Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'zipr | ' |
Entity Registrant Name | 'ZIPREALTY INC | ' |
Entity Central Index Key | '0001142512 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 21,896,963 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $8,278 | $14,311 |
Accounts receivable, net of allowance of $19 and $7, respectively | 1,229 | 975 |
Prepaid expenses and other current assets | 1,527 | 1,401 |
Total current assets | 11,034 | 16,687 |
Restricted cash | 210 | 210 |
Property and equipment, net | 3,316 | 3,142 |
Other assets | 205 | 145 |
Total assets | 14,765 | 20,184 |
Current liabilities | ' | ' |
Accounts payable | 1,146 | 1,100 |
Accrued expenses and other current liabilities | 4,491 | 6,171 |
Accrued restructuring charges, current portion | 32 | 44 |
Total current liabilities | 5,669 | 7,315 |
Other long-term liabilities | 527 | 586 |
Total liabilities | 6,196 | 7,901 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' equity | ' | ' |
Common stock: $0.001 par value; 100,000 shares authorized: 25,460 and 25,263 shares issued and 21,832 and 21,647 outstanding, respectively | 25 | 25 |
Additional paid-in capital | 164,812 | 163,680 |
Accumulated deficit | -138,577 | -133,770 |
Treasury stock, at cost: 3,628 and 3,615 shares, respectively | -17,691 | -17,652 |
Total stockholders' equity | 8,569 | 12,283 |
Total liabilities and stockholders' equity | $14,765 | $20,184 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance | $19 | $7 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,460,000 | 25,263,000 |
Common stock, shares outstanding | 21,832,000 | 21,647,000 |
Treasury stock at cost, shares | 3,628,000 | 3,615,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Condensed Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net revenues | $17,359 | $21,665 | $30,932 | $37,057 | ||||
Operating costs and expenses | ' | ' | ' | ' | ||||
Cost of revenues | 9,757 | 12,392 | 17,000 | 21,095 | ||||
Product development | 2,174 | [1] | 1,829 | [1] | 4,247 | [1] | 3,676 | [1] |
Sales and marketing | 5,285 | 5,374 | 10,348 | 10,400 | ||||
General and administrative | 2,157 | 1,716 | 4,206 | 3,551 | ||||
Litigation settlement charges (Note 8) | -121 | 7 | -90 | 85 | ||||
Restructuring charges, net | ' | 5 | ' | 62 | ||||
Total operating costs and expenses | 19,252 | 21,323 | 35,711 | 38,869 | ||||
Income (loss) from operations | -1,893 | 342 | -4,779 | -1,812 | ||||
Interest income | 1 | 1 | 4 | 3 | ||||
Income (loss) before income taxes | -1,892 | 343 | -4,775 | -1,809 | ||||
Provision for income taxes | 19 | 19 | 32 | 35 | ||||
Net income (loss) | ($1,911) | $324 | ($4,807) | ($1,844) | ||||
Net income (loss) per share: | ' | ' | ' | ' | ||||
Basic | ($0.09) | $0.02 | ($0.22) | ($0.09) | ||||
Diluted | ($0.09) | $0.01 | ($0.22) | ($0.09) | ||||
Weighted average common shares outstanding: | ' | ' | ' | ' | ||||
Basic | 21,706 | 20,830 | 21,691 | 20,783 | ||||
Diluted | 21,706 | 21,700 | 21,691 | 20,783 | ||||
[1] | Amortization of internal-use software and website development costs included in product development |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amortization of internal-use software and website development costs included in product development | $445 | $326 | $851 | $643 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income (loss): | ' | ' | ' | ' |
Net income (loss) | ($1,911) | $324 | ($4,807) | ($1,844) |
Change in accumulated unrealized gain on available-for-sale securities, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) | ($1,911) | $324 | ($4,807) | ($1,844) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($4,807) | ($1,844) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ' | ' |
Depreciation and amortization | 1,178 | 947 |
Stock-based compensation expense | 682 | 556 |
Provision for doubtful accounts | 12 | 5 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -266 | -354 |
Prepaid expenses and other current assets | -126 | 591 |
Other assets | -60 | 46 |
Accounts payable | 46 | 327 |
Accrued expenses and other current liabilities | -1,680 | 611 |
Accrued restructuring charges, current portion | -12 | -125 |
Other long-term liabilities | -59 | 1 |
Net cash provided by (used in) operating activities | -5,092 | 761 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -1,315 | -1,295 |
Net cash used in investing activities | -1,315 | -1,295 |
Cash flows from financing activities | ' | ' |
Proceeds from stock option exercises | 413 | 454 |
Acquisition of treasury stock | -39 | ' |
Net cash provided by financing activities | 374 | 454 |
Net decrease in cash and cash equivalents | -6,033 | -80 |
Cash and cash equivalents at beginning of period | 14,311 | 12,921 |
Cash and cash equivalents at end of period | $8,278 | $12,841 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Background and Basis of Presentation [Abstract] | ' |
Background and Basis of Presentation | ' |
1. BACKGROUND AND BASIS OF PRESENTATION | |
The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by Generally Accepted Accounting Principles (“GAAP”) for annual financial statements. In the opinion of the Company’s management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position for the periods presented. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014, or any other period. The unaudited condensed consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | |
Principles of consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and reflect the elimination of intercompany accounts and transactions. | |
Seasonality | |
The Company’s net transaction revenues and income (loss) from operations have historically varied from quarter to quarter. Such variations are principally attributable to variations in home sales activity over the course of the calendar year. The Company has historically experienced lower net transaction revenues during the first quarter because holidays and adverse weather conditions in certain regions typically reduce the level of sales activity and listings inventories between the Thanksgiving and Presidents’ Day holidays. The Company’s historical quarterly operations have been additionally impacted in recent years as a result of economic conditions and government programs that altered home buyer behavior. Net transaction revenues during the three months ended June 30, 2013 and 2012 accounted for approximately 28.6% and 26.8% of annual net transaction revenues for the years ended December 31, 2013 and 2012, respectively. Net transaction revenues during the six months ended June 30, 2013 and 2012 accounted for approximately 48.9% and 50.7% of annual net transaction revenues for the years ended December 31, 2013 and 2012, respectively. | |
Significant accounting policies | |
Revenue recognition | |
Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been delivered and collectability of the resulting receivable is reasonably assured. | |
We derive the majority of our net revenues from commissions earned in our owned-and-operated residential real estate brokerage. We also derive net revenues from commission referrals earned from brokers who are Powered by Zip clients. We recognize commission based revenues upon closing of a sale and purchase transaction, net of any rebate, commission discount or transaction fee adjustment. These transactions typically do not have multiple deliverable arrangements. | |
Non-commission based revenues are derived primarily from marketing agreements with residential mortgage service providers, the sale of online advertising, lead referral fees and other revenues. We classify these revenues as marketing and other revenues. Marketing service revenues are recognized over the term of the agreements as the contracted services are delivered. Advertising revenues on contracts are recognized as impressions are delivered or as clicks are provided to advertisers. Advertising and marketing contracts may consist of multiple deliverables which generally include a blend of various impressions or clicks as well as other marketing deliverables. Revenues related to revenue sharing arrangements are recognized based on revenue reports received from our partners, provided that collectability is reasonably assured. | |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
2. SUBSEQUENT EVENT | |
On July 15, 2014, the Company, Realogy Group LLC, a Delaware limited liability company (“Realogy”) and a wholly owned indirect subsidiary of Realogy Holdings Corp., and Honeycomb Acquisition, Inc., a Delaware corporation and a wholly owned indirect subsidiary of Realogy (“Purchaser”), entered into a definitive Agreement and Plan of Merger, pursuant to which Realogy, through Purchaser, will commence an offer (the “Offer”) to acquire all of the outstanding shares of the Company’s common stock, par value $0.001 per share, for $6.75 per share net to the seller in cash, without interest. Completion of the Offer is subject to several conditions, including (i) that a majority of the shares outstanding (determined on a fully diluted basis) be validly tendered and not validly withdrawn prior to the expiration of the Offer; (ii) the expiration or termination of any applicable waiting period relating to the Offer under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”); (iii) the absence of a material adverse effect on the Company; and (iv) certain other customary conditions. The consummation of the Offer is not subject to any financing condition. On July 25, 2014, the Federal Trade Commission granted early termination of the waiting period under the HSR Act. | |
Balance_Sheet_Components
Balance Sheet Components | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Balance Sheet Components [Abstract] | ' | |||||||
Balance Sheet Components | ' | |||||||
3. BALANCE SHEET COMPONENTS | ||||||||
Property and equipment, net | ||||||||
Property and equipment, net consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Computer hardware and software | $ | 12,675 | $ | 11,341 | ||||
Furniture, fixtures and equipment | 1,946 | 1,944 | ||||||
Leasehold improvements | 1,972 | 1,956 | ||||||
Total | 16,593 | 15,241 | ||||||
Less: accumulated depreciation and amortization | -13,277 | -12,099 | ||||||
Total property and equipment, net | $ | 3,316 | $ | 3,142 | ||||
Depreciation and amortization expense for the quarters ended June 30, 2014 and June 30, 2013 was approximately $606,000 and $469,000, respectively. | ||||||||
Accrued expenses and other current liabilities | ||||||||
Accrued expenses and other current liabilities consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Accrued compensation | $ | 1,470 | $ | 1,606 | ||||
Accrued agent commissions | 894 | 959 | ||||||
Accrued marketing | 1,026 | 861 | ||||||
Accrued litigation settlement | 201 | 1,909 | ||||||
Accrued professional fees | 357 | 164 | ||||||
Other accrued expenses | 543 | 672 | ||||||
Total accrued expenses and other current liabilities | $ | 4,491 | $ | 6,171 | ||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
4. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
The Company follows the fair value hierarchy, established by the accounting standard related to fair value measurement, to prioritize the inputs used in valuation techniques. There are three broad levels to the fair value hierarchy of inputs to fair value. Level 1 is the highest priority and Level 3 is the lowest priority and are as follows: | ||||||||||||||||||||||||||||||||
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||||||||||||||||
• | Level 2: Quoted prices in markets that are not active; or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |||||||||||||||||||||||||||||||
• | Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||||||||||||||||||||
The Company measures and reports certain financial assets at fair value on a recurring basis, including its investments in money market funds. At June 30, 2014 and December 31, 2013, there were no liabilities recorded at fair value. The fair values of the Company’s Level 1 financial assets are based on quoted market prices of the identical underlying security. The Company did not have any Level 2 and Level 3 financial assets at June 30, 2014 and at December 31, 2013. The Company utilizes a pricing service to assist in obtaining fair value pricing for its investment portfolio. | ||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company’s cash equivalents amounting to $5.5 million and $11.3 million, respectively, were invested in money market funds and were measured at fair value on a recurring basis, using Level 1 inputs within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Money market funds | $ | 5,474 | $ | - | $ | - | $ | 5,474 | $ | 11,349 | $ | - | $ | - | $ | 11,349 | ||||||||||||||||
Total | $ | 5,474 | $ | - | $ | - | $ | 5,474 | $ | 11,349 | $ | - | $ | - | $ | 11,349 | ||||||||||||||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | |||||||||||||||
Net Income (Loss) Per Share | ' | |||||||||||||||
5. NET INCOME (LOSS) PER SHARE | ||||||||||||||||
The following table sets forth the computation of basic and dilutive net income (loss) per share for the periods indicated: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | -1,911 | $ | 324 | $ | -4,807 | $ | -1,844 | ||||||||
Denominator: | ||||||||||||||||
Shares used to compute EPS: | ||||||||||||||||
Basic | 21,706 | 20,830 | 21,691 | 20,783 | ||||||||||||
Diluted | 21,706 | 21,700 | 21,691 | 20,783 | ||||||||||||
Net income (loss) per share basic and diluted: | ||||||||||||||||
Basic | $ | -0.09 | $ | 0.02 | $ | -0.22 | $ | -0.09 | ||||||||
Diluted | $ | -0.09 | $ | 0.01 | $ | -0.22 | $ | -0.09 | ||||||||
The following weighted-average outstanding options and non-vested common shares were excluded in the computation of diluted net income (loss) per share for the periods presented because including them would be anti-dilutive: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Options to purchase common stock | 5,624 | 3,652 | 5,458 | 5,563 | ||||||||||||
Nonvested common stock | - | - | 15 | 45 | ||||||||||||
Total | 5,624 | 3,652 | 5,473 | 5,608 | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
6. STOCK-BASED COMPENSATION | ||||||||||||||||
Valuation assumptions and stock-based compensation expense | ||||||||||||||||
The Company estimates the fair value of stock options on the day of grant using the Black-Scholes option pricing model, which incorporates various assumptions including volatility, expected life, dividend yields and interest rates. The expected volatility is based on the historical volatility of the Company’s common stock. The expected life of options granted during the three and six months ended June 30, 2014 and 2013 was estimated using the simplified method by taking the average of the vesting term and the contractual term of the option as provided by the applicable accounting guidance. The simplified method was used because of significant structural changes in the Company’s business associated with past restructuring activities such that its historical exercise data does not provide a reasonable basis upon which to estimate the expected term. | ||||||||||||||||
The assumptions used and the resulting estimates of weighted average fair value per share of options granted were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Expected volatility | 57% | 52% | 54%-57% | 51%-52% | ||||||||||||
Risk-free interest rate | 1.60% | 1.0-1.3% | 1.6-1.8% | 1.0-1.3% | ||||||||||||
Expected life (years) | 5.5 | 5.5-6.1 | 5.5-6.1 | 5.5-6.1 | ||||||||||||
Expected dividend yield | 0% | 0% | 0% | 0% | ||||||||||||
Weighted-average fair value of options granted during the period | $1.59 | $1.50 | $2.44 | $1.76 | ||||||||||||
Stock-based compensation expense was as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenues | $ | -6 | $ | -13 | $ | -110 | $ | 53 | ||||||||
Product development | 42 | 26 | 74 | 49 | ||||||||||||
Sales and marketing | 131 | 90 | 304 | 99 | ||||||||||||
General and administrative | 174 | 184 | 414 | 355 | ||||||||||||
Total stock-based compensation expense | $ | 341 | $ | 287 | $ | 682 | $ | 556 | ||||||||
The accounting standards require forfeitures to be estimated at the time of grant and revised, if necessary in subsequent periods if actual forfeitures differ from those estimates. The Company estimated expected forfeitures based on various factors including employee class and historical experience. The amount of stock-based compensation expense has been reduced for estimated forfeitures. As of June 30, 2014, there was $3.3 million of unrecorded stock-based compensation, after estimated forfeitures, related to unvested stock options, which is expected to be recognized over a weighted average remaining recognition period of 2.6 years. As of June 30, 2014, there was no unrecorded stock-based compensation related to unvested restricted stock. | ||||||||||||||||
Stock option activity | ||||||||||||||||
A summary of the Company’s stock option activity for the period indicated was as follows: | ||||||||||||||||
Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||||
Shares | Price | Life ( Years) | Value | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Outstanding at December 31, 2013 | 5,081 | $ | 3.16 | 7.05 | $ | 13,412 | ||||||||||
Options granted | 712 | 4.66 | ||||||||||||||
Options exercised | -197 | 2.10 | ||||||||||||||
Options forfeited/cancelled/expired | -106 | 4.76 | ||||||||||||||
Outstanding at June 30, 2014 | 5,490 | $ | 3.36 | 7.13 | $ | 2,602 | ||||||||||
Exercisable at June 30, 2014 | 3,381 | $ | 3.32 | 6.01 | $ | 1,849 | ||||||||||
Options generally vest over a four-year period with one-fourth (1/4) of the shares vesting one year after the vesting commencement date, and an additional one-forty eighth (1/48) of the shares vesting on the first day of each calendar month thereafter until all such shares are exercisable. Options generally expire after ten years. Options issued pursuant to the Company’s voluntary stock option exchange program, completed in July 2009, vested ratably over a 36 month period and expire after seven years. | ||||||||||||||||
In June 2014, the Company’s stockholders approved an Amended and Restated Omnibus Equity Incentive Plan with substantially the same vesting and other terms as the original 2004 Equity Incentive Plan with the exception of eliminating the “evergreen” provision that automatically increases, on each January 1, the number of shares reserved for issuance equal to the least of (a) 1,666,666 shares, (b) 4% of the outstanding shares on such date, or (c) an amount determined by the Board of Directors. The total shares reserved that may be issued under the Amended and Restated Omnibus Equity Incentive Plan is 8,638,089. | ||||||||||||||||
During the three months ended March 31, 2012: (i) The Company granted options for 183,000 shares that provided accelerated vesting if the Company’s closing stock price was equal to or greater than $5.00 per share for a period of 120 consecutive days, which was achieved in January of 2014: and (ii) The Company also granted options for 183,000 shares that provided for vesting in full if the Company achieved adjusted EBITDA profitability for the year ended December 31, 2012, which was determined in February of 2013 to have been achieved for the year ended December 31, 2012. | ||||||||||||||||
Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the fiscal period, which was $3.03 per share on June 30, 2014, and the exercise price for the options that were in-the-money at June 30, 2014. The total number of in-the-money options exercisable as of June 30, 2014 was 1,616,000. Total intrinsic value of options exercised was $306,000 and $221,000 for the six months ended June 30, 2014 and 2013, respectively. The Company settles employee stock option exercises with newly issued common shares. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
The Company expenses the cost of restricted stock awards, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which the restriction lapse. Stock-based compensation expense related to restricted stock for the three and six months ended June 30, 2014 was $0 and $27,000, respectively. Stock-based compensation expense related to restricted stock for the three and six months ended June 30, 2013 was $19,000 and $29,000, respectively. As of June 30, 2014 and December 31, 2013, the Company had 0 and 30,000 shares of nonvested restricted stock awards, respectively. | ||||||||||||||||
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Number of | Exercise | |||||||||||||||
Shares | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Nonvested at December 31, 2013 | 30 | $ | 3.00 | |||||||||||||
Shares granted | - | - | ||||||||||||||
Shares vested | -30 | 3.00 | ||||||||||||||
Shares forfeited | - | - | ||||||||||||||
Nonvested at June 30, 2014 | - | $ | - | |||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
7. INCOME TAXES | |
The Company currently forecasts losses for the year. Since these losses are not benefitted, they are not included in the effective tax rate calculation. The tax provision is comprised of Texas margin tax and other state minimum taxes and is recorded ratably in the interim period. | |
The Company maintains that a full valuation allowance should be maintained for its net deferred tax assets at June 30, 2014. The Company supports the need for a valuation allowance against the deferred tax assets due to negative evidence including recent historical results and management’s expectations for the future. | |
Legal_Settlement_Charges
Legal Settlement Charges | 6 Months Ended |
Jun. 30, 2014 | |
Legal Settlement Charges [Abstract] | ' |
Legal Settlement Charges | ' |
8. LEGAL SETTLEMENT CHARGES | |
On September 26, 2011, the Division of Labor Standard Enforcement, Department of Industrial Relations, State of California (the “DLSE”) filed a lawsuit against the Company in the Superior Court of California, Alameda County, State Labor Commissioner, etc., v. ZipRealty, Inc. The complaint concerned the Company’s compensation practices regarding real estate agents in California, who at the time at issue were classified as employees. Specifically, the complaint alleged that the Company failed to pay these persons minimum wage and overtime, and failed to provide itemized wage statements, as required by California laws. In addition to wages and overtime, the complaint seeks liquidated damages, for a total claim in excess of $17 million. On September 28, 2012, the Company entered into a settlement Agreement and General Release (the “Agreement”) with the DLSE concerning the complaint. Pursuant to the Agreement the Company paid $0.2 million to the DLSE for attorneys’ fees and costs, and $4.8 million into a trust for disbursement to former employees as back wages. The Company will pay the employer’s share of F.I.C.A. taxes and other employer tax responsibilities on back wages as they are distributed to former employees, as well as the administrative costs of the claims administrator for the trust, which totaled less than $0.1 million in the three and six months ended June 30, 2014 and were reflected in litigation settlement charges in the Company’s Statement of Operations, and which could total less than an additional $0.1 million if all remaining former employee claimants participate. A liability and corresponding expense for the additional employer taxes and administrative fees have not been reflected within the balance sheet because an estimate of the ultimate liability for payment of these payroll taxes cannot be reasonably determined. Disbursements to former employees are subject to their execution of a release claim against the Company. The Agreement also includes a full release by the DLSE from further liability on this issue. On October 12, 2012, the Court dismissed the entire action, with prejudice, against the defendants. | |
On February 17, 2012, two real estate sales agents formerly employed by us, on behalf of themselves and all other similarly situated individuals, filed a lawsuit against us in the United States District Court, District of Arizona, Patricia Anderson and James Kwasiborski v. ZipRealty, Inc. The complaint concerned our compensation practices nationwide regarding our real estate agents, who at the time at issue were classified as employees. Specifically, the complaint alleges that we failed to pay these persons minimum wage and overtime as required by federal law. The complaint sought liquidated and treble damages in addition to wages and overtime for an unspecified amount. On December 23, 2013, we reached a settlement for $1.7 million to resolve both the federal and state law claims. This settlement was subsequently approved by the court. We were also responsible for payment of the employer’s share of F.I.C.A. taxes and other employer tax for the back wages which total less than $0.1 million. A liability and corresponding expense for the $1.7 million settlement and associated employer’s share of F.I.C.A. taxes and other employer taxes was included in litigation settlement charges in the Company’s Statement of Operations for the year ended December 31, 2013 because a loss is both probable and reasonably estimable. | |
On February 29, 2012, one real estate agent formerly employed by the Company, on behalf of herself and all other similarly situated individuals, filed a lawsuit against the Company in the Superior Court of California, Los Angeles County, Tracy Adewunmi v. ZipRealty, Inc., concerning the Company’s compensation practices regarding real estate agents in California. Specifically, the complaint alleged that the Company failed to pay these persons minimum wage and overtime, failed to provide meal and rest periods, failed to reimburse employee expenses and failed to provide itemized wage statements as required by California laws. The complaint sought unspecified damages including penalties and attorneys’ fees in addition to wages and overtime. On May 20, 2013, Ms. Adewunmi dropped the class claims in her complaint and proceeded as an individual plaintiff. On January 28, 2014, the Company reached a settlement with Ms. Adewunmi for $30,000 to resolve all claims. The payment of this $30,000 settlement was reflected in litigation settlement charges in the Company’s Statement of Operations for the six months ended June 30, 2014. | |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
9. COMMITMENTS AND CONTINGENCIES | ||||||||||||
Operating leases | ||||||||||||
The Company leases office space and equipment under non-cancelable operating leases with various expiration dates through June 2019. The terms of the lease agreements provide for renewal options and escalation clauses. Future gross and net lease commitments under non-cancelable operating leases at June 30, 2014 were as follows, in thousands: | ||||||||||||
Gross | ||||||||||||
Operating | Net Operating | |||||||||||
Lease | Sublease | Lease | ||||||||||
Commitments | Income | Commitments | ||||||||||
(In thousands) | ||||||||||||
Remainder of 2014 | $ | 911 | $ | -40 | $ | 871 | ||||||
2015 | 1,696 | -82 | 1,614 | |||||||||
2016 | 1,467 | -71 | 1,396 | |||||||||
2017 | 947 | -38 | 909 | |||||||||
2018 | 374 | - | 374 | |||||||||
2019 | 62 | - | 62 | |||||||||
Total minimum lease payments | $ | 5,457 | $ | -231 | $ | 5,226 | ||||||
Legal proceedings | ||||||||||||
On March 26, 2010, we were named as one of fourteen defendants in a lawsuit filed in the United States District Court for the District of Delaware, Smarter Agent LLC v. Boopsie, Inc., et al. The complaint alleges that the defendants have each infringed on patents owned by Smarter Agent relating to mobile device application technology and seeks unspecified damages and injunctive relief. The US Patent Office is currently examining the patent issue, and litigation is stayed pending the completion of that investigation. After completing investigation of this matter, we do not believe that we have infringed on any patent, or that we have any liability for the claims alleged, and, thus, we intend to vigorously defend against this lawsuit. No estimate of possible loss, if any, can be made at this time. | ||||||||||||
On May 22, 2013, we were named as a defendant in a lawsuit filed in the United States District Court of the Western District of Texas, Alexander Stross v. ZipRealty, Inc. On June 6, 2014, the plaintiff filed a first amended complaint that supersedes the original complaint. The complaint alleges that we have infringed on plaintiff’s copyrights and violated the Digital Millennium Copyright Act relating to our alleged misuse of the plaintiff’s home listing photographs in the display of MLS information. The complaint seeks unspecified actual and/or statutory damages and injunctive relief. We are investigating the claims, and we believe that we have not infringed any of the plaintiff’s copyrights or violated the Digital Millennium Copyright Act. We intend to vigorously defend against this lawsuit. No estimate of loss, if any, can be made at this time. | ||||||||||||
On July 22, 2014, a putative class action lawsuit was filed by Veronica Masseo, on behalf of herself and all similarly situated ZipRealty stockholders, in the Superior Court of the State of California for the County of Alameda, captioned Masseo v. ZipRealty, Inc. et al., against ZipRealty, Realogy Group LLC (“Realogy”), Honeycomb Acquisition, Inc. (“Purchaser”). Purchaser and members of the Company’s Board of Directors (the “Company Board”), challenging the proposed acquisition of the shares of ZipRealty by Realogy through Purchaser (the “Proposed Transaction”). The lawsuit claimed, among other things, that the members of the Company Board breached their fiduciary duties by allegedly failing to maximize stockholder value in connection with the Proposed Transaction, by agreeing to allegedly preclusive deal protection measures and by omitting allegedly material information from the Company’s Schedule 14D-9. The lawsuit further claimed that the Company, Realogy and Purchaser aided and abetted these alleged breaches of fiduciary duties. The lawsuit sought class certification, preliminary and permanent injunctions prohibiting the consummation of the Proposed Transaction, a declaration that members of the Company Board breached their fiduciary duties, costs and disbursements and any other equitable relief the Court may have deemed just and proper. On July 30, 2014, the plaintiff filed a motion to voluntarily dismiss the lawsuit, which was granted by the court on the same day. | ||||||||||||
Also, on July 22, 2014, a putative class action lawsuit was filed by Fundamental Partners, on behalf of itself and all similarly situated ZipRealty stockholders, in the Superior Court of the State of California for the County of Alameda, captioned Fundamental Partners v. Baker et al., against the Company, Realogy Holdings Corp., Realogy, Purchaser and members of the Company Board, challenging the defendants’ actions in causing the Company to enter into the Merger Agreement and in omitting certain information from Schedule 14D-9 and Schedule TO. The lawsuit claims, among other things, that members of the Company Board breached their fiduciary duties by engaging in an allegedly unfair process for exploring strategic alternatives. In addition, the lawsuit claims that the Company and members of the Company Board breached their fiduciary duties by omitting allegedly material information from the Company’s Schedule 14D-9. The lawsuit also claims that Realogy Holdings Corp., Realogy and Purchaser breached their fiduciary duties by omitting allegedly material facts from Realogy and Purchaser’s Schedule TO. Finally, the lawsuit claims that the Company, Realogy Holdings Corp., Realogy and Purchaser aided and abetted the alleged breaches by members of the Company Board of their fiduciary duties. The lawsuit seeks class certification, a declaration that the defendants breached their fiduciary duties, an injunction prohibiting the consummation of the Merger Agreement until the trial is conducted or corrective disclosures are made, compensatory and/or rescissory damages, interest, attorney’s fees, expert’s fees and other costs and any other relief the Court may deem just and proper. On August 11, 2014, the Company, Realogy Holdings Corp,, Realogy, Purchaser and members of the Company Board (collectively, the “Defendants”) entered into a stipulation of settlement with the plaintiffs and their counsel in this matter. The Company believes that the lawsuit is without merit; however, to avoid the risk that the litigation may delay or otherwise adversely affect the completion of the Offer and the Merger and to minimize the expense of defending such action, the Defendants have agreed to settle the lawsuit pursuant to the terms of the stipulation of settlement. The stipulation of settlement is subject to customary conditions, including approval by the Superior Court of the State of California following a hearing on the fairness, reasonableness and adequacy of the settlement. If the court does not grant final approval, the proposed settlement as contemplated by the stipulation of settlement may be terminated. | ||||||||||||
On July 25, 2014, a putative class action lawsuit was filed by Maryann Trezoik, on behalf of herself and all similarly situated stockholders of the Company, in the Court of Chancery of the State of Delaware, captioned Trezoik v. ZipRealty, Inc. et al., against the Company, Realogy Holdings Corp., Realogy, Purchaser, and members of the Company Board, challenging the Proposed Transaction. The lawsuit claimed, among other things, that the members of the Company Board breached their fiduciary duties by allegedly failing to maximize stockholder value in connection with the Proposed Transaction, by engaging in a sale process that allegedly favored Realogy, by agreeing to allegedly preclusive deal protection measures and by omitting allegedly material information from the Company’s Schedule 14D-9. The lawsuit further claimed that the Company, Realogy Holdings Corp., Realogy and Purchaser aided and abetted these alleged breaches of fiduciary duties. The lawsuit sought, among other things, class certification, a declaration that the defendants breached their fiduciary duties or aided and abetted such breaches, a declaration that the proposed transaction is unfair, unjust and inequitable, preliminary and permanent injunctions prohibiting the consummation of the proposed transaction at unfair or inequitable prices, rescission or rescissory damages in the event the proposed transaction is consummated, damages resulting from the alleged wrongdoing of the defendants, costs and disbursements and any other relief the Court may deem just and proper. The plaintiff filed a request for dismissal on August 7, 2014, which was granted by the court on August 8, 2014. | ||||||||||||
We are not currently subject to any other material legal proceedings. From time to time we have been, and we currently are, a party to litigation and subject to claims incident to the ordinary course of the business. The amounts in dispute in these matters are not material to us, and we believe that the resolution of these proceedings will not have a material adverse effect on our business, financial position, results of operations or cash flows | ||||||||||||
Indemnifications | ||||||||||||
The Company has entered into various indemnification agreements in the ordinary course of our business. Pursuant to these agreements, the Company has agreed to indemnify, hold harmless and reimburse the indemnified parties, which include certain of our service providers as well as others, in connection with certain occurrences. In addition, the corporate charter documents require the Company to provide indemnification rights to the Company’s directors and officers to the fullest extent permitted by the Delaware General Corporation Law, and permit the Company to provide indemnification rights to our other employees and agents, for certain events that occur while these persons are serving in these capacities. The Company’s charter documents also protect each of its directors, to the fullest extent permitted by the Delaware General Corporation Law, from personal liability to the Company and its stockholders from monetary damages for a breach of fiduciary duty as a director. The Company has also entered into indemnification agreements with the Company’s directors and each of our officers with a title of Vice President or higher. | ||||||||||||
The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unspecified. The Company is not aware of any material indemnification liabilities for actions, events or occurrences that have occurred to date. The Company maintains insurance on some of the liabilities the Company has agreed to indemnify, including liabilities incurred by the Company’s directors and officers while acting in these capacities, subject to certain exclusions and limitations of coverage. | ||||||||||||
Restructuring_Charges_Net
Restructuring Charges, Net | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Restructuring Charges, Net [Abstract] | ' | |||||||||||||||||||||||
Restructuring Charges, Net | ' | |||||||||||||||||||||||
10. RESTRUCTURING CHARGES, NET | ||||||||||||||||||||||||
2012 Restructuring Plan | ||||||||||||||||||||||||
During February 2012, the Company announced a restructuring, including a work force realignment to more appropriately allocate resources to its key strategic initiatives. The workforce realignment involved investing resources in some areas, reducing resources in others and eliminating some areas of the Company’s business that did not support its strategic priorities. During March 2012, the Company announced the transition of its owned-and-operated brokerage office in Salt Lake City to a third-party brokerage joining the Company’s Powered by Zip business. The Company’s restructuring charges related to the 2012 Restructuring Plan during the six months ended June 30, 2014 were insignificant. | ||||||||||||||||||||||||
2011 Restructuring Plan | ||||||||||||||||||||||||
During January 2011, the Company announced a restructuring, including closing brokerage operations in selected underperforming markets and a workforce reduction in sales support and administration functions. The associated restructuring charges included employee severance pay and related expenses, non-cancelable lease obligations and other exit costs. As of June 30, 2014, the Company has recorded the majority of the cost of this restructuring. Accrued 2011 Restructuring Plan charges as of June 30, 2014 relate primarily to non-cancelable lease obligations and related facility costs which the Company expects to pay over the remaining terms of the obligations through the third quarter of 2016. The Company’s restructuring charges related to the 2011 Restructuring Plan during the six months ended June 30, 2014 were insignificant. | ||||||||||||||||||||||||
Restructuring charges activity, relating to the 2012 and 2011 Restructuring Plans, was as follows for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Balance as of December 31, | Non-cash | Balance as of June 30, | Total Charges to date as of June 30, | |||||||||||||||||||||
2013 | Charges | Payments | Adjustment | 2014 | 2014 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2012 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,585 | ||||||||||||
Lease obligation and other exit costs | 20 | -15 | - | - | 5 | 60 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | - | ||||||||||||||||||
20 | -15 | - | - | 5 | 1,645 | |||||||||||||||||||
2011 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | - | - | - | - | - | 1,452 | ||||||||||||||||||
Lease obligation and other exit costs | 48 | 15 | -23 | - | 40 | 823 | ||||||||||||||||||
Non-cash charges | - | - | - | - | 59 | |||||||||||||||||||
48 | 15 | -23 | - | 40 | 2,334 | |||||||||||||||||||
Total | $ | 68 | $ | - | $ | -23 | $ | - | $ | 45 | $ | 3,979 | ||||||||||||
Restructuring charges activity, relating to the 2012 and 2011 Restructuring Plans, was as follows for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Balance as of December 31, | Non-cash | Balance as of June 30, | Total Charges to date as of June 30, | |||||||||||||||||||||
2012 | Charges | Payments | Adjustment | 2013 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2012 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | $ | 27 | $ | 50 | $ | -77 | $ | - | $ | - | $ | 1,581 | ||||||||||||
Lease obligation and other exit costs | 44 | - | -24 | - | 20 | 75 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | - | ||||||||||||||||||
71 | 50 | -101 | - | 20 | 1,656 | |||||||||||||||||||
2011 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | - | - | - | - | - | 1,452 | ||||||||||||||||||
Lease obligation and other exit costs | 150 | 12 | -49 | 3 | 116 | 841 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | 59 | ||||||||||||||||||
150 | 12 | -49 | 3 | 116 | 2,352 | |||||||||||||||||||
Total | $ | 221 | $ | 62 | $ | -150 | $ | 3 | $ | 136 | $ | 4,008 | ||||||||||||
Accrued restructuring changes for June 30, 2014 and 2013 relates primarily to non-cancelable lease obligations and related facility costs which the company expects to pay over the remaining terms of the lease obligations. | ||||||||||||||||||||||||
Accrued restructuring charges were included in the Company’s consolidated balance sheets as follows (in thousands): | ||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accrued restructuring charges (current liabilities) | $ | 32 | $ | 44 | ||||||||||||||||||||
Other long-term liabilities | 13 | 24 | ||||||||||||||||||||||
Total accrued restructuring charges | $ | 45 | $ | 68 | ||||||||||||||||||||
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Background and Basis of Presentation [Abstract] | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and reflect the elimination of intercompany accounts and transactions. | |
Seasonality | ' |
Seasonality | |
The Company’s net transaction revenues and income (loss) from operations have historically varied from quarter to quarter. Such variations are principally attributable to variations in home sales activity over the course of the calendar year. The Company has historically experienced lower net transaction revenues during the first quarter because holidays and adverse weather conditions in certain regions typically reduce the level of sales activity and listings inventories between the Thanksgiving and Presidents’ Day holidays. The Company’s historical quarterly operations have been additionally impacted in recent years as a result of economic conditions and government programs that altered home buyer behavior. Net transaction revenues during the three months ended June 30, 2013 and 2012 accounted for approximately 28.6% and 26.8% of annual net transaction revenues for the years ended December 31, 2013 and 2012, respectively. Net transaction revenues during the six months ended June 30, 2013 and 2012 accounted for approximately 48.9% and 50.7% of annual net transaction revenues for the years ended December 31, 2013 and 2012, respectively. | |
Revenue Recognition | ' |
Revenue recognition | |
Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been delivered and collectability of the resulting receivable is reasonably assured. | |
We derive the majority of our net revenues from commissions earned in our owned-and-operated residential real estate brokerage. We also derive net revenues from commission referrals earned from brokers who are Powered by Zip clients. We recognize commission based revenues upon closing of a sale and purchase transaction, net of any rebate, commission discount or transaction fee adjustment. These transactions typically do not have multiple deliverable arrangements. | |
Non-commission based revenues are derived primarily from marketing agreements with residential mortgage service providers, the sale of online advertising, lead referral fees and other revenues. We classify these revenues as marketing and other revenues. Marketing service revenues are recognized over the term of the agreements as the contracted services are delivered. Advertising revenues on contracts are recognized as impressions are delivered or as clicks are provided to advertisers. Advertising and marketing contracts may consist of multiple deliverables which generally include a blend of various impressions or clicks as well as other marketing deliverables. Revenues related to revenue sharing arrangements are recognized based on revenue reports received from our partners, provided that collectability is reasonably assured. | |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Balance Sheet Components [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment, net consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Computer hardware and software | $ | 12,675 | $ | 11,341 | ||||
Furniture, fixtures and equipment | 1,946 | 1,944 | ||||||
Leasehold improvements | 1,972 | 1,956 | ||||||
Total | 16,593 | 15,241 | ||||||
Less: accumulated depreciation and amortization | -13,277 | -12,099 | ||||||
Total property and equipment, net | $ | 3,316 | $ | 3,142 | ||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Accrued expenses and other current liabilities consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Accrued compensation | $ | 1,470 | $ | 1,606 | ||||
Accrued agent commissions | 894 | 959 | ||||||
Accrued marketing | 1,026 | 861 | ||||||
Accrued litigation settlement | 201 | 1,909 | ||||||
Accrued professional fees | 357 | 164 | ||||||
Other accrued expenses | 543 | 672 | ||||||
Total accrued expenses and other current liabilities | $ | 4,491 | $ | 6,171 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-For-Sale Short-Term Investments, Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Money market funds | $ | 5,474 | $ | - | $ | - | $ | 5,474 | $ | 11,349 | $ | - | $ | - | $ | 11,349 | ||||||||||||||||
Total | $ | 5,474 | $ | - | $ | - | $ | 5,474 | $ | 11,349 | $ | - | $ | - | $ | 11,349 | ||||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Dilutive Net Income (Loss) Per Share | ' | |||||||||||||||
The following table sets forth the computation of basic and dilutive net income (loss) per share for the periods indicated: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | -1,911 | $ | 324 | $ | -4,807 | $ | -1,844 | ||||||||
Denominator: | ||||||||||||||||
Shares used to compute EPS: | ||||||||||||||||
Basic | 21,706 | 20,830 | 21,691 | 20,783 | ||||||||||||
Diluted | 21,706 | 21,700 | 21,691 | 20,783 | ||||||||||||
Net income (loss) per share basic and diluted: | ||||||||||||||||
Basic | $ | -0.09 | $ | 0.02 | $ | -0.22 | $ | -0.09 | ||||||||
Diluted | $ | -0.09 | $ | 0.01 | $ | -0.22 | $ | -0.09 | ||||||||
Weighted-Average Outstanding Options, Warrants and Non-Vested Common Shares | ' | |||||||||||||||
The following weighted-average outstanding options and non-vested common shares were excluded in the computation of diluted net income (loss) per share for the periods presented because including them would be anti-dilutive: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Options to purchase common stock | 5,624 | 3,652 | 5,458 | 5,563 | ||||||||||||
Nonvested common stock | - | - | 15 | 45 | ||||||||||||
Total | 5,624 | 3,652 | 5,473 | 5,608 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||||
Assumptions Used and Resulting Estimates of Weighted Average Fair Value Per Share of Options Granted | ' | |||||||||||||||
The assumptions used and the resulting estimates of weighted average fair value per share of options granted were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Expected volatility | 57% | 52% | 54%-57% | 51%-52% | ||||||||||||
Risk-free interest rate | 1.60% | 1.0-1.3% | 1.6-1.8% | 1.0-1.3% | ||||||||||||
Expected life (years) | 5.5 | 5.5-6.1 | 5.5-6.1 | 5.5-6.1 | ||||||||||||
Expected dividend yield | 0% | 0% | 0% | 0% | ||||||||||||
Weighted-average fair value of options granted during the period | $1.59 | $1.50 | $2.44 | $1.76 | ||||||||||||
Stock-Based Compensation Expense | ' | |||||||||||||||
Stock-based compensation expense was as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenues | $ | -6 | $ | -13 | $ | -110 | $ | 53 | ||||||||
Product development | 42 | 26 | 74 | 49 | ||||||||||||
Sales and marketing | 131 | 90 | 304 | 99 | ||||||||||||
General and administrative | 174 | 184 | 414 | 355 | ||||||||||||
Total stock-based compensation expense | $ | 341 | $ | 287 | $ | 682 | $ | 556 | ||||||||
Summary of Company's Stock Option Activity | ' | |||||||||||||||
A summary of the Company’s stock option activity for the period indicated was as follows: | ||||||||||||||||
Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||||
Shares | Price | Life ( Years) | Value | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Outstanding at December 31, 2013 | 5,081 | $ | 3.16 | 7.05 | $ | 13,412 | ||||||||||
Options granted | 712 | 4.66 | ||||||||||||||
Options exercised | -197 | 2.10 | ||||||||||||||
Options forfeited/cancelled/expired | -106 | 4.76 | ||||||||||||||
Outstanding at June 30, 2014 | 5,490 | $ | 3.36 | 7.13 | $ | 2,602 | ||||||||||
Exercisable at June 30, 2014 | 3,381 | $ | 3.32 | 6.01 | $ | 1,849 | ||||||||||
Summary of Company's Nonvested Restricted Stock | ' | |||||||||||||||
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Number of | Exercise | |||||||||||||||
Shares | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Nonvested at December 31, 2013 | 30 | $ | 3.00 | |||||||||||||
Shares granted | - | - | ||||||||||||||
Shares vested | -30 | 3.00 | ||||||||||||||
Shares forfeited | - | - | ||||||||||||||
Nonvested at June 30, 2014 | - | $ | - | |||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||
Future Gross and Net Lease Commitments under Non-Cancelable Operating Leases | ' | |||||||||||
Future gross and net lease commitments under non-cancelable operating leases at June 30, 2014 were as follows, in thousands: | ||||||||||||
Gross | ||||||||||||
Operating | Net Operating | |||||||||||
Lease | Sublease | Lease | ||||||||||
Commitments | Income | Commitments | ||||||||||
(In thousands) | ||||||||||||
Remainder of 2014 | $ | 911 | $ | -40 | $ | 871 | ||||||
2015 | 1,696 | -82 | 1,614 | |||||||||
2016 | 1,467 | -71 | 1,396 | |||||||||
2017 | 947 | -38 | 909 | |||||||||
2018 | 374 | - | 374 | |||||||||
2019 | 62 | - | 62 | |||||||||
Total minimum lease payments | $ | 5,457 | $ | -231 | $ | 5,226 | ||||||
Restructuring_Charges_Net_Tabl
Restructuring Charges, Net (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Restructuring Charges, Net [Abstract] | ' | |||||||||||||||||||||||
Accrued Restructuring Charges Activity | ' | |||||||||||||||||||||||
Restructuring charges activity, relating to the 2012 and 2011 Restructuring Plans, was as follows for the six months ended June 30, 2014: | ||||||||||||||||||||||||
Balance as of December 31, | Non-cash | Balance as of June 30, | Total Charges to date as of June 30, | |||||||||||||||||||||
2013 | Charges | Payments | Adjustment | 2014 | 2014 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2012 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,585 | ||||||||||||
Lease obligation and other exit costs | 20 | -15 | - | - | 5 | 60 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | - | ||||||||||||||||||
20 | -15 | - | - | 5 | 1,645 | |||||||||||||||||||
2011 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | - | - | - | - | - | 1,452 | ||||||||||||||||||
Lease obligation and other exit costs | 48 | 15 | -23 | - | 40 | 823 | ||||||||||||||||||
Non-cash charges | - | - | - | - | 59 | |||||||||||||||||||
48 | 15 | -23 | - | 40 | 2,334 | |||||||||||||||||||
Total | $ | 68 | $ | - | $ | -23 | $ | - | $ | 45 | $ | 3,979 | ||||||||||||
Restructuring charges activity, relating to the 2012 and 2011 Restructuring Plans, was as follows for the six months ended June 30, 2013: | ||||||||||||||||||||||||
Balance as of December 31, | Non-cash | Balance as of June 30, | Total Charges to date as of June 30, | |||||||||||||||||||||
2012 | Charges | Payments | Adjustment | 2013 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2012 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | $ | 27 | $ | 50 | $ | -77 | $ | - | $ | - | $ | 1,581 | ||||||||||||
Lease obligation and other exit costs | 44 | - | -24 | - | 20 | 75 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | - | ||||||||||||||||||
71 | 50 | -101 | - | 20 | 1,656 | |||||||||||||||||||
2011 Restructuring Plan | ||||||||||||||||||||||||
Employee severance and related expenses | - | - | - | - | - | 1,452 | ||||||||||||||||||
Lease obligation and other exit costs | 150 | 12 | -49 | 3 | 116 | 841 | ||||||||||||||||||
Non-cash charges | - | - | - | - | - | 59 | ||||||||||||||||||
150 | 12 | -49 | 3 | 116 | 2,352 | |||||||||||||||||||
Total | $ | 221 | $ | 62 | $ | -150 | $ | 3 | $ | 136 | $ | 4,008 | ||||||||||||
Accrued Restructuring Charges Included in Balance Sheet | ' | |||||||||||||||||||||||
Accrued restructuring charges were included in the Company’s consolidated balance sheets as follows (in thousands): | ||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accrued restructuring charges (current liabilities) | $ | 32 | $ | 44 | ||||||||||||||||||||
Other long-term liabilities | 13 | 24 | ||||||||||||||||||||||
Total accrued restructuring charges | $ | 45 | $ | 68 | ||||||||||||||||||||
Background_and_Basis_of_Presen2
Background and Basis of Presentation (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Background and Basis of Presentation [Abstract] | ' | ' | ' | ' |
Percentage of net transaction revenues in year | 28.60% | 26.80% | 48.90% | 50.70% |
Subsequent_Event_Narrative_Det
Subsequent Event (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Subsequent Event [Member] | Realogy Group LLC [Member] | ZipRealty Inc [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share price offered | $6.75 | ' |
Balance_Sheet_Components_Narra
Balance Sheet Components (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Balance Sheet Components [Abstract] | ' | ' | ' | ' |
Depreciation and amortization expense | $606 | $469 | $1,178 | $947 |
Balance_Sheet_Components_Sched
Balance Sheet Components (Schedule of Property and Equipment) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $16,593 | $15,241 |
Less: accumulated depreciation and amortization | -13,277 | -12,099 |
Property and equipment, net | 3,316 | 3,142 |
Computer Hardware and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 12,675 | 11,341 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,946 | 1,944 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,972 | $1,956 |
Balance_Sheet_Components_Accru
Balance Sheet Components (Accrued Expenses and Other Current Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Accrued compensation | $1,470 | $1,606 |
Accrued agent commissions | 894 | 959 |
Accrued marketing | 1,026 | 861 |
Accrued litigation settlement | 201 | 1,909 |
Accrued professional fees | 357 | 164 |
Other accrued expenses | 543 | 672 |
Total accrued expenses and other current liabilities | $4,491 | $6,171 |
Fair_Value_Measurements_Availa
Fair Value Measurements (Available-For-Sale Short-Term Investments, Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, short term investment | $5,474 | $11,349 |
Money Market Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, short term investment | 5,474 | 11,349 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, short term investment | 5,474 | 11,349 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, short term investment | $5,474 | $11,349 |
Net_Income_Loss_Per_Share_Comp
Net Income (Loss) Per Share (Computation of Basic and Dilutive Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | ($1,911) | $324 | ($4,807) | ($1,844) |
Denominator: | ' | ' | ' | ' |
Basic | 21,706 | 20,830 | 21,691 | 20,783 |
Diluted | 21,706 | 21,700 | 21,691 | 20,783 |
Net income (loss) per share basic and diluted: | ' | ' | ' | ' |
Basic | ($0.09) | $0.02 | ($0.22) | ($0.09) |
Diluted | ($0.09) | $0.01 | ($0.22) | ($0.09) |
Net_Income_Loss_Per_Share_Weig
Net Income (Loss) Per Share (Weighted-Average Outstanding Options, Warrants and Non-Vested Common Shares) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 5,624 | 3,652 | 5,473 | 5,608 |
Common Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 5,624 | 3,652 | 5,458 | 5,563 |
Nonvested Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | 15 | 45 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 5 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | 31-May-14 | |
Provide Accelerated Vesting if the Company's Closing Stock Price is Equal to or Greater than $5.00 per Share for a Period of 120 Consecutive Days [Member] | Provide Vesting in Full if the Company Achieves Adjusted EBITDA Profitability for the Year Ending December 31, 2012 [Member] | Pursuant to the Company's Voluntary Stock Option Exchange Program, Completed in July 2009 [Member] | In-the-money Options [Member] | In-the-money Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Omnibus Equity Incentive Plan [Member] | Maximum [Member] | ||||||
2004 Equity Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,638,089 | 1,666,666 |
Percentage of outstanding common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% |
Unrecorded stock-based compensation, after estimated forfeitures | $3,300,000 | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining recognition period | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | '4 years | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' |
Share Price | $3.03 | ' | $3.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted in period | ' | ' | ' | ' | ' | 183,000 | 183,000 | ' | ' | ' | ' | ' | ' | ' |
Options expiration period | ' | ' | '10 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' |
Number of options expired | ' | ' | 106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 341,000 | 287,000 | 682,000 | 556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing stock price | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable | 3,381,000 | ' | 3,381,000 | ' | ' | ' | ' | ' | 1,616,000 | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | 306,000 | 221,000 | ' | ' | ' | ' |
Stock-based compensation expense (income) related to restricted stock | $0 | $19,000 | $27,000 | $29,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock awards outstanding | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | 30,000 | 0 | ' | ' |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Used and Resulting Estimates of Weighted Average Fair Value Per Share of Options Granted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Expected volatility, Minimum | ' | ' | ' | 54.00% | 51.00% | ' |
Expected volatility, Maximum | ' | ' | ' | 57.00% | 52.00% | ' |
Expected volatility | 57.00% | 52.00% | 52.00% | ' | ' | ' |
Risk-free interest rate, Minimum | 1.60% | 1.00% | ' | 1.60% | 1.00% | ' |
Risk-free interest rate, Maximum | ' | 1.30% | ' | 1.80% | 1.30% | ' |
Risk-free interest rate | 1.60% | ' | ' | ' | ' | ' |
Expected life | '5 years 6 months | ' | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted-average fair value per share of options granted | $1.59 | $1.50 | ' | $2.44 | $1.76 | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Expected life | '5 years 6 months | '5 years 6 months | ' | '5 years 6 months | '5 years 6 months | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Expected life | ' | '6 years 1 month 6 days | ' | '6 years 1 month 6 days | '6 years 1 month 6 days | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $341 | $287 | $682 | $556 |
Cost of Revenues [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | -6 | -13 | -110 | 53 |
Product Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 42 | 26 | 74 | 49 |
Sales and Marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 131 | 90 | 304 | 99 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $174 | $184 | $414 | $355 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Company's Stock Option Activity) (Details) (USD $) | 0 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 |
Number of shares: | ' | ' |
Outstanding at beginning of period | ' | 5,081 |
Options granted | ' | 712 |
Options exercised | ' | -197 |
Options forfeited/cancelled/expired | ' | -106 |
Outstanding at end of period | 5,081 | 5,490 |
Exercisable at end of period | ' | 3,381 |
Weighted Average Exercise Price: | ' | ' |
Outstanding at beginning of period | ' | $3.16 |
Options granted | ' | $4.66 |
Options exercised | ' | $2.10 |
Options forfeited/cancelled/expired | ' | $4.76 |
Outstanding at end of period | $3.16 | $3.36 |
Exercisable at end of period | ' | $3.32 |
Weighted Average Remaining Contractual Life (Years) | ' | ' |
Outstanding at beginning of period | '7 years 18 days | '7 years 1 month 17 days |
Outstanding at end of period | '7 years 18 days | '7 years 1 month 17 days |
Exercisable at end of period | ' | '6 years 4 days |
Aggregate Intrinsic Value | ' | ' |
Outstanding at beginning of period | ' | $13,412 |
Outstanding at end of period | 13,412 | 2,602 |
Exercisable at end of period | ' | $1,849 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Company's Nonvested Restricted Stock) (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Restricted Stock [Member] | Restricted Stock [Member] | ||
Number of Shares | ' | ' | ' |
Non-vested at beginning of period | 30,000 | 30,000 | 0 |
Shares granted | ' | ' | ' |
Shares vested | -30,000 | ' | ' |
Shares forfeited | ' | ' | ' |
Non-vested at end of period | ' | 30,000 | 0 |
Weighted Average Grant Date Fair Value Per Share | ' | ' | ' |
Non-vested at beginning of period | $3 | ' | ' |
Shares granted | ' | ' | ' |
Shares vested | $3 | ' | ' |
Shares forfeited | ' | ' | ' |
Non-vested at end of period | ' | ' | ' |
Legal_Settlement_Charges_Narra
Legal Settlement Charges (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | |
Former Employees [Member] | Former Employees [Member] | Legal Fee of DSLE [Member] | Tracy Adewunmi [Member] | Tracy Adewunmi [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Former Employees [Member] | ||||||||||||
Legal Settlement By Party [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidated damages sought by the complaint | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,000,000 | ' | ' |
Legal settlement, F.I.C.A. taxes and administrative cost of back wages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Legal settlement costs | ' | ' | ' | ' | ' | 4,800,000 | 200,000 | ' | ' | ' | ' | ' |
Loss contingency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Loss contingency increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Settlement cost | ' | ' | ' | ' | 1,700,000 | ' | ' | 30,000 | ' | ' | ' | ' |
Litigation settlement liability | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Settlement payment | ($121,000) | $7,000 | ($90,000) | $85,000 | ' | ' | ' | ' | $30,000 | ' | ' | ' |
Recovered_Sheet1
Commitments and Contingencies (Future Gross and Net Lease Commitments under Non-Cancelable Operating Leases) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
Remainder of 2014 | $871 |
2015 | 1,614 |
2016 | 1,396 |
2017 | 909 |
2018 | 374 |
2019 | 62 |
Total minimum lease payments | 5,226 |
Gross Operating Lease Commitments [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Remainder of 2014 | 911 |
2015 | 1,696 |
2016 | 1,467 |
2017 | 947 |
2018 | 374 |
2019 | 62 |
Total minimum lease payments | 5,457 |
Sublease Income [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Remainder of 2014 | -40 |
2015 | -82 |
2016 | -71 |
2017 | -38 |
Total minimum lease payments | ($231) |
Restructuring_Charges_Net_Accr
Restructuring Charges, Net (Accrued Restructuring Charges Activity) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | $68 | $221 |
Charges | ' | 62 |
Payments | -23 | -150 |
Non-cash adjustments | ' | 3 |
Balance at ending of period | 45 | 136 |
Total charges to date | 3,979 | 4,008 |
2012 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | 20 | 71 |
Charges | -15 | 50 |
Payments | ' | -101 |
Balance at ending of period | 5 | 20 |
Total charges to date | 1,645 | 1,656 |
2011 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | 48 | 150 |
Charges | 15 | 12 |
Payments | -23 | -49 |
Non-cash adjustments | ' | 3 |
Balance at ending of period | 40 | 116 |
Total charges to date | 2,334 | 2,352 |
Employee Severance and Related Expenses [Member] | 2012 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | ' | 27 |
Charges | ' | 50 |
Payments | ' | -77 |
Total charges to date | 1,585 | 1,581 |
Employee Severance and Related Expenses [Member] | 2011 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total charges to date | 1,452 | 1,452 |
Lease Obligation and Other Exit Costs [Member] | 2012 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | 20 | 44 |
Charges | -15 | ' |
Payments | ' | -24 |
Balance at ending of period | 5 | 20 |
Total charges to date | 60 | 75 |
Lease Obligation and Other Exit Costs [Member] | 2011 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | 48 | 150 |
Charges | 15 | 12 |
Payments | -23 | -49 |
Non-cash adjustments | ' | 3 |
Balance at ending of period | 40 | 116 |
Total charges to date | 823 | 841 |
Non-Cash Charges [Member] | 2012 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | ' | ' |
Charges | ' | ' |
Payments | ' | ' |
Non-cash adjustments | ' | ' |
Balance at ending of period | ' | ' |
Total charges to date | ' | ' |
Non-Cash Charges [Member] | 2011 Restructuring Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | ' | ' |
Charges | ' | ' |
Payments | ' | ' |
Non-cash adjustments | ' | ' |
Balance at ending of period | ' | ' |
Total charges to date | $59 | $59 |
Restructuring_Charges_Net_Accr1
Restructuring Charges, Net (Accrued Restructuring Charges Included In Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Restructuring Charges, Net [Abstract] | ' | ' | ' | ' |
Accrued restructuring charges (current liabilities) | $32 | $44 | ' | ' |
Other long-term liabilities | 13 | 24 | ' | ' |
Total accrued restructuring charges | $45 | $68 | $136 | $221 |