 2016 and 2015. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing or financing commitments and are included in prepaid and other assets on the consolidated balance sheets. Such costs are amortized by the Company over the expected term of the respective agreements. |
Fair Value Measurements | Fair Value Measurements The current accounting literature provides for a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. During the years ended December 31, 2017, 2016 and 2015, the Company had no assets or liabilities valued using the valuation hierarchy. |
Revenue Recognition and Related Items | Revenue Recognition and Related Items The Company’s subscription revenue is derived principally from subscriptions to its web-based Reis SE Reis Portfolio CRE Reis SE Reis Portfolio CRE Reis Portfolio CRE Reis SE ReisReports The Company’s other revenue includes; (1) non-subscription (2) one-time ad-hoc non-subscription Deferred revenue represents the portion of a subscription billed or collected in advance under the terms of the respective contract, which will be recognized in future periods. If a customer does not meet the payment obligations of a contract, any related accounts receivable and deferred revenue are written off at that time and the net amount, after considering any recovery of accounts receivable, is charged to cost of sales. Cost of sales of subscription revenue principally consists of salaries and related expenses for the Company’s researchers who collect, analyze and maintain the commercial real estate data that is the basis for the Company’s information services. Additionally, cost of sales includes expenses from the amortization of the database intangible asset. Interest revenue is recorded on an accrual basis. |
Share Based Compensation | Share Based Compensation The fair market value as of the grant date of awards of stock, restricted stock units or stock options is recognized as compensation expense by the Company over the respective vesting periods. See Note 8 for activity with respect to stock options and restricted stock units. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based upon differences between the financial reporting basis and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are estimated to be in effect when the differences are expected to reverse. Valuation allowances with respect to deferred income tax assets are recorded when deemed appropriate and adjusted based upon periodic evaluations. The Company evaluates its tax positions in accordance with applicable current accounting literature. Recognition of uncertain tax positions (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more likely than not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained, statutes close or there is a satisfactory resolution of the tax position. See Note 6 for more information regarding income taxes. |
Per Share Data | Per Share Data Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: For the Years Ended December 31, 2017 2016 2015 Numerator for basic per share calculation: (Loss) income from continuing operations for basic calculation $ (3,158,363) $ 2,780,642 $ 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for basic calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Numerator for diluted per share calculation: (Loss) income from continuing operations $ (3,158,363) $ 2,780,642 $ 8,070,983 Adjustments to (loss) income from continuing operations for the statements of operations impact of dilutive securities — — — (Loss) income from continuing operations for dilution calculation (3,158,363) 2,780,642 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for dilution calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Denominator: Weighted average common shares – basic 11,482,343 11,305,110 11,226,932 Effect of dilutive securities: RSUs — 138,077 142,949 Stock options — 302,329 336,614 Weighted average common shares – diluted 11,482,343 11,745,516 11,706,495 Per common share amounts – basic: (Loss) income from continuing operations $ (0.28) $ 0.25 $ 0.72 Income from discontinued operations — — 0.20 Net (loss) income $ (0.28) $ 0.25 $ 0.92 Per common share amounts – diluted: (Loss) income from continuing operations $ (0.28) $ 0.24 $ 0.69 Income from discontinued operations — — 0.19 Net (loss) income $ (0.28) $ 0.24 $ 0.88 Potentially dilutive securities include all stock based awards. For the years ended December 31, 2017, 2016 and 2015, certain equity awards were antidilutive. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 9. |
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, The Company has completed its assessment of 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’s 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 considered the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions and related payroll taxes. 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 amortization period associated with such costs is approximately four years for the incremental commission costs associated with acquiring a new customer. For commission costs associated with renewal contracts, the amortization period is the contract term. The Company expects to record, on a pre-tax 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 2016-09. 2016-09 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 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Details of Computation of Earnings per Common Share, Basic and Diluted | The following table details the computation of earnings per common share, basic and diluted: For the Years Ended December 31, 2017 2016 2015 Numerator for basic per share calculation: (Loss) income from continuing operations for basic calculation $ (3,158,363) $ 2,780,642 $ 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for basic calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Numerator for diluted per share calculation: (Loss) income from continuing operations $ (3,158,363) $ 2,780,642 $ 8,070,983 Adjustments to (loss) income from continuing operations for the statements of operations impact of dilutive securities — — — (Loss) income from continuing operations for dilution calculation (3,158,363) 2,780,642 8,070,983 Income from discontinued operations, net of income tax expense — — 2,234,000 Net (loss) income for dilution calculation $ (3,158,363) $ 2,780,642 $ 10,304,983 Denominator: Weighted average common shares – basic 11,482,343 11,305,110 11,226,932 Effect of dilutive securities: RSUs — 138,077 142,949 Stock options — 302,329 336,614 Weighted average common shares – diluted 11,482,343 11,745,516 11,706,495 Per common share amounts – basic: (Loss) income from continuing operations $ (0.28) $ 0.25 $ 0.72 Income from discontinued operations — — 0.20 Net (loss) income $ (0.28) $ 0.25 $ 0.92 Per common share amounts – diluted: (Loss) income from continuing operations $ (0.28) $ 0.24 $ 0.69 Income from discontinued operations — — 0.19 Net (loss) income $ (0.28) $ 0.24 $ 0.88 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 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 December 31, 2017 Reis Other (A) Consolidated Assets Current assets: Cash and cash equivalents $ 18,990 $ 681 $ 19,671 Accounts receivable, net 9,745 — 9,745 Prepaid and other assets 502 179 681 Total current assets 29,237 860 30,097 Furniture, fixtures and equipment, net 4,919 — 4,919 Intangible assets, net 19,474 — 19,474 Deferred tax asset, net 285 11,787 12,072 Goodwill 57,203 (2,378) 54,825 Other assets 217 — 217 Total assets $ 111,335 $ 10,269 $ 121,604 Liabilities and stockholders’ equity Current liabilities: Current portion of debt $ — $ — $ — Accrued expenses and other liabilities 3,421 729 4,150 Deferred revenue 26,534 — 26,534 Total current liabilities 29,955 729 30,684 Other long-term liabilities 2,447 — 2,447 Deferred tax liability, net 34,862 (34,862) — Total liabilities 67,264 (34,133) 33,131 Total stockholders’ equity 44,071 44,402 88,473 Total liabilities and stockholders’ equity $ 111,335 $ 10,269 $ 121,604 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 Year Ended December 31, 2017 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 46,802 $ — $ 46,802 Other revenue 1,388 — 1,388 Total revenue 48,190 — 48,190 Cost of sales 12,565 — 12,565 Gross profit 35,625 — 35,625 Operating expenses: Sales and marketing 12,626 — 12,626 Product development 4,696 — 4,696 General and administrative expenses 11,225 4,518 15,743 Total operating expenses 28,547 4,518 33,065 Other income (expenses): Interest and other income 1 2 3 Interest expense (130) — (130) Total other income (expenses) (129) 2 (127) Income (loss) before income taxes $ 6,949 $ (4,516) $ 2,433 Condensed Operating Data for the Year Ended December 31, 2016 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 45,399 $ — $ 45,399 Other revenue 2,131 — 2,131 Total revenue 47,530 — 47,530 Cost of sales 10,999 — 10,999 Gross profit 36,531 — 36,531 Operating expenses: Sales and marketing 11,879 — 11,879 Product development 4,167 — 4,167 General and administrative expenses 11,572 4,093 15,665 Total operating expenses 27,618 4,093 31,711 Other income (expenses): Interest and other income 22 — 22 Interest expense (108) — (108) Total other income (expenses) (86) — (86) Income (loss) before income taxes $ 8,827 $ (4,093 ) $ 4,734 (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 Year Ended December 31, 2015 Reis Services Other (A) Consolidated Revenue: Subscription revenue $ 43,722 $ — $ 43,722 Other revenue 7,168 — 7,168 Total revenue 50,890 — 50,890 Cost of sales 9,081 — 9,081 Gross profit 41,809 — 41,809 Operating expenses: Sales and marketing 11,701 — 11,701 Product development 3,711 — 3,711 General and administrative expenses 9,892 4,375 14,267 Total operating expenses 25,304 4,375 29,679 Other income (expenses): Interest and other income 38 — 38 Interest expense (92) — (92) Total other income (expenses) (54) — (54) Income (loss) before income taxes and discontinued operations $ 16,451 $ (4,375) $ 12,076 Income from discontinued operations, before income taxes $ — $ 3,643 $ 3,643 (A) Includes the results of the Company’s discontinued operations for the year ended December 31, 2015 and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. |
Accounts Receivable Balances | The following table presents the accounts receivable balances of Reis Services at December 31, 2017 and 2016: December 31, 2017 2016 Accounts receivable $ 9,937,000 $ 10,862,000 Allowance for doubtful accounts (192,000) (118,000) Accounts receivable, net $ 9,745,000 $ 10,744,000 |
Income from Discontinued Operations | Income from discontinued operations was comprised of the following for the year ended December 31, 2015 (there were no discontinued operations activities for the years ended December 31, 2017 and 2016): For the Year Ended Litigation recoveries $ 4,839,000 Other (expenses), net (1,196,000) Income from discontinued operations before income tax 3,643,000 Income tax expense from discontinued operations 1,409,000 Income from discontinued operations, net of income tax expense $ 2,234,000 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 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: December 31, 2017 2016 Database $ 33,538,000 $ 28,146,000 Accumulated amortization (23,705,000) (19,974,000) Database, net 9,833,000 8,172,000 Customer relationships 14,100,000 14,100,000 Accumulated amortization (10,182,000) (9,263,000) Customer relationships, net 3,918,000 4,837,000 Website 20,729,000 17,538,000 Accumulated amortization (15,006,000) (12,624,000) Website, net 5,723,000 4,914,000 Intangibles, net $ 19,474,000 $ 17,923,000 |
Summary Amortization Expense Related to Net Intangible Asset | The Company’s future amortization expense related to the net intangible asset balance at December 31, 2017 follows: For the Year Ended December 31, Amount 2018 $ 7,398,000 2019 5,729,000 2020 3,618,000 2021 1,816,000 2022 868,000 Thereafter 45,000 Total $ 19,474,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense are as follows: For the Years Ended December 31, 2017 2016 2015 Current Federal alternative minimum tax (“AMT”) expense $ 20,000 $ 147,000 $ 303,000 Current state and local tax expense 225,000 40,000 662,000 Deferred Federal tax expense (A) 5,736,000 1,704,000 4,962,000 Deferred state and local tax (benefit) expense (390,000) 62,000 (513,000) Consolidated income tax expense, including taxes attributable to discontinued operations (B) 5,591,000 1,953,000 5,414,000 Less income tax expense attributable to discontinued operations — — 1,409,000 Income tax expense (C) $ 5,591,000 $ 1,953,000 $ 4,005,000 (A) Includes an AMT (benefit) of $(20,000), $(147,000) and $(303,000) in 2017, 2016 and 2015, respectively. (B) Includes income tax expense attributable to income from discontinued operations. (C) Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. |
Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense | The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense on continuing operations is as follows: For the Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Tax expense at U.S. statutory rate $ 851,000 35.00% $ 1,657,000 35.00% $ 4,227,000 35.00% State and local tax expense, net of Federal impact 119,000 4.89% 142,000 3.00% 494,000 4.09% Impact of state and local tax rate change, net of Federal impact 10,000 0.41% 7,000 0.15% (714,000) (5.90%) Impact of Federal rate change 5,142,000 211.38% — — — — Non-deductible 53,000 2.16% 147,000 3.10% (2,000) (0.02%) Windfall tax benefit (584,000) (24.01)% — — — — Income tax expense $ 5,591,000 229.83% $ 1,953,000 41.25% $ 4,005,000 33.17% |
Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred Tax Assets Net operating loss carryforwards $ 9,952,569 $ 14,561,655 Liability reserves 652,000 792,075 Stock compensation plans 979,947 1,828,185 AMT credit carryforwards 1,736,984 1,717,792 Other 253,538 57,153 13,575,038 18,956,860 Valuation allowance — — Total deferred tax assets 13,575,038 18,956,860 Deferred Tax Liabilities Acquired asset differences — book value greater than tax (1,025,930) (1,842,450) Asset basis differences — carrying amount value greater than tax (476,990) (299,673) Total deferred tax liabilities (1,502,920) (2,142,123) Net deferred tax asset $ 12,072,118 $ 16,814,737 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits for the years ended December 31, 2017, 2016 and 2015 follows: For the Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 154,000 $ 159,000 $ 105,000 Additional provision (reduction) and interest related to prior years, net 3,000 (4,000) 70,000 Resolution of matters during the period (126,000) (1,000) (16,000) Balance at end of period $ 31,000 $ 154,000 $ 159,000 |
Stock Plans and Other Incenti24
Stock Plans and Other Incentives (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Options Weighted- Options Weighted- Options Weighted- Outstanding at beginning of period 530,000 $ 9.64 547,500 $ 9.61 582,500 $ 9.52 Granted — $ — — $ — — $ — Exercised (285,000) $ (10.30) (17,500) $ (8.74) (35,000) $ (8.12) Forfeited/cancelled/expired — $ — — $ — — $ — Outstanding at end of period 245,000 $ 8.88 530,000 $ 9.64 547,500 $ 9.61 Options exercisable at end of period 237,000 $ 8.56 518,000 $ 9.44 531,500 $ 9.35 Weighted average fair value of options granted per year (per option) $ — $ — $ — Weighted average remaining contractual life at end of period 2.9 years 2.0 years 3.0 years |
Summary of Options | The following table presents additional option details at December 31, 2017 and 2016: Options Outstanding and Exercisable Options Outstanding and Exercisable Range of Exercise Prices Outstanding Remaining Weighted Intrinsic Outstanding Remaining Weighted Intrinsic $ 7.50 — — $ — $ — 10,000 0.6 $ 7.50 $ 147,500 $ 8.03 225,000 2.6 $ 8.03 2,840,625 225,000 3.6 $ 8.03 3,200,625 $ 10.40 — — $ — — 275,000 0.4 $ 10.40 3,258,750 $ 18.52 20,000 6.4 $ 18.52 42,600 20,000 7.4 $ 18.52 74,600 245,000 2.9 $ 8.88 $ 2,883,225 530,000 2.0 $ 9.64 $ 6,681,475 (A) The intrinsic value is the amount by which the fair value of the Company’s stock price exceeds the exercise price of an option at December 31, 2017 and 2016, respectively. For purposes of this calculation, the Company’s closing stock prices were $20.65 and $22.25 per share on December 31, 2017 and 2016, respectively. |
Changes in RSUs | The following table presents the changes in RSUs outstanding for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Outstanding at beginning of period 281,320 254,041 277,973 Granted 141,937 124,709 83,141 Common stock delivered (A) (B) (C) (95,443) (85,181) (105,970) Forfeited (9,672) (12,249) (1,103) Outstanding at end of period 318,142 281,320 254,041 Intrinsic value (D) $ 6,570,000 $ 6,259,000 $ 6,028,000 (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) The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015. (D) For purposes of this calculation, the Company’s closing stock prices were $20.65, $22.25 and $23.73 per share on December 31, 2017, 2016 and 2015, respectively. |
Total Compensation Cost | For the Year Ended December 31, Options RSUs Total 2018 $ 31,000 $ 1,568,000 $ 1,599,000 2019 12,000 870,000 882,000 2020 — 68,000 68,000 $ 43,000 $ 2,506,000 $ 2,549,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under Operating Leases | Future minimum lease payments under operating leases at December 31, 2017 are as follows: For the Year Ended December 31, Amount 2018 $ 3,422,000 2019 3,443,000 2020 3,441,000 2021 3,559,000 2022 3,652,000 Thereafter 8,083,000 Total $ 25,600,000 |
Summarized Consolidated Quart26
Summarized Consolidated Quarterly Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Consolidated and Condensed Quarterly Financial Information | Summarized consolidated and condensed quarterly financial information is as follows: (amounts in thousands, except per share amounts) 2017 For the Three Months For the Three Months For the Three Months For the Three Months Total revenue $ 12,126 $ 11,709 $ 12,092 $ 12,263 Net income (loss) $ 535 $ 397 $ 458 $ (4,548) Per share amounts – basic (A): Net income (loss) $ 0.05 $ 0.03 $ 0.04 $ (0.40) Per share amounts – diluted (A): Net income (loss) $ 0.05 $ 0.03 $ 0.04 $ (0.40) Weighted average number of common shares outstanding: Basic 11,447 11,514 11,500 11,468 Diluted 11,776 11,777 11,775 11,468 2016 For the Three Months For the Three Months For the Three Months For the Three Months Total revenue $ 12,824 $ 11,615 $ 11,537 $ 11,554 Net income (loss) $ 1,604 $ 941 $ 466 $ (230) Per share amounts – basic (A): Net income (loss) $ 0.14 $ 0.08 $ 0.04 $ (0.02) Per share amounts – diluted (A): Net income (loss) $ 0.14 $ 0.08 $ 0.04 $ (0.02) Weighted average number of common shares outstanding: Basic 11,284 11,322 11,321 11,294 Diluted 11,726 11,781 11,764 11,294 (A) Aggregate quarterly per share amounts may not equal annual or period to date amounts presented elsewhere in these consolidated financial statements due to rounding differences. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | 27 Months Ended | ||
Sep. 16, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Variable interest entity | No | No | No | ||
Maturity period of demand and money market accounts and short term investments | Three months or less | ||||
Depreciation expense | $ 1,025,092 | $ 706,906 | $ 429,498 | ||
Goodwill impairment identified | 0 | 0 | 0 | ||
Intangible asset impairment | 0 | 0 | 0 | ||
Fair value of assets | 0 | 0 | 0 | $ 0 | |
Fair value of liabilities | $ 0 | 0 | 0 | $ 0 | |
Subscription contractual period | 1 year | ||||
Company's share of Mobiuss revenue | 50.00% | 100.00% | |||
Assets | $ 121,603,733 | 128,144,541 | $ 121,603,733 | ||
Liabilities | 33,130,383 | 30,964,625 | 33,130,383 | ||
Cumulative effect change in stockholders' equity | 603,381 | ||||
ASU 2016-09 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Additional non-current deferred tax asset amount | 603,000 | ||||
Cumulative effect change in stockholders' equity | 28,000 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Assets | 3,100,000 | 3,100,000 | |||
Liabilities | 800,000 | $ 800,000 | |||
Cumulative effect adjusted to retained earnings | $ 2,300,000 | ||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Expected useful life of assets | 3 years | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subscription contractual period | 48 months | ||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Expected useful life of assets | 10 years | ||||
Customer Relationships [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, amortization period | 15 years | ||||
Web Site Development [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, amortization period | 3 years | ||||
Database [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, amortization period | 3 years | ||||
Database [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, amortization period | 5 years | ||||
Customer Contracts [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, amortization period | 4 years | ||||
General and Administrative Expense [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Depreciation expense | $ 1,025,000 | $ 707,000 | $ 429,000 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator for basic per share calculation: | |||||||||||
(Loss) income from continuing operations for basic calculation | $ (3,158,363) | $ 2,780,642 | $ 8,070,983 | ||||||||
Income from discontinued operations, net of income tax expense | 2,234,000 | ||||||||||
Net (loss) income for basic calculation | $ (4,548,000) | $ 458,000 | $ 397,000 | $ 535,000 | $ (230,000) | $ 466,000 | $ 941,000 | $ 1,604,000 | (3,158,363) | 2,780,642 | 10,304,983 |
Numerator for diluted per share calculation: | |||||||||||
(Loss) income from continuing operations | (3,158,363) | 2,780,642 | 8,070,983 | ||||||||
Adjustments to (loss) income from continuing operations for the statements of operations impact of dilutive securities | 0 | 0 | 0 | ||||||||
(Loss) income from continuing operations for dilution calculation | (3,158,363) | 2,780,642 | 8,070,983 | ||||||||
Income from discontinued operations, net of income tax expense | 2,234,000 | ||||||||||
Net (loss) income for dilution calculation | $ (3,158,363) | $ 2,780,642 | $ 10,304,983 | ||||||||
Denominator: | |||||||||||
Weighted average common shares - basic | 11,468,000 | 11,500,000 | 11,514,000 | 11,447,000 | 11,294,000 | 11,321,000 | 11,322,000 | 11,284,000 | 11,482,343 | 11,305,110 | 11,226,932 |
Effect of dilutive securities: | |||||||||||
RSUs | 138,077 | 142,949 | |||||||||
Stock options | 302,329 | 336,614 | |||||||||
Weighted average common shares - diluted | 11,468,000 | 11,775,000 | 11,777,000 | 11,776,000 | 11,294,000 | 11,764,000 | 11,781,000 | 11,726,000 | 11,482,343 | 11,745,516 | 11,706,495 |
Per common share amounts - basic: | |||||||||||
(Loss) income from continuing operations | $ (0.28) | $ 0.25 | $ 0.72 | ||||||||
Income from discontinued operations | 0.20 | ||||||||||
Net (loss) income | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | (0.28) | 0.25 | 0.92 |
Per common share amounts - diluted: | |||||||||||
(Loss) income from continuing operations | (0.28) | 0.24 | 0.69 | ||||||||
Income from discontinued operations | 0.19 | ||||||||||
Net (loss) income | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | $ (0.28) | $ 0.24 | $ 0.88 |
Segment Information - Condensed
Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 19,670,613 | $ 21,490,586 | $ 28,657,956 | $ 17,745,077 |
Accounts receivable, net | 9,744,513 | 10,743,505 | ||
Prepaid and other assets | 681,039 | 792,991 | ||
Total current assets | 30,096,165 | 33,027,082 | ||
Furniture, fixtures and equipment, net | 4,919,230 | 5,260,443 | ||
Intangible assets, net | 19,474,411 | 17,922,282 | ||
Deferred tax asset, net | 12,072,118 | 16,814,737 | ||
Goodwill | 54,824,648 | 54,824,648 | ||
Other assets | 217,161 | 295,349 | ||
Total assets | 121,603,733 | 128,144,541 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 4,149,363 | 4,031,444 | ||
Deferred revenue | 26,533,983 | 25,031,100 | ||
Total current liabilities | 30,683,346 | 29,062,544 | ||
Other long-term liabilities | 2,447,037 | 1,902,081 | ||
Total liabilities | 33,130,383 | 30,964,625 | ||
Total stockholders' equity | 88,473,350 | 97,179,916 | $ 101,579,448 | $ 96,113,406 |
Total liabilities and stockholders' equity | 121,603,733 | 128,144,541 | ||
Reis Services [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 18,990,000 | 19,903,000 | ||
Accounts receivable, net | 9,745,000 | 10,744,000 | ||
Prepaid and other assets | 502,000 | 622,000 | ||
Total current assets | 29,237,000 | 31,269,000 | ||
Furniture, fixtures and equipment, net | 4,919,000 | 5,260,000 | ||
Intangible assets, net | 19,474,000 | 17,922,000 | ||
Deferred tax asset, net | 285,000 | 285,000 | ||
Goodwill | 57,203,000 | 57,203,000 | ||
Other assets | 217,000 | 295,000 | ||
Total assets | 111,335,000 | 112,234,000 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 3,421,000 | 3,724,000 | ||
Deferred revenue | 26,534,000 | 25,031,000 | ||
Total current liabilities | 29,955,000 | 28,755,000 | ||
Other long-term liabilities | 2,447,000 | 1,902,000 | ||
Deferred tax liability, net | 34,862,000 | 32,909,000 | ||
Total liabilities | 67,264,000 | 63,566,000 | ||
Total stockholders' equity | 44,071,000 | 48,668,000 | ||
Total liabilities and stockholders' equity | 111,335,000 | 112,234,000 | ||
Other [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 681,000 | 1,588,000 | ||
Prepaid and other assets | 179,000 | 170,000 | ||
Total current assets | 860,000 | 1,758,000 | ||
Deferred tax asset, net | 11,787,000 | 16,530,000 | ||
Goodwill | (2,378,000) | (2,378,000) | ||
Total assets | 10,269,000 | 15,910,000 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Accrued expenses and other liabilities | 729,000 | 307,000 | ||
Total current liabilities | 729,000 | 307,000 | ||
Deferred tax liability, net | (34,862,000) | (32,909,000) | ||
Total liabilities | (34,133,000) | (32,602,000) | ||
Total stockholders' equity | 44,402,000 | 48,512,000 | ||
Total liabilities and stockholders' equity | $ 10,269,000 | $ 15,910,000 |
Segment Information - Condens30
Segment Information - Condensed Operating Data for Segments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||||||||||
Subscription revenue | $ 46,801,357 | $ 45,398,701 | $ 43,722,087 | ||||||||
Other revenue | 1,388,330 | 2,131,054 | 7,168,351 | ||||||||
Total revenue | $ 12,263,000 | $ 12,092,000 | $ 11,709,000 | $ 12,126,000 | $ 11,554,000 | $ 11,537,000 | $ 11,615,000 | $ 12,824,000 | 48,189,687 | 47,529,755 | 50,890,438 |
Cost of sales | 12,565,299 | 10,999,146 | 9,081,624 | ||||||||
Gross profit | 35,624,388 | 36,530,609 | 41,808,814 | ||||||||
Operating expenses: | |||||||||||
Sales and marketing | 12,626,490 | 11,878,590 | 11,700,840 | ||||||||
Product development | 4,696,207 | 4,167,474 | 3,711,054 | ||||||||
General and administrative expenses | 15,742,567 | 15,664,495 | 14,267,027 | ||||||||
Total operating expenses | 33,065,264 | 31,710,559 | 29,678,921 | ||||||||
Other income (expenses): | |||||||||||
Interest and other income | 3,141 | 21,937 | 37,857 | ||||||||
Interest expense | (129,628) | (108,345) | (91,767) | ||||||||
Total other income (expenses) | (126,487) | (86,408) | (53,910) | ||||||||
Income (loss) before income taxes | 2,432,637 | 4,733,642 | 12,075,983 | ||||||||
Income (Loss) from discontinued operations, before income taxes | 3,643,000 | ||||||||||
Reis Services [Member] | |||||||||||
Revenue: | |||||||||||
Subscription revenue | 46,802,000 | 45,399,000 | 43,722,000 | ||||||||
Other revenue | 1,388,000 | 2,131,000 | 7,168,000 | ||||||||
Total revenue | 48,190,000 | 47,530,000 | 50,890,000 | ||||||||
Cost of sales | 12,565,000 | 10,999,000 | 9,081,000 | ||||||||
Gross profit | 35,625,000 | 36,531,000 | 41,809,000 | ||||||||
Operating expenses: | |||||||||||
Sales and marketing | 12,626,000 | 11,879,000 | 11,701,000 | ||||||||
Product development | 4,696,000 | 4,167,000 | 3,711,000 | ||||||||
General and administrative expenses | 11,225,000 | 11,572,000 | 9,892,000 | ||||||||
Total operating expenses | 28,547,000 | 27,618,000 | 25,304,000 | ||||||||
Other income (expenses): | |||||||||||
Interest and other income | 1,000 | 22,000 | 38,000 | ||||||||
Interest expense | (130,000) | (108,000) | (92,000) | ||||||||
Total other income (expenses) | (129,000) | (86,000) | (54,000) | ||||||||
Income (loss) before income taxes | 6,949,000 | 8,827,000 | 16,451,000 | ||||||||
Other [Member] | |||||||||||
Operating expenses: | |||||||||||
General and administrative expenses | 4,518,000 | 4,093,000 | 4,375,000 | ||||||||
Total operating expenses | 4,518,000 | 4,093,000 | 4,375,000 | ||||||||
Other income (expenses): | |||||||||||
Interest and other income | 2,000 | ||||||||||
Total other income (expenses) | 2,000 | ||||||||||
Income (loss) before income taxes | $ (4,516,000) | $ (4,093,000) | (4,375,000) | ||||||||
Income (Loss) from discontinued operations, before income taxes | $ 3,643,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | Oct. 15, 2012USD ($) | Aug. 03, 2012USD ($) | Jun. 20, 2012USD ($) | Mar. 13, 2012USD ($) | Mar. 02, 2018USD ($) | Dec. 31, 2017Subscriber | Dec. 31, 2016USD ($)Subscriber | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2009aSegment |
Segment Reporting Information [Line Items] | ||||||||||
Litigation recoveries | $ 4,839,000 | $ 5,658,000 | ||||||||
Gold Peak [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Number of units prior to sale | Segment | 259 | |||||||||
Number of acres prior to sale | a | 29 | |||||||||
Litigation charge regarding construction defects | $ 18,200,000 | |||||||||
Other charges regarding construction defects | $ 756,000 | |||||||||
Settlement with the plaintiff | $ 17,000,000 | |||||||||
Gold Peak [Member] | First Installment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Installment amount due | $ 5,000,000 | |||||||||
Installment due date | Aug. 3, 2012 | |||||||||
Gold Peak [Member] | Second Installment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Installment amount due | $ 12,000,000 | |||||||||
Installment due date | Oct. 15, 2012 | |||||||||
Reis Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Percentage of Reis Service's revenue by major customer | 4.40% | 6.30% | 10.60% | |||||||
Major customer custom revenue | $ 1,200,000 | $ 4,519,000 | ||||||||
Number of subscribers contributing largest share among accounts receivable | Subscriber | 21 | 23 | ||||||||
Aggregate percentage of subscribers contributing largest share among accounts receivable | 51.50% | 52.40% | ||||||||
Number of subscribers contributing largest share among major accounts receivable | Subscriber | 3 | 2 | ||||||||
Percentage of accounts receivable accounted for by major subscribers | 4.00% | 4.00% | ||||||||
Percentage of Reis Service's accounts receivable by major subscriber | 9.20% | 8.30% | ||||||||
Percentage of deferred revenue by major subscriber | 6.40% | 3.70% | ||||||||
Reis Services [Member] | Subsequent Event [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Payments received against accounts receivable | $ 7,850,000 | |||||||||
Percentage collected from trade accounts receivable | 79.00% |
Segment Information - Accounts
Segment Information - Accounts Receivable Balances (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 9,744,513 | $ 10,743,505 |
Reis Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 9,937,000 | 10,862,000 |
Allowance for doubtful accounts | (192,000) | (118,000) |
Accounts receivable, net | $ 9,745,000 | $ 10,744,000 |
Segment Information - Income fr
Segment Information - Income from Discontinued Operations (Detail) - USD ($) | 12 Months Ended | 39 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | ||||
Litigation recoveries | $ 4,839,000 | $ 5,658,000 | ||
Other (expenses), net | (1,196,000) | |||
Income from discontinued operations before income tax | 3,643,000 | |||
Income tax expense from discontinued operations | $ 0 | $ 0 | 1,409,000 | |
Income from discontinued operations, net of income tax expense | $ 2,234,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (48,892,725) | $ (41,861,561) |
Intangible assets, net | 19,474,411 | 17,922,282 |
Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 33,538,000 | 28,146,000 |
Accumulated amortization | (23,705,000) | (19,974,000) |
Intangible assets, net | 9,833,000 | 8,172,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,100,000 | 14,100,000 |
Accumulated amortization | (10,182,000) | (9,263,000) |
Intangible assets, net | 3,918,000 | 4,837,000 |
Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 20,729,000 | 17,538,000 |
Accumulated amortization | (15,006,000) | (12,624,000) |
Intangible assets, net | $ 5,723,000 | $ 4,914,000 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $ 7,031,164 | $ 5,923,269 | $ 5,148,546 |
Database [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount capitalized to intangible asset | 5,392,000 | 5,356,000 | |
Amortization expense for intangible assets | 3,731,000 | 2,853,000 | 2,103,000 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | 919,000 | 935,000 | 949,000 |
Website [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amount capitalized to intangible asset | 3,191,000 | 2,803,000 | |
Amortization expense for intangible assets | $ 2,381,000 | 1,955,000 | 1,793,000 |
Acquired Below Market Lease [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $ 180,000 | $ 303,000 |
Intangible Assets - Summary Amo
Intangible Assets - Summary Amortization Expense Related to Net Intangible Asset (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 7,398,000 | |
2,019 | 5,729,000 | |
2,020 | 3,618,000 | |
2,021 | 1,816,000 | |
2,022 | 868,000 | |
Thereafter | 45,000 | |
Intangible assets, net | $ 19,474,411 | $ 17,922,282 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 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 (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current Federal alternative minimum tax ("AMT") expense | $ 20,000 | $ 147,000 | $ 303,000 |
Current state and local tax expense | 225,000 | 40,000 | 662,000 |
Deferred Federal tax expense | 5,736,000 | 1,704,000 | 4,962,000 |
Deferred state and local tax (benefit) expense | (390,000) | 62,000 | (513,000) |
Consolidated income tax expense, including taxes attributable to discontinued operations | 5,591,000 | 1,953,000 | 5,414,000 |
Less income tax expense attributable to discontinued operations | 0 | 0 | 1,409,000 |
Income tax expense | $ 5,591,000 | $ 1,953,000 | $ 4,005,000 |
Income Taxes - Components of 39
Income Taxes - Components of Income Tax Expense (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred Federal AMT expense (benefit) | $ (20,000) | $ (147,000) | $ (303,000) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at U.S. statutory rate, Amount | $ 851,000 | $ 1,657,000 | $ 4,227,000 |
State and local tax expense, net of Federal impact, Amount | 119,000 | 142,000 | 494,000 |
Impact of state and local tax rate change, net of Federal impact, Amount | 10,000 | 7,000 | (714,000) |
Impact of Federal rate change, Amount | 5,142,000 | ||
Non-deductible items, Amount | 53,000 | 147,000 | (2,000) |
Windfall tax benefit, Amount | (584,000) | ||
Income tax expense, Amount | $ 5,591,000 | $ 1,953,000 | $ 4,005,000 |
Tax expense at U.S. statutory rate, percent | 35.00% | 35.00% | 35.00% |
State and local tax expense, net of Federal impact, percent | 4.89% | 3.00% | 4.09% |
Impact of state and local tax rate change, net of Federal impact, percent | 0.41% | 0.15% | (5.90%) |
Impact of Federal rate change, percent | 211.38% | ||
Non-deductible items, percent | 2.16% | 3.10% | (0.02%) |
Windfall tax benefit, percent | (24.01%) | ||
Income tax expense, percent | 229.83% | 41.25% | 33.17% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Sep. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes Disclosure [Line Items] | |||||||
Federal corporate income tax rate | 35.00% | 35.00% | 35.00% | ||||
Net operating loss carryforwards, expiration | The Company's federal net operating losses that have been incurred prior to December 31, 2017 will continue to have a 20-year carryforward limitation applied and will need to be evaluated for recoverability in the future as such. Net operating losses incurred after December 31, 2017 will have an indefinite life, but usage will be limited to 80% of taxable income in any given year. | ||||||
Net expense due to re-measurement of net Federal deferred tax assets to lower corporate tax rate | $ 5,142,000 | ||||||
Net deferred tax asset | 12,072,118 | $ 16,814,737 | |||||
Aggregate Federal NOL carryforwards | 37,859,000 | ||||||
Federal NOLs subject to an annual limitation | 5,140,000 | ||||||
Federal NOLs not subject to an annual limitation | 32,719,000 | ||||||
Federal NOLs annual limitation | 2,779,000 | ||||||
Aggregate Federal NOLs expiring | 2,513,000 | ||||||
Federal NOL attributable to excess tax deductions | $ 1,723,000 | ||||||
Expirations of NOL | 2,024 | ||||||
Aggregate income tax payments | $ 274,719 | 722,105 | $ 651,502 | ||||
Unrecognized tax benefits and the related estimate for interest and penalties | 31,000 | 154,000 | 159,000 | $ 105,000 | |||
Additional general and administrative expense, including interest | $ 3,000 | $ (4,000) | $ 70,000 | ||||
Subsequent Event [Member] | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Percentage of net operating loss carryforwards, limitation | 80.00% | ||||||
Scenario, Plan [Member] | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Federal corporate income tax rate | 21.00% | ||||||
New York State and New York City [Member] | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Aggregate income tax payments | $ 16,000 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets | ||
Net operating loss carryforwards | $ 9,952,569 | $ 14,561,655 |
Liability reserves | 652,000 | 792,075 |
Stock compensation plans | 979,947 | 1,828,185 |
AMT credit carryforwards | 1,736,984 | 1,717,792 |
Other | 253,538 | 57,153 |
Deferred tax assets, gross | 13,575,038 | 18,956,860 |
Valuation allowance | 0 | 0 |
Total deferred tax assets | 13,575,038 | 18,956,860 |
Deferred Tax Liabilities | ||
Acquired asset differences - book value greater than tax | (1,025,930) | (1,842,450) |
Asset basis differences - carrying amount value greater than tax | (476,990) | (299,673) |
Total deferred tax liabilities | (1,502,920) | (2,142,123) |
Net deferred tax asset | $ 12,072,118 | $ 16,814,737 |
Income Taxes - Reconciliation43
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 154,000 | $ 159,000 | $ 105,000 |
Additional provision (reduction) and interest related to prior years, net | 3,000 | (4,000) | 70,000 |
Resolution of matters during the period | (126,000) | (1,000) | (16,000) |
Balance at end of period | $ 31,000 | $ 154,000 | $ 159,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Aug. 30, 2016 | |
Equity [Abstract] | ||||||||||||||||||
Common stock repurchase authorized | $ 5,000,000 | |||||||||||||||||
Repurchase of common stock, shares | 182,028 | 54,176 | 0 | 236,204 | ||||||||||||||
Repurchase of common stock, value | $ 3,421,337 | $ 1,143,913 | $ 4,565,000 | |||||||||||||||
Common stock repurchase, average price per share | $ 19.33 | |||||||||||||||||
Share repurchase program, remaining amount | $ 435,000 | $ 435,000 | $ 435,000 | |||||||||||||||
Dividends declared, per share | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.11 | $ 0.68 | $ 0.68 | $ 0.56 | ||
Dividends paid, per share | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.11 | |||||
Dividend payments, amount | $ 7,876,323 | $ 7,746,655 | $ 6,337,568 |
Stock Plans and Other Incenti45
Stock Plans and Other Incentives - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period of the awards granted under the company's incentive plans | 10 years | ||
Non-cash compensation expense | $ 2,211,076 | $ 2,098,553 | $ 1,772,679 |
Compensation cost expected to be recognized | $ 2,549,000 | ||
RSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs granted | 141,937 | 124,709 | 83,141 |
Vesting rights | RSUs vest one-third a year over three years | RSUs vest one-third a year over three years | |
Compensation cost expected to be recognized | $ 2,506,000 | ||
RSU [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs granted | 134,926 | 118,724 | 77,405 |
Weighted average grant date fair value | $ 18.63 | $ 20.22 | $ 22.41 |
RSU [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs granted | 7,011 | 5,985 | 5,736 |
Weighted average grant date fair value | $ 19.66 | $ 23.04 | $ 24.03 |
Number of months after the termination of service, RSUs delivered to non-employee directors | 6 months | ||
Non-cash compensation expense | $ 138,000 | $ 138,000 | $ 138,000 |
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 Incenti46
Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of period, Options | 530,000 | 547,500 | 582,500 |
Granted, Options | 0 | 0 | 0 |
Exercised, Options | (285,000) | (17,500) | (35,000) |
Forfeited/cancelled/expired, Options | 0 | 0 | 0 |
Outstanding at end of period, Options | 245,000 | 530,000 | 547,500 |
Options exercisable at end of period, Options | 237,000 | 518,000 | 531,500 |
Weighted average fair value of options granted per year (per option) | $ 0 | $ 0 | $ 0 |
Weighted average remaining contractual life at end of period | 2 years 9 months 18 days | 2 years | 3 years |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 9.64 | $ 9.61 | $ 9.52 |
Granted, Weighted-Average Exercise Price | 0 | 0 | 0 |
Exercised, Weighted-Average Exercise Price | (10.30) | (8.74) | (8.12) |
Forfeited/cancelled/expired, Weighted-Average Exercise Price | 0 | 0 | 0 |
Outstanding at end of period, Weighted-Average Exercise Price | 8.88 | 9.64 | 9.61 |
Options exercisable at end of period, Weighted-Average Exercise Price | $ 8.56 | $ 9.44 | $ 9.35 |
Stock Plans and Other Incenti47
Stock Plans and Other Incentives - Summary of Options (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding | 245,000 | 530,000 | 547,500 | 582,500 |
Remaining Contractual Life (Years) | 2 years 9 months 18 days | 2 years | ||
Weighted Average Exercise Price | $ 8.88 | $ 9.64 | $ 9.61 | $ 9.52 |
Intrinsic Value | $ 2,883,225 | $ 6,681,475 | ||
Exercise Price Range $7.50 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices | $ 7.50 | |||
Outstanding | 10,000 | |||
Remaining Contractual Life (Years) | 0 years | 7 months 6 days | ||
Weighted Average Exercise Price | $ 7.50 | |||
Intrinsic Value | $ 147,500 | |||
Exercise Price Range $8.03 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices | $ 8.03 | |||
Outstanding | 225,000 | 225,000 | ||
Remaining Contractual Life (Years) | 2 years 7 months 6 days | 3 years 7 months 6 days | ||
Weighted Average Exercise Price | $ 8.03 | $ 8.03 | ||
Intrinsic Value | $ 2,840,625 | $ 3,200,625 | ||
Exercise Price Range $10.40 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices | $ 10.40 | |||
Outstanding | 275,000 | |||
Remaining Contractual Life (Years) | 0 years | 4 months 24 days | ||
Weighted Average Exercise Price | $ 10.40 | |||
Intrinsic Value | $ 3,258,750 | |||
Exercise Price Range $18.52 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices | $ 18.52 | |||
Outstanding | 20,000 | 20,000 | ||
Remaining Contractual Life (Years) | 6 years 4 months 24 days | 7 years 4 months 24 days | ||
Weighted Average Exercise Price | $ 18.52 | $ 18.52 | ||
Intrinsic Value | $ 42,600 | $ 74,600 |
Stock Plans and Other Incenti48
Stock Plans and Other Incentives - Summary of Options (Parenthetical) (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Closing stock price | $ 20.65 | $ 22.25 | $ 23.73 |
Stock Plans and Other Incenti49
Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of period | 281,320 | 254,041 | 277,973 |
Granted | 141,937 | 124,709 | 83,141 |
Common stock delivered | (95,443) | (85,181) | (105,970) |
Forfeited | (9,672) | (12,249) | (1,103) |
Outstanding at end of period | 318,142 | 281,320 | 254,041 |
Intrinsic value | $ 6,570,000 | $ 6,259,000 | $ 6,028,000 |
Stock Plans and Other Incenti50
Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Employee$ / sharesshares | Dec. 31, 2015USD ($)Employee$ / sharesshares | Dec. 31, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing stock price | $ / shares | $ 22.25 | $ 23.73 | $ 20.65 |
RSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock used to settle minimum employee withholding tax obligations | 32,760 | 41,136 | |
Number of employees withholding tax obligations | Employee | 29 | 28 | |
Employee withholding tax obligations approximate amount | $ | $ 701,000 | $ 993,000 | |
Common stock delivered, net | 52,421 | 64,834 |
Stock Plans and Other Incenti51
Stock Plans and Other Incentives - Total Compensation Cost (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,018 | $ 1,599 |
2,019 | 882 |
2,020 | 68 |
Total compensation cost | 2,549 |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,018 | 31 |
2,019 | 12 |
Total compensation cost | 43 |
RSU [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,018 | 1,568 |
2,019 | 870 |
2,020 | 68 |
Total compensation cost | $ 2,506 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Lease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Number of operating leases | 3 | ||
Rent expense | $ | $ 3,706 | $ 3,889 | $ 2,207 |
Contributions percentage of employees' salary | 2.00% | 2.00% | 2.00% |
Percentage of employees' contribution | 50.00% | 50.00% | 50.00% |
Capped percentage of employees' salary | 4.00% | 4.00% | 4.00% |
Company contributions | $ | $ 306 | $ 289 | $ 259 |
Midtown Manhattan [Member] | |||
Loss Contingencies [Line Items] | |||
Number of operating leases | 1 | ||
Lease expiration date | Oct. 31, 2025 | ||
White Plains [Member] | |||
Loss Contingencies [Line Items] | |||
Number of operating leases | 1 | ||
Lease expiration date | Jun. 30, 2023 | ||
Laguna Beach [Member] | |||
Loss Contingencies [Line Items] | |||
Number of operating leases | 1 | ||
Lease expiration date | Jun. 30, 2020 |
Commitments and Contingencies53
Commitments and Contingencies - Future Minimum Lease Payments under Operating Leases (Detail) | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 3,422,000 |
2,019 | 3,443,000 |
2,020 | 3,441,000 |
2,021 | 3,559,000 |
2,022 | 3,652,000 |
Thereafter | 8,083,000 |
Total | $ 25,600,000 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Debt outstanding | $ 0 | $ 0 |
Summarized Consolidated Quart55
Summarized Consolidated Quarterly Information - Summarized Consolidated and Condensed Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 12,263,000 | $ 12,092,000 | $ 11,709,000 | $ 12,126,000 | $ 11,554,000 | $ 11,537,000 | $ 11,615,000 | $ 12,824,000 | $ 48,189,687 | $ 47,529,755 | $ 50,890,438 |
Net income (loss) | $ (4,548,000) | $ 458,000 | $ 397,000 | $ 535,000 | $ (230,000) | $ 466,000 | $ 941,000 | $ 1,604,000 | $ (3,158,363) | $ 2,780,642 | $ 10,304,983 |
Per share amounts - basic: | |||||||||||
Net income (loss) | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | $ (0.28) | $ 0.25 | $ 0.92 |
Per share amounts - diluted: | |||||||||||
Net income (loss) | $ (0.40) | $ 0.04 | $ 0.03 | $ 0.05 | $ (0.02) | $ 0.04 | $ 0.08 | $ 0.14 | $ (0.28) | $ 0.24 | $ 0.88 |
Weighted average number of common shares outstanding: | |||||||||||
Total revenue | $ 12,263,000 | $ 12,092,000 | $ 11,709,000 | $ 12,126,000 | $ 11,554,000 | $ 11,537,000 | $ 11,615,000 | $ 12,824,000 | $ 48,189,687 | $ 47,529,755 | $ 50,890,438 |
Net income (loss) | $ (4,548,000) | $ 458,000 | $ 397,000 | $ 535,000 | $ (230,000) | $ 466,000 | $ 941,000 | $ 1,604,000 | $ (3,158,363) | $ 2,780,642 | $ 10,304,983 |
Basic | 11,468,000 | 11,500,000 | 11,514,000 | 11,447,000 | 11,294,000 | 11,321,000 | 11,322,000 | 11,284,000 | 11,482,343 | 11,305,110 | 11,226,932 |
Diluted | 11,468,000 | 11,775,000 | 11,777,000 | 11,776,000 | 11,294,000 | 11,764,000 | 11,781,000 | 11,726,000 | 11,482,343 | 11,745,516 | 11,706,495 |