Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMBASSADORS GROUP INC | |
Entity Central Index Key | 1162315 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 17,300,706 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $4,500 | $2,002 |
Restricted cash | 400 | 400 |
Available-for-sale securities and other | 74,058 | 59,502 |
Prepaid program costs and expenses | 6,607 | 1,335 |
Accounts receivable | 53 | 666 |
Total current assets | 85,618 | 63,905 |
Property and equipment, net | 1,690 | 2,429 |
Goodwill | 70 | 70 |
Other long-term assets | 81 | 81 |
Total assets | 87,459 | 66,485 |
Current liabilities: | ||
Accounts payable and accrued expenses | 3,117 | 2,794 |
Participants' deposits | 50,290 | 23,161 |
Foreign currency exchange contracts | 2,137 | 1,345 |
Deferred tax liabilities | 18 | 18 |
Other liabilities | 6 | 1 |
Total current liabilities | 55,568 | 27,319 |
Participants' deposits | 11 | 0 |
Deferred tax liabilities | 6 | 6 |
Total liabilities | 55,585 | 27,325 |
Commitments and Contingencies (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 50,000,000 shares authorized; 17,284,554 and 17,286,449 shares issued and outstanding, respectively | 173 | 173 |
Additional paid-in capital | 1,918 | 1,630 |
Retained earnings | 31,722 | 38,334 |
Accumulated other comprehensive loss | -1,939 | -977 |
Stockholders' equity | 31,874 | 39,160 |
Total liabilities and stockholders' equity | $87,459 | $66,485 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 17,284,554 | 17,286,449 |
Common stock, shares outstanding (in shares) | 17,284,554 | 17,286,449 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract] | ||
Net revenue, non-directly delivered programs | $94 | $116 |
Gross revenue, directly delivered programs | 176 | 273 |
Total revenue | 270 | 389 |
Cost of sales, directly delivered programs | 127 | 209 |
Gross margin | 143 | 180 |
Operating expenses: | ||
Selling and marketing | 4,530 | 6,672 |
General and administrative | 2,317 | 2,921 |
Restructuring costs | 0 | 108 |
Total operating expenses | 6,847 | 9,701 |
Operating loss | -6,704 | -9,521 |
Other income: | ||
Interest and dividend income | 129 | 131 |
Foreign currency and other income (expense) | -37 | 3 |
Total other income | 92 | 134 |
Loss before income tax benefit from continuing operations | -6,612 | -9,387 |
Income tax benefit | 0 | 1,556 |
Net loss from continuing operations | -6,612 | -7,831 |
Discontinued operations: | ||
Income from discontinued segment | 0 | 336 |
Income tax provision | 0 | -56 |
Net income from discontinued operations | 0 | 280 |
Net loss | ($6,612) | ($7,551) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 16,955 | 16,755 |
Net loss from continuing operations per share - basic and diluted (in dollars per share) | ($0.39) | ($0.47) |
Net income from discontinued operations per share - basic and diluted (in dollars per share) | $0 | $0.02 |
Total net loss per share - basic and diluted (in dollars per share) | ($0.39) | ($0.45) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) [Abstract] | ||
Net loss | ($6,612) | ($7,551) |
Unrealized gain (loss) on foreign currency exchange contracts, net of income tax benefit (provision) of $0 and ($69) | -892 | 128 |
Unrealized gain (loss) on available-for-sale securities, net of income tax benefit (provision) of $0 and ($61) | -70 | 114 |
Comprehensive loss | ($7,574) | ($7,309) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) [Abstract] | ||
Unrealized gain (loss) on foreign currency exchange contracts, income tax benefit (provision) | $0 | ($69) |
Unrealized gain (loss) on available-for-sale securities, income tax benefit (provision) | $0 | ($61) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($6,612) | ($7,551) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 699 | 1,307 |
Stock-based compensation | 289 | 202 |
Deferred income tax benefit | 0 | -1,484 |
Gain on foreign currency exchange contracts | -99 | 0 |
Loss on disposition of property and equipment | 357 | 0 |
Excess tax shortfall from stock-based compensation | 0 | 15 |
Change in assets and liabilities: | ||
Accounts receivable and other assets | 613 | 478 |
Prepaid program costs and expenses | -5,272 | -7,592 |
Accounts payable, accrued expenses, and other current liabilities | 327 | -237 |
Participants' deposits | 27,140 | 34,227 |
Net cash provided by operating activities | 17,442 | 19,365 |
Cash flows from investing activities: | ||
Purchase of available-for-sale securities | -14,627 | -15,609 |
Proceeds from sale of available-for-sale securities | 0 | 120 |
Purchase of property and equipment | -336 | -678 |
Proceeds from sale of property and equipment | 19 | 0 |
Purchase of intangibles | 0 | -82 |
Net cash used in investing activities | -14,944 | -16,249 |
Cash flows from financing activities: | ||
Excess tax shortfall from stock-based compensation | 0 | -15 |
Net cash used in financing activities | 0 | -15 |
Net increase in cash and cash equivalents | 2,498 | 3,101 |
Cash and cash equivalents, beginning of period | 2,002 | 9,473 |
Cash and cash equivalents, end of period | $4,500 | $12,574 |
The_Company
The Company | 3 Months Ended |
Mar. 31, 2015 | |
The Company [Abstract] | |
The Company | 1. The Company |
Ambassadors Group, Inc. (the “Company”, “we”, “us” or “our”) is an educational company primarily engaged in organizing and promoting differentiated worldwide travel programs for students and professionals. These consolidated financial statements include the accounts of Ambassadors Group, Inc., and our wholly owned subsidiaries, Ambassador Programs, Inc., and Ambassadors Unlimited, LLC. All significant intercompany accounts and transactions, which are of a normal recurring nature, are eliminated in consolidation. | |
Through September 2014, we operated an education oriented research website, BookRags.com, which provided study guides, lesson plans, and other educational resources to students and teachers. This business was operated by BookRags, Inc. (“BookRags”) our then wholly-owned subsidiary. In September 2014, we consummated the sale of the BookRags subsidiary. All activities related to BookRags have been reflected as discontinued operations for all periods presented. For additional information, see Note 8 of Notes to Consolidated Financial Statements. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being materially misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not indicative of the results that may be expected for the year ending December 31, 2015. | |
It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (ASU 2014-15). This ASU requires management to evaluate whether there is substantial doubt about its ability to continue as a going concern. This standard is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. Upon adoption, we will use this new standard to assess going concern. | |
Management has assessed the impact of other recently issued, but not yet effective, accounting standards and determined that the provisions are either not applicable to us, or are not anticipated to have a material impact on our consolidated financial statements. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments and Fair Value Measurements [Abstract] | |||||||||||||||||
Investments and Fair Value Measurements | 4. Investments and Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market, and we consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. | |||||||||||||||||
Our financial instruments are measured and recorded at fair value. Our non-financial assets, including property and equipment and goodwill, are measured at fair value upon acquisition, reviewed at least annually for impairment, and are fully assessed if there is an indicator of impairment. An adjustment would be made to the fair value of non-financial assets if an impairment charge is recognized. | |||||||||||||||||
Fair value is determined for assets and liabilities using a three-tiered hierarchy, based upon significant levels of inputs as follows: | |||||||||||||||||
- | Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
- | Level 2 – Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
- | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
The below tables summarize the composition of our investments at March 31, 2015 and December 31, 2014 (in thousands). For both periods, all investments have been recorded to short-term available-for-sale securities on the consolidated balance sheet. | |||||||||||||||||
31-Mar-15 | Amortized Cost | Unrealized Losses | Aggregate Fair Value | ||||||||||||||
Short term municipal securities funds1 | $ | 74,147 | $ | (89 | ) | $ | 74,058 | ||||||||||
Total | $ | 74,147 | $ | (89 | ) | $ | 74,058 | ||||||||||
31-Dec-14 | Amortized Cost | Unrealized Losses | Aggregate Fair Value | ||||||||||||||
Short term municipal securities funds1 | $ | 59,520 | $ | (18 | ) | $ | 59,502 | ||||||||||
Total | $ | 59,520 | $ | (18 | ) | $ | 59,502 | ||||||||||
1 Do not have a set maturity date. | |||||||||||||||||
The following tables detail the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
31-Mar-15 | Fair Market Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | |||||||||||||||||
Municipal securities1 | 74,058 | 74,058 | - | - | |||||||||||||
Total financial assets | $ | 74,058 | $ | 74,058 | $ | - | $ | - | |||||||||
Financial liabilities: | |||||||||||||||||
Foreign currency exchange contracts | 2,137 | - | 2,137 | - | |||||||||||||
Total financial liabilities | $ | 2,137 | $ | - | $ | 2,137 | $ | - | |||||||||
31-Dec-14 | Fair Market Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | |||||||||||||||||
Municipal securities1 | 59,502 | 59,502 | - | - | |||||||||||||
Foreign currency exchange contracts | 14 | - | 14 | - | |||||||||||||
Total financial assets | $ | 59,516 | $ | 59,502 | $ | 14 | $ | - | |||||||||
Financial liabilities: | |||||||||||||||||
Foreign currency exchange contracts | 1,359 | - | 1,359 | - | |||||||||||||
Total financial liabilities | $ | 1,359 | $ | - | $ | 1,359 | $ | - | |||||||||
1 At March 31, 2015 and December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. | |||||||||||||||||
Municipal securities are classified as Level 1 assets because market prices are readily available for these investments. Level 2 financial assets and liabilities represent the fair value of our foreign currency exchange contracts that were valued using pricing models that take into account the contract terms, as well as multiple inputs where applicable, such as currency rates. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||
Derivative Financial Instruments | 5. Derivative Financial Instruments | ||||||||||||
The majority of our travel programs take place outside of the United States, and most foreign suppliers require payment in currency other than the U.S. dollar. Accordingly, we are exposed to foreign currency risk relative to changes in foreign currency exchange rates between those currencies and the U.S. dollar for our non-directly delivered programs. We use forward contracts that allow us to acquire foreign currency at a fixed price for a specified point in time to provide a hedge against foreign currency risk. All of our derivatives are cash flow hedges and at March 31, 2015, all contracts qualified for cash flow hedge accounting. | |||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income or loss and reclassified into earnings in the same period during which the hedged transaction is recognized in earnings; this is primarily during the second and third quarters of the year when our student travel programs occur. Gains or losses representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. | |||||||||||||
At March 31, 2015, the following forward contracts were outstanding (in thousands): | |||||||||||||
Notional | Matures | ||||||||||||
Amount | |||||||||||||
Forward contracts: | |||||||||||||
Australian dollar | 3,000 | April 2015 - July 2015 | |||||||||||
Euro | 6,455 | April 2015 - July 2015 | |||||||||||
British pound | 1,400 | April 2015 - July 2015 | |||||||||||
Canadian dollar | 300 | April 2015 - May 2015 | |||||||||||
New Zealand dollar | 250 | May 2015 - July 2015 | |||||||||||
Japanese Yen | 25,000 | May-15 | |||||||||||
The fair value of our forward contracts were as follows (in thousands): | |||||||||||||
31-Mar-15 | |||||||||||||
Derivatives designated as hedging instruments | Total Net | ||||||||||||
Assets | Liabilities | Liabilities | |||||||||||
Forward contracts | $ | - | $ | 2,137 | $ | 2,137 | |||||||
31-Dec-14 | |||||||||||||
Derivatives designated as hedging instruments | Total Net | ||||||||||||
Assets | Liabilities | Liabilities | |||||||||||
Forward contracts | $ | 14 | $ | 1,359 | $ | 1,345 | |||||||
The net asset and liability derivatives at March 31, 2015 and December 31, 2014 are reported in the consolidated balance sheet as current and long-term foreign currency exchange contracts. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 6. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Unrealized gains or losses related to derivative securities are recorded in accumulated other comprehensive income (loss) (“AOCI”). The change in unrealized gains or losses related to derivative securities are recorded in other comprehensive income (loss) net of income taxes in the period the change occurred. When derivative securities designated as cash flow hedges are used to pay vendors, the effective portion of the hedge is reclassified into the income statement and recorded in net revenue, non-directly delivered programs. | |||||||||||||||||
Unrealized gains or losses related to available-for-sale securities are recorded in AOCI. The change in unrealized gains or losses related to available-for-sale securities are recorded in other comprehensive income net of income taxes in the period the change occurred. When securities are sold and a realized gain or loss is recognized, the amount is reclassified from AOCI to the income statement and recorded in interest and dividend income. During the three months ended March 31, 2015 and 2014, there were no realized gains or losses recognized in the income statement for the sale of investments. | |||||||||||||||||
For the three months ended March 31, 2015 and 2014, a summary of AOCI balances and gains (losses) recognized in OCI are as follows (in thousands): | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Derivative Securities | Available-for-sale securities | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 30, | March 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Balance, beginning of period | $ | (1,142 | ) | $ | (192 | ) | $ | 165 | $ | (357 | ) | ||||||
Change before reclassification | (793 | ) | 196 | (70 | ) | 175 | |||||||||||
Reclassification into foreign currency and other income (expense) | (99 | ) | - | - | |||||||||||||
Effect of incomes taxes | - | (68 | ) | - | (61 | ) | |||||||||||
Other comprehensive income (loss), net of income taxes | (892 | ) | 128 | (70 | ) | 114 | |||||||||||
Balance, end of period | $ | (2,034 | ) | $ | (64 | ) | $ | 95 | $ | (243 | ) |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||
Stock-Based Compensation | 7. Stock-Based Compensation | ||||||||||||||||||
Under our Stock Incentive Plan (the “Plan”), we may grant stock-based incentive compensation awards to eligible employees and non-employee directors in the form of distribution equivalent rights, incentive stock options, non-qualified stock options, performance share awards, performance unit awards, restricted stock awards, restricted stock units awards, stock appreciation rights, tandem stock appreciation rights, unrestricted stock awards or any combination of the foregoing, as may be best suited to the circumstances of the particular employee, director or consultant. As of March 31, 2015, we had 1,521,408 shares authorized under the Plan available for future stock-based compensation. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
Under the terms of the Plan, options to purchase shares of our common stock are granted at a price set by the Compensation Committee of the Board of Directors (the “Compensation Committee”), not to be less than the par value of a share of common stock, and if granted as performance-based compensation or as incentive stock options, not to be less than the fair market value of the stock on the date of grant. The Compensation Committee establishes the vesting period of the awards, which is generally set at 25 percent per year for four years. Options may be exercised any time after they vest for a period up to 10 years from the grant date. | |||||||||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of options. Option valuation models require the input of highly subjective assumptions, particularly for the expected term and stock price volatility. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and our experience. Our employee stock options do not trade on a secondary exchange; therefore, employees do not derive a benefit from holding stock options unless there is an appreciation in the market price of our stock above the grant price. Such an increase in stock price would benefit all shareholders commensurately. | |||||||||||||||||||
We did not grant stock options during the three months ended March 31, 2015 or 2014. | |||||||||||||||||||
A summary of option activity under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | |||||||||||||||||||
Stock | Weighted- | Weighted- | |||||||||||||||||
Options | Average | Average | |||||||||||||||||
Exercise | Remaining | ||||||||||||||||||
Outstanding at December 31, 2014 | 551,409 | $ | 6.05 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Forfeited / Expired | (80,072 | ) | 6.96 | ||||||||||||||||
Exercised | - | - | |||||||||||||||||
Outstanding at March 31, 2015 | 471,337 | $ | 5.9 | 7.67 | |||||||||||||||
Exercisable at March 31, 2015 | 177,368 | $ | 8.63 | 6.12 | |||||||||||||||
During the three months ended March 31, 2015 and 2014, the total intrinsic value of stock options exercised was zero and the total fair value of options which vested was zero. The aggregate intrinsic value of outstanding and exercisable stock options was zero, based on our $2.53 closing stock price at March 31, 2015. Compensation expense recognized in the consolidated statement of operations for stock options was $37 thousand and $0.1 million for the three months ended March 31, 2015 and 2014, respectively, before the effect of income taxes. As of March 31, 2015, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $0.3 million, which is expected to be recognized over approximately 2.7 years. | |||||||||||||||||||
Restricted Stock Grants | |||||||||||||||||||
Under the terms of the Plan, restricted stock awards and restricted stock units are granted by the Compensation Committee on the same terms as options. The Compensation Committee also establishes the vesting period of the awards. The fair value of restricted stock awards and restricted stock units are based on the market price of our shares on the grant date. | |||||||||||||||||||
A summary of the activity of non-vested restricted stock awards and restricted stock units under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | |||||||||||||||||||
Restricted Stock Awards | Restricted Stock Units | ||||||||||||||||||
Restricted Stock Awards | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | Restricted Stock Units | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | ||||||||||||||
Balance at December 31, 2014 | 341,637 | $ | 2.83 | 82,572 | $ | 4.17 | |||||||||||||
Granted | - | - | 165,000 | 2.55 | |||||||||||||||
Forfeited | (4,194 | ) | 6.74 | (26,879 | ) | 2.88 | |||||||||||||
Vested | (11,628 | ) | 2.15 | (2,536 | ) | 4.45 | |||||||||||||
Balance at March 31, 2015 | 325,815 | $ | 2.81 | 1.42 | 218,157 | $ | 3.1 | 2.05 | |||||||||||
At March 31, 2015, the aggregate value of non-vested restricted stock awards and restricted stock units was $0.8 million and $0.6 million, respectively, before applicable income taxes, based on a $2.53 closing stock price at March 31, 2015. During the three months ended March 31, 2015 and 2014, the weighted-average grant date fair value of restricted stock awards which vested was $25 thousand and $7 thousand, respectively. Compensation expense recognized in the consolidated statement of operations for restricted stock awards was $0.1 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively, before the effect of income taxes. Compensation expense recognized in the consolidated statement of operations for restricted stock units was $42 thousand and $9 thousand for the three months ended March 31, 2015 and 2014, respectively, before the effect of income taxes. As of March 31, 2015, total unrecognized stock-based compensation expense related to restricted stock awards and restricted stock units was approximately $0.6 million and $0.6 million, respectively, which is expected to be recognized over approximately 2.5 years and 3.5 years, respectively. | |||||||||||||||||||
Performance Stock Awards | |||||||||||||||||||
Under the terms of the Plan, performance stock awards are granted by the Compensation Committee to key executive employees. Performance stock awards are based on achieving key internal metrics measured at the end of each fiscal year over a three year performance period. If performance objectives are achieved as determined by the Compensation Committee, common stock is granted. The fair value of these awards is determined on the date of grant based on our share price. A forfeiture rate of 14 percent is used as a best estimate of future forfeitures. Compensation expense related to performance stock units is evaluated quarterly to determine the likelihood that performance metrics will be achieved during the performance period. | |||||||||||||||||||
A summary of the activity of performance stock units under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | |||||||||||||||||||
Performance Stock Units | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual | |||||||||||||||||
Life (years) | |||||||||||||||||||
Balance at December 31, 2014 | 229,315 | $ | 2.5 | ||||||||||||||||
Granted | 165,000 | 2.55 | |||||||||||||||||
Forfeited | (20,000 | ) | 2.55 | ||||||||||||||||
Vested | - | - | |||||||||||||||||
Balance at March 31, 2015 | 374,315 | $ | 2.52 | 2.66 | |||||||||||||||
Performance stock units outstanding on March 31, 2015 are payable upon the achievement of certain internal metrics over a performance period of January 1, 2015 through December 31, 2015. As of March 31, 2015, there was $0.7 million of unrecognized compensation expense related to performance share unit awards, which will be recognized over a weighted average period of time as internal metrics are anticipated to be achieved. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Discontinued Operations | 8. Discontinued Operations | ||||||||
In September 2014, we consummated the sale of BookRags for $5.0 million, subject to a $0.4 million escrow arrangement to be released in 2015. The amount subject to escrow is disclosed as restricted cash on the consolidated balance sheet. All activities related to BookRags have been reflected as discontinued operations on our consolidated financial statements for the period ended March 31, 2014. There were no discontinued operations for the period ending March 31, 2015. | |||||||||
The following table summarizes the results of discontinued operations for the periods indicated (in thousands): | |||||||||
Three months ended | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Total revenue | $ | - | $ | 1,008 | |||||
Gross margin | $ | - | $ | 876 | |||||
Selling & marketing expenses | $ | - | $ | 321 | |||||
General & administrative expenses | $ | - | $ | 219 | |||||
Operating income from discontinued operations | $ | - | $ | 336 | |||||
Income tax provision on discontinued operations | $ | - | $ | (56 | ) | ||||
Net income from discontinued operations | $ | - | $ | 280 |
Net_Loss_and_Loss_per_Share
Net Loss and Loss per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Loss and Loss per Share [Abstract] | |||||||||
Net Loss and Loss per Share | 9. Net Loss and Loss per Share | ||||||||
The following table presents a reconciliation of basic and diluted loss per share computations (in thousands, except per share data and anti-dilutive stock option counts): | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (6,612 | ) | $ | (7,831 | ) | |||
Income from discontinued operations | - | 280 | |||||||
Net loss | $ | (6,612 | ) | $ | (7,551 | ) | |||
Denominator: | |||||||||
Weighted-average shares outstanding - basic | 16,955 | 16,755 | |||||||
Effect of unvested restricted stock awards considered participating securities | - | - | |||||||
Effect of dilutive common stock options | - | - | |||||||
Effect of dilutive restricted stock units | - | - | |||||||
Weighted-average shares outstanding – diluted | 16,955 | 16,755 | |||||||
Loss from continuing operations - basic | (0.39 | ) | (0.47 | ) | |||||
Income from discontinued operations - basic | - | 0.02 | |||||||
Net loss per share - basic | $ | (0.39 | ) | $ | (0.45 | ) | |||
Loss from continuing operations - diluted | (0.39 | ) | (0.47 | ) | |||||
Income from discontinued operations - diluted | - | 0.02 | |||||||
Net loss per share - diluted | $ | (0.39 | ) | $ | (0.45 | ) | |||
Restricted stock awards excluded from the calculation of basic earnings per share | 330,076 | - | |||||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 681,603 | 822,928 |
Supplemental_Disclosures_of_Co
Supplemental Disclosures of Consolidated Statements of Cash Flows | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | |||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows | 10. Supplemental Disclosures of Consolidated Statements of Cash Flows | ||||||||
Our non-cash investing and financing activities during the three months ended March 31, 2015 and 2014 were as follows (in thousands): | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Unrealized income (loss) on foreign currency exchange contracts | $ | (793 | ) | $ | 196 | ||||
Unrealized income (loss) on available-for-sale securities | $ | (70 | ) | $ | 175 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies |
We are not a party to any material pending legal proceedings other than ordinary routine litigation incidental to our business, the outcome of which we believe will not have a material adverse effect on our business, financial condition, cash flows or results of operations. | |
We are subject to the possibility of various loss contingencies, including claims, suits and complaints, arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted and whether new accruals are required. | |
Under our Bylaws, our directors and officers have certain rights to indemnification by us against certain liabilities that may arise by reason of their status or service as directors or officers. We maintain director and officer insurance, which covers certain liabilities arising from our obligation to indemnify our directors and officers and former directors in certain circumstances. No material indemnification liabilities were accrued at March 31, 2015. |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments and Fair Value Measurements [Abstract] | |||||||||||||||||
Fair value of investments | The below tables summarize the composition of our investments at March 31, 2015 and December 31, 2014 (in thousands). For both periods, all investments have been recorded to short-term available-for-sale securities on the consolidated balance sheet. | ||||||||||||||||
31-Mar-15 | Amortized Cost | Unrealized Losses | Aggregate Fair Value | ||||||||||||||
Short term municipal securities funds1 | $ | 74,147 | $ | (89 | ) | $ | 74,058 | ||||||||||
Total | $ | 74,147 | $ | (89 | ) | $ | 74,058 | ||||||||||
31-Dec-14 | Amortized Cost | Unrealized Losses | Aggregate Fair Value | ||||||||||||||
Short term municipal securities funds1 | $ | 59,520 | $ | (18 | ) | $ | 59,502 | ||||||||||
Total | $ | 59,520 | $ | (18 | ) | $ | 59,502 | ||||||||||
1 Do not have a set maturity date. | |||||||||||||||||
Fair value by balance sheet grouping | The following tables detail the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
31-Mar-15 | Fair Market Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | |||||||||||||||||
Municipal securities1 | 74,058 | 74,058 | - | - | |||||||||||||
Total financial assets | $ | 74,058 | $ | 74,058 | $ | - | $ | - | |||||||||
Financial liabilities: | |||||||||||||||||
Foreign currency exchange contracts | 2,137 | - | 2,137 | - | |||||||||||||
Total financial liabilities | $ | 2,137 | $ | - | $ | 2,137 | $ | - | |||||||||
31-Dec-14 | Fair Market Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | |||||||||||||||||
Municipal securities1 | 59,502 | 59,502 | - | - | |||||||||||||
Foreign currency exchange contracts | 14 | - | 14 | - | |||||||||||||
Total financial assets | $ | 59,516 | $ | 59,502 | $ | 14 | $ | - | |||||||||
Financial liabilities: | |||||||||||||||||
Foreign currency exchange contracts | 1,359 | - | 1,359 | - | |||||||||||||
Total financial liabilities | $ | 1,359 | $ | - | $ | 1,359 | $ | - | |||||||||
1 At March 31, 2015 and December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||
Foreign currency contracts, by maturity | At March 31, 2015, the following forward contracts were outstanding (in thousands): | ||||||||||||
Notional | Matures | ||||||||||||
Amount | |||||||||||||
Forward contracts: | |||||||||||||
Australian dollar | 3,000 | April 2015 - July 2015 | |||||||||||
Euro | 6,455 | April 2015 - July 2015 | |||||||||||
British pound | 1,400 | April 2015 - July 2015 | |||||||||||
Canadian dollar | 300 | April 2015 - May 2015 | |||||||||||
New Zealand dollar | 250 | May 2015 - July 2015 | |||||||||||
Japanese Yen | 25,000 | May-15 | |||||||||||
Forward contracts, by hedging designation | The fair value of our forward contracts were as follows (in thousands): | ||||||||||||
31-Mar-15 | |||||||||||||
Derivatives designated as hedging instruments | Total Net | ||||||||||||
Assets | Liabilities | Liabilities | |||||||||||
Forward contracts | $ | - | $ | 2,137 | $ | 2,137 | |||||||
31-Dec-14 | |||||||||||||
Derivatives designated as hedging instruments | Total Net | ||||||||||||
Assets | Liabilities | Liabilities | |||||||||||
Forward contracts | $ | 14 | $ | 1,359 | $ | 1,345 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||
Summary of AOCI balances and gains (losses) recognized in OCI | For the three months ended March 31, 2015 and 2014, a summary of AOCI balances and gains (losses) recognized in OCI are as follows (in thousands): | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Derivative Securities | Available-for-sale securities | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 30, | March 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Balance, beginning of period | $ | (1,142 | ) | $ | (192 | ) | $ | 165 | $ | (357 | ) | ||||||
Change before reclassification | (793 | ) | 196 | (70 | ) | 175 | |||||||||||
Reclassification into foreign currency and other income (expense) | (99 | ) | - | - | |||||||||||||
Effect of incomes taxes | - | (68 | ) | - | (61 | ) | |||||||||||
Other comprehensive income (loss), net of income taxes | (892 | ) | 128 | (70 | ) | 114 | |||||||||||
Balance, end of period | $ | (2,034 | ) | $ | (64 | ) | $ | 95 | $ | (243 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||
Summary of stock option activity | A summary of option activity under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | ||||||||||||||||||
Stock | Weighted- | Weighted- | |||||||||||||||||
Options | Average | Average | |||||||||||||||||
Exercise | Remaining | ||||||||||||||||||
Outstanding at December 31, 2014 | 551,409 | $ | 6.05 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Forfeited / Expired | (80,072 | ) | 6.96 | ||||||||||||||||
Exercised | - | - | |||||||||||||||||
Outstanding at March 31, 2015 | 471,337 | $ | 5.9 | 7.67 | |||||||||||||||
Exercisable at March 31, 2015 | 177,368 | $ | 8.63 | 6.12 | |||||||||||||||
Summary of activity of non-vested restricted stock awards and restricted stock units | A summary of the activity of non-vested restricted stock awards and restricted stock units under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | ||||||||||||||||||
Restricted Stock Awards | Restricted Stock Units | ||||||||||||||||||
Restricted Stock Awards | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | Restricted Stock Units | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | ||||||||||||||
Balance at December 31, 2014 | 341,637 | $ | 2.83 | 82,572 | $ | 4.17 | |||||||||||||
Granted | - | - | 165,000 | 2.55 | |||||||||||||||
Forfeited | (4,194 | ) | 6.74 | (26,879 | ) | 2.88 | |||||||||||||
Vested | (11,628 | ) | 2.15 | (2,536 | ) | 4.45 | |||||||||||||
Balance at March 31, 2015 | 325,815 | $ | 2.81 | 1.42 | 218,157 | $ | 3.1 | 2.05 | |||||||||||
Summary of activity of performance stock units under the Plan | A summary of the activity of performance stock units under the Plan as of March 31, 2015, and the changes during the three months then ended is presented below: | ||||||||||||||||||
Performance Stock Units | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual | |||||||||||||||||
Life (years) | |||||||||||||||||||
Balance at December 31, 2014 | 229,315 | $ | 2.5 | ||||||||||||||||
Granted | 165,000 | 2.55 | |||||||||||||||||
Forfeited | (20,000 | ) | 2.55 | ||||||||||||||||
Vested | - | - | |||||||||||||||||
Balance at March 31, 2015 | 374,315 | $ | 2.52 | 2.66 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Schedule of disposal groups, including discontinued operations, income statement, balance sheet and additional disclosures | The following table summarizes the results of discontinued operations for the periods indicated (in thousands): | ||||||||
Three months ended | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Total revenue | $ | - | $ | 1,008 | |||||
Gross margin | $ | - | $ | 876 | |||||
Selling & marketing expenses | $ | - | $ | 321 | |||||
General & administrative expenses | $ | - | $ | 219 | |||||
Operating income from discontinued operations | $ | - | $ | 336 | |||||
Income tax provision on discontinued operations | $ | - | $ | (56 | ) | ||||
Net income from discontinued operations | $ | - | $ | 280 |
Net_Loss_and_Loss_per_Share_Ta
Net Loss and Loss per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Loss and Loss per Share [Abstract] | |||||||||
Reconciliation of basic and diluted income per share computations | The following table presents a reconciliation of basic and diluted loss per share computations (in thousands, except per share data and anti-dilutive stock option counts): | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (6,612 | ) | $ | (7,831 | ) | |||
Income from discontinued operations | - | 280 | |||||||
Net loss | $ | (6,612 | ) | $ | (7,551 | ) | |||
Denominator: | |||||||||
Weighted-average shares outstanding - basic | 16,955 | 16,755 | |||||||
Effect of unvested restricted stock awards considered participating securities | - | - | |||||||
Effect of dilutive common stock options | - | - | |||||||
Effect of dilutive restricted stock units | - | - | |||||||
Weighted-average shares outstanding – diluted | 16,955 | 16,755 | |||||||
Loss from continuing operations - basic | (0.39 | ) | (0.47 | ) | |||||
Income from discontinued operations - basic | - | 0.02 | |||||||
Net loss per share - basic | $ | (0.39 | ) | $ | (0.45 | ) | |||
Loss from continuing operations - diluted | (0.39 | ) | (0.47 | ) | |||||
Income from discontinued operations - diluted | - | 0.02 | |||||||
Net loss per share - diluted | $ | (0.39 | ) | $ | (0.45 | ) | |||
Restricted stock awards excluded from the calculation of basic earnings per share | 330,076 | - | |||||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 681,603 | 822,928 |
Supplemental_Disclosures_of_Co1
Supplemental Disclosures of Consolidated Statements of Cash Flows (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | |||||||||
Non-cash investing and financing activities | Our non-cash investing and financing activities during the three months ended March 31, 2015 and 2014 were as follows (in thousands): | ||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Unrealized income (loss) on foreign currency exchange contracts | $ | (793 | ) | $ | 196 | ||||
Unrealized income (loss) on available-for-sale securities | $ | (70 | ) | $ | 175 |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $74,147 | $59,520 | ||
Unrealized Losses | -89 | -18 | ||
Aggregate Fair Value | 74,058 | 59,502 | ||
Cash and cash equivalents | 0 | 0 | ||
Short-term available-for-sale securities | 74,058 | 59,502 | ||
Long-term available-for-sale securities | 0 | 0 | ||
Financial assets [Abstract] | ||||
Municipal securities | 74,058 | [1] | 59,502 | [1] |
Foreign currency exchange contracts | 14 | |||
Total financial assets | 74,058 | 59,516 | ||
Financial liabilities [Abstract] | ||||
Foreign currency exchange contracts | 2,137 | 1,359 | ||
Total financial liabilities | 2,137 | 1,359 | ||
Level 1 [Member] | ||||
Financial assets [Abstract] | ||||
Municipal securities | 74,058 | [1] | 59,502 | [1] |
Foreign currency exchange contracts | 0 | |||
Total financial assets | 74,058 | 59,502 | ||
Financial liabilities [Abstract] | ||||
Foreign currency exchange contracts | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Level 2 [Member] | ||||
Financial assets [Abstract] | ||||
Municipal securities | 0 | [1] | 0 | [1] |
Foreign currency exchange contracts | 14 | |||
Total financial assets | 0 | 14 | ||
Financial liabilities [Abstract] | ||||
Foreign currency exchange contracts | 2,137 | 1,359 | ||
Total financial liabilities | 2,137 | 1,359 | ||
Level 3 [Member] | ||||
Financial assets [Abstract] | ||||
Municipal securities | 0 | [1] | 0 | [1] |
Foreign currency exchange contracts | 0 | |||
Total financial assets | 0 | 0 | ||
Financial liabilities [Abstract] | ||||
Foreign currency exchange contracts | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Short Term Municipal Securities Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 74,147 | [2] | 59,520 | [2] |
Unrealized Losses | -89 | [2] | -18 | [2] |
Aggregate Fair Value | 74,058 | [2] | 59,502 | [2] |
Cash and cash equivalents | 0 | [2] | 0 | [2] |
Short-term available-for-sale securities | 74,058 | [2] | 59,502 | [2] |
Long-term available-for-sale securities | $0 | [2] | $0 | [2] |
[1] | At March 31, 2015 and December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. | |||
[2] | Do not have a set maturity date. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward contracts, assets | 0 | $14 |
Forward contracts, liabilities | 2,137 | 1,359 |
Forward contracts, total net liabilities | 2,137 | 1,345 |
Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 3,000 | |
Australian Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 30-Apr-15 | |
Australian Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Euro [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 6,455 | |
Euro [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 30-Apr-15 | |
Euro [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
British Pound [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 1,400 | |
British Pound [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 30-Apr-15 | |
British Pound [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Canadian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 300 | |
Canadian Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 30-Apr-15 | |
Canadian Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-May-15 | |
New Zealand Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 250 | |
New Zealand Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 30-Apr-15 | |
New Zealand Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 25,000 | |
Derivative maturity date range | 31-May-15 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | ($977) | |
Reclassification into foreign currency and other income (expense) | 99 | 0 |
Effect of incomes taxes, Derivative Securities | 0 | 69 |
Effect of income taxes, Available-for-sale securities | 0 | 61 |
Balance, end of period | -1,939 | |
Realized gain (loss) on sale of investments | 0 | 0 |
Derivative Securities [Member] | Foreign Currency Exchange Contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | -1,142 | -192 |
Change before reclassification | -793 | 196 |
Reclassification into foreign currency and other income (expense) | -99 | 0 |
Effect of incomes taxes, Derivative Securities | 0 | -68 |
Other comprehensive income (loss), net of income taxes | -892 | 128 |
Balance, end of period | -2,034 | -64 |
Available-for-sale securities [Member] | Foreign Currency Exchange Contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 165 | -357 |
Change before reclassification | -70 | 175 |
Reclassification into foreign currency and other income (expense) | 0 | |
Effect of income taxes, Available-for-sale securities | 0 | -61 |
Other comprehensive income (loss), net of income taxes | -70 | 114 |
Balance, end of period | $95 | ($243) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under the plan available for future stock-based compensation (in shares) | 1,521,408 | |
Stock Options [Roll Forward] | ||
Stock Options, Beginning Balance (in shares) | 551,409 | |
Stock Options, Granted in Period (in shares) | 0 | |
Stock Options, Forfeited / Expired (in shares) | -80,072 | |
Stock Options, Exercised (in shares) | 0 | |
Stock Options, Ending Balance (in shares) | 471,337 | |
Stock Options, Exercisable Ending Balance (in shares) | 177,368 | |
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ||
Stock Options, Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | $6.05 | |
Stock Options, Granted, Weighted-Average Exercise Price (in dollars per share) | $0 | |
Stock Options, Forfeited / Expired, Weighted Average Exercise Price (in dollars per share) | $6.96 | |
Stock Options, Exercised, Weighted Average Exercise Price (in dollars per share) | $0 | |
Stock Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $5.90 | |
Stock Options Exercisable, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $8.63 | |
Outstanding, Weighted-Average Remaining Contractual Life | 7 years 8 months 1 day | |
Exercisable, Weighted-Average Remaining Contractual Life | 6 years 1 month 13 days | |
Stock-based compensation | $289,000 | $202,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that can vest per year (in hundredths) | 25.00% | |
Vesting period | 4 years | |
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ||
Total intrinsic value of stock options exercised | 0 | |
Total fair value of options vested | 0 | |
Option outstanding, intrinsic value | 0 | |
Options exercisable, intrinsic value | 0 | |
Valuation assumptions | based on our $2.53 closing stock price | |
Stock price (in dollars per share) | $2.53 | |
Stock-based compensation | 37,000 | 100,000 |
Unrecognized stock-based compensation expense | 300,000 | |
Unrecognized stock-based compensation expense recognition period | 2 years 8 months 12 days | |
Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercised period for vest from grant date | 10 years | |
Restricted Stock Award [Member] | ||
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ||
Option outstanding, intrinsic value | 800,000 | |
Valuation assumptions | based on a $2.53 closing stock price | |
Stock price (in dollars per share) | $2.53 | |
Weighted-average grant date fair value of restricted stock awards vested | 25,000,000 | 7,000,000 |
Stock-based compensation | 100,000 | 100,000 |
Unrecognized stock-based compensation expense | 600,000 | |
Unrecognized stock-based compensation expense recognition period | 2 years 6 months | |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 341,637 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 0 | |
Restricted Stock and Performance Stock Awards, Forfeitures (in shares) | -4,194 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | -11,628 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 325,815 | |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $2.83 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $0 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $6.74 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.15 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $2.81 | |
Weighted-Average Remaining Contractual Life | 1 year 5 months 1 day | |
Restricted Stock Units [Member] | ||
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ||
Option outstanding, intrinsic value | 600,000 | |
Valuation assumptions | based on a $2.53 closing stock price | |
Stock price (in dollars per share) | $2.53 | |
Stock-based compensation | 42,000 | 9,000 |
Unrecognized stock-based compensation expense | 600,000 | |
Unrecognized stock-based compensation expense recognition period | 3 years 6 months | |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 82,572 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 165,000 | |
Restricted Stock and Performance Stock Awards, Forfeitures (in shares) | -26,879 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | -2,536 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 218,157 | |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $4.17 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.55 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.88 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $4.45 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $3.10 | |
Weighted-Average Remaining Contractual Life | 2 years 0 months 18 days | |
Performance Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ||
Fair value assumptions expected forfeiture rate (in hundredths) | 14.00% | |
Unrecognized stock-based compensation expense | $700,000 | |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 229,315 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 165,000 | |
Restricted Stock and Performance Stock Awards, Forfeitures (in shares) | -20,000 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | 0 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 374,315 | |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $2.50 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.55 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.55 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $0 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $2.52 | |
Weighted-Average Remaining Contractual Life | 2 years 7 months 28 days |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Total revenue | $0 | $1,008,000 | |
Gross margin | 0 | 876,000 | |
Selling & marketing expenses | 0 | 321,000 | |
General & administrative expenses | 0 | 219,000 | |
Operating income from discontinued operations | 0 | 336,000 | |
Income tax provision on discontinued operations | 0 | -56,000 | |
Net income from discontinued operations | 0 | 280,000 | |
BookRags [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gross proceeds from sale of BookRags | 5,000,000 | ||
Amount held in escrow | $400,000 |
Net_Loss_and_Loss_per_Share_De
Net Loss and Loss per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator [Abstract] | ||
Loss from continuing operations | ($6,612) | ($7,831) |
Income from discontinued operations | 0 | 280 |
Net loss | ($6,612) | ($7,551) |
Denominator [Abstract] | ||
Weighted-average shares outstanding - basic (in shares) | 16,955,000 | 16,755,000 |
Effect of unvested restricted stock awards considered participating securities (in shares) | 0 | 0 |
Effect of dilutive common stock options (in shares) | 0 | 0 |
Effect of dilutive restricted stock units (in shares) | 0 | 0 |
Weighted-average shares outstanding - diluted (in shares) | 16,955,000 | 16,755,000 |
Loss from continuing operations - basic (in dollars per share) | ($0.39) | ($0.47) |
Income from discontinued operations - basic (in dollars per share) | $0 | $0.02 |
Net loss per share - basic (in dollars per share) | ($0.39) | ($0.45) |
Loss from continuing operations - diluted (in dollars per share) | ($0.39) | ($0.47) |
Income from discontinued operations - diluted (in dollars per share) | $0 | $0.02 |
Net loss per share - diluted (in dollars per share) | ($0.39) | ($0.45) |
Restricted Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share (in shares) | 330,076 | 0 |
Stock Options and Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share (in shares) | 681,603 | 822,928 |
Supplemental_Disclosures_of_Co2
Supplemental Disclosures of Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Non-cash financing and investing activities [Abstract] | ||
Unrealized income (loss) on foreign currency exchange contracts | ($793) | $196 |
Unrealized income (loss) on available-for-sale securities | ($70) | $175 |