Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 21, 2014 | Feb. 21, 2014 | |
Class A Common Stock | Class B Common Stock | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Trading Symbol | 'MSO | ' | ' | ' |
Entity Registrant Name | 'MARTHA STEWART LIVING OMNIMEDIA INC | ' | ' | ' |
Entity Central Index Key | '0001091801 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 30,624,508 | 25,984,625 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Public Float | ' | $70,555,117 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
REVENUES | ' | ' | ' | ||
Publishing | $96,493 | $122,540 | $140,857 | ||
Merchandising | 59,992 | 57,574 | 48,614 | ||
Broadcasting | 4,190 | 17,513 | 31,962 | ||
Total revenues | 160,675 | 197,627 | 221,433 | ||
OPERATING COSTS AND EXPENSES | ' | ' | ' | ||
Production, distribution and editorial | -73,121 | -103,347 | -127,084 | ||
Selling and promotion | -45,033 | -52,453 | -57,208 | ||
General and administrative | -39,945 | -45,148 | -46,641 | ||
Depreciation and amortization | -3,758 | -4,007 | -3,978 | ||
Restructuring charges | -3,439 | [1] | -4,811 | [1] | -5,116 |
Goodwill impairment | 0 | -44,257 | 0 | ||
Gain on sale of subscriber list, net | 2,724 | 0 | 0 | ||
OPERATING LOSS | -1,897 | -56,396 | -18,594 | ||
OTHER INCOME / (EXPENSE) | ' | ' | ' | ||
Interest income / (expense), net | 792 | 1,202 | -197 | ||
Loss on sale of fixed asset | -583 | 711 | 4,852 | ||
(Loss) / income on equity securities | 0 | 0 | 15 | ||
Gain on sales of cost-based investments | 0 | 1,165 | 7,647 | ||
LOSS BEFORE INCOME TAXES | -1,688 | -54,483 | -13,939 | ||
Income tax provision | -84 | -1,602 | -1,580 | ||
NET LOSS | ($1,772) | ($56,085) | ($15,519) | ||
LOSS PER SHARE - BASIC AND DILUTED | ' | ' | ' | ||
Net loss (in dollars per share) | ($0.03) | ($0.83) | ($0.28) | ||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ||
Basic and diluted (in shares) | 64,912,368 | 67,231,463 | 55,880,896 | ||
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net loss | ($1,772) | ($56,085) | ($15,519) |
Other comprehensive loss: | ' | ' | ' |
Unrealized (loss) / gain on securities | -41 | -272 | -48 |
Other comprehensive loss | -41 | -272 | -48 |
Total comprehensive loss | ($1,813) | ($56,357) | ($15,567) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $21,884 | $19,925 |
Short-term investments | 19,268 | 29,182 |
Restricted Cash and Investments, Current | 5,072 | 0 |
Accounts receivable, net | 39,694 | 38,073 |
Paper inventory | 2,901 | 4,580 |
Deferred television production costs | 228 | 434 |
Other current assets | 3,648 | 3,335 |
Total current assets | 92,695 | 95,529 |
PROPERTY, PLANT AND EQUIPMENT, net | 7,961 | 10,738 |
GOODWILL, net | 850 | 850 |
OTHER INTANGIBLE ASSETS, net | 45,200 | 45,203 |
OTHER NONCURRENT ASSETS, net | 1,661 | 1,940 |
Total assets | 148,367 | 154,260 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 12,464 | 13,132 |
Accrued payroll and related costs | 8,665 | 9,316 |
Current portion of other deferred revenue | 7,632 | 13,168 |
Current portion of deferred subscription revenue | 17,227 | 5,605 |
Total current liabilities | 45,988 | 41,221 |
DEFERRED SUBSCRIPTION REVENUE | 3,587 | 4,478 |
OTHER DEFERRED REVENUE | 17,307 | 1,113 |
DEFERRED INCOME TAX LIABILITY | 7,094 | 7,117 |
OTHER NONCURRENT LIABILITIES | 3,916 | 4,815 |
Total liabilities | 77,892 | 58,744 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Series A Preferred Stock, 1 share issued and outstanding in 2012 and 2011 | 0 | 0 |
Capital in excess of par value | 342,213 | 340,586 |
Accumulated deficit | -271,051 | -244,529 |
Accumulated other comprehensive loss | -479 | -438 |
Shareholders' equity before treasury stock | 71,250 | 96,291 |
Less: Class A treasury stock - 59,400 shares at cost | -775 | -775 |
Total shareholders' equity | 70,475 | 95,516 |
Total liabilities and shareholders' equity | 148,367 | 154,260 |
Class A Common Stock | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common Stock | 307 | 412 |
Class B Common Stock | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common Stock | $260 | $260 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Series A Preferred Stock, shares issued | 0 | 1 |
Series A Preferred Stock, shares outstanding | 0 | 1 |
Class A Common Stock | ' | ' |
Common Stock, par value | 0.01 | 0.01 |
Common Stock, shares authorized | 350,000,000 | 350,000,000 |
Common Stock, Shares, Issued | 30,704,491 | 41,220,689 |
Common Stock, shares outstanding | 30,645,091 | 41,161,289 |
Treasury stock, shares | 59,400 | 59,400 |
Class B Common Stock | ' | ' |
Common Stock, par value | 0.01 | 0.01 |
Common Stock, shares authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 25,984,625 | 25,984,625 |
Common Stock, shares outstanding | 25,984,625 | 25,984,625 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Class A Common Stock | Class B Common Stock | Capital in Excess of Par Value [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Class A Treasury Stock [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $139,033 | $288 | $263 | $295,576 | ($156,201) | ($118) | ($775) |
Balance, Shares at Dec. 31, 2010 | ' | 28,813,000 | 26,318,000 | ' | ' | ' | -59,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net loss | -15,519 | ' | ' | ' | -15,519 | ' | ' |
Other comprehensive loss | -48 | ' | ' | ' | ' | -48 | ' |
Conversion of shares | 0 | 3 | -3 | ' | ' | ' | ' |
Conversion of shares, shares | ' | 333,000 | 333,000 | ' | ' | ' | ' |
Issuance of shares of stock in conjunction with stock option exercises | 1,712 | 8 | ' | 1,704 | ' | ' | ' |
Issuance of shares of stock in conjunction with stock option exercise, shares | ' | 840,000 | ' | ' | ' | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings | -78 | 0 | ' | -78 | ' | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings, shares | ' | -32,000 | ' | ' | ' | ' | ' |
Issuance of shares of stock in connection with equity sale, net of expenses | 34,593 | 110 | ' | 34,483 | ' | ' | ' |
Issuance of shares of stock in connection with equity sale, net of expenses, shares | ' | 11,000,000 | ' | ' | ' | ' | ' |
Common stock dividends | -16,722 | ' | ' | ' | -16,722 | ' | ' |
Non-cash equity compensation | 4,976 | ' | ' | 4,976 | ' | ' | ' |
Balance at Dec. 31, 2011 | 147,947 | 409 | 260 | 336,661 | -188,442 | -166 | -775 |
Balance, shares at Dec. 31, 2011 | ' | 40,954,000 | 25,985,000 | ' | ' | ' | -59,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net loss | -56,085 | ' | ' | ' | -56,085 | ' | ' |
Other comprehensive loss | -272 | ' | ' | ' | ' | -272 | ' |
Issuance of shares of stock in conjunction with stock option exercises | 153 | 1 | ' | 152 | ' | ' | ' |
Issuance of shares of stock in conjunction with stock option exercise, shares | ' | 78,000 | ' | ' | ' | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings | -157 | 2 | ' | -159 | ' | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings, shares | ' | -189,000 | ' | ' | ' | ' | ' |
Common stock dividends | -2 | ' | ' | ' | -2 | ' | ' |
Non-cash equity compensation | 3,932 | ' | ' | 3,932 | ' | ' | ' |
Balance at Dec. 31, 2012 | 95,516 | 412 | 260 | 340,586 | -244,529 | -438 | -775 |
Balance, shares at Dec. 31, 2012 | ' | 41,221,000 | 25,985,000 | ' | ' | ' | -59,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net loss | -1,772 | ' | ' | ' | -1,772 | ' | ' |
Other comprehensive loss | -41 | ' | ' | ' | ' | -41 | ' |
Issuance of shares of stock in conjunction with stock option exercises | 116 | 1 | ' | 115 | ' | ' | ' |
Issuance of shares of stock in conjunction with stock option exercise, shares | ' | 60,000 | ' | ' | ' | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings | -463 | 4 | ' | -467 | ' | ' | ' |
Stock returned and retired during period, shares | ' | 11,000,000 | ' | ' | ' | ' | ' |
Stock returned and retired during period, value | 24,860 | 110 | ' | ' | 24,750 | ' | ' |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings, shares | ' | -424,000 | ' | ' | ' | ' | ' |
Non-cash equity compensation | 1,979 | ' | ' | 1,979 | ' | ' | ' |
Balance at Dec. 31, 2013 | $70,475 | $307 | $260 | $342,213 | ($271,051) | ($479) | ($775) |
Balance, shares at Dec. 31, 2013 | ' | 30,705,000 | 25,985,000 | ' | ' | ' | -59,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($1,772) | ($56,085) | ($15,519) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Non-cash revenue | -1,840 | -541 | -1,062 |
Depreciation and amortization | 3,758 | 4,007 | 3,978 |
Amortization of deferred television production costs | 737 | 7,457 | 23,964 |
Impairment charge | 0 | 44,257 | 0 |
Other-than-temporary loss on cost-based investments | 0 | 88 | 2,724 |
Non-cash equity compensation | 1,979 | 3,939 | 5,020 |
Deferred income tax expense | -23 | 1,243 | 1,347 |
Income on equity securities | 0 | 0 | -15 |
Gain on sale of subscriber list, net | 2,724 | 0 | 0 |
Gain on sales of cost-based investments | 0 | -1,165 | -7,647 |
Loss on sale of fixed asset | 583 | -711 | -4,852 |
Other non-cash charges, net | -544 | 224 | 1,907 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable, net | -1,621 | 10,164 | 11,013 |
Paper inventory | 1,543 | 2,645 | -1,916 |
Deferred television production costs | -531 | -7,891 | -21,395 |
Accounts payable and accrued liabilities and other | -479 | -10,447 | -6,041 |
Accrued payroll and related costs | -651 | 2,308 | 467 |
Deferred subscription revenue | -4,240 | -2,347 | -3,270 |
Deferred revenue | 4,796 | -221 | 2,241 |
Other changes | -346 | 2,604 | 1,984 |
Total changes in operating assets and liabilities | -1,529 | -3,185 | -16,917 |
Net cash provided by / (used in) operating activities | -1,958 | 239 | -2,220 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -1,090 | -1,314 | -2,879 |
Purchases of short-term investments | -16,888 | -38,113 | -8,414 |
Sales of short-term investments | 21,683 | 19,344 | 7,179 |
Proceeds from the sales of cost-based investments | 0 | 1,165 | 11,000 |
Proceeds from the sale of subscriber list, net | 673 | 0 | 0 |
Net cash used in investing activities | 4,378 | -18,918 | 6,886 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Repayment of long-term debt | 0 | 0 | -9,000 |
Dividends paid | 0 | -2 | -16,722 |
Proceeds from equity sale, net of expenses | 0 | 0 | 34,593 |
Proceeds received from stock option exercises | 116 | 153 | 1,712 |
Increase (Decrease) in Restricted Cash | -577 | 0 | 0 |
Net cash provided by / (used in) financing activities | -461 | 151 | 10,583 |
Net decrease in cash | 1,959 | -18,528 | 15,249 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19,925 | 38,453 | 23,204 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 21,884 | 19,925 | 38,453 |
Stock Repurchased and Retired During Period, Value | $24,860 | ' | ' |
The_Company
The Company | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company | ' |
THE COMPANY | |
Martha Stewart Living Omnimedia, Inc. (together with its wholly owned subsidiaries, the “Company”) is an integrated media and merchandising company providing consumers with inspiring lifestyle content and well-designed, high-quality products. The Company’s business segments are Publishing, Merchandising and Broadcasting. The Publishing segment primarily consists of the Company’s operations related to its magazines and books, as well as its digital operations which includes the content-driven website, marthastewart.com. The Merchandising segment consists of the Company’s operations related to the design and branding of merchandise and related collateral and packaging materials that are distributed by its retail and manufacturing partners in exchange for royalty income. The Broadcasting segment consists of the Company's limited television operations and its satellite radio operations. The Company significantly restructured its Publishing and Broadcasting segments; see Note 15, Industry Segments, for further discussion. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Recent accounting standards | ||||||||||||||||
In November 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Topic 740) ("ASU 2013-11"). The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company adopted ASU 2013-11 on January 1, 2014 and does not expect ASU 2013-11 to have an impact on its consolidated financial position, results of operations or cash flows. | ||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” ("ASU 2013-02") which supersedes and replaces the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income" and 2011-12 "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05" for all public organizations. The amendment requires an entity to provide additional information about reclassifications out of accumulated other comprehensive income. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. generally accepted accounting principles ("GAAP") to be reclassified to net income in its entirety in the same reporting period. The adoption of ASU 2013-02 concerns disclosure only. The Company adopted ASU 2013-02 effective January 1, 2013 and has presented the required disclosures in the Notes to Consolidated Financial Statements. See Note 4, Accumulated Other Comprehensive Loss, for further discussion. | ||||||||||||||||
Principles of consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of all wholly owned subsidiaries. Investments in which the Company does not exercise significant influence over the investee are accounted for using the cost method of accounting. All intercompany transactions have been eliminated. | ||||||||||||||||
Use of estimates | ||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management does not expect such differences to have a material effect on the Company’s consolidated financial statements. | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Cash and cash equivalents include cash equivalents that mature within three months of the date of purchase. | ||||||||||||||||
Short-term investments | ||||||||||||||||
Short-term investments include investments that have maturity dates in excess of three months, but generally less than one year, from the date of acquisition. See Note 3, Fair Value Measurements, for further discussion. | ||||||||||||||||
Paper inventory | ||||||||||||||||
Inventory consisting of paper is stated at the lower of cost or market. Cost is determined using the first-in, first-out method. | ||||||||||||||||
Television production costs | ||||||||||||||||
Television production costs are capitalized and amortized based upon estimates of future revenues to be received and future costs to be incurred for the applicable television product. The Company bases its estimates primarily on existing contracts for programs, historical advertising rates and ratings, as well as market conditions. Estimated future revenues and costs are adjusted regularly based upon actual results and changes in market and other conditions. In accordance with the accounting treatment associated with episodic television programming, the Company does not capitalize television production costs in excess of total contracted revenue. | ||||||||||||||||
Property and equipment | ||||||||||||||||
Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the lease term or, if shorter, the estimated useful lives of the related assets. | ||||||||||||||||
The useful lives of the Company’s assets are as follows: | ||||||||||||||||
Building | 5 years | |||||||||||||||
Furniture, fixtures and equipment | 3 – 5 years | |||||||||||||||
Computer hardware and software | 3 – 5 years | |||||||||||||||
Leasehold improvements | life of lease | |||||||||||||||
Goodwill and intangible assets | ||||||||||||||||
Goodwill | ||||||||||||||||
The components of goodwill as of December 31, 2013 and 2012 are set forth in the schedule below: | ||||||||||||||||
Publishing | Merchandising | Total | ||||||||||||||
Balance at December 31, 2011 | $ | 44,257 | $ | 850 | $ | 45,107 | ||||||||||
Impairment charge | (44,257 | ) | (44,257 | ) | ||||||||||||
Balance at December 31, 2012 | $ | — | $ | 850 | $ | 850 | ||||||||||
Balance at December 31, 2013 | $ | — | $ | 850 | $ | 850 | ||||||||||
The Company reviews goodwill for impairment by applying a fair-value based test annually on October 1st, or more frequently if events or changes in circumstances warrant, in accordance with Accounting Standards Codification ("ASC") 350, "Intangibles - Goodwill and Other" ("ASC 350"). Potential goodwill impairment is measured based upon a two-step process. In the first step, the Company compares the fair value of a reporting unit with its carrying amount including goodwill using a discounted cash flow (“DCF”) valuation method. Future cash flows are discounted based on a market comparable weighted average cost of capital rate, adjusted for market and other risks where appropriate. If the fair value of a reporting unit exceeds its carrying value, the goodwill of the reporting unit is considered not impaired, thus rendering unnecessary the second step in impairment testing. If the fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of the reporting unit's goodwill is compared to the carrying value of the goodwill. The implied fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge. | ||||||||||||||||
During 2013 and 2012, the Company performed its annual fair-value based test for impairment on Merchandising segment goodwill in accordance with the methodology described above. There were no impairment charges recorded for the goodwill associated with the Merchandising segment as a result of these impairment tests. | ||||||||||||||||
During 2012, and in connection with the continued softness in the print publishing industry overall as well as steadily declining 2012 actual results as compared to the 2012 operating budget, the Company closely monitored the fair value of the Publishing segment. In September 2012, the Company gained visibility into the three months ending December 31, 2012, which indicated a further shortfall in Publishing segment advertising revenues as compared to the operating budget. Accordingly, the Company performed an interim review of goodwill for impairment as of September 30, 2012, which determined that the implied fair value of the Publishing reporting unit's goodwill was zero. Therefore, the Company recorded a non-cash goodwill impairment charge of $44.3 million for the three-month period ended September 30, 2012. | ||||||||||||||||
Intangible and long lived tangible assets | ||||||||||||||||
The components of intangible assets as of December 31, 2013, 2012 and 2011 are set forth in the schedule below, and are reported within the Merchandising and Broadcasting segments: | ||||||||||||||||
Trademarks | Other intangibles | Accumulated amortization — other intangibles | Total | |||||||||||||
Balance at December 31, 2011 | $ | 45,200 | $ | 6,160 | $ | (6,145 | ) | $ | 45,215 | |||||||
Amortization | — | — | (12 | ) | (12 | ) | ||||||||||
expense | ||||||||||||||||
Balance at December 31, 2012 | $ | 45,200 | $ | 6,160 | $ | (6,157 | ) | $ | 45,203 | |||||||
Amortization | — | — | (3 | ) | (3 | ) | ||||||||||
expense | ||||||||||||||||
Balance at December 31, 2013 | $ | 45,200 | $ | 6,160 | $ | (6,160 | ) | $ | 45,200 | |||||||
The Company reviews its trademarks, which are classified as intangible assets with indefinite useful lives within the Merchandising segment, for impairment by applying a fair-value based test annually or more frequently if events or changes in circumstances warrant, in accordance with ASC 350. The Company performs the impairment test by comparing the fair value of an intangible asset with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss must be recognized in an amount equal to that excess. The Company estimates fair values using the DCF methodology based on the future expected cash flows, revenues, earnings and other factors, which consider historical results, current trends, and operating and cash flow projections. The Company’s estimates are subject to uncertainty, and may be affected by a number of factors outside its control, including general economic conditions, the competitive market and regulatory changes. If actual results differ from the Company’s estimate of future cash flows, revenues, earnings and other factors, it may record impairment charges in the future. For 2013, 2012, and 2011, no impairment charges for intangible assets with indefinite useful lives were recorded. | ||||||||||||||||
The Company reviews long-lived tangible assets and intangible assets with definite useful lives for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable and exceeds their fair value, in accordance with ASC 360, “Property, Plant, and Equipment.” Using the Company’s best estimates based on reasonable assumptions and projections, the Company records an impairment loss to write down the assets to their estimated fair values if carrying values of such assets exceed their related undiscounted expected future cash flows. An impairment loss is measured as the amount by which the carrying amount exceeds the fair value. The Company evaluates intangible assets with definite useful lives at the lowest level at which independent cash flows can be identified. The Company evaluates corporate assets or other long-lived assets at a consolidated entity or segment reporting unit level, as appropriate. | ||||||||||||||||
The Company amortizes intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. | ||||||||||||||||
For the years ended December 31, 2013 and 2012, no impairment charges for long-lived tangible and intangible assets with definite useful lives were recorded. | ||||||||||||||||
Investments in other non-current assets | ||||||||||||||||
During 2012, the Company sold its cost-based investments for $1.2 million in cash. The carrying amounts of these investments had been written down to zero as of December 31, 2011, when the Company concluded that these investments were substantially impaired due to their continued operating losses, cash levels and inability to raise additional capital. Accordingly, during 2012, the Company recorded a gain of $1.2 million in connection with these sale transactions. These gains represent cash received in excess of carrying value and are included in Other Income on the Company’s 2012 consolidated statement of operations. | ||||||||||||||||
Revenue recognition | ||||||||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. Revenues and associated accounts receivable are recorded net of provisions for estimated future returns, doubtful accounts and other allowances. Allowances for uncollectible receivables are estimated based upon a combination of write-off history, aging analysis, and any specific, known troubled accounts. | ||||||||||||||||
Magazine advertising revenues are recorded based on the on-sale dates of magazines when the advertisement appears in the magazine and are stated net of agency commissions and cash and sales discounts. | ||||||||||||||||
Deferred subscription revenue results from advance payments for subscriptions received from subscribers and is recognized on a straight-line basis over the life of the subscription as issues are delivered. | ||||||||||||||||
Newsstand revenues are recognized based on the on-sale dates of magazines and are initially recorded based upon estimates of sales, net of returns, brokerage and estimates of newsstand-related fees. Estimated returns are recorded based upon historical experience. | ||||||||||||||||
Deferred book revenue results from advance payments received from the Company’s publishers and is recognized as manuscripts are delivered to and accepted by the publishers. Revenue is also earned from book publishing as sales on a unit basis exceed the advanced royalty. | ||||||||||||||||
Digital advertising revenues on the Company’s websites and on partner sites are generally based upon the sale of impression-based and sponsorship advertisements. Revenue generated from partner sites may be recorded gross or net of the partners' commissions, in accordance with the terms of the specific contracts. Digital advertising revenues are recorded in the period in which the advertisements are served. | ||||||||||||||||
Royalties from product designs and other Merchandising segment revenues are recognized on a monthly basis based on the specific mechanisms within each contract. Payments are typically made by the Company’s partners on a quarterly basis. Generally, revenues are recognized based on actual net sales, while any minimum guarantees are earned proportionately over the fiscal year. | ||||||||||||||||
Revenues related to television talent services for programming produced by third parties are generally recognized when services are performed, regardless of when the episodes air, within the Merchandising segment. | ||||||||||||||||
Television sponsorship revenues are generally recorded over the initial airing of new episodes. Licensing revenues from the Company’s radio programming are recorded on a straight-line basis over the term of the agreement. | ||||||||||||||||
Historically, the Company's Broadcasting segment included significant television production operations. In connection with those historical operations, the Company recognized television spot advertising, integration and licensing revenues. Television spot advertising beginning with season 6 of The Martha Stewart Show in September 2010 was sold by the Hallmark Channel, with net receipts payable to the Company quarterly. Since advertisers contracted with the Hallmark Channel directly, balance sheet reserves for television audience underdelivery were not required; however, revenues continued to be recognized when commercials were aired and were recorded net of agency commission and the impact of television audience underdelivery as determined by Hallmark Channel. Television integration revenues were recognized when the segment featuring the related product/brand immersion was initially aired. Television licensing revenues for content produced by the Company were recorded as earned in accordance with the specific terms of each agreement and were generally recognized upon delivery of the episodes to the licensee, provided that the license period began. | ||||||||||||||||
The Company participates in certain arrangements containing multiple deliverables. These arrangements generally consist of custom-created advertising programs delivered on multiple media platforms, as well as licensing programs which may also be supported by various promotional plans. Examples of significant program deliverables include print advertising pages in the Company’s publications, custom-created video content and integration on the Company's websites as well as advertising impressions delivered on the Company’s and partner websites. | ||||||||||||||||
ASC Topic 605, Revenue Recognition ("ASC 605") and ASU 09-13 require that the Company examine separate contracts with the same entity or related parties that are entered into simultaneously or near the same time to determine if the arrangements should be considered a single arrangement in the determination of units of accounting. While both ASC 605 and ASU 09-13 require that units delivered have standalone value to the customer, ASU 09-13 modifies the separation criteria in determining units of accounting by eliminating the requirement to obtain objective and reliable evidence of the fair value of undelivered items. As a result of the elimination of this requirement, the Company’s significant program deliverables generally meet the separation criteria under ASU 09-13, whereas under ASC 605 they did not qualify as separate units of accounting. | ||||||||||||||||
For those arrangements accounted for under ASC 605, if the Company is unable to put forth objective and reliable evidence of the fair value of each deliverable, then the Company accounts for the deliverables as a combined unit of accounting rather than separate units of accounting. In this case, revenue is recognized as the earnings process is completed, generally over the fulfillment term of the last deliverable. | ||||||||||||||||
For those arrangements accounted for under ASU 09-13, the Company is required to allocate revenue based on the relative selling price of each deliverable which qualifies as a unit of accounting, even if such deliverables are not sold separately by either the Company itself or other vendors. Determination of selling price is a judgmental process that requires numerous assumptions. The consideration is allocated at the inception of the arrangement to all deliverables based upon their relative selling prices. Selling prices for deliverables that qualify as separate units of accounting are determined using a hierarchy of: (1) vendor-specific objective evidence (“VSOE”), (2) third-party evidence and (3) best estimate of selling price. The Company, in most instances, has allocated consideration based upon its best estimate of selling price. The Company’s deliverables are generally priced with a wide range of discounts/premiums as the result of a variety of factors including the size of the advertiser and the volume and placement of advertising sold to the advertiser. The Company’s best estimate of selling price is intended to represent the price at which it would sell the deliverable if the Company were to sell the item regularly on a standalone basis. The Company’s estimates consider market conditions, such as competitor pricing pressures, as well as entity-specific factors that are consistent with normal pricing practices, such as the recent history of the selling prices of similar products when sold on a standalone basis, the impact of the cost of customization, the size of the transaction, and other factors contemplated in negotiating the arrangement with the customer. The arrangement fee is recognized as revenue as the earnings process is completed, generally at the time each unit of accounting is fulfilled (i.e., when magazine advertisements are run or when the digital impressions are served). | ||||||||||||||||
Advertising costs | ||||||||||||||||
Advertising costs, consisting primarily of direct-response advertising, are expensed in the period in which the related advertising campaign occurs. | ||||||||||||||||
Earnings per share | ||||||||||||||||
Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of stock options and the vesting of restricted stock and restricted stock units and, in 2012 and 2011, the vesting of shares covered under a warrant. For the years ended December 31, 2013, 2012 and 2011, the shares of the Company’s $0.01 par value Class A common stock (“Class A Common Stock”) subject to options, the warrant, restricted stock and restricted stock units that were excluded from the computation of diluted earnings per share because their effect would have been antidilutive were 5,445,252, 5,883,719, and 7,345,060, respectively. | ||||||||||||||||
Equity compensation | ||||||||||||||||
The Company has issued stock-based compensation to certain of its employees. In accordance with the fair-value recognition provisions of ASC Topic 718, Share-Based Payments (“ASC Topic 718”) and SEC Staff Accounting Bulletin No. 107, compensation cost associated with employee grants recognized in the 2013, 2012 and 2011 was based on the grant date fair value. Employee stock option, restricted stock, and restricted stock unit ("RSU") awards with service period-based vesting triggers (“service period-based” awards) are amortized as non-cash equity compensation expense on a straight-line basis over the expected vesting period. The Company values service period-based option awards using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires numerous assumptions, including volatility of the Company’s Class A Common Stock and expected life of the option. Service period-based restricted stock and RSU awards are valued at the market value of traded shares on the date of grant. Recognition of compensation expense for awards intended to vest upon the achievement of certain adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) targets over a performance period (“performance-based” awards) is based on the probable outcome of the performance condition. Compensation cost is accrued if it is probable that the performance condition will be achieved and is not accrued if it is not probable that the performance condition will be achieved. Options and RSUs with Class A Common Stock price-based vesting triggers (“price-based” awards) are valued using the Monte Carlo Simulation method which takes into account assumptions such as volatility of the Company’s Class A Common Stock, the risk-free interest rate based on the contractual term of the award, the expected dividend yield, the vesting schedule, and the probability that the market conditions of the award will be achieved. Compensation expense for price-based awards is recognized over the respective award's derived service period as calculated under the Monte Carlo Simulation method. | ||||||||||||||||
Other | ||||||||||||||||
Certain prior year financial information has been reclassified to conform to the 2013 financial statement presentation. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company categorizes its assets and liabilities measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: | ||||||||||||||||
• | Level 1: Observable inputs such as quoted prices for identical assets and liabilities in active markets obtained from independent sources. | |||||||||||||||
• | Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair value of the Company’s level 2 financial assets is primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case a weighted average market price is used. | |||||||||||||||
• | Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the asset or liability. | |||||||||||||||
The following tables present the Company’s assets that are measured at fair value on a recurring basis: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Quoted Market | Significant | Significant | Total | ||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Mutual funds | $ | 2,485 | $ | — | $ | — | $ | 2,485 | ||||||||
U.S. government and agency securities | — | 2,233 | — | 2,233 | ||||||||||||
Corporate obligations | — | 14,159 | * | — | 14,159 | |||||||||||
Other fixed income securities | — | 361 | — | 361 | ||||||||||||
International securities | — | 3,048 | — | 3,048 | ||||||||||||
Municipal obligations | 1,477 | 1,477 | ||||||||||||||
Total | $ | 2,485 | $ | 21,278 | $ | — | $ | 23,763 | ||||||||
* Included in this amount is a $4.5 million corporate obligation which has been used to collateralize the Company's line of credit with Bank of America, and is included in the line item "Restricted cash and investments," a component of current assets, on the 2013 consolidated balance sheet. See Note 7, Credit Facilities, for further details. | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
(in thousands) | Quoted Market | Significant | Significant | Total | ||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Mutual funds | $ | 2,507 | $ | — | $ | — | $ | 2,507 | ||||||||
U.S. government and agency securities | — | 3,510 | — | 3,510 | ||||||||||||
Corporate obligations | — | 12,796 | — | 12,796 | ||||||||||||
Other fixed income securities | — | 588 | — | 588 | ||||||||||||
International securities | — | 9,781 | — | 9,781 | ||||||||||||
Total | $ | 2,507 | $ | 26,675 | $ | — | $ | 29,182 | ||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||
The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment, are initially measured at cost or fair value. In the event there is an indicator of impairment, such asset's carrying value is adjusted to current fair value only when an impairment charge is recognized. Such impairment charges incorporate fair value measurements based on Level 3 inputs. | ||||||||||||||||
The Company has no liabilities that are measured at fair value on a recurring basis. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Accumulated Other Comprehensive Loss | ' |
Accumulated Other Comprehensive Loss | |
Comprehensive income / (loss), which is reported in the accompanying consolidated statements of shareholders' equity, consists of net income / (loss) and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income / (loss). For the Company, the components of other comprehensive income / (loss) consist of unrealized losses on securities, net. The total net loss realized from accumulated other comprehensive loss was $0.6 million, $0.4 million and $0.1 million for 2013, 2012 and 2011 respectively. These amounts have been presented as "Other (expense) / income, net," on the consolidated statements of operations. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ||||||||
The components of accounts receivable at December 31, 2013 and 2012 were as follows: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Advertising | $ | 19,190 | $ | 21,220 | ||||
Licensing | 19,218 | 15,978 | ||||||
Other | 2,134 | 2,492 | ||||||
40,542 | 39,690 | |||||||
Less: reserve for credits and uncollectible accounts | 848 | 1,617 | ||||||
$ | 39,694 | $ | 38,073 | |||||
Property_Plant_And_Equipment_N
Property, Plant And Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant And Equipment, Net | ' | |||||||
PROPERTY AND EQUIPMENT, NET | ||||||||
The components of property and equipment at December 31, 2013 and 2012 were as follows: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Buildings | $ | 285 | $ | 280 | ||||
Furniture, fixtures and equipment | 5,541 | 5,420 | ||||||
Computer hardware and software | 10,174 | 9,828 | ||||||
Leasehold improvements | 26,310 | 26,151 | ||||||
Total Property and Equipment | 42,310 | 41,679 | ||||||
Less: accumulated depreciation and amortization | 34,349 | 30,941 | ||||||
$ | 7,961 | $ | 10,738 | |||||
Depreciation and amortization expenses related to property and equipment were $3.8 million, $4.0 million and $3.9 million for 2013, 2012 and 2011, respectively. The Company's property and equipment are located domestically. |
Credit_Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Credit Facilities | ' |
CREDIT FACILITIES | |
In May 2013, pursuant to the Amendment to Amended and Restated Loan Agreement between the Company and Bank of America, N.A., (the "Amended Credit Agreement"), the Company reduced its line of credit with Bank of America from $10.0 million to $5.0 million. Borrowings under this line of credit are available for investment opportunities, working capital, and the issuance of letters of credit. The annual interest rate on outstanding amounts is equal to a floating rate of 1-month LIBOR Daily Floating Rate plus 1.85%. The unused commitment fee is 0.25%. In connection with the Amended Credit Agreement, the Company entered into a Pledge Agreement, which provides that the line of credit must be secured by cash or investment collateral of at least $5.0 million. As of December 31, 2013, the Company had restricted investments of $4.5 million and restricted cash of $0.6 million, the aggregate of which is included in the line item "Restricted cash and investments," a component of current assets, on the 2013 consolidated balance sheet. | |
The Amended Credit Agreement expires June 12, 2014, at which time any outstanding amounts borrowed under the agreement are then due and payable. As of December 31, 2013 and December 31, 2012, the Company had no outstanding borrowings against its line of credit or the predecessor line of credit, but had outstanding letters of credit of $1.6 million on both dates. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Shareholders' Equity | ' |
SHAREHOLDERS’ EQUITY | |
Return of Shares | |
On October 21, 2013, the Company and J.C. Penney Corporation, Inc. (“J.C. Penney”) entered into the Third Amendment (the “Amendment”) to the J.C. Penney/MSLO Agreement dated December 6, 2011 (the “Commercial Agreement”). The Amendment reduced the term of the Commercial Agreement, and provided for the return of the 11,000,000 shares of Class A Common Stock, par value $0.01 per share, of the Company held by J.C. Penney (the “Returned Shares”) and the one (1) share of the Company’s Series A Preferred Stock, par value $0.01 per share, held by J.C. Penney (the “Series A Preferred Stock”). Upon surrender by J.C. Penney of the Returned Shares and the Series A Preferred Stock, the Company retired these shares and J.C. Penney removed its Series A designees from the Board of Directors (the “Board”) of the Company. Upon cancellation of the Series A Preferred Stock, J.C. Penney is no longer entitled to designate for election any members of the Company’s Board. | |
The Company concluded that the Commercial Agreement and the Amendment should be considered one overall arrangement. Accordingly, the modification was accounted for at the fair value of the returned shares, at approximately $24.9 million based upon the closing price of the shares on October 21, 2013. In connection with this non-cash transaction, the Company recorded charges to accumulated deficit and Class A Common Stock of approximately $24.8 million and $0.1 million, respectively. Offsetting these charges was other deferred revenue of approximately $24.9 million. The other deferred revenue is being recognized on a straight-line basis as royalty revenue within the Merchandising segment over the amended term (June 30, 2017). During the fourth quarter of 2013, the Company recognized approximately $1.3 million in non-cash royalty revenue related to this transaction. | |
Common Stock | |
The Company has two classes of common stock outstanding. The $0.01 par value Class B common stock (“Class B Common Stock”) is identical in all respects to Class A Common Stock, except with respect to voting and conversion rights. Each share of Class B Common Stock entitles its holder to ten votes and is convertible on a one-for-one basis to Class A Common Stock at the option of the holder and automatically upon most transfers. |
Employee_And_NonEmployee_Benef
Employee And Non-Employee Benefit And Compensation Plans | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||
Employee And Non-Employee Benefit And Compensation Plans | ' | ||||||||||
EMPLOYEE BENEFIT AND SHARE-BASED COMPENSATION PLANS | |||||||||||
Retirement Plans | |||||||||||
The Company established a 401(k) retirement plan effective July 1, 1997, available to substantially all employees. An employee can contribute up to a maximum of 25% of compensation to the plan, or the maximum allowable contribution by the Internal Revenue Code, whichever is less. The Company chooses, annually, to match 50% of the first 6% of compensation contributed. Employees vest ratably in employer-matching contributions over a period of four years of service. The employer-matching contributions, net of forfeitures, totaled approximately $0.7 million, $0.8 million and $0.6 million in 2013, 2012 and 2011, respectively. | |||||||||||
The Company does not sponsor any post-retirement or post-employment benefit plans. | |||||||||||
Stock Incentive Plans | |||||||||||
Prior to May 2008, the Company had several stock incentive plans that permitted the Company to grant various types of share-based incentives to key employees, directors and consultants. The primary types of incentives granted under these plans were stock options and restricted shares of Class A Common Stock. The Compensation Committee of the Board was authorized to grant awards for up to a maximum of 10,000,000 underlying shares of Class A Common Stock under the Martha Stewart Living Omnimedia, Inc. Amended and Restated 1999 Stock Incentive Plan (the “1999 Plan”), and awards for up to a maximum of 600,000 underlying shares of Class A Common Stock under the Company’s Non-Employee Director Stock and Option Compensation Plan (the “Non-Employee Director Plan”). | |||||||||||
In April 2008, the Board adopted the Martha Stewart Living Omnimedia, Inc. Omnibus Stock and Option Compensation Plan (the “Stock Plan”), which was approved by the Company’s stockholders at the Company’s 2008 annual meeting in May 2008. The Stock Plan initially had 10,000,000 shares of Class A Common Stock available for issuance. In March 2012, the Board adopted an amendment to the Stock Plan, which was approved by the Company's stockholder's at the Company's annual meeting in May 2012. The amendment provided for an increase of 4,557,000 in the number of shares of Class A Common Stock available for award. The primary types of incentives that have been granted under the Stock Plan are stock options and RSUs. The number of shares available for grant under the Stock Plan as of December 31, 2013 was 6,517,550. | |||||||||||
Compensation expense is recognized in: production, distribution and editorial; selling and promotion; general and administrative; and restructuring expense lines of the Company’s consolidated statements of operations. For 2013, 2012 and 2011, the Company recorded non-cash equity compensation expense of $2.0 million, $3.9 million, and $5.0 million, respectively. | |||||||||||
Stock Options | |||||||||||
Options which were issued under the 1999 Plan were granted with an exercise price equal to the closing price of Class A Common Stock on the most recent prior date for which a closing price was available, without regard to after-hours trading. Options granted under the Stock Plan are granted with an exercise price equal to the closing price of the Class A Common Stock on the date of grant. Stock options have a term not to exceed 10 years. The Compensation Committee determines the vesting period and terms for the Company’s stock options, which may include service period-based, performance-based, or price-based vesting triggers. Generally, service period-based employee stock options vest over a period typically ranging from two to four years. Service period-based non-employee director options generally vest over a one-year period from the date of grant. Performance-based and price-based options vest only when the specific vesting triggers of the award are achieved. Option awards do not provide for accelerated vesting upon retirement, death, or disability unless specifically included in the applicable award agreement. The amount of non-cash equity compensation expense the Company recognizes during a period is based on the portion of the option awards that are ultimately expected to vest. The Company estimates option forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||
Non-cash equity compensation expense derived from options for 2013, 2012 and 2011 was $0.8 million, $1.7 million and $2.9 million, respectively. As of December 31, 2013, there was $1.0 million of total unrecognized compensation cost related to stock options to be recognized over a weighted average period of 2.87 years. Such amounts will be adjusted for changes in estimated forfeitures. The intrinsic value (defined as the difference between the market price on the date of exercise and the grant date price) of options exercised during 2013 was insignificant; in 2012 and 2011 this value was $0.1 million and $2.1 million, respectively. | |||||||||||
Prior Plans: | |||||||||||
Changes in outstanding options under the 1999 Plan and the Non-Employee Director Plan (collectively, the "Prior Plans") during 2013 were as follows: | |||||||||||
Number of | Weighted | Weighted-average remaining contractual term | |||||||||
shares | average | ||||||||||
subject to | exercise | ||||||||||
options | price | ||||||||||
Outstanding as of December 31, 2012 | 1,900,000 | $ | 13.31 | ||||||||
Cancelled—service period-based | (1,025,000 | ) | 21.01 | ||||||||
Options exercisable and outstanding as of December 31, 2013 | 875,000 | $ | 7.06 | 4.17 | |||||||
No stock options were granted under the Prior Plans in 2013, 2012 or 2011. Vesting of shares subject to stock options under the Prior Plans was completed in 2011. The total fair value of shares subject to stock options vested under the Prior Plans during 2011 was $0.9 million. | |||||||||||
Stock Plan: | |||||||||||
The fair value of employee service period-based option awards under the Stock Plan was estimated on the grant dates using the Black-Scholes option-pricing model on the basis of the following weighted average assumptions: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rates | 0.5% – 1.0% | 0.4% – 0.6% | 0.17% - 2.09% | ||||||||
Dividend yields | Zero | Zero | Zero | ||||||||
Expected volatility | 58.45% – 60.34% | 61.80% – 63.48% | 60.38% – 61.25% | ||||||||
Average expected term | 3.7 years | 3.7 years | 1.0 – 7.0 years | ||||||||
Average fair market value per option granted | $1.15 | $1.79 | $1.67 | ||||||||
Changes in outstanding options under the Stock Plan during 2013 were as follows: | |||||||||||
Number of | Weighted | Weighted-average remaining contractual term | Aggregate intrinsic value | ||||||||
shares | average | ||||||||||
subject to | exercise price | ||||||||||
options | |||||||||||
Outstanding as of December 31, 2012 | 5,126,684 | $ | 5.08 | ||||||||
Granted—service period-based | 1,190,000 | 3.77 | |||||||||
Exercised—service period-based | (60,000 | ) | 1.96 | ||||||||
Cancelled—service period-based | (1,875,009 | ) | 6.43 | ||||||||
Cancelled—priced-based | (725,000 | ) | 9.56 | ||||||||
Outstanding as of December 31, 2013 | 3,656,675 | $ | 4.38 | 7.79 | $3,624,040 | ||||||
Options exercisable at December 31, 2013 | 2,115,580 | $ | 4.03 | 6.14 | $2,615,240 | ||||||
The total fair value of shares subject to stock options vested under the Stock Plan during 2013, 2012 and 2011 was $1.4 million, $0.9 million and $2.5 million, respectively. Changes in the nonvested outstanding options are as follows: | |||||||||||
Shares | Weighted-average grant-date fair value | ||||||||||
Nonvested options outstanding at December 31, 2010 | 3,220,171 | $ | 2.23 | ||||||||
Granted-service period-based | 1,740,559 | 1.8 | |||||||||
Granted-price-based | 825,000 | 1.63 | |||||||||
Vested-service period-based | (1,482,837 | ) | 2.23 | ||||||||
Forfeited or expired-service period-based | (1,096,542 | ) | 2.18 | ||||||||
Nonvested options outstanding at December 31, 2011 | 3,206,351 | $ | 1.89 | ||||||||
Granted-service period-based | 505,000 | 1.72 | |||||||||
Vested-service period-based | (635,758 | ) | 1.75 | ||||||||
Forfeited or expired-service period-based | (392,477 | ) | 2.36 | ||||||||
Nonvested options outstanding at December 31, 2012 | 2,683,116 | $ | 1.79 | ||||||||
Granted-service period-based | 1,190,000 | 0.9 | |||||||||
Vested-service period-based | (937,875 | ) | 1.73 | ||||||||
Forfeited or expired-service period-based | (669,146 | ) | 1.82 | ||||||||
Forfeited or expired-price-based | (725,000 | ) | 1.71 | ||||||||
Nonvested options outstanding at December 31, 2013 | 1,541,095 | $ | 1.32 | ||||||||
Stock option award to Chief Executive Officer in 2013 | |||||||||||
During the fourth quarter of 2013, the Company issued an option award under the Stock Plan to its newly appointed Chief Executive Officer, as provided for in his employment agreement. The award includes only service period-based vesting triggers and consists of an option to purchase an aggregate of 1,000,000 shares of Class A Common Stock comprised of four equal tranches with varying exercise prices. The stated exercise prices for each 250,000 option tranche is $2.75, $3.00, $4.00 and $5.00. One-third of each option tranche vests as to approximately 333,333 shares on each of December 31, 2014, 2015 and 2016. Non-cash equity compensation expense of approximately $0.1 million was recorded for the year ended December 31, 2013 related to this award. As of December 31, 2013, there was $0.7 million of total unrecognized compensation cost related to this service period-based stock option award to be recognized over a period of 3 years. | |||||||||||
Restricted stock and RSUs | |||||||||||
Restricted stock represents shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. RSUs represent the contingent right to one share of Class A Common Stock. The Compensation Committee determines the vesting period and terms for the Company’s restricted stock and RSUs, which may include service period-based, performance-based, or price-based vesting triggers. Service period-based restricted stock and RSUs generally vest over a period typically ranging from two to four years. Performance-based and price-based RSUs vest only when the specific vesting triggers of the award are achieved. The amount of non-cash equity compensation expense the Company recognizes during a period is based on the portion of the restricted stock and RSU awards that are ultimately expected to vest. The Company estimates restricted stock and RSU forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. Restricted stock and RSUs do not provide for accelerated vesting upon retirement, death, or disability unless specifically included in the applicable award agreement. | |||||||||||
Restricted stock and RSU expense for 2013, 2012 and 2011 was $1.1 million, $2.3 million and $2.1 million, respectively. | |||||||||||
Service period-based restricted stock | |||||||||||
The fair value of service period-based nonvested restricted stock under the Prior Plans was determined based on the most recent prior date for which a closing price was available, without regard to after-hours trading. Vesting of these awards was completed as of December 31, 2011. The total fair value of shares vested during 2011 was $0.4 million. | |||||||||||
The fair value of service period-based nonvested restricted stock under the Stock Plan was determined based on the closing price of the Company’s Class A Common Stock on the grant dates. The total fair value of shares vested in each of 2013 and 2012 was $0.1 million; in 2011 this amount was $0.9 million. A summary of the shares of service period-based restricted stock is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | 320,922 | $ | 8.24 | ||||||||
Granted | 33,037 | 4.08 | |||||||||
Vested | (128,097 | ) | 7.45 | ||||||||
Forfeitures | (217,510 | ) | 8.53 | ||||||||
Outstanding and nonvested at December 31, 2011 | 8,352 | $ | 4.49 | ||||||||
Granted | 25,202 | 3.26 | |||||||||
Vested | (33,554 | ) | 3.65 | ||||||||
Outstanding and nonvested at December 31, 2012 | — | $ | — | ||||||||
Granted | 26,966 | 2.71 | |||||||||
Vested | (26,966 | ) | 2.71 | ||||||||
Outstanding and nonvested at December 31, 2013 | — | $ | — | ||||||||
Service period-based RSUs | |||||||||||
The fair value of service period-based nonvested RSUs under the Stock Plan was determined based on the closing price of the Company’s Class A Common Stock on the grant dates. The total fair value of shares vested during 2013 and 2012 was $1.4 million and $0.4 million, respectively. The fair value of shares vested during 2011 was insignificant. As of December 31, 2013, there was $1.4 million of total unrecognized compensation cost related to service period-based nonvested RSUs to be recognized over a weighted-average period of 2.8 years. A summary of the shares of service period-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | — | $ | — | ||||||||
Granted | 639,698 | 4.24 | |||||||||
Vested | (12,500 | ) | 3.95 | ||||||||
Forfeitures | (87,500 | ) | 3.95 | ||||||||
Outstanding and nonvested at December 31, 2011 | 539,698 | $ | 4.29 | ||||||||
Granted | 302,163 | 3.19 | |||||||||
Vested | (119,635 | ) | 4.14 | ||||||||
Forfeitures | (2,500 | ) | 3.95 | ||||||||
Outstanding and nonvested at December 31, 2012 | 719,726 | $ | 3.93 | ||||||||
Granted | 814,500 | 2.53 | |||||||||
Vested | (438,353 | ) | 3.64 | ||||||||
Forfeitures | (353,790 | ) | 3.89 | ||||||||
Outstanding and nonvested at December 31, 2013 | 742,083 | $ | 2.69 | ||||||||
Performance-based RSUs | |||||||||||
During 2010 and 2009, the Company granted 550,000 and 351,625 RSUs, respectively, which contain vesting triggers based upon the Company’s achievement of certain adjusted EBITDA targets over a performance period. | |||||||||||
During 2010, in recognition of changing economic conditions and to ensure the continued retention and motivation of key employees, the Company’s Compensation Committee approved modifications to the performance conditions associated with the RSUs issued during 2010 and 2009. The modifications effectively replaced performance condition vesting triggers with service-period vesting triggers. Consistent with requirements of ASC Topic 718, Compensation—Stock Compensation, the awards were amortized over the requisite service period on a prospective basis from the date the Compensation Committee approved the removal of the performance conditions (December 3, 2010), which is deemed to be the grant date for accounting purposes. As of December 31, 2013, all such awards had vested. The total fair value of these shares vested during 2013, 2012 and 2011 was $0.6 million, $0.2 million and $0.8 million, respectively. A summary of the performance-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value (1) | |||||||||||
Outstanding and nonvested at December 31, 2010 | 720,000 | $ | 4.62 | ||||||||
Vested | (170,000 | ) | 4.62 | ||||||||
Forfeitures | (341,500 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2011 | 208,500 | $ | 4.62 | ||||||||
Vested | (50,500 | ) | 4.62 | ||||||||
Forfeitures | (17,500 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2012 | 140,500 | $ | 4.62 | ||||||||
Vested | (135,500 | ) | 4.62 | ||||||||
Forfeitures | (5,000 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2013 | — | $ | — | ||||||||
-1 | The weighted average grant date value included in the table above was adjusted to reflect the impact of the modifications approved on December 3, 2010 to the 2010 and 2009 awards. | ||||||||||
Price-based RSUs | |||||||||||
The fair value of nonvested price-based RSUs under the Stock Plan was determined based on the closing price of the Company’s Class A Common Stock on the grant dates using the Monte Carlo Simulation method which takes into account assumptions such as volatility of the Company’s Class A Common Stock, the risk-free interest rate based on the contractual term of the award, the expected dividend yield, the vesting schedule, and the probability that the market conditions of the award will be achieved. As of December 31, 2013, 2012 and 2011 no price-based RSUs had vested. As of December 31, 2013, there was $0.5 million of total unrecognized compensation cost related to nonvested price-based RSUs to be recognized over a weighted-average period of approximately 1.8 years. | |||||||||||
A summary of the shares of price-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | — | $ | — | ||||||||
Granted | 440,000 | 3.07 | |||||||||
Outstanding and nonvested at December 31, 2011 | 440,000 | $ | 3.07 | ||||||||
No activity during 2012 | — | — | |||||||||
Outstanding and nonvested at December 31, 2012 | 440,000 | $ | 3.07 | ||||||||
Granted | 930,000 | 0.65 | |||||||||
Forfeitures | (400,000 | ) | 3.19 | ||||||||
Outstanding and nonvested at December 31, 2013 | 970,000 | $ | 0.77 | ||||||||
RSU awards to Chief Executive Officer in 2013 | |||||||||||
During the fourth quarter of 2013 the Company issued RSU awards under the Stock Plan to its newly appointed Chief Executive Officer, as provided for in his employment agreement. The first RSU award provides that the Chief Executive Officer receive 400,000 RSUs, with service-period based vesting triggers, of which approximately 133,333 RSUs vest on each December 31, 2014, 2015 and 2016. Non-cash equity compensation expense of approximately $0.1 million was recorded during the year ended December 31, 2013 related to this award. As of December 31, 2013, there was $0.9 million of total unrecognized compensation cost related to this service-period based RSU to be recognized over a period of 3 years. | |||||||||||
The Company also made an RSU award to this executive which includes price-based vesting triggers. The price-based RSUs consist of the contingent right to receive an aggregate of 800,000 shares of Class A Common Stock, of which 200,000 RSUs will vest at such time as the trailing average closing price during any thirty (30) consecutive days during the period beginning on October 28, 2013 and ending on December 31, 2016 (the “Performance Period”) has been at least $6, an additional 200,000 RSUs will vest at such time as such trailing average closing price during any thirty (30) consecutive days during the Performance Period has been at least $8, an additional 200,000 RSUs will vest at such time as such trailing average closing price during any thirty (30) consecutive days during the Performance Period has been at least $10, and the final 200,000 RSUs will vest at such time as such trailing average closing price during any thirty (30) consecutive days during the Performance Period has been at least $12. Non-cash equity compensation expense of approximately $0.1 million was recorded during the year ended December 31, 2013 related to this price-based award. As of December 31, 2013, there was $0.4 million of total unrecognized compensation cost related to this price-based RSU award to be recognized over varying derived service periods. The following table summarizes the assumptions used in applying the Monte Carlo Simulation method to value this price-based award: | |||||||||||
Risk-free interest rate | 0.65% | ||||||||||
Dividend | Zero | ||||||||||
Expected volatility | 48.31% | ||||||||||
Derived service periods | 1.84 - 2.44 years | ||||||||||
Estimated value of price-based RSUs | $0.29 - $0.94 |
Income_taxes
Income taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
The Company follows ASC Topic 740, Income Taxes (“ASC 740”). Under the asset and liability method of ASC 740, deferred assets and liabilities are recognized for the future costs and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company periodically reviews the requirements for a valuation allowance and makes adjustments to such allowances when changes in circumstances result in changes in the Company’s judgment about the future realization of deferred tax assets. ASC 740 places greater emphasis on historical information, such as the Company’s cumulative operating results than it places on estimates of future taxable income. Therefore, the Company has reduced the valuation allowance by $(5.6) million in the twelve months ended December 31, 2013 resulting in a cumulative balance of $82.5 million on deferred tax assets and tax credit carryforwards. The Company has a cumulative net deferred tax liability of $7.1 million as of December 31, 2013 related to indefinite lived intangibles with book basis and no tax basis. The Company considered all income sources, including other comprehensive income, in determining the amount of deferred taxes recorded. The Company intends to maintain a valuation allowance until evidence would support the conclusion that it is more likely than not that the deferred tax asset will be realized. The Company has recorded $0.1 million of tax expense during the twelve months ended December 31, 2013, which was net of a non-recurring tax benefit of $1.3 million, which was attributable to the prior year impairment of goodwill, for which all tax basis had been previously amortized. The Company concluded that this adjustment was immaterial. | ||||||||||||
The provision for income taxes consist of the following for 2013, 2012, and 2011: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current Income Tax (Expense) Benefit | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State and local | 53 | (107 | ) | 29 | ||||||||
Foreign | (160 | ) | (252 | ) | (262 | ) | ||||||
Total current income tax expense | (107 | ) | (359 | ) | (233 | ) | ||||||
Deferred Income Tax Benefit / (Expense) | ||||||||||||
Federal | 20 | (1,061 | ) | (1,149 | ) | |||||||
State and local | 3 | (182 | ) | (198 | ) | |||||||
Total deferred income tax benefit / (expense) | 23 | (1,243 | ) | (1,347 | ) | |||||||
Income tax provision | $ | (84 | ) | $ | (1,602 | ) | $ | (1,580 | ) | |||
A reconciliation of the federal income tax provision at the statutory rate to the effective rate for 2013, 2012, and 2011 is as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Computed tax benefit at the federal statutory rate of 35% | $ | 591 | $ | 19,069 | $ | 4,879 | ||||||
State income taxes, net of federal benefit | (19 | ) | (57 | ) | (50 | ) | ||||||
Non-deductible compensation | (91 | ) | (537 | ) | (30 | ) | ||||||
Non-deductible expense | (113 | ) | (131 | ) | (132 | ) | ||||||
Non-deductible goodwill impairment | 1,257 | (15,490 | ) | — | ||||||||
Tax on foreign income | (104 | ) | (252 | ) | (262 | ) | ||||||
Valuation allowance | (1,686 | ) | (4,186 | ) | (6,090 | ) | ||||||
Other | 81 | (18 | ) | 105 | ||||||||
Income tax provision | $ | (84 | ) | $ | (1,602 | ) | $ | (1,580 | ) | |||
Effective tax rate | 5 | % | 2.9 | % | 11.3 | % | ||||||
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred Tax Assets | ||||||||||||
Provision for doubtful accounts | $ | 614 | $ | 1,020 | ||||||||
Accrued rent | 1,572 | 1,748 | ||||||||||
Reserve for newsstand returns | 100 | 139 | ||||||||||
Accrued compensation | 4,854 | 10,464 | ||||||||||
Deferred revenue | 1,582 | 1,165 | ||||||||||
NOL/credit carryforwards | 62,766 | 59,868 | ||||||||||
Depreciation | 5,374 | 6,071 | ||||||||||
Amortization of intangible assets | 6,054 | 7,756 | ||||||||||
Other | 208 | 242 | ||||||||||
Total deferred tax assets | 83,124 | 88,473 | ||||||||||
Deferred Tax Liabilities | ||||||||||||
Prepaid expenses | (585 | ) | (293 | ) | ||||||||
Amortization of intangible assets | (7,094 | ) | (7,117 | ) | ||||||||
Total deferred tax liabilities | (7,679 | ) | (7,410 | ) | ||||||||
Valuation allowance | (82,539 | ) | (88,180 | ) | ||||||||
Net Deferred Tax Liability | $ | (7,094 | ) | $ | (7,117 | ) | ||||||
At December 31, 2013, the Company had aggregate federal net operating loss carryforwards of $130.6 million (before-tax), which will be available to reduce future taxable income through 2033, with the majority expiring in years 2024 and 2025. The Company had federal and state tax credit and capital loss carryforwards of $3.9 million (tax effected) which begin to expire in 2014. To the extent the Company achieves positive net income in the future, the net operating loss and credits carryforwards may be utilized and the Company’s valuation allowance will be adjusted accordingly. | ||||||||||||
ASC 740 further establishes guidance on the accounting for uncertain tax positions. As of December 31, 2013, the Company had an ASC 740 liability balance of $0.06 million. Of this amount, $0.04 million represented unrecognized tax benefits, which if recognized at some point in the future would favorably impact the effective tax rate, and $0.02 million is interest. The Company treats interest and penalties due to a taxing authority on unrecognized tax positions as interest and penalty expense. Accrued interest and penalties of $0.02 million is included in the accounts payable and accrued liabilities line item on the December 31, 2013 and 2012 consolidated balance sheets. Following is a reconciliation of the Company’s total gross unrecognized tax benefits for 2013 and 2012. | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Gross balance at January 1 | $ | 50 | $ | 50 | ||||||||
Additions based on tax positions related to the current year | — | — | ||||||||||
Additions for tax positions of prior years | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | ||||||||||
Settlements | (9 | ) | — | |||||||||
Reductions due to lapse of applicable statute of limitations | — | — | ||||||||||
Gross balance at December 31 | 41 | 50 | ||||||||||
Interest and penalties | 22 | 22 | ||||||||||
Balance including interest and penalties at December 31 | $ | 63 | $ | 72 | ||||||||
The Company is no longer subject to U.S. federal income tax examinations by tax authorities for the years before 2005 and state examinations for the years before 2003. The Company does not anticipate that the liability will change significantly over the next 12 months. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
In July 2013, pursuant to a Letter Agreement, the Board and Martha Stewart agreed to certain modifications to the employment agreement between Ms. Stewart and the Company, dated April 1, 2009 (the “Employment Agreement”) and the Intangible Asset License Agreement, dated as of June 13, 2008, by and between Lifestyle Research Center, LLC. ("LRC"), the successor in interest to MS Real Estate Management Company, and the Company (the “IAL”). As amended, the Employment Agreement will continue in effect until June 30, 2017 and the IAL will continue in effect until September 15, 2017. | |
The Company and Ms. Stewart agreed that effective as of July 1, 2013 her annual base salary under the Employment Agreement will be reduced by $0.2 million to $1.8 million, and payment or reimbursement of business and certain other expenses will be made in accordance with a new expense policy adopted by the Board. | |
The parties to the IAL also agreed that the annual licensing fee under the IAL will be reduced by $0.3 million to $1.7 million, effective September 15, 2013. | |
LRC is responsible, at its expense, to maintain and landscape the properties in a manner consistent with past practices; provided, however, that the Company is responsible for approved business expenses associated with security and telecommunications systems and security personnel related to Ms. Stewart at the properties, and must reimburse LRC for up to $0.1 million of approved and documented household expenses. In 2013 and 2012, the Company reimbursed LRC $0.03 million for approved and documented household expenses. In the year ended December 31, 2011, the Company reimbursed LRC $0.1 million for these expenses. | |
The Company also reimbursed LRC for certain costs borne by LRC associated with various Company business activities which were conducted at properties covered by the IAL. In 2013, the Company reimbursed LRC $0.02 million and $0.03 million in each of 2012 and 2011, for these expenses. | |
On February 28, 2001, the Company entered into a Split-Dollar Agreement with Ms. Stewart and The Martha Stewart Family Limited Partnership (the “MS Partnership”). Because the intent of the agreement was frustrated by the enactment of Sarbanes-Oxley and so that the parties could realize the existing cash surrender value of the policies rather than risking depleting the future surrender value, the Company, Ms. Stewart and the MS Partnership terminated the Split-Dollar Agreement, as amended, effective November 9, 2009. As part of the arrangement, the Company reimbursed the MS Partnership approximately $0.3 million for the premiums paid towards the policies. This amount, if determined to be taxable, would be subject to an estimated $0.3 million tax gross-up payable by the Company to the MS Partnership. Accordingly, the Company's the estimated tax gross-up payable of $0.3 million is included in accounts payable and accrued liabilities on the consolidated balance sheets as of December 31, 2013 and 2012. | |
Related party compensation expense includes salary, bonus and non-cash equity compensation as determined under ASC Topic 718. Alexis Stewart, the daughter of Ms. Stewart, is a beneficial owner of more than 10% of the Company’s stock. During the second quarter of 2013, the Company granted Alexis Stewart stock appreciation rights ("SARs") in exchange for options pursuant to which she would receive shares of Class A Common Stock equal to the difference between the fair market value of Class A Common Stock on July 1, 2013 and the exercise price of her options. The SARs became fully vested on July 1, 2013. During 2012 and 2011, she was employed by the Company and served in various capacities from which she earned aggregate compensation of $0.03 million and $0.3 million in 2012 and 2011, respectively. The Company has also employed certain other members of Ms. Stewart’s family. Aggregate compensation for these employees was $0.4 million in each of 2013 and 2012, and $0.3 million in 2011. | |
In 2013 and 2011, the Company made charitable contributions of approximately $0.02 million and $0.03 million, respectively, to a foundation with which Ms. Stewart is affiliated. In 2012, no such contributions were made. | |
For the period December 6, 2011 through October 20, 2013, J.C. Penney held an approximate 16.4% investment in the Company's total Class A and Class B Common Stock outstanding and accordingly was considered a related party. The Company derives revenues from J.C. Penney, inclusive of design fees, advertising, television sponsorship and creative services. The Company recorded revenues earned from J.C. Penney of $11.6 million during the period January 1, 2013 through October 20, 2013 and $8.1 million for year ended December 31, 2012. See Note 8, Shareholders' Equity, for further discussion of J.C. Penney. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments And Contingencies | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
Operating Leases | ||||||||||||
During 2013 the Company leased office facilities, filming locations, and equipment under operating lease agreements. Leases for the Company’s offices and facilities expire between 2015 and 2018, and some of these leases are subject to the Company’s renewal. Total rent expense charged to operations for all such leases, was approximately $9.7 million, $12.3 million and $13.5 million for 2013, 2012, and 2011, respectively, net of sublease income of $0.7 million and $1.3 million in 2012 and 2011, respectively. There was no sublease income recognized in 2013. The Company’s 2012 and 2011 operating leases included its television production facilities and television administrative offices, which were terminated during 2012. Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. | ||||||||||||
The following is a schedule of future minimum payments under operating leases at December 31, 2013. The table includes total minimum lease payment commitments which include rent and other charges: | ||||||||||||
(in thousands) | Operating | Sublease | Net Operating | |||||||||
Lease Payments | Receipts * | Lease Payments | ||||||||||
2014 | $ | 8,673 | $ | 429 | $ | 8,244 | ||||||
2015 | 8,580 | 433 | 8,147 | |||||||||
2016 | 8,581 | 439 | 8,142 | |||||||||
2017 | 7,621 | — | 7,621 | |||||||||
2018 | 555 | — | 555 | |||||||||
Total | $ | 34,010 | $ | 1,301 | $ | 32,709 | ||||||
* The Company subleased certain properties at a loss. These losses were recognized at the time the sublease was executed and accordingly, the Company does not recognize any rent expense or offsetting sublease receipts for the remainder of the sublease agreements. The table above provides the total minimum cash lease payments and cash receipts for future periods. | ||||||||||||
During February 2014, in an effort to reduce overhead expenses and more efficiently utilize our office space, we vacated 47,592 square feet at our principal office facility. Future reductions in minimum lease payment commitments of $6.3 million associated with the vacating of this space are not included in the table above as the related lease termination was not effective until mid- February 2014. | ||||||||||||
Legal Matters | ||||||||||||
On January 23, 2012, Macy's Inc. and Macy's Merchandising Group, Inc. (collectively, “Macy’s”) filed a lawsuit against the Company in the Supreme Court of the State of New York, County of New York titled Macy's, Inc. and Macy's Merchandising Group, Inc. v. Martha Stewart Living Omnimedia, Inc. In such lawsuit, Macy's claimed that the Company's planned activities under the Company's commercial agreement with J.C. Penney materially breached the agreement between the Company and Macy's Merchandising Group, Inc. dated April 3, 2006 (the “Agreement”). Macy's sought a declaratory judgment, preliminary and permanent injunctive relief, and incidental and other damages. The Court entered a preliminary injunction on July 31, 2012 which limited the Company's activities with J.C. Penney in certain respects. In November 2012, Macy's amended its complaint to assert a second claim which alleged additional breaches of the Agreement. In January 2013, the lawsuit was consolidated with an action titled Macy's Inc. and Macy's Merchandising Group, Inc. v. J.C. Penney Corporation, Inc. The trial of the consolidated cases began on February 20, 2013 and concluded on August 1, 2013. | ||||||||||||
On October 21, 2013, the Company and J.C. Penney entered into an amendment to their commercial agreement, narrowing the range of product categories covered by the commercial agreement and shortening the term of the commercial agreement. On December 31, 2013, the Company and Macy’s entered into a settlement agreement and release; the terms of which are not material to the Company's financial statements. As part of the settlement agreement and release, the parties jointly sought an order from the Court, which was entered on January 13, 2014, ordering a stipulation of discontinuance with prejudice, dismissing all claims made by Macy’s against the Company in the lawsuit. | ||||||||||||
The Company is party to legal proceedings in the ordinary course of business, including product liability claims for which the Company is indemnified by its licensees. None of these proceedings is deemed material. | ||||||||||||
Unclaimed property | ||||||||||||
In August 2013, the Company entered into an agreement with agents of the State of Delaware (“the State”) who will assist in administrating the State’s abandoned property reporting outreach program (“VDA Program”) in which the Company is enrolled and under which the Company will disclose information regarding its compliance with certain abandoned property procedures. As the VDA Program is in its early stages, the Company cannot quantify the State’s findings, if any, on its consolidated results of operations, financial condition, or liquidity. In the normal course of conduct, the Company records amounts due for abandoned property. | ||||||||||||
Other | ||||||||||||
See Note 7, Credit Facilities, for discussion of the Company’s line of credit with Bank of America. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||
Year ended Year ended December 31, 2013 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Revenues | $ | 37,224 | $ | 42,198 | $ | 33,848 | $ | 47,405 | $ | 160,675 | ||||||||||
Operating (loss)/income | $ | (3,045 | ) | $ | (636 | ) | $ | (4,076 | ) | $ | 5,860 | $ | (1,897 | ) | ||||||
Net (loss)/income | $ | (3,273 | ) | $ | (1,180 | ) | $ | (4,295 | ) | $ | 6,976 | $ | (1,772 | ) | ||||||
(Loss)/earnings per share—basic and diluted | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.12 | $ | (0.03 | ) | ||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 67,241,626 | 67,371,869 | 67,490,820 | 57,630,635 | 64,912,368 | |||||||||||||||
Diluted | 67,241,626 | 67,371,869 | 67,490,820 | 58,011,641 | 64,912,368 | |||||||||||||||
Year ended Year ended December 31, 2012 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Revenues | $ | 49,831 | $ | 47,884 | $ | 43,549 | $ | 56,363 | $ | 197,627 | ||||||||||
Operating (loss)/income | $ | (4,182 | ) | $ | (2,885 | ) | $ | (50,689 | ) | $ | 1,360 | $ | (56,396 | ) | ||||||
Net (loss)/income | $ | (3,613 | ) | $ | (2,704 | ) | $ | (50,878 | ) | $ | 1,110 | $ | (56,085 | ) | ||||||
(Loss)/earnings per share—basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.76 | ) | $ | 0.02 | $ | (0.83 | ) | ||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 67,065,741 | 67,224,593 | 67,271,211 | 67,330,288 | 67,231,463 | |||||||||||||||
Diluted | 67,065,741 | 67,224,593 | 67,271,211 | 67,621,961 | 67,231,463 | |||||||||||||||
Note: Basic and diluted earnings per share are computed independently for each quarter and full year presented. Accordingly, the sum of the quarterly earnings per share data may not agree with the calculated full year earnings per share. For the year ended December 31, 2012, the non-cash goodwill impairment charge amounted to $0.66 per share. | ||||||||||||||||||||
Fourth Quarter 2013 Items: | ||||||||||||||||||||
Results include restructuring charges of approximately $2.8 million. Restructuring charges include employee severance and other employee-related termination costs. | ||||||||||||||||||||
Fourth Quarter 2012 Items: | ||||||||||||||||||||
Results include restructuring charges of approximately $3.5 million. Restructuring charges include employee severance and other employee-related termination costs, as well as recruiting costs. |
Gain_on_Sale_of_Subscriber_Lis
Gain on Sale of Subscriber List, net | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Gain on Sale of Subscriber List, net | ' |
GAIN ON SALE OF SUBSCRIBER LIST, NET | |
On January 2, 2013 the Company sold certain intangible assets related to Whole Living magazine in exchange for consideration of approximately $1.0 million. Pursuant to the sale, the subscription contracts for the print and digital editions of the magazine, as well as the rights and benefits of the subscribers, were transferred to the buyer. The agreement also required that the Company reimburse the buyer up to $0.1 million for customer refunds resulting from the transaction and paid by the buyer through June 30, 2013. Accordingly, the Company received $0.9 million in cash on the close of the transaction, and, in early July 2013, received the remainder of the refund reserve which was not utilized by the buyer. As a result of selling the Whole Living subscriber list, and thus transferring the subscription liability fulfillment obligation to the buyer, the Company recognized its existing $2.2 million deferred subscription revenue, resulting in a gain of $2.7 million as a component of operations. This gain on sale of subscriber list, net, reflected on the Company's consolidated statement of operations for the twelve months ended December 31, 2013, was recorded within the Publishing segment and consisted of the $1.0 million list sale price, less broker fees and other costs of $0.5 million incurred in connection with the transaction, as well as the $2.2 million release of the deferred subscription revenue liability. |
Industry_Segments
Industry Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure Industry Segments Segment Information [Abstract] | ' | |||||||||||||||||||
Industry Segments | ' | |||||||||||||||||||
INDUSTRY SEGMENTS | ||||||||||||||||||||
The Company is an integrated media and merchandising company providing consumers with inspiring lifestyle content and programming, and well-designed, high-quality products. The Company’s business segments are Publishing, Merchandising and Broadcasting. | ||||||||||||||||||||
The Publishing segment primarily consists of the Company’s operations related to its magazines (Martha Stewart Living and Martha Stewart Weddings) and books, as well as its digital operations, which includes the content-driven website, marthastewart.com, and the digital distribution of video content. As part of the Company's restructuring announced in November 2012, Everyday Food ceased publication as a stand-alone title with its December 2012 issue and Whole Living was discontinued after its January/February 2013 issue. | ||||||||||||||||||||
The Merchandising segment primarily consists of the Company’s operations related to the design and branding of merchandise and related collateral and packaging materials that are manufactured and distributed by its retail and wholesale partners in exchange for royalty income. The Merchandising segment also includes the licensing of talent services for television programming produced by third parties. | ||||||||||||||||||||
In 2012, the Company significantly restructured its Broadcasting segment, which included the termination of the Company's live audience television production operations. Subsequent to the restructuring, the Broadcasting segment consists of the Company's limited television production operations, television content library licensing and satellite radio operations. While future revenues and assets from these operations are not expected to be significant, the Company plans to continue reporting activities under the Broadcasting segment to provide historical context. | ||||||||||||||||||||
The accounting policies for the Company’s business segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Segment information for 2013, 2012, and 2011 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 96,493 | $ | 59,992 | $ | 4,190 | $ | — | $ | 160,675 | ||||||||||
Non-cash equity compensation * | (376 | ) | (237 | ) | (8 | ) | (1,287 | ) | (1,908 | ) | ||||||||||
Depreciation and amortization | (944 | ) | (50 | ) | (27 | ) | (2,737 | ) | (3,758 | ) | ||||||||||
Restructuring charges * | (2,004 | ) | (583 | ) | — | (852 | ) | (3,439 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (14,781 | ) | 40,512 | 2,155 | (29,783 | ) | (1,897 | ) | ||||||||||||
Total assets | 25,245 | 64,876 | 1,290 | 56,956 | 148,367 | |||||||||||||||
Capital expenditures | 187 | 5 | — | 898 | 1,090 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | $ | 122,540 | $ | 57,574 | $ | 17,513 | $ | — | $ | 197,627 | ||||||||||
Non-cash equity compensation * | (587 | ) | (455 | ) | (50 | ) | (2,715 | ) | (3,807 | ) | ||||||||||
Depreciation and amortization | (742 | ) | (52 | ) | (388 | ) | (2,825 | ) | (4,007 | ) | ||||||||||
Restructuring charges * | (1,971 | ) | (81 | ) | (816 | ) | (1,943 | ) | (4,811 | ) | ||||||||||
Goodwill impairment | (44,257 | ) | — | — | — | (44,257 | ) | |||||||||||||
Operating (loss) / income | (62,029 | ) | 39,477 | 2,354 | (36,198 | ) | (56,396 | ) | ||||||||||||
Total assets | 31,232 | 87,213 | 19,619 | 16,196 | 154,260 | |||||||||||||||
Capital expenditures | 236 | 105 | 41 | 932 | 1,314 | |||||||||||||||
2011 | ||||||||||||||||||||
Revenues | $ | 140,857 | $ | 48,614 | $ | 31,962 | $ | — | $ | 221,433 | ||||||||||
Non-cash equity compensation | (682 | ) | (224 | ) | (67 | ) | (4,523 | ) | (5,496 | ) | ||||||||||
Depreciation and amortization | (774 | ) | (32 | ) | (470 | ) | (2,702 | ) | (3,978 | ) | ||||||||||
Restructuring charges * | (828 | ) | (13 | ) | (600 | ) | (3,675 | ) | (5,116 | ) | ||||||||||
Operating income/(loss) | (6,464 | ) | 29,972 | (4,740 | ) | (37,362 | ) | (18,594 | ) | |||||||||||
Total assets | 83,769 | 81,199 | 28,352 | 22,800 | 216,120 | |||||||||||||||
Capital expenditures | 1,221 | 7 | 32 | 1,619 | 2,879 | |||||||||||||||
* As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring Charges | ' |
RESTRUCTURING CHARGES | |
The Company incurred restructuring charges of approximately $3.4 million, $4.8 million and $5.1 million in 2013, 2012 and 2011, respectively. In 2013, the Company incurred restructuring charges associated with a significant reorganization of its Publishing business. The restructuring charges primarily consisted of employee severance and other employee-related termination costs. In 2012, the Company incurred restructuring charges associated with significant changes in its Broadcasting and Publishing businesses. In addition, the Company also incurred restructuring charges in 2012 related to the departure of the Company's then-current President and Chief Executive Officer. In 2011, restructuring charges were primarily related to severance expenses associated with executive management, as well as certain consulting costs. Restructuring charges include net non-cash compensation expense charges of approximately $0.1 million in 2013 and 2012. For 2011, restructuring charges include non-cash equity compensation expense reversals of approximately $0.5 million. Of the amounts charged to restructuring expense, approximately $2.6 million and $3.3 million were payable as of December 31, 2013 and 2012, respectively. |
Other_Information
Other Information | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Other Information Additional Information [Abstract] | ' |
Other Information | ' |
OTHER INFORMATION | |
The Company’s financial instruments consist of cash and cash equivalents, short-term investments, restricted cash and investments, accounts receivable, accounts payable and accrued expenses. The carrying amount of these accounts approximates fair value. | |
Total revenues from the Company's three business segments were $160.7 million, $197.6 million and $221.4 million in 2013, 2012 and 2011 respectively. Revenues from domestic sources were $153.1 million, $187.4 million and $211.6 million in 2013, 2012 and 2011, respectively. Revenues from foreign sources (primarily from Canada) were $7.6 million, $10.2 million and $9.8 million in 2013, 2012 and 2011, respectively. | |
Advertising expense, including subscription acquisition costs, was $6.9 million, $9.5 million and $15.3 million for 2013, 2012, and 2011, respectively. | |
Production, distribution and editorial expenses; selling and promotion expenses; and general and administrative expenses are all presented exclusive of depreciation and amortization, impairment charges, restructuring charges and gain on sale of subscriber list, net, which are shown separately within “Operating Costs and Expenses.” | |
Interest paid in 2013 and 2012 was insignificant. In 2011, the Company paid interest of $0.3 million, which was predominantly related to the Company’s loan with Bank of America that it fully repaid by December 2011. | |
Income taxes paid in 2013, 2012 and 2011 were $0.5 million, $0.5 million and $0.6 million, respectively. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts | ' | |||||||||||||||||||
MARTHA STEWART LIVING OMNIMEDIA, INC. | ||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Description | Balance, | Additions | Additions/ | (Deductions) | Balance, | |||||||||||||||
Beginning | Charged to | (Deductions) | Charged to | End of Year | ||||||||||||||||
of Year | Revenues, | Charged to | Revenues, | |||||||||||||||||
Costs and | Balance Sheet | Costs and | ||||||||||||||||||
Expenses | Accounts | Expenses | ||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | $ | 1,617 | $ | 885 | $ | (1,230 | ) | $ | (424 | ) | $ | 848 | ||||||||
2012 | 1,630 | 997 | (109 | ) | (901 | ) | 1,617 | |||||||||||||
2011 | 1,502 | 1,196 | (334 | ) | (734 | ) | 1,630 | |||||||||||||
Reserve for valuation allowance on the deferred tax asset: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | $ | 88,180 | $ | 321 | $ | — | $ | (5,962 | ) | $ | 82,539 | |||||||||
2012 | 83,846 | 5,031 | — | (697 | ) | 88,180 | ||||||||||||||
2011 | 76,963 | 6,883 | — | — | 83,846 | |||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Recent accounting standards | ' | |||||||||||
Recent accounting standards | ||||||||||||
In November 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Topic 740) ("ASU 2013-11"). The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company adopted ASU 2013-11 on January 1, 2014 and does not expect ASU 2013-11 to have an impact on its consolidated financial position, results of operations or cash flows. | ||||||||||||
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” ("ASU 2013-02") which supersedes and replaces the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income" and 2011-12 "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05" for all public organizations. The amendment requires an entity to provide additional information about reclassifications out of accumulated other comprehensive income. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. generally accepted accounting principles ("GAAP") to be reclassified to net income in its entirety in the same reporting period. The adoption of ASU 2013-02 concerns disclosure only. The Company adopted ASU 2013-02 effective January 1, 2013 and has presented the required disclosures in the Notes to Consolidated Financial Statements. See Note 4, Accumulated Other Comprehensive Loss, for further discussion. | ||||||||||||
Principles of consolidation | ' | |||||||||||
Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of all wholly owned subsidiaries. Investments in which the Company does not exercise significant influence over the investee are accounted for using the cost method of accounting. All intercompany transactions have been eliminated. | ||||||||||||
Cash and cash equivalents | ' | |||||||||||
Cash and cash equivalents | ||||||||||||
Cash and cash equivalents include cash equivalents that mature within three months of the date of purchase. | ||||||||||||
Short-term investments | ' | |||||||||||
Short-term investments | ||||||||||||
Short-term investments include investments that have maturity dates in excess of three months, but generally less than one year, from the date of acquisition. See Note 3, Fair Value Measurements, for further discussion. | ||||||||||||
Inventories | ' | |||||||||||
Inventory consisting of paper is stated at the lower of cost or market. Cost is determined using the first-in, first-out method. | ||||||||||||
Television production costs | ' | |||||||||||
Television production costs | ||||||||||||
Television production costs are capitalized and amortized based upon estimates of future revenues to be received and future costs to be incurred for the applicable television product. The Company bases its estimates primarily on existing contracts for programs, historical advertising rates and ratings, as well as market conditions. Estimated future revenues and costs are adjusted regularly based upon actual results and changes in market and other conditions. In accordance with the accounting treatment associated with episodic television programming, the Company does not capitalize television production costs in excess of total contracted revenue. | ||||||||||||
Property, plant, and equipment | ' | |||||||||||
Property and equipment | ||||||||||||
Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the lease term or, if shorter, the estimated useful lives of the related assets. | ||||||||||||
The useful lives of the Company’s assets are as follows: | ||||||||||||
Building | 5 years | |||||||||||
Furniture, fixtures and equipment | 3 – 5 years | |||||||||||
Computer hardware and software | 3 – 5 years | |||||||||||
Leasehold improvements | life of lease | |||||||||||
Goodwill and intangible assets | ' | |||||||||||
Goodwill and intangible assets | ||||||||||||
Goodwill | ||||||||||||
The components of goodwill as of December 31, 2013 and 2012 are set forth in the schedule below: | ||||||||||||
Publishing | Merchandising | Total | ||||||||||
Balance at December 31, 2011 | $ | 44,257 | $ | 850 | $ | 45,107 | ||||||
Impairment charge | (44,257 | ) | (44,257 | ) | ||||||||
Balance at December 31, 2012 | $ | — | $ | 850 | $ | 850 | ||||||
Balance at December 31, 2013 | $ | — | $ | 850 | $ | 850 | ||||||
The Company reviews goodwill for impairment by applying a fair-value based test annually on October 1st, or more frequently if events or changes in circumstances warrant, in accordance with Accounting Standards Codification ("ASC") 350, "Intangibles - Goodwill and Other" ("ASC 350"). Potential goodwill impairment is measured based upon a two-step process. In the first step, the Company compares the fair value of a reporting unit with its carrying amount including goodwill using a discounted cash flow (“DCF”) valuation method. Future cash flows are discounted based on a market comparable weighted average cost of capital rate, adjusted for market and other risks where appropriate. If the fair value of a reporting unit exceeds its carrying value, the goodwill of the reporting unit is considered not impaired, thus rendering unnecessary the second step in impairment testing. If the fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of the reporting unit's goodwill is compared to the carrying value of the goodwill. The implied fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge. | ||||||||||||
During 2013 and 2012, the Company performed its annual fair-value based test for impairment on Merchandising segment goodwill in accordance with the methodology described above. | ||||||||||||
The Company reviews its trademarks, which are classified as intangible assets with indefinite useful lives within the Merchandising segment, for impairment by applying a fair-value based test annually or more frequently if events or changes in circumstances warrant, in accordance with ASC 350. The Company performs the impairment test by comparing the fair value of an intangible asset with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss must be recognized in an amount equal to that excess. The Company estimates fair values using the DCF methodology based on the future expected cash flows, revenues, earnings and other factors, which consider historical results, current trends, and operating and cash flow projections. The Company’s estimates are subject to uncertainty, and may be affected by a number of factors outside its control, including general economic conditions, the competitive market and regulatory changes. If actual results differ from the Company’s estimate of future cash flows, revenues, earnings and other factors, it may record impairment charges in the future. For 2013, 2012, and 2011, no impairment charges for intangible assets with indefinite useful lives were recorded. | ||||||||||||
The Company reviews long-lived tangible assets and intangible assets with definite useful lives for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable and exceeds their fair value, in accordance with ASC 360, “Property, Plant, and Equipment.” Using the Company’s best estimates based on reasonable assumptions and projections, the Company records an impairment loss to write down the assets to their estimated fair values if carrying values of such assets exceed their related undiscounted expected future cash flows. An impairment loss is measured as the amount by which the carrying amount exceeds the fair value. The Company evaluates intangible assets with definite useful lives at the lowest level at which independent cash flows can be identified. The Company evaluates corporate assets or other long-lived assets at a consolidated entity or segment reporting unit level, as appropriate. | ||||||||||||
The Company amortizes intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. | ||||||||||||
Revenue recognition | ' | |||||||||||
Revenue recognition | ||||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. Revenues and associated accounts receivable are recorded net of provisions for estimated future returns, doubtful accounts and other allowances. Allowances for uncollectible receivables are estimated based upon a combination of write-off history, aging analysis, and any specific, known troubled accounts. | ||||||||||||
Magazine advertising revenues are recorded based on the on-sale dates of magazines when the advertisement appears in the magazine and are stated net of agency commissions and cash and sales discounts. | ||||||||||||
Deferred subscription revenue results from advance payments for subscriptions received from subscribers and is recognized on a straight-line basis over the life of the subscription as issues are delivered. | ||||||||||||
Newsstand revenues are recognized based on the on-sale dates of magazines and are initially recorded based upon estimates of sales, net of returns, brokerage and estimates of newsstand-related fees. Estimated returns are recorded based upon historical experience. | ||||||||||||
Deferred book revenue results from advance payments received from the Company’s publishers and is recognized as manuscripts are delivered to and accepted by the publishers. Revenue is also earned from book publishing as sales on a unit basis exceed the advanced royalty. | ||||||||||||
Digital advertising revenues on the Company’s websites and on partner sites are generally based upon the sale of impression-based and sponsorship advertisements. Revenue generated from partner sites may be recorded gross or net of the partners' commissions, in accordance with the terms of the specific contracts. Digital advertising revenues are recorded in the period in which the advertisements are served. | ||||||||||||
Royalties from product designs and other Merchandising segment revenues are recognized on a monthly basis based on the specific mechanisms within each contract. Payments are typically made by the Company’s partners on a quarterly basis. Generally, revenues are recognized based on actual net sales, while any minimum guarantees are earned proportionately over the fiscal year. | ||||||||||||
Revenues related to television talent services for programming produced by third parties are generally recognized when services are performed, regardless of when the episodes air, within the Merchandising segment. | ||||||||||||
Television sponsorship revenues are generally recorded over the initial airing of new episodes. Licensing revenues from the Company’s radio programming are recorded on a straight-line basis over the term of the agreement. | ||||||||||||
Historically, the Company's Broadcasting segment included significant television production operations. In connection with those historical operations, the Company recognized television spot advertising, integration and licensing revenues. Television spot advertising beginning with season 6 of The Martha Stewart Show in September 2010 was sold by the Hallmark Channel, with net receipts payable to the Company quarterly. Since advertisers contracted with the Hallmark Channel directly, balance sheet reserves for television audience underdelivery were not required; however, revenues continued to be recognized when commercials were aired and were recorded net of agency commission and the impact of television audience underdelivery as determined by Hallmark Channel. Television integration revenues were recognized when the segment featuring the related product/brand immersion was initially aired. Television licensing revenues for content produced by the Company were recorded as earned in accordance with the specific terms of each agreement and were generally recognized upon delivery of the episodes to the licensee, provided that the license period began. | ||||||||||||
The Company participates in certain arrangements containing multiple deliverables. These arrangements generally consist of custom-created advertising programs delivered on multiple media platforms, as well as licensing programs which may also be supported by various promotional plans. Examples of significant program deliverables include print advertising pages in the Company’s publications, custom-created video content and integration on the Company's websites as well as advertising impressions delivered on the Company’s and partner websites. | ||||||||||||
ASC Topic 605, Revenue Recognition ("ASC 605") and ASU 09-13 require that the Company examine separate contracts with the same entity or related parties that are entered into simultaneously or near the same time to determine if the arrangements should be considered a single arrangement in the determination of units of accounting. While both ASC 605 and ASU 09-13 require that units delivered have standalone value to the customer, ASU 09-13 modifies the separation criteria in determining units of accounting by eliminating the requirement to obtain objective and reliable evidence of the fair value of undelivered items. As a result of the elimination of this requirement, the Company’s significant program deliverables generally meet the separation criteria under ASU 09-13, whereas under ASC 605 they did not qualify as separate units of accounting. | ||||||||||||
For those arrangements accounted for under ASC 605, if the Company is unable to put forth objective and reliable evidence of the fair value of each deliverable, then the Company accounts for the deliverables as a combined unit of accounting rather than separate units of accounting. In this case, revenue is recognized as the earnings process is completed, generally over the fulfillment term of the last deliverable. | ||||||||||||
For those arrangements accounted for under ASU 09-13, the Company is required to allocate revenue based on the relative selling price of each deliverable which qualifies as a unit of accounting, even if such deliverables are not sold separately by either the Company itself or other vendors. Determination of selling price is a judgmental process that requires numerous assumptions. The consideration is allocated at the inception of the arrangement to all deliverables based upon their relative selling prices. Selling prices for deliverables that qualify as separate units of accounting are determined using a hierarchy of: (1) vendor-specific objective evidence (“VSOE”), (2) third-party evidence and (3) best estimate of selling price. The Company, in most instances, has allocated consideration based upon its best estimate of selling price. The Company’s deliverables are generally priced with a wide range of discounts/premiums as the result of a variety of factors including the size of the advertiser and the volume and placement of advertising sold to the advertiser. The Company’s best estimate of selling price is intended to represent the price at which it would sell the deliverable if the Company were to sell the item regularly on a standalone basis. The Company’s estimates consider market conditions, such as competitor pricing pressures, as well as entity-specific factors that are consistent with normal pricing practices, such as the recent history of the selling prices of similar products when sold on a standalone basis, the impact of the cost of customization, the size of the transaction, and other factors contemplated in negotiating the arrangement with the customer. The arrangement fee is recognized as revenue as the earnings process is completed, generally at the time each unit of accounting is fulfilled (i.e., when magazine advertisements are run or when the digital impressions are served). | ||||||||||||
Advertising costs | ' | |||||||||||
Advertising costs | ||||||||||||
Advertising costs, consisting primarily of direct-response advertising, are expensed in the period in which the related advertising campaign occurs. | ||||||||||||
Earnings per share | ' | |||||||||||
Earnings per share | ||||||||||||
Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of stock options and the vesting of restricted stock and restricted stock units and, in 2012 and 2011, the vesting of shares covered under a warrant. | ||||||||||||
Equity compensation | ' | |||||||||||
Equity compensation | ||||||||||||
The Company has issued stock-based compensation to certain of its employees. In accordance with the fair-value recognition provisions of ASC Topic 718, Share-Based Payments (“ASC Topic 718”) and SEC Staff Accounting Bulletin No. 107, compensation cost associated with employee grants recognized in the 2013, 2012 and 2011 was based on the grant date fair value. Employee stock option, restricted stock, and restricted stock unit ("RSU") awards with service period-based vesting triggers (“service period-based” awards) are amortized as non-cash equity compensation expense on a straight-line basis over the expected vesting period. The Company values service period-based option awards using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires numerous assumptions, including volatility of the Company’s Class A Common Stock and expected life of the option. Service period-based restricted stock and RSU awards are valued at the market value of traded shares on the date of grant. Recognition of compensation expense for awards intended to vest upon the achievement of certain adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) targets over a performance period (“performance-based” awards) is based on the probable outcome of the performance condition. Compensation cost is accrued if it is probable that the performance condition will be achieved and is not accrued if it is not probable that the performance condition will be achieved. Options and RSUs with Class A Common Stock price-based vesting triggers (“price-based” awards) are valued using the Monte Carlo Simulation method which takes into account assumptions such as volatility of the Company’s Class A Common Stock, the risk-free interest rate based on the contractual term of the award, the expected dividend yield, the vesting schedule, and the probability that the market conditions of the award will be achieved. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Useful Lives of the Company's Assets | ' | |||||||||||||||
The useful lives of the Company’s assets are as follows: | ||||||||||||||||
Building | 5 years | |||||||||||||||
Furniture, fixtures and equipment | 3 – 5 years | |||||||||||||||
Computer hardware and software | 3 – 5 years | |||||||||||||||
Leasehold improvements | life of lease | |||||||||||||||
The components of property and equipment at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||
Buildings | $ | 285 | $ | 280 | ||||||||||||
Furniture, fixtures and equipment | 5,541 | 5,420 | ||||||||||||||
Computer hardware and software | 10,174 | 9,828 | ||||||||||||||
Leasehold improvements | 26,310 | 26,151 | ||||||||||||||
Total Property and Equipment | 42,310 | 41,679 | ||||||||||||||
Less: accumulated depreciation and amortization | 34,349 | 30,941 | ||||||||||||||
$ | 7,961 | $ | 10,738 | |||||||||||||
Components of Goodwill | ' | |||||||||||||||
December 31, 2013 and 2012 are set forth in the schedule below: | ||||||||||||||||
Publishing | Merchandising | Total | ||||||||||||||
Balance at December 31, 2011 | $ | 44,257 | $ | 850 | $ | 45,107 | ||||||||||
Impairment charge | (44,257 | ) | (44,257 | ) | ||||||||||||
Balance at December 31, 2012 | $ | — | $ | 850 | $ | 850 | ||||||||||
Balance at December 31, 2013 | $ | — | $ | 850 | $ | 850 | ||||||||||
Components of Intangible Assets | ' | |||||||||||||||
The components of intangible assets as of December 31, 2013, 2012 and 2011 are set forth in the schedule below, and are reported within the Merchandising and Broadcasting segments: | ||||||||||||||||
Trademarks | Other intangibles | Accumulated amortization — other intangibles | Total | |||||||||||||
Balance at December 31, 2011 | $ | 45,200 | $ | 6,160 | $ | (6,145 | ) | $ | 45,215 | |||||||
Amortization | — | — | (12 | ) | (12 | ) | ||||||||||
expense | ||||||||||||||||
Balance at December 31, 2012 | $ | 45,200 | $ | 6,160 | $ | (6,157 | ) | $ | 45,203 | |||||||
Amortization | — | — | (3 | ) | (3 | ) | ||||||||||
expense | ||||||||||||||||
Balance at December 31, 2013 | $ | 45,200 | $ | 6,160 | $ | (6,160 | ) | $ | 45,200 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets Measured At Fair Value | ' | |||||||||||||||
The following tables present the Company’s assets that are measured at fair value on a recurring basis: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(in thousands) | Quoted Market | Significant | Significant | Total | ||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Mutual funds | $ | 2,485 | $ | — | $ | — | $ | 2,485 | ||||||||
U.S. government and agency securities | — | 2,233 | — | 2,233 | ||||||||||||
Corporate obligations | — | 14,159 | * | — | 14,159 | |||||||||||
Other fixed income securities | — | 361 | — | 361 | ||||||||||||
International securities | — | 3,048 | — | 3,048 | ||||||||||||
Municipal obligations | 1,477 | 1,477 | ||||||||||||||
Total | $ | 2,485 | $ | 21,278 | $ | — | $ | 23,763 | ||||||||
* Included in this amount is a $4.5 million corporate obligation which has been used to collateralize the Company's line of credit with Bank of America, and is included in the line item "Restricted cash and investments," a component of current assets, on the 2013 consolidated balance sheet. See Note 7, Credit Facilities, for furthe |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Components of Accounts Receivable | ' | |||||||
The components of accounts receivable at December 31, 2013 and 2012 were as follows: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Advertising | $ | 19,190 | $ | 21,220 | ||||
Licensing | 19,218 | 15,978 | ||||||
Other | 2,134 | 2,492 | ||||||
40,542 | 39,690 | |||||||
Less: reserve for credits and uncollectible accounts | 848 | 1,617 | ||||||
$ | 39,694 | $ | 38,073 | |||||
Property_Plant_And_Equipment_N1
Property, Plant And Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
The useful lives of the Company’s assets are as follows: | ||||||||
Building | 5 years | |||||||
Furniture, fixtures and equipment | 3 – 5 years | |||||||
Computer hardware and software | 3 – 5 years | |||||||
Leasehold improvements | life of lease | |||||||
The components of property and equipment at December 31, 2013 and 2012 were as follows: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Buildings | $ | 285 | $ | 280 | ||||
Furniture, fixtures and equipment | 5,541 | 5,420 | ||||||
Computer hardware and software | 10,174 | 9,828 | ||||||
Leasehold improvements | 26,310 | 26,151 | ||||||
Total Property and Equipment | 42,310 | 41,679 | ||||||
Less: accumulated depreciation and amortization | 34,349 | 30,941 | ||||||
$ | 7,961 | $ | 10,738 | |||||
Employee_And_NonEmployee_Benef1
Employee And Non-Employee Benefit And Compensation Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Restricted stock valuation assumptions | ' | ||||||||||
he following table summarizes the assumptions used in applying the Monte Carlo Simulation method to value this price-based award: | |||||||||||
Risk-free interest rate | 0.65% | ||||||||||
Dividend | Zero | ||||||||||
Expected volatility | 48.31% | ||||||||||
Derived service periods | 1.84 - 2.44 years | ||||||||||
Estimated value of price-based RSUs | $0.29 - $0.94 | ||||||||||
Prior Plans | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Changes in Outstanding Options | ' | ||||||||||
Changes in outstanding options under the 1999 Plan and the Non-Employee Director Plan (collectively, the "Prior Plans") during 2013 were as follows: | |||||||||||
Number of | Weighted | Weighted-average remaining contractual term | |||||||||
shares | average | ||||||||||
subject to | exercise | ||||||||||
options | price | ||||||||||
Outstanding as of December 31, 2012 | 1,900,000 | $ | 13.31 | ||||||||
Cancelled—service period-based | (1,025,000 | ) | 21.01 | ||||||||
Options exercisable and outstanding as of December 31, 2013 | 875,000 | $ | 7.06 | 4.17 | |||||||
Changes in Nonvested Outstanding Options | ' | ||||||||||
Changes in the nonvested outstanding options are as follows: | |||||||||||
Shares | Weighted-average grant-date fair value | ||||||||||
Nonvested options outstanding at December 31, 2010 | 3,220,171 | $ | 2.23 | ||||||||
Granted-service period-based | 1,740,559 | 1.8 | |||||||||
Granted-price-based | 825,000 | 1.63 | |||||||||
Vested-service period-based | (1,482,837 | ) | 2.23 | ||||||||
Forfeited or expired-service period-based | (1,096,542 | ) | 2.18 | ||||||||
Nonvested options outstanding at December 31, 2011 | 3,206,351 | $ | 1.89 | ||||||||
Granted-service period-based | 505,000 | 1.72 | |||||||||
Vested-service period-based | (635,758 | ) | 1.75 | ||||||||
Forfeited or expired-service period-based | (392,477 | ) | 2.36 | ||||||||
Nonvested options outstanding at December 31, 2012 | 2,683,116 | $ | 1.79 | ||||||||
Granted-service period-based | 1,190,000 | 0.9 | |||||||||
Vested-service period-based | (937,875 | ) | 1.73 | ||||||||
Forfeited or expired-service period-based | (669,146 | ) | 1.82 | ||||||||
Forfeited or expired-price-based | (725,000 | ) | 1.71 | ||||||||
Nonvested options outstanding at December 31, 2013 | 1,541,095 | $ | 1.32 | ||||||||
Stock Plan | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Changes in Outstanding Options | ' | ||||||||||
Changes in outstanding options under the Stock Plan during 2013 were as follows: | |||||||||||
Number of | Weighted | Weighted-average remaining contractual term | Aggregate intrinsic value | ||||||||
shares | average | ||||||||||
subject to | exercise price | ||||||||||
options | |||||||||||
Outstanding as of December 31, 2012 | 5,126,684 | $ | 5.08 | ||||||||
Granted—service period-based | 1,190,000 | 3.77 | |||||||||
Exercised—service period-based | (60,000 | ) | 1.96 | ||||||||
Cancelled—service period-based | (1,875,009 | ) | 6.43 | ||||||||
Cancelled—priced-based | (725,000 | ) | 9.56 | ||||||||
Outstanding as of December 31, 2013 | 3,656,675 | $ | 4.38 | 7.79 | $3,624,040 | ||||||
Options exercisable at December 31, 2013 | 2,115,580 | $ | 4.03 | 6.14 | $2,615,240 | ||||||
Changes in Nonvested Outstanding Options | ' | ||||||||||
Changes in the nonvested outstanding options are as follows: | |||||||||||
Shares | Weighted-average grant-date fair value | ||||||||||
Nonvested options outstanding at December 31, 2010 | 3,220,171 | $ | 2.23 | ||||||||
Granted-service period-based | 1,740,559 | 1.8 | |||||||||
Granted-price-based | 825,000 | 1.63 | |||||||||
Vested-service period-based | (1,482,837 | ) | 2.23 | ||||||||
Forfeited or expired-service period-based | (1,096,542 | ) | 2.18 | ||||||||
Nonvested options outstanding at December 31, 2011 | 3,206,351 | $ | 1.89 | ||||||||
Granted-service period-based | 505,000 | 1.72 | |||||||||
Vested-service period-based | (635,758 | ) | 1.75 | ||||||||
Forfeited or expired-service period-based | (392,477 | ) | 2.36 | ||||||||
Nonvested options outstanding at December 31, 2012 | 2,683,116 | $ | 1.79 | ||||||||
Granted-service period-based | 1,190,000 | 0.9 | |||||||||
Vested-service period-based | (937,875 | ) | 1.73 | ||||||||
Forfeited or expired-service period-based | (669,146 | ) | 1.82 | ||||||||
Forfeited or expired-price-based | (725,000 | ) | 1.71 | ||||||||
Nonvested options outstanding at December 31, 2013 | 1,541,095 | $ | 1.32 | ||||||||
Fair Value of Option Awards Weighted Average Assumptions | ' | ||||||||||
The fair value of employee service period-based option awards under the Stock Plan was estimated on the grant dates using the Black-Scholes option-pricing model on the basis of the following weighted average assumptions: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rates | 0.5% – 1.0% | 0.4% – 0.6% | 0.17% - 2.09% | ||||||||
Dividend yields | Zero | Zero | Zero | ||||||||
Expected volatility | 58.45% – 60.34% | 61.80% – 63.48% | 60.38% – 61.25% | ||||||||
Average expected term | 3.7 years | 3.7 years | 1.0 – 7.0 years | ||||||||
Average fair market value per option granted | $1.15 | $1.79 | $1.67 | ||||||||
Stock Plan | Price-based RSUs | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Nonvested restricted stock activity | ' | ||||||||||
A summary of the shares of price-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | — | $ | — | ||||||||
Granted | 440,000 | 3.07 | |||||||||
Outstanding and nonvested at December 31, 2011 | 440,000 | $ | 3.07 | ||||||||
No activity during 2012 | — | — | |||||||||
Outstanding and nonvested at December 31, 2012 | 440,000 | $ | 3.07 | ||||||||
Granted | 930,000 | 0.65 | |||||||||
Forfeitures | (400,000 | ) | 3.19 | ||||||||
Outstanding and nonvested at December 31, 2013 | 970,000 | $ | 0.77 | ||||||||
Stock Plan | Service period-based restricted stock | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Nonvested restricted stock activity | ' | ||||||||||
summary of the shares of service period-based restricted stock is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | 320,922 | $ | 8.24 | ||||||||
Granted | 33,037 | 4.08 | |||||||||
Vested | (128,097 | ) | 7.45 | ||||||||
Forfeitures | (217,510 | ) | 8.53 | ||||||||
Outstanding and nonvested at December 31, 2011 | 8,352 | $ | 4.49 | ||||||||
Granted | 25,202 | 3.26 | |||||||||
Vested | (33,554 | ) | 3.65 | ||||||||
Outstanding and nonvested at December 31, 2012 | — | $ | — | ||||||||
Granted | 26,966 | 2.71 | |||||||||
Vested | (26,966 | ) | 2.71 | ||||||||
Outstanding and nonvested at December 31, 2013 | — | $ | — | ||||||||
Stock Plan | Service period-based RSUs | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Nonvested restricted stock activity | ' | ||||||||||
A summary of the shares of service period-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value | |||||||||||
Outstanding and nonvested at December 31, 2010 | — | $ | — | ||||||||
Granted | 639,698 | 4.24 | |||||||||
Vested | (12,500 | ) | 3.95 | ||||||||
Forfeitures | (87,500 | ) | 3.95 | ||||||||
Outstanding and nonvested at December 31, 2011 | 539,698 | $ | 4.29 | ||||||||
Granted | 302,163 | 3.19 | |||||||||
Vested | (119,635 | ) | 4.14 | ||||||||
Forfeitures | (2,500 | ) | 3.95 | ||||||||
Outstanding and nonvested at December 31, 2012 | 719,726 | $ | 3.93 | ||||||||
Granted | 814,500 | 2.53 | |||||||||
Vested | (438,353 | ) | 3.64 | ||||||||
Forfeitures | (353,790 | ) | 3.89 | ||||||||
Outstanding and nonvested at December 31, 2013 | 742,083 | $ | 2.69 | ||||||||
Stock Plan | Performance-based RSUs | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Nonvested restricted stock activity | ' | ||||||||||
A summary of the performance-based RSUs is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average Grant | |||||||||||
Date Value (1) | |||||||||||
Outstanding and nonvested at December 31, 2010 | 720,000 | $ | 4.62 | ||||||||
Vested | (170,000 | ) | 4.62 | ||||||||
Forfeitures | (341,500 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2011 | 208,500 | $ | 4.62 | ||||||||
Vested | (50,500 | ) | 4.62 | ||||||||
Forfeitures | (17,500 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2012 | 140,500 | $ | 4.62 | ||||||||
Vested | (135,500 | ) | 4.62 | ||||||||
Forfeitures | (5,000 | ) | 4.62 | ||||||||
Outstanding and nonvested at December 31, 2013 | — | $ | — | ||||||||
-1 | The weighted average grant date value included in the table above was adjusted to reflect the impact of the modifications approved on December 3, 2010 to the 2010 and 2009 awards. |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision/benefit for income taxes | ' | |||||||||||
The provision for income taxes consist of the following for 2013, 2012, and 2011: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current Income Tax (Expense) Benefit | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State and local | 53 | (107 | ) | 29 | ||||||||
Foreign | (160 | ) | (252 | ) | (262 | ) | ||||||
Total current income tax expense | (107 | ) | (359 | ) | (233 | ) | ||||||
Deferred Income Tax Benefit / (Expense) | ||||||||||||
Federal | 20 | (1,061 | ) | (1,149 | ) | |||||||
State and local | 3 | (182 | ) | (198 | ) | |||||||
Total deferred income tax benefit / (expense) | 23 | (1,243 | ) | (1,347 | ) | |||||||
Income tax provision | $ | (84 | ) | $ | (1,602 | ) | $ | (1,580 | ) | |||
Reconciliation of the federal income tax provision | ' | |||||||||||
A reconciliation of the federal income tax provision at the statutory rate to the effective rate for 2013, 2012, and 2011 is as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Computed tax benefit at the federal statutory rate of 35% | $ | 591 | $ | 19,069 | $ | 4,879 | ||||||
State income taxes, net of federal benefit | (19 | ) | (57 | ) | (50 | ) | ||||||
Non-deductible compensation | (91 | ) | (537 | ) | (30 | ) | ||||||
Non-deductible expense | (113 | ) | (131 | ) | (132 | ) | ||||||
Non-deductible goodwill impairment | 1,257 | (15,490 | ) | — | ||||||||
Tax on foreign income | (104 | ) | (252 | ) | (262 | ) | ||||||
Valuation allowance | (1,686 | ) | (4,186 | ) | (6,090 | ) | ||||||
Other | 81 | (18 | ) | 105 | ||||||||
Income tax provision | $ | (84 | ) | $ | (1,602 | ) | $ | (1,580 | ) | |||
Effective tax rate | 5 | % | 2.9 | % | 11.3 | % | ||||||
Significant components of the Company's deferred tax assets and liabilities | ' | |||||||||||
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred Tax Assets | ||||||||||||
Provision for doubtful accounts | $ | 614 | $ | 1,020 | ||||||||
Accrued rent | 1,572 | 1,748 | ||||||||||
Reserve for newsstand returns | 100 | 139 | ||||||||||
Accrued compensation | 4,854 | 10,464 | ||||||||||
Deferred revenue | 1,582 | 1,165 | ||||||||||
NOL/credit carryforwards | 62,766 | 59,868 | ||||||||||
Depreciation | 5,374 | 6,071 | ||||||||||
Amortization of intangible assets | 6,054 | 7,756 | ||||||||||
Other | 208 | 242 | ||||||||||
Total deferred tax assets | 83,124 | 88,473 | ||||||||||
Deferred Tax Liabilities | ||||||||||||
Prepaid expenses | (585 | ) | (293 | ) | ||||||||
Amortization of intangible assets | (7,094 | ) | (7,117 | ) | ||||||||
Total deferred tax liabilities | (7,679 | ) | (7,410 | ) | ||||||||
Valuation allowance | (82,539 | ) | (88,180 | ) | ||||||||
Net Deferred Tax Liability | $ | (7,094 | ) | $ | (7,117 | ) | ||||||
Reconciliation of the Company's total gross unrecognized tax benefits | ' | |||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Gross balance at January 1 | $ | 50 | $ | 50 | ||||||||
Additions based on tax positions related to the current year | — | — | ||||||||||
Additions for tax positions of prior years | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | ||||||||||
Settlements | (9 | ) | — | |||||||||
Reductions due to lapse of applicable statute of limitations | — | — | ||||||||||
Gross balance at December 31 | 41 | 50 | ||||||||||
Interest and penalties | 22 | 22 | ||||||||||
Balance including interest and penalties at December 31 | $ | 63 | $ | 72 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Future Minimum Payments Under Operating Leases | ' | |||||||||||
The following is a schedule of future minimum payments under operating leases at December 31, 2013. The table includes total minimum lease payment commitments which include rent and other charges: | ||||||||||||
(in thousands) | Operating | Sublease | Net Operating | |||||||||
Lease Payments | Receipts * | Lease Payments | ||||||||||
2014 | $ | 8,673 | $ | 429 | $ | 8,244 | ||||||
2015 | 8,580 | 433 | 8,147 | |||||||||
2016 | 8,581 | 439 | 8,142 | |||||||||
2017 | 7,621 | — | 7,621 | |||||||||
2018 | 555 | — | 555 | |||||||||
Total | $ | 34,010 | $ | 1,301 | $ | 32,709 | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||
Year ended Year ended December 31, 2013 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Revenues | $ | 37,224 | $ | 42,198 | $ | 33,848 | $ | 47,405 | $ | 160,675 | ||||||||||
Operating (loss)/income | $ | (3,045 | ) | $ | (636 | ) | $ | (4,076 | ) | $ | 5,860 | $ | (1,897 | ) | ||||||
Net (loss)/income | $ | (3,273 | ) | $ | (1,180 | ) | $ | (4,295 | ) | $ | 6,976 | $ | (1,772 | ) | ||||||
(Loss)/earnings per share—basic and diluted | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.12 | $ | (0.03 | ) | ||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 67,241,626 | 67,371,869 | 67,490,820 | 57,630,635 | 64,912,368 | |||||||||||||||
Diluted | 67,241,626 | 67,371,869 | 67,490,820 | 58,011,641 | 64,912,368 | |||||||||||||||
Year ended Year ended December 31, 2012 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Revenues | $ | 49,831 | $ | 47,884 | $ | 43,549 | $ | 56,363 | $ | 197,627 | ||||||||||
Operating (loss)/income | $ | (4,182 | ) | $ | (2,885 | ) | $ | (50,689 | ) | $ | 1,360 | $ | (56,396 | ) | ||||||
Net (loss)/income | $ | (3,613 | ) | $ | (2,704 | ) | $ | (50,878 | ) | $ | 1,110 | $ | (56,085 | ) | ||||||
(Loss)/earnings per share—basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.76 | ) | $ | 0.02 | $ | (0.83 | ) | ||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 67,065,741 | 67,224,593 | 67,271,211 | 67,330,288 | 67,231,463 | |||||||||||||||
Diluted | 67,065,741 | 67,224,593 | 67,271,211 | 67,621,961 | 67,231,463 | |||||||||||||||
Note: Basic and diluted earnings per share are computed independently for each quarter and full year presented. Accordingly, the sum of the quarterly earnings per share data may not agree with the calculated full year earnings per share. |
Industry_Segments_Tables
Industry Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure Industry Segments Segment Information [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment information for 2013, 2012, and 2011 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 96,493 | $ | 59,992 | $ | 4,190 | $ | — | $ | 160,675 | ||||||||||
Non-cash equity compensation * | (376 | ) | (237 | ) | (8 | ) | (1,287 | ) | (1,908 | ) | ||||||||||
Depreciation and amortization | (944 | ) | (50 | ) | (27 | ) | (2,737 | ) | (3,758 | ) | ||||||||||
Restructuring charges * | (2,004 | ) | (583 | ) | — | (852 | ) | (3,439 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (14,781 | ) | 40,512 | 2,155 | (29,783 | ) | (1,897 | ) | ||||||||||||
Total assets | 25,245 | 64,876 | 1,290 | 56,956 | 148,367 | |||||||||||||||
Capital expenditures | 187 | 5 | — | 898 | 1,090 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | $ | 122,540 | $ | 57,574 | $ | 17,513 | $ | — | $ | 197,627 | ||||||||||
Non-cash equity compensation * | (587 | ) | (455 | ) | (50 | ) | (2,715 | ) | (3,807 | ) | ||||||||||
Depreciation and amortization | (742 | ) | (52 | ) | (388 | ) | (2,825 | ) | (4,007 | ) | ||||||||||
Restructuring charges * | (1,971 | ) | (81 | ) | (816 | ) | (1,943 | ) | (4,811 | ) | ||||||||||
Goodwill impairment | (44,257 | ) | — | — | — | (44,257 | ) | |||||||||||||
Operating (loss) / income | (62,029 | ) | 39,477 | 2,354 | (36,198 | ) | (56,396 | ) | ||||||||||||
Total assets | 31,232 | 87,213 | 19,619 | 16,196 | 154,260 | |||||||||||||||
Capital expenditures | 236 | 105 | 41 | 932 | 1,314 | |||||||||||||||
2011 | ||||||||||||||||||||
Revenues | $ | 140,857 | $ | 48,614 | $ | 31,962 | $ | — | $ | 221,433 | ||||||||||
Non-cash equity compensation | (682 | ) | (224 | ) | (67 | ) | (4,523 | ) | (5,496 | ) | ||||||||||
Depreciation and amortization | (774 | ) | (32 | ) | (470 | ) | (2,702 | ) | (3,978 | ) | ||||||||||
Restructuring charges * | (828 | ) | (13 | ) | (600 | ) | (3,675 | ) | (5,116 | ) | ||||||||||
Operating income/(loss) | (6,464 | ) | 29,972 | (4,740 | ) | (37,362 | ) | (18,594 | ) | |||||||||||
Total assets | 83,769 | 81,199 | 28,352 | 22,800 | 216,120 | |||||||||||||||
Capital expenditures | 1,221 | 7 | 32 | 1,619 | 2,879 | |||||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives of property, plant and equipment | '5 years |
Furniture, fixtures and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives of property, plant and equipment | '3 years |
Furniture, fixtures and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives of property, plant and equipment | '5 years |
Computer hardware and software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives of property, plant and equipment | '3 years |
Computer hardware and software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives of property, plant and equipment | '5 years |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill | ' | $850 | $45,107 | ' |
Goodwill impairment | -44,300 | 0 | -44,257 | 0 |
Goodwill | ' | 850 | 850 | 45,107 |
Publishing | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill | ' | ' | 44,257 | ' |
Goodwill impairment | ' | ' | -44,257 | ' |
Merchandising | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill | ' | $850 | $850 | $850 |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets, net, beginning balance | $45,203 | $45,215 | ' |
Accumulated amortization - other intangibles | -6,160 | -6,157 | -6,145 |
Amortization expense | -3 | -12 | ' |
Intangible assets, net, ending balance | 45,200 | 45,203 | ' |
Trademarks | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets, gross | 45,200 | 45,200 | 45,200 |
Other intangibles | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets, gross | $6,160 | $6,160 | $6,160 |
Significant_Accounting_Policie6
Significant Accounting Policies - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | |
Ziplist | |||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment | $44,300,000 | $0 | $44,257,000 | $0 | ' |
Proceeds from sale of investments | ' | ' | ' | ' | 1,200,000 |
Realized gain on sale of investments | ' | ' | ' | ' | $1,200,000 |
Securities excluded from computation of diluted earnings per share | ' | 5,445,252 | 5,883,719 | 7,345,060 | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured At Fair Value) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | $23,763 | $29,182 |
Fixed Income Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 2,485 | ' |
U.S. Government And Agency Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 2,233 | 3,510 |
Corporate Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 14,159 | 12,796 |
Other Fixed Income Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 361 | 588 |
International Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 3,048 | 9,781 |
Municipal Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 1,477 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 2,485 | 2,507 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 2,485 | 2,507 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 21,278 | 26,675 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government And Agency Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 2,233 | 3,510 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 14,159 | 12,796 |
Significant Other Observable Inputs (Level 2) [Member] | Other Fixed Income Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 361 | 588 |
Significant Other Observable Inputs (Level 2) [Member] | International Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 3,048 | 9,781 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 1,477 | ' |
Line of Credit [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | $4,495 | ' |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Interest income / (expense), net | $792 | $1,202 | ($197) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Interest income / (expense), net | $600 | $400 | $100 |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross | $40,542 | $39,690 |
Less: reserve for credits and uncollectible accounts | 848 | 1,617 |
Accounts Receivable, Net | 39,694 | 38,073 |
Advertising | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross | 19,190 | 21,220 |
Licensing | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross | 19,218 | 15,978 |
Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross | $2,134 | $2,492 |
Property_Plant_And_Equipment_N2
Property, Plant And Equipment, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $42,310 | $41,679 |
Less: accumulated depreciation and amortization | 34,349 | 30,941 |
Net Property, Plant and Equipment | 7,961 | 10,738 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | 285 | 280 |
Furniture, fixtures and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | 5,541 | 5,420 |
Computer hardware and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | 10,174 | 9,828 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $26,310 | $26,151 |
Property_Plant_And_Equipment_N3
Property, Plant And Equipment, Net - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $3.80 | $4 | $3.90 |
Credit_Facilities_Additional_I
Credit Facilities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | 31-May-13 | Apr. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of credit | ' | ' | $10 | ' |
Current borrowing capacity | ' | 5 | ' | ' |
Annual interest rate | '1-month London Interbank Offered Rate (bLIBORb) plus 1.85% | ' | ' | ' |
Unused commitment fees | 0.25% | ' | ' | ' |
Restricted investments | 4.5 | ' | ' | ' |
Restricted cash | 0.6 | ' | ' | ' |
Outstanding letters of credit | 1.6 | ' | ' | 1.6 |
One Month LIBOR [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Spread over LIBOR | 1.85% | ' | ' | ' |
Minimum | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Cash or investment collateral requirement | $5 | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Oct. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 21, 2013 | Oct. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Oct. 21, 2013 | |
Class A Common Stock | Class A Common Stock | Class B Common Stock | Class B Common Stock | Preferred Class A | JCP | Accumulated deficit [Member] | Class A Common Stock | Class A Common Stock | Class A Common Stock | |||||
vote | JCP | |||||||||||||
Stock returned and retired during period, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | 11,000,000 |
New shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' |
Series A preferred stock, shares issued | ' | 0 | 0 | 1 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Investment in company's outstanding common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.40% | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' |
Stock returned and retired in period, fair value | $24,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock returned and retired during period, value | ' | ' | 24,860,000 | ' | ' | ' | ' | ' | ' | ' | 24,750,000 | 110,000 | ' | ' |
Other deferred revenue | ' | ' | 24,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty revenue | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, voting rights per share | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from conversion | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Employee_And_NonEmployee_Benef2
Employee And Non-Employee Benefit And Compensation Plans - Additional Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Apr. 30, 2008 | Apr. 30, 2008 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | 1-May-08 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Service period-based options | Service period-based options | Service period-based options | Performance-based RSUs | Performance-based RSUs | Performance-based RSUs | Performance-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | 1999 Plan | Non-Employee Director Plan | Prior Plans | Prior Plans | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | ||||||||||
Service period-based restricted stock | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Service period-based options | Price-based options | Service period-based restricted stock | Service period-based restricted stock | Service period-based RSUs | Service period-based RSUs | Service period-based RSUs | Service period-based RSUs | Service period-based RSUs | Service period-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | Price-based RSUs | ||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | $6 exercise price | $8 exercise price | $10 exercise price | $12 exercise price | |||||||||||||||||||||||||||||||||||||||||||||
Option Tranche One [Member] | Option Tranche Two [Member] | Option Tranche Three [Member] | Option Tranche Four [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum employee contribution | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employer mathcing contribution percent of match | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employer matching contribution, percent | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employer-matching contributions vesting period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employer-matching contributions | $700,000 | $800,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of shares authorized for grant awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,517,550,000 | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Increase in shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Non-cash equity compensation | 1,908,000 | [1] | 3,807,000 | [1] | 5,496,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 100,000 | ' | ' | ' | ||||
Non-cash equity compensation | 1,979,000 | 3,939,000 | 5,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum term of stock options | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Vesting period | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Option Expense | 800,000 | 1,700,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrecognized compensation cost related to stock awards | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | 900,000 | 900,000 | 500,000 | ' | 400,000 | ' | ' | ' | ||||||
Weighted average recognition period of unrecognized compensation cost | ' | ' | ' | ' | '2 years 10 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '2 years 9 months 18 days | ' | ' | ' | ' | '3 years | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ||||||
Intrinsic value of options exercised | ' | ' | ' | 2,100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | 1,400,000 | 900,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restricted Stock or Unit Expense | 1,100,000 | 2,300,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $200,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $900,000 | $1,400,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,190,000 | 505,000 | 1,740,559 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | 825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, One Fourth Tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Stated Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,750 | $3,000 | $4,000 | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, One Third Tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Exercise price of option granted | ' | ' | ' | ' | ' | ' | $1.15 | $1.79 | $1.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.90 | $1.72 | $1.80 | ' | ' | ' | ' | ' | ' | ' | $1.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | $8 | $10 | $12 | ||||||
Nonvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 140,500 | 208,500 | 720,000 | 970,000 | 440,000 | 440,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 8,352 | 320,922 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 742,083 | 719,726 | 539,698 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Nonvested shares, weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [2] | $4.62 | [2] | $4.62 | [2] | $4.62 | [2] | $0.77 | $3.07 | $3.07 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $4.49 | $8.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.69 | $3.93 | $4.29 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000 | 351,625 | 930,000 | 440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,966,000 | 25,202 | 33,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 814,500 | 302,163 | 639,698 | ' | 400,000 | ' | ' | 800,000 | ' | ' | 200,000 | 200,000 | ||||||
Shares forfeited | ' | ' | 87,500 | ' | ' | ' | ' | ' | ' | 5,000 | 17,500 | 341,500 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,790 | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of RSUs to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,333 | ' | ' | ' | 200,000 | ' | ' | ' | ||||||
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The weighted average grant date value included in the table above was adjusted to reflect the impact of the modifications approved on DecemberB 3, 2010 to the 2010 and 2009 awards. |
Employee_And_NonEmployee_Benef3
Employee And Non-Employee Benefit And Compensation Plans (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Service period-based options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate assumption, minimum | 0.50% | 0.40% | 0.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.00% | 0.60% | 2.10% |
Dividend yield assumption | 0.00% | 0.00% | 0.00% |
Expected volatility rate, minimum | 58.50% | 61.80% | 60.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 60.34% | 63.48% | 61.30% |
Expected term of compensation awards | '3 years 8 months 12 days | '3 years 8 months 12 days | ' |
Granted, weighted-average grant date fair value | $1.15 | $1.79 | $1.67 |
Service period-based options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term of compensation awards | ' | ' | '1 year |
Service period-based options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term of compensation awards | ' | ' | '7 years |
Price-based options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | 2.29% | ' |
Dividend yield assumption | ' | 0.00% | ' |
Expected volatility rate, maximum | ' | 48.31% | ' |
Expected term of compensation awards | ' | '1 year 10 months 2 days | ' |
Price-based options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted-average grant date fair value | ' | $0.29 | ' |
Price-based options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term of compensation awards | ' | '2 years 5 months 9 days | ' |
Granted, weighted-average grant date fair value | ' | $0.94 | ' |
Price-based RSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate assumption, minimum | 0.37% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.17% | ' | ' |
Dividend yield assumption | 0.00% | ' | ' |
Expected volatility rate, minimum | 67.83% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 70.20% | ' | ' |
Estimated value of RSUs | $0.65 | ' | $3.07 |
Price-based RSUs | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term of compensation awards | '5 months 1 day | ' | ' |
Estimated value of RSUs | $0.87 | ' | ' |
Price-based RSUs | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term of compensation awards | '1 year 11 months 9 days | ' | ' |
Estimated value of RSUs | $4.43 | ' | ' |
Stock Plan | Service period-based options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted-average grant date fair value | $0.90 | $1.72 | $1.80 |
Estimated value of RSUs | $2.71 | $3.26 | $4.08 |
Stock Plan | Price-based options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted-average grant date fair value | ' | ' | $1.63 |
Employee_And_NonEmployee_Benef4
Employee And Non-Employee Benefit And Compensation Plans (Details 3) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-08 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | |
Prior Plans | Prior Plans | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | |
Service period-based options | Service period-based options | Service period-based options | Service period-based options | Price-based options | Price-based options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, Beginning Balance | 1,900,000,000 | ' | 5,126,684 | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | ' | ' | 1,190,000 | 505,000 | 1,740,559 | ' | 825,000 |
Options exercised | ' | ' | ' | ' | -60,000 | ' | ' | ' | ' |
Options canceled | ' | -1,025,000,000 | ' | ' | -1,875,009 | ' | ' | -725,000 | ' |
Options outstanding, Ending Balance | 875,000,000 | ' | 3,656,675 | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period | ' | ' | 2,115,580 | ' | ' | ' | ' | ' | ' |
Shares available for grant at end of period | ' | ' | 6,517,550,000 | 10,000,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning balance, weighted average exercise price | $13.31 | ' | $5.08 | ' | ' | ' | ' | ' | ' |
Options granted, weighted average exercise price | ' | ' | ' | ' | $3.77 | ' | ' | ' | ' |
Options exercised, weighted average exercise price | ' | ' | ' | ' | $1.96 | ' | ' | ' | ' |
Options canceled, weighted average exercise price | ' | $21.01 | ' | ' | $6.43 | ' | ' | $9.56 | ' |
Options outstanding, ending balance, weighted average exercise price | $7.06 | ' | $4.38 | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period, weighted average exercise price | ' | ' | $4.03 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, weighted average remaining contractual term | '4 years 2 months 1 day | ' | '7 years 9 months 15 days | ' | ' | ' | ' | ' | ' |
Exercisable, weighted average remaining contractual term | ' | ' | '6 years 1 month 21 days | ' | ' | ' | ' | ' | ' |
Outstanding, intrinsic value | ' | ' | $3,624,040 | ' | ' | ' | ' | ' | ' |
Exercisable, intrinsic value | ' | ' | $2,615,240 | ' | ' | ' | ' | ' | ' |
Employee_And_NonEmployee_Benef5
Employee And Non-Employee Benefit And Compensation Plans (Details 4) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | |
Service period-based options | Service period-based options | Service period-based options | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | Stock Plan | |
Service period-based options | Service period-based options | Service period-based options | Price-based options | Price-based options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested outstanding, beginning balance | ' | ' | ' | 1,541,095 | 2,683,116 | 3,206,351 | 3,220,171 | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | ' | ' | 1,190,000 | 505,000 | 1,740,559 | ' | 825,000 |
Vested | ' | ' | ' | ' | ' | ' | ' | -937,875 | -635,758 | -1,482,837 | ' | ' |
Canceled and Forfeited | ' | ' | ' | ' | ' | ' | ' | -669,146 | -392,477 | -1,096,542 | -725,000 | ' |
Nonvested outstanding, ending balance | ' | ' | ' | 1,541,095 | 2,683,116 | 3,206,351 | 3,220,171 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested outstanding, beginning balance, weighted-average grant date fair value | ' | ' | ' | $1.32 | $1.79 | $1.89 | $2.23 | ' | ' | ' | ' | ' |
Granted, weighted-average grant date fair value | $1.15 | $1.79 | $1.67 | ' | ' | ' | ' | $0.90 | $1.72 | $1.80 | ' | $1.63 |
Vested, weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | $1.73 | $1.75 | $2.23 | ' | ' |
Canceled and Forfeited, weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | $1.82 | $2.36 | $2.18 | $1.71 | ' |
Nonvested outstanding, ending balance, weighted-average grant date fair value | ' | ' | ' | $1.32 | $1.79 | $1.89 | $2.23 | ' | ' | ' | ' | ' |
Employee_And_NonEmployee_Benef6
Employee And Non-Employee Benefit And Compensation Plans (Details 5) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Vested | ' | ' | -12,500 | ' | ||||
Forfeitures | ' | ' | -87,500 | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Vested, weighted average grant date value | ' | ' | $3.95 | ' | ||||
Forfeitures, weighted average grant date value | ' | ' | $3.95 | ' | ||||
Price-based RSUs | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance | 440,000 | ' | 0 | ' | ||||
Granted | 930,000 | ' | 440,000 | ' | ||||
Forfeitures | -400,000 | ' | ' | ' | ||||
Nonvested, ending balance | 970,000 | ' | 440,000 | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance weighted average grant date value | $3.07 | ' | $0 | ' | ||||
Granted, weighted average grant date value | $0.65 | ' | $3.07 | ' | ||||
Forfeitures, weighted average grant date value | $3.19 | ' | ' | ' | ||||
Nonvested, ending balance weighted average grant date value | $0.77 | ' | $3.07 | ' | ||||
Performance-based RSUs | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance | 140,500 | 208,500 | 720,000 | ' | ||||
Granted | ' | ' | 550,000 | 351,625 | ||||
Vested | -135,500 | -50,500 | -170,000 | ' | ||||
Forfeitures | -5,000 | -17,500 | -341,500 | ' | ||||
Nonvested, ending balance | 0 | 140,500 | 208,500 | 720,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance weighted average grant date value | $4.62 | [1] | $4.62 | [1] | $4.62 | [1] | ' | |
Vested, weighted average grant date value | $4.62 | [1] | $4.62 | [1] | $4.62 | [1] | ' | |
Forfeitures, weighted average grant date value | $4.62 | [1] | $4.62 | [1] | $4.62 | [1] | ' | |
Nonvested, ending balance weighted average grant date value | $0 | [1] | $4.62 | [1] | $4.62 | [1] | $4.62 | [1] |
Stock Plan | Service period-based options | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance | 0 | 8,352 | 320,922 | ' | ||||
Granted | 26,966,000 | 25,202 | 33,037 | ' | ||||
Vested | -26,966,000 | -33,554 | -128,097 | ' | ||||
Forfeitures | ' | ' | -217,510 | ' | ||||
Nonvested, ending balance | 0 | 0 | 8,352 | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance weighted average grant date value | $0 | $4.49 | $8.24 | ' | ||||
Granted, weighted average grant date value | $2.71 | $3.26 | $4.08 | ' | ||||
Vested, weighted average grant date value | $2.71 | $3.65 | $7.45 | ' | ||||
Forfeitures, weighted average grant date value | ' | ' | $8.53 | ' | ||||
Nonvested, ending balance weighted average grant date value | $0 | $0 | $4.49 | ' | ||||
Stock Plan | Service period-based RSUs | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance | 719,726 | 539,698 | 0 | ' | ||||
Granted | 814,500 | 302,163 | 639,698 | ' | ||||
Vested | -438,353 | -119,635 | ' | ' | ||||
Forfeitures | -353,790 | -2,500 | ' | ' | ||||
Nonvested, ending balance | 742,083 | 719,726 | 539,698 | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Nonvested, beginning balance weighted average grant date value | $3.93 | $4.29 | $0 | ' | ||||
Granted, weighted average grant date value | $2.53 | $3.19 | $4.24 | ' | ||||
Vested, weighted average grant date value | $3.64 | $4.14 | ' | ' | ||||
Forfeitures, weighted average grant date value | $3.89 | $3.95 | ' | ' | ||||
Nonvested, ending balance weighted average grant date value | $2.69 | $3.93 | $4.29 | ' | ||||
[1] | The weighted average grant date value included in the table above was adjusted to reflect the impact of the modifications approved on DecemberB 3, 2010 to the 2010 and 2009 awards. |
Income_taxes_Details
Income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit) [Abstract] | ' | ' | ' |
Federal | $0 | $0 | $0 |
State and local | 53 | -107 | 29 |
Foreign | -160 | -252 | -262 |
Total current income tax (expense)/benefit | -107 | -359 | -233 |
Deferred Income Tax Expense (Benefit) [Abstract] | ' | ' | ' |
Federal | 20 | -1,061 | -1,149 |
State and local | 3 | -182 | -198 |
Total deferred income tax (expense) | 23 | -1,243 | -1,347 |
Income tax provision | ($84) | ($1,602) | ($1,580) |
Income_taxes_Details_1
Income taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed tax benefit at the federal statutory rate of 35% | $591 | $19,069 | $4,879 |
State income taxes, net of federal benefit | -19 | -57 | -50 |
Non-deductible compensation | -91 | -537 | -30 |
Non-deductible expense | -113 | -131 | -132 |
Non-deductible goodwill impairment | 1,257 | -15,490 | 0 |
Tax on foreign income | -104 | -252 | -262 |
Valuation allowance | -1,686 | -4,186 | -6,090 |
Other | 81 | -18 | 105 |
Income tax provision | ($84) | ($1,602) | ($1,580) |
Effective tax rate | 5.00% | 2.90% | 11.30% |
Income_taxes_Details_2
Income taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets [Abstract] | ' | ' |
Provision for doubtful accounts | $614 | $1,020 |
Accrued rent | 1,572 | 1,748 |
Reserve for newsstand returns | 100 | 139 |
Accrued compensation | 4,854 | 10,464 |
Deferred royalty revenue | 1,582 | 1,165 |
NOL/credit carryforwards | 62,766 | 59,868 |
Depreciation | 5,374 | 6,071 |
Amortization of intangible assets | 6,054 | 7,756 |
Other | 208 | 242 |
Total deferred tax assets | 83,124 | 88,473 |
Deferred Tax Liabilities [Abstract] | ' | ' |
Prepaid expenses | -585 | -293 |
Amortization of intangible assets | -7,094 | -7,117 |
Total deferred tax liabilities | -7,679 | -7,410 |
Valuation allowance | -82,539 | -88,180 |
Net Deferred Tax Liabilities | ($7,094) | ($7,117) |
Income_taxes_Details_3
Income taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Gross balance at January 1 | $50 | $50 |
Additions based on tax positions related to the current year | 0 | 0 |
Additions for tax positions of prior years | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 |
Settlements | -9 | 0 |
Reductions due to lapse of applicable statute of limitations | 0 | 0 |
Gross balance at December 31 | 41 | 50 |
Interest and penalties | 22 | 22 |
Balance including interest and penalties at December 31 | $63 | $72 |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Valuation Allowance [Line Items] | ' | ' |
Cumulative valuation allowance | ' | ($5,600,000) |
Deferred Tax Assets and Tax Credit Carryforwards, Cumulative | ' | 82,500,000 |
Net Deferred Tax Liabilities | -7,117,000 | -7,094,000 |
Deferred tax liability, indefinite-lived intangible assets | 7,117,000 | 7,094,000 |
Tax credit carryforward | ' | 3,900,000 |
Unrecognized Tax Benefits and Income Tax Penalties and Interest Accrued | 72,000 | 63,000 |
Unrecognized tax benefits, which if recognized would impact on effective tax rate | ' | 40,000 |
Interest on income tax | 20,000 | ' |
Accrued interest and penalties from unrecognized tax positions | 22,000 | 22,000 |
Non-recurring tax benefit | ' | 1,300,000 |
Federal | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Operating loss carryforwards | ' | $130,600,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2009 | Jul. 02, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Oct. 21, 2013 | Dec. 31, 2012 |
Lifestyle Research Center | Lifestyle Research Center | Lifestyle Research Center | MS Partnership | MS Partnership | Martha Stewart | Alexis Stewart | Alexis Stewart | Martha Stewart and Charles Koppleman Family Members | Martha Stewart and Charles Koppleman Family Members | JCP | JCP | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Talent Compensation Reduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' |
Talent compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | ' | ' | ' | ' | ' | ' |
License Cost Reduction | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual fee | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved and documented household expenses | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursements for approved and documented household expenses | ' | ' | ' | ' | 0.03 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursements for business activities | ' | ' | ' | ' | 0.02 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursements for insurance policy premiums | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' |
Tax on reimbursements for insurance policy premiums | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax gross-up included on balance sheet | ' | 0.3 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.3 | 0.4 | 0.3 | ' | ' |
Charitable contributions to related parties | ' | 0.02 | 0.02 | 0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in company's outstanding common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.40% | ' |
Revenue from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.60 | $8.10 |
Recovered_Sheet1
Commitments And Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Operating Lease Payments | ' |
Minimum operating lease payments, 2014 | $8,673 |
Minimum operating lease payments, 2015 | 8,580 |
Minimum operating lease payments, 2016 | 8,581 |
Minimum operating lease payments, 2017 | 7,621 |
Minimum operating lease payments, 2018 | 555 |
Total minimum operating lease payments, | 34,010 |
Future Minimum Sublease Rentals | ' |
Sublease income, 2014 | 429 |
Sublease income, 2015 | 433 |
Sublease income, 2016 | 439 |
Sublease income, 2017 | 0 |
Sublease income, 2018 | 0 |
Total Sublease Income | 1,301 |
Minimum Net Operating Lease Payments | ' |
Net operating lease payments, 2014 | 8,244 |
Net operating lease payments, 2015 | 8,147 |
Net operating lease payments, 2016 | 8,142 |
Net operating lease payments, 2017 | 7,621 |
Net operating lease payments, 2018 | 555 |
Total net operating lease payments | $32,709 |
Commitments_And_Contingencies_1
Commitments And Contingencies - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sqft | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Total rent expense, net of sublease income | ' | $9.70 | $12.30 | $13.50 |
Sublease income | ' | ' | 0.7 | 1.3 |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Square Feet of Office Space Vacated | 47,592 | ' | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Operating Leases, Future Reduction in Lease Payments | 6.3 | ' | ' | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $47,405 | $33,848 | $42,198 | $37,224 | $56,363 | $43,549 | $47,884 | $49,831 | $160,675 | $197,627 | $221,433 |
Operating income/(loss) | 5,860 | -4,076 | -636 | -3,045 | 1,360 | -50,689 | -2,885 | -4,182 | -1,897 | -56,396 | -18,594 |
Net (loss)/income | $6,976 | ($4,295) | ($1,180) | ($3,273) | $1,110 | ($50,878) | ($2,704) | ($3,613) | ($1,772) | ($56,085) | ($15,519) |
(Loss)/earnings per share - basic and diluted | $0.12 | ($0.06) | ($0.02) | ($0.05) | $0.02 | ($0.76) | ($0.04) | ($0.05) | ($0.03) | ($0.83) | ($0.28) |
Weighted average common shares outstanding, Basic | 57,630,635 | 67,490,820 | 67,371,869 | 67,241,626 | 67,330,288 | 67,271,211 | 67,224,593 | 67,065,741 | 64,912,368 | 67,231,463 | ' |
Weighted average common shares outstanding, Diluted | 58,011,641 | 67,490,820 | 67,371,869 | 67,241,626 | 67,621,961 | 67,271,211 | 67,224,593 | 67,065,741 | 64,912,368 | 67,231,463 | ' |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ||
Non-cash goodwill impairment, per share | ' | ' | $0.66 | ' | ' | ||
Restructuring charges | ($2,800) | ($3,500) | ($3,439) | [1] | ($4,811) | [1] | ($5,116) |
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. |
Gain_on_Sale_of_Subscriber_Lis1
Gain on Sale of Subscriber List, net (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 02, 2013 | |
Whole Living Magazine [Member] | Whole Living Magazine [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Sale Price | ' | ' | ' | $1,000,000 | $1,000,000 |
Amount of contingent liability related to customer refunds | ' | ' | ' | ' | 100,000 |
Cash received from sale | ' | ' | ' | ' | 900,000 |
Deferred revenue recorded in operations as a result of sale | ' | ' | ' | 2,200,000 | ' |
Gain on sale of subscriber list, net | 2,724,000 | 0 | 0 | 2,700,000 | ' |
Broker fees and other costs | ' | ' | ' | $500,000 | ' |
Industry_Segments_Segment_Info
Industry Segments - Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Publishing | ' | ' | ' | ' | ' | ' | ' | ' | ' | $96,493,000 | $122,540,000 | $140,857,000 | ||
Merchandising | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,992,000 | 57,574,000 | 48,614,000 | ||
Broadcasting | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,190,000 | 17,513,000 | 31,962,000 | ||
Revenues | ' | 47,405,000 | 33,848,000 | 42,198,000 | 37,224,000 | 56,363,000 | 43,549,000 | 47,884,000 | 49,831,000 | 160,675,000 | 197,627,000 | 221,433,000 | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,908,000 | [1] | -3,807,000 | [1] | -5,496,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,758,000 | -4,007,000 | -3,978,000 | ||
Restructuring charges | -2,800,000 | -3,500,000 | ' | ' | ' | ' | ' | ' | ' | -3,439,000 | [1] | -4,811,000 | [1] | -5,116,000 |
Gain on sale of subscriber list, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,724,000 | 0 | 0 | ||
Goodwill impairment | ' | ' | -44,300,000 | ' | ' | ' | ' | ' | ' | 0 | -44,257,000 | 0 | ||
Operating income/(loss) | ' | 5,860,000 | -4,076,000 | -636,000 | -3,045,000 | 1,360,000 | -50,689,000 | -2,885,000 | -4,182,000 | -1,897,000 | -56,396,000 | -18,594,000 | ||
Total assets | 148,367,000 | 154,260,000 | ' | ' | ' | 216,120,000 | ' | ' | ' | 148,367,000 | 154,260,000 | 216,120,000 | ||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,090,000 | 1,314,000 | 2,879,000 | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,979,000 | 3,939,000 | 5,020,000 | ||
Reversal of non-cash equity compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 500,000 | ||
Publishing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Publishing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,540,000 | 140,857,000 | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -376,000 | -587,000 | [1] | -682,000 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -944,000 | -742,000 | -774,000 | ||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,004,000 | -1,971,000 | [1] | -828,000 | |
Gain on sale of subscriber list, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,724,000 | ' | ' | ||
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,257,000 | ' | ||
Operating income/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,781,000 | -62,029,000 | -6,464,000 | ||
Total assets | 25,245,000 | 31,232,000 | ' | ' | ' | 83,769,000 | ' | ' | ' | 25,245,000 | 31,232,000 | 83,769,000 | ||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000 | 236,000 | 1,221,000 | ||
Merchandising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Merchandising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,574,000 | 48,614,000 | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -237,000 | -455,000 | [1] | -224,000 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | -52,000 | -32,000 | ||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -583,000 | -81,000 | [1] | -13,000 | |
Operating income/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,512,000 | 39,477,000 | 29,972,000 | ||
Total assets | 64,876,000 | 87,213,000 | ' | ' | ' | 81,199,000 | ' | ' | ' | 64,876,000 | 87,213,000 | 81,199,000 | ||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 105,000 | 7,000 | ||
Broadcasting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Broadcasting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,513,000 | 31,962,000 | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,000 | -50,000 | [1] | -67,000 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,000 | -388,000 | -470,000 | ||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -816,000 | [1] | -600,000 | |
Operating income/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,155,000 | 2,354,000 | -4,740,000 | ||
Total assets | 1,290,000 | 19,619,000 | ' | ' | ' | 28,352,000 | ' | ' | ' | 1,290,000 | 19,619,000 | 28,352,000 | ||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000 | 32,000 | ||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-cash equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,287,000 | -2,715,000 | [1] | -4,523,000 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,737,000 | -2,825,000 | -2,702,000 | ||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -852,000 | -1,943,000 | [1] | -3,675,000 | |
Operating income/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,783,000 | -36,198,000 | -37,362,000 | ||
Total assets | 56,956,000 | 16,196,000 | ' | ' | ' | 22,800,000 | ' | ' | ' | 56,956,000 | 16,196,000 | 22,800,000 | ||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | $898,000 | $932,000 | $1,619,000 | ||
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ' | ||
Restructuring charges | $2,800,000 | $3,500,000 | $3,439,000 | [1] | $4,811,000 | [1] | $5,116,000 |
Restructuring charges payable | 2,600,000 | 3,300,000 | 2,600,000 | 3,300,000 | ' | ||
Reversal of non-cash equity compensation expense | ' | ' | $100,000 | $100,000 | $500,000 | ||
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $2.0 million, $3.9 million and $5.0 million in 2013, 2012 and 2011, respectively. Included in non-cash equity compensation expense were net charges to expense of approximately $0.1 million for 2013 and 2012, and reversals of expense in 2011 of approximately $0.5 million, which were generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 and 2012 consolidated statements of operations. See Note 16, Restructuring Charges for further information. |
Other_Information_Additional_I
Other Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $47,405,000 | $33,848,000 | $42,198,000 | $37,224,000 | $56,363,000 | $43,549,000 | $47,884,000 | $49,831,000 | $160,675,000 | $197,627,000 | $221,433,000 |
Other Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 9,500,000 | 15,300,000 |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Income Taxes Paid | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | 600,000 |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 153,100,000 | 187,400,000 | 211,600,000 |
Foreign Sources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $7,600,000 | $10,200,000 | $9,800,000 |
Recovered_Sheet2
Schedule II - Valuation and Qualifiying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance, Beginning of Year | $1,617 | $1,630 | $1,502 |
Additions Charged to Revenues, Costs and Expenses | 885 | 997 | 1,196 |
Additions/(Deductions) Charged to Balance Sheet Accounts | -1,230 | -109 | -334 |
(Deductions) Charged to Revenues, Costs and Expenses | -424 | -901 | -734 |
Balance, End of Year | 848 | 1,617 | 1,630 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance, Beginning of Year | 88,180 | 83,846 | 76,963 |
Additions Charged to Revenues, Costs and Expenses | 321 | 5,031 | 6,883 |
Additions/(Deductions) Charged to Balance Sheet Accounts | 0 | 0 | 0 |
(Deductions) Charged to Revenues, Costs and Expenses | -5,962 | -697 | 0 |
Balance, End of Year | $82,539 | $88,180 | $83,846 |