Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'AMBASSADORS GROUP INC | ' |
Entity Central Index Key | '0001162315 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 16,983,331 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $4,775 | $6,150 |
Available-for-sale securities and other | 36,240 | 32,122 |
Foreign currency exchange contracts | 0 | 837 |
Prepaid program costs and expenses | 7,090 | 17,217 |
Accounts receivable | 1,022 | 850 |
Deferred tax assets | 547 | 221 |
Total current assets | 49,674 | 57,397 |
Property and equipment, net | 18,948 | 26,344 |
Available-for-sale securities | 717 | 723 |
Intangibles | 3,529 | 3,565 |
Goodwill | 9,781 | 9,781 |
Other long-term assets | 82 | 85 |
Total assets | 82,731 | 97,895 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 9,035 | 4,238 |
Participants' deposits | 9,847 | 25,735 |
Foreign currency exchange contracts | 90 | 0 |
Other liabilities | 94 | 111 |
Total current liabilities | 19,066 | 30,084 |
Deferred tax liabilities | 2,330 | 2,688 |
Total liabilities | 21,396 | 32,772 |
Commitments and Contingencies (Note 12) | ' | ' |
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; 16,983,331 and 17,047,470 shares issued and outstanding, respectively | 170 | 170 |
Additional paid-in capital | 196 | 0 |
Retained earnings | 61,372 | 64,589 |
Accumulated other comprehensive gain (loss) | -403 | 364 |
Stockholders' equity | 61,335 | 65,123 |
Total liabilities and stockholders' equity | $82,731 | $97,895 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
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) | 16,983,331 | 17,047,470 |
Common stock, shares outstanding (in shares) | 16,983,331 | 17,047,470 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract] | ' | ' | ' | ' |
Net revenue, non-directly delivered programs | $15,071 | $16,746 | $36,254 | $44,589 |
Gross revenue, directly delivered programs | 6,296 | 4,783 | 10,460 | 9,008 |
Gross revenue, internet and advertising | 910 | 903 | 2,938 | 3,106 |
Total revenue | 22,277 | 22,432 | 49,652 | 56,703 |
Cost of sales, directly delivered programs | 4,128 | 3,273 | 7,053 | 6,172 |
Cost of sales, internet and advertising | 125 | 118 | 380 | 421 |
Gross margin | 18,024 | 19,041 | 42,219 | 50,110 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 9,589 | 11,289 | 25,431 | 26,459 |
General and administrative | 2,847 | 3,522 | 11,451 | 12,113 |
Restructuring costs | 1,756 | 0 | 1,756 | 0 |
Asset impairments | 6,461 | 0 | 6,461 | 0 |
Total operating expenses | 20,653 | 14,811 | 45,099 | 38,572 |
Operating income (loss) | -2,629 | 4,230 | -2,880 | 11,538 |
Other income (expense): | ' | ' | ' | ' |
Interest and dividend income | 71 | 595 | 358 | 1,454 |
Foreign currency and other income | 1 | -2 | 22 | -5 |
Total other income | 72 | 593 | 380 | 1,449 |
Income (loss) before income tax benefit (provision) | -2,557 | 4,823 | -2,500 | 12,987 |
Income tax benefit (provision) | 943 | 662 | 919 | -1,210 |
Net Income (Loss) | ($1,614) | $5,485 | ($1,581) | $11,777 |
Weighted-average common shares outstanding - basic (in shares) | 16,984 | 17,613 | 16,982 | 17,595 |
Weighted-average common shares outstanding - diluted (in shares) | 16,984 | 17,613 | 16,982 | 17,595 |
Net income (loss) per share - basic (in dollars per share) | ($0.10) | $0.31 | ($0.09) | $0.67 |
Net income (loss) per share - diluted (in dollars per share) | ($0.10) | $0.31 | ($0.09) | $0.67 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($1,614) | $5,485 | ($1,581) | $11,777 |
Unrealized gain (loss) on foreign currency exchange contracts, net of income tax benefit (provision) of ($112), ($363), $324 and ($762) | 209 | 674 | -603 | 1,414 |
Unrealized gain (loss) on available-for-sale securities, net of income tax benefit (provision) of ($12), $92, $89 and $107 | 21 | -171 | -165 | -198 |
Comprehensive income (loss) | ($1,384) | $5,988 | ($2,349) | $12,993 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on foreign currency exchange contracts, income tax benefit (provision) | ($112) | ($363) | $324 | ($762) |
Unrealized gain (loss) on available-for-sale securities, income tax benefit (provision) | ($12) | $92 | $89 | $107 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($1,581) | $11,777 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 4,088 | 3,786 |
Stock-based compensation | 2,161 | 1,166 |
Deferred income tax provision (benefit) | -2,373 | 159 |
Loss on disposition and impairment of property and equipment | 6,461 | 0 |
Excess tax shortfall from stock-based compensation | 2,103 | 260 |
Change in assets and liabilities: | ' | ' |
Accounts receivable and other assets | -169 | 576 |
Prepaid program costs and expenses | 9,652 | 526 |
Accounts payable, accrued expenses, and other current liabilities | 4,802 | 1,653 |
Participants' deposits | -15,888 | -20,003 |
Net cash provided by (used in) operating activities | 9,256 | -100 |
Cash flows from investing activities: | ' | ' |
Purchase of available-for-sale securities | -27,297 | -70,333 |
Proceeds from sale of available-for-sale securities | 22,931 | 63,277 |
Purchase of property and equipment | -2,413 | -4,589 |
Purchase of intangibles | -251 | -418 |
Net cash used in investing activities | -7,030 | -12,063 |
Cash flows from financing activities: | ' | ' |
Repurchase of Common Stock | -486 | 0 |
Dividend payment to shareholders | -1,017 | -3,166 |
Proceeds from exercise of stock options | 5 | 0 |
Excess tax shortfall from stock-based compensation | -2,103 | -260 |
Net cash used in financing activities | -3,601 | -3,426 |
Net decrease in cash and cash equivalents | -1,375 | -15,589 |
Cash and cash equivalents, beginning of period | 6,150 | 19,519 |
Cash and cash equivalents, end of period | $4,775 | $3,930 |
The_Company
The Company | 9 Months Ended |
Sep. 30, 2013 | |
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. In addition, we operate an education oriented research website, called BookRags.com, which provides study guides, lesson plans and other educational resources to students and teachers. These consolidated financial statements include the accounts of Ambassadors Group, Inc., and our wholly owned subsidiaries, Ambassador Programs, Inc., World Adventures Unlimited, Inc., Ambassadors Unlimited, LLC, AGI Hong Kong Limited, Beijing People to People Education Consultation Co., Ltd, Marketing Production Systems LLC, and BookRags, Inc (“BookRags”). All significant intercompany accounts and transactions, which are of a normal recurring nature, are eliminated in consolidation. | |
Our operations are organized in two reporting segments, 1) “Ambassador Programs and Other,” which provides educational travel services to students and professionals through multiple itineraries and corporate overhead, and 2) “BookRags,” which provides online research capabilities through book summaries, critical essays, online study guides, lesson plans, biographies, and references to encyclopedia articles. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
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 nine months ended September 30, 2013 are not indicative of the results that may be expected for the year ending December 31, 2013. | |
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, 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
3. Summary of Significant Accounting Policies | |
Revenue Recognition | |
We invoice delegates in advance of travel, and payments made are recorded as deferred liabilities for participant deposits. The use of cash collected from participant deposits is not restricted by agreement or law, therefore is not reported as restricted cash. We also pay for certain program costs in advance of travel, including but not limited to airfare, hotel, and transportation services. Those advanced payments are recorded as prepaid program costs. | |
For non-directly delivered programs, we do not actively manage the operations of each program, and therefore, recognize revenue and anticipated costs from these programs on a net basis within total revenue when travel programs begin. For directly delivered programs in which we organize and operate all activities, we recognize the gross revenue and cost of sales of these programs over the period the programs operate. | |
We charge administrative fees under our withdrawal policy for any delegate who enrolls on our programs but does not ultimately travel. The amount of the administrative fee will vary depending on when the withdrawal occurs. We recognize withdrawal fees concurrent with the revenue recognition from the related programs. | |
Revenue from fees charged to access internet content is recognized at the point of sale while advertising revenues are recognized in conjunction with an advertisement being viewed on the BookRags site. Revenue from subscriptions for website content access is deferred and recognized monthly over the term of the subscription. Cost of internet content sales include amortization of intangible assets and licensing agreement costs. | |
For a more complete discussion, please refer to our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed for the year ended December 31, 2012 on March 11, 2013. | |
Restructuring_Costs
Restructuring Costs | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring Costs [Abstract] | ' | ||||||||||||
Restructuring Costs | ' | ||||||||||||
4. Restructuring Costs | |||||||||||||
During the third quarter of 2013, we initiated a corporate restructuring plan aimed at streamlining our cost structure and focusing our business on core Student Ambassador Programs in order to promote the long-term health of the organization. This plan includes restructuring the operations and programs associated with Discovery Student Education (“Discovery Student Adventures”) and terminating the operations associated with our Beijing office (“People to People – China”). The costs associated with this restructuring plan include contract termination fees associated with Discovery Student Adventures, asset impairments, and transition-related costs primarily comprised of charges for employee termination benefits, retention incentives during the transition period, and other operating costs incurred as part of the transition period. We anticipate all restructuring expenses to be recognized within six to twelve months of the initial implementation of the restructuring plan. All contract termination fees and transition-related expenses are classified on our consolidated statement of operations as restructuring costs. The costs associated with the impairment of assets as a result of the restructuring plan are classified as asset impairments in our consolidated statements of operations. | |||||||||||||
The following table summarizes costs incurred as part of the restructuring plan and balance of the restructuring cost liability as of September 30, 2013 (in thousands): | |||||||||||||
Contract | Transition-related costs | Total | |||||||||||
Termination Fees | |||||||||||||
Balance as of July 1, 2013 | $ | - | $ | - | $ | - | |||||||
Restructuring costs incurred | 1,550 | 206 | 1,756 | ||||||||||
Restructuring costs paid | - | (177 | ) | (177 | ) | ||||||||
Balance as of September 30, 2013 | $ | 1,550 | $ | 29 | $ | 1,579 |
Asset_Impairments
Asset Impairments | 9 Months Ended |
Sep. 30, 2013 | |
Asset Impairments [Abstract] | ' |
Asset Impairments | ' |
5. Asset Impairments | |
In April 2012, our Board of Directors approved the listing for sale of our corporate headquarters building located in Spokane, Washington. We intend to relocate our headquarters to a new leased location in Spokane upon sale. The initial listing price for the building and underlying land was $13.3 million. During the quarter ended September 30, 2013, we changed real estate brokers and lowered the listing price to $11.9 million. | |
Due to changes in market conditions, we lowered the carrying value of our corporate headquarters building during the quarter ended September 30, 2013. We will continue to classify the building as an asset held for use until the sale is probable within 12 months and it becomes unlikely that significant changes to the plan will be made. In total, we recorded approximately $6.5 million in expenses to reflect the impairment of the building and other assets before the effect of income taxes. These costs are classified in our consolidated statements of operations as asset impairments. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments and Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Investments and Fair Value Measurements | ' | |||||||||||||||||||
6. 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, intangible assets 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 following tables summarize the composition of our investments at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
Classification on Balance Sheet | ||||||||||||||||||||
30-Sep-13 | Amortized Cost | Unrealized Gains | Aggregate Fair Value | Cash and cash | Short-term | Long-term | ||||||||||||||
(Losses) | equivalents | available-for-sale securities | available-for- | |||||||||||||||||
sale securities | ||||||||||||||||||||
Auction rate securities (“ARS”), greater than one year | $ | 1,000 | $ | (283 | ) | $ | 717 | $ | - | $ | - | $ | 717 | |||||||
Money market funds, ninety days or less | 269 | - | 269 | 269 | - | - | ||||||||||||||
Municipal securities1 | ||||||||||||||||||||
Short term municipal securities funds2 | 27,343 | (117 | ) | 27,226 | - | 27,226 | - | |||||||||||||
One year or less | 775 | 3 | 778 | - | 778 | - | ||||||||||||||
After one year through three years | 2,482 | 4 | 2,486 | - | 2,486 | - | ||||||||||||||
Greater than three years | 5,879 | (129 | ) | 5,750 | - | 5,750 | - | |||||||||||||
Total | $ | 37,748 | $ | (522 | ) | $ | 37,226 | $ | 269 | $ | 36,240 | $ | 717 | |||||||
Classification on Balance Sheet | ||||||||||||||||||||
31-Dec-12 | Amortized Cost | Unrealized Gains | Aggregate Fair Value | Cash and cash equivalents | Short-term available-for-sale securities | Long-term | ||||||||||||||
(Losses) | available-for- | |||||||||||||||||||
sale securities | ||||||||||||||||||||
ARS, greater than one year | $ | 1,000 | $ | (277 | ) | $ | 723 | $ | - | $ | - | $ | 723 | |||||||
Money market funds, ninety days or less | 1,150 | - | 1,150 | 1,150 | - | - | ||||||||||||||
Municipal securities1 | ||||||||||||||||||||
Short term municipal securities funds2 | 26,095 | (3 | ) | 26,092 | - | 26,092 | - | |||||||||||||
One year or less | 790 | 2 | 792 | - | 792 | - | ||||||||||||||
After one year through three years | 1,345 | 7 | 1,352 | - | 1,352 | - | ||||||||||||||
Greater than three years | 3,884 | 2 | 3,886 | - | 3,886 | - | ||||||||||||||
Total | $ | 34,264 | $ | (269 | ) | $ | 33,995 | $ | 1,150 | $ | 32,122 | $ | 723 | |||||||
1Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
2Amounts include short-term municipal security funds that do not have a set maturity date. | ||||||||||||||||||||
The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
30-Sep-13 | Fair Market Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
Non-financial assets: | ||||||||||||||||||||
Property and equipment, net | $ | 10,954 | $ | - | $ | - | $ | 10,954 | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
30-Sep-13 | Fair Market Value | Quoted Prices in | Significant Other Observable Inputs | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
Active Markets for Identical Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
ARS | $ | 717 | $ | - | $ | - | $ | 717 | ||||||||||||
Money market funds | 269 | 269 | - | - | ||||||||||||||||
Municipal securities1 | 36,240 | 36,240 | - | - | ||||||||||||||||
Foreign currency exchange contracts | 116 | - | 116 | - | ||||||||||||||||
Total financial assets | $ | 37,342 | $ | 36,509 | $ | 116 | $ | 717 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Foreign currency exchange contracts | 206 | - | 206 | - | ||||||||||||||||
Total financial liabilities | $ | 206 | $ | - | $ | 206 | $ | - | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
31-Dec-12 | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
ARS | $ | 723 | $ | - | $ | - | $ | 723 | ||||||||||||
Money market funds | 1,150 | 1,150 | - | - | ||||||||||||||||
Municipal securities1 | 32,122 | 32,122 | - | - | ||||||||||||||||
Foreign currency exchange contracts | 952 | - | 952 | - | ||||||||||||||||
Total financial assets | $ | 34,947 | $ | 33,272 | $ | 952 | $ | 723 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Foreign currency exchange contracts | 115 | - | 115 | - | ||||||||||||||||
Total financial liabilities | $ | 115 | $ | - | $ | 115 | $ | - | ||||||||||||
1 At September 30, 2013, municipal securities consisted of a 75/14/11 percent split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. At December 31, 2012, municipal securities consisted of an 82/12/6 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. The underlying credit rating of the municipal securities at September 30, 2013 and December 31, 2012 were A+, A1 or better as defined by S&P 500 and Moody’s, respectively. | ||||||||||||||||||||
Money market funds and 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 equity prices, interest rate yield curve, option volatility and currency rates. Level 3 financial assets represent the fair value of our auction-rate securities (“ARS”) and the building housing our corporate headquarters. ARS were valued using a pricing model that takes into account the average life of the underlying collateral, the rate of return, and the spread used for similar issuances. The fair value of our corporate headquarters was determined using an expected cash flow model. | ||||||||||||||||||||
Fair value measurements on a recurring basis using Level 3 inputs consist of one available-for-sale ARS. The following table presents a reconciliation for the three and nine months ended September 30, 2013 and 2012, of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands): | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 716 | $ | 714 | $ | 723 | $ | 700 | ||||||||||||
Total realized / unrealized losses: | ||||||||||||||||||||
Included in earnings | - | - | - | - | ||||||||||||||||
Included in OCI | 1 | 5 | (6 | ) | 19 | |||||||||||||||
Sales and settlements | - | - | - | - | ||||||||||||||||
Transfers into Level 3, net | - | - | - | - | ||||||||||||||||
Ending balance | $ | 717 | $ | 719 | $ | 717 | $ | 719 | ||||||||||||
During the nine months ended September 30, 2013, we experienced one failed ARS auction, representing principal of $1.0 million. This ARS continues to be classified as a long-term asset due to the high probability that the ARS may fail in future auctions. The next scheduled auction for this ARS is March 6, 2014. We have determined that there is no other-than-temporary impairment on this security, since we do not intend and are not required to sell this security before we have recovered the amortized cost basis, there has been no further deterioration of the credit rating of this investment, interest payments at coupon rate continue to be received and we expect to recover the amortized cost basis of this security. We will continue to reassess liquidity in future reporting periods based on several factors, including the success or failure of future auctions, possible failure of the investment to be redeemed, deterioration of the credit rating of the investment, market risk and other factors. | ||||||||||||||||||||
In determining the fair value of bond and ARS investments, we consider the individual ratings of each holding. With regard to bonds, we consider the following: the underlying rating of the issuer irrespective of the insurance; the performance of the issuer; the term of the bond; and the quality of bond insurance provided by the rating of the bond insurer. With regard to valuation of our ARS, which is made up of student loans, we consider the underlying credit quality of comparable student loan portfolios and the average life of the underlying student loan assets and apply a discount related to the illiquidity of our ARS due to past failed auctions. Based on these inputs, we have applied a discount of 340-basis points to the London interbank offered rate resulting in a valuation of $0.7 million from a costs basis of $1.0 million as of September 30, 2013. At the reporting dates and in the future, we recognize that this investment is subject to general credit, liquidity, market and interest rate risks. The fair value of this investment accordingly will continue to change, and we will continue to evaluate its carrying value. | ||||||||||||||||||||
Unrealized gains or losses related to available-for-sale securities are recorded in accumulated other comprehensive income (“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. For the three and nine months ended September 30, 2013 and 2012, a summary of AOCI balances and gains (losses) recognized in OCI is as follows (in thousands): | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of period | $ | (366 | ) | $ | 108 | $ | (180 | ) | $ | 135 | ||||||||||
Change before reclassification | (24 | ) | 66 | (216 | ) | 193 | ||||||||||||||
Reclassification into interest and dividend (income) loss | 70 | (364 | ) | 79 | (602 | ) | ||||||||||||||
Effect of incomes taxes | (25 | ) | 127 | (28 | ) | 211 | ||||||||||||||
Other comprehensive income (loss), net of income taxes | 21 | (171 | ) | (165 | ) | (198 | ) | |||||||||||||
Balance, end of period | $ | (345 | ) | $ | (63 | ) | $ | (345 | ) | $ | (63 | ) | ||||||||
During the nine months ended September 30, 2013, the change in AOCI for available-for-sale securities was primarily due to a decline in the fair market value of debt securities resulting from an increase in market interest rates during the period. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
7. 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 the 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 September 30, 2013, 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 September 30, 2013, the following forward contracts were outstanding (in thousands): | ||||||||||||||||
Notional Amount | Matures | |||||||||||||||
Forward contracts: | ||||||||||||||||
Australian dollar | 2,950 | January 2014 - July 2014 | ||||||||||||||
Euro | 1,200 | January 2014 - March 2014 | ||||||||||||||
British pound | 600 | March 2014 - June 2014 | ||||||||||||||
Canadian dollar | 550 | March 2014 - June 2014 | ||||||||||||||
The fair value of our forward contracts were as follows (in thousands): | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Derivatives designated as | Total Net | |||||||||||||||
hedging instruments | ||||||||||||||||
Assets | Liabilities | Liabilities | ||||||||||||||
Forward contracts | $ | 116 | $ | 206 | $ | 90 | ||||||||||
31-Dec-12 | ||||||||||||||||
Derivatives designated as | Total Net | |||||||||||||||
hedging instruments | ||||||||||||||||
Assets | Liabilities | Assets | ||||||||||||||
Forward contracts | $ | 952 | $ | 115 | $ | 837 | ||||||||||
The net asset and liability derivatives at September 30, 2013 and December 31, 2012 are reported in the consolidated balance sheet as current and long-term foreign currency exchange contracts. | ||||||||||||||||
Unrealized gains or losses related to derivative securities are recorded in AOCI. The change in unrealized gains or losses related to derivative securities are recorded in other comprehensive income 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. When derivative securities designated as cash flow hedges are de-designated, a realized gain or loss is recognized, and the amount is reclassified from AOCI to the income statement and recorded in foreign currency and other expenses. For the three and nine months ended September 30, 2013 and 2012, a summary of AOCI balances and gains (losses) recognized in OCI is as follows (in thousands): | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Derivative Securities | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | (267 | ) | $ | (413 | ) | $ | 544 | $ | (1,153 | ) | |||||
Change before reclassification | 253 | 233 | (483 | ) | 366 | |||||||||||
Reclassification into net revenue, non-directly delivered programs | (67 | ) | 679 | (185 | ) | 1,613 | ||||||||||
Reclassification into foreign currency and other expenses | - | - | - | - | ||||||||||||
Effect of incomes taxes | 23 | (238 | ) | 65 | (565 | ) | ||||||||||
Other comprehensive income (loss), net of income taxes | 209 | 674 | (603 | ) | 1,414 | |||||||||||
Balance, end of period | $ | (58 | ) | $ | 261 | $ | (58 | ) | $ | 261 |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
8. Stock-Based Compensation | |||||||||||||||||||||
Under our 2013 Equity Participation Plan we have outstanding options to purchase shares of our Common Stock and restricted stock awards held by eligible employees, non-employee directors and consultants as granted by the Compensation Committee of the Board of Directors. | |||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||||
30-Sep-13 | September 30, 2012 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||
Expected dividend yield1 | - | % | 4.44 | % | 1.37 | % | 4.4 | % | |||||||||||||
Expected stock price volatility | - | % | 60.41 | % | 54.66 | % | 60.75 | % | |||||||||||||
Risk-free interest rate | - | % | 1.58 | % | 2.08 | % | 1.74 | % | |||||||||||||
Expected life of options | - | Years | 4.47 | Years | 4.56 | Years | 4.47 | Years | |||||||||||||
Estimated fair value per option granted | - | $ | 1.93 | $ | 1.63 | $ | 1.9 | ||||||||||||||
1The Company suspended quarterly dividend payments during the three months ended June 30, 2013. | |||||||||||||||||||||
The dividend yield is based on expected quarterly cash dividends paid to our shareholders as of the date of grant. Expected stock price volatility is based on historical volatility of our stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term. The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. Additionally, an annualized forfeiture rate of 14.0 percent is used as an estimate of future forfeitures based on our historical forfeiture experience. The stock-based compensation expense is adjusted in later periods if the actual forfeiture rate is different from the estimate. | |||||||||||||||||||||
Total stock-based compensation expense recognized in the consolidated statement of operations for the quarter ended September 30, 2013 was approximately $0.2 million before income taxes. Of the total stock-based compensation expense during the quarter, stock option expense was approximately $0.1 million and restricted stock award and restricted stock unit expense was approximately $0.1 million. Total stock-based compensation expense recognized in the consolidated statement of operations for the nine months ended September 30, 2013 was $2.2 million before income taxes. Of the total stock-based compensation expense recognized in 2013, stock option expense was $1.0 million and restricted stock award expense was $1.2 million. | |||||||||||||||||||||
The following table presents information about outstanding common stock options and restricted grants as of September 30, 2013: | |||||||||||||||||||||
Options and Awards Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | Weighted-Average | Shares | Weighted- | ||||||||||||||||
Remaining | Exercise Price | Average | |||||||||||||||||||
Contractual Life | Exercise Price | ||||||||||||||||||||
(years) | |||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
$ | 0 | 252,483 | 2.18 | N/A | N/A | N/A | |||||||||||||||
Stock Options | |||||||||||||||||||||
$ | 3.47 - 6.93 | 544,590 | 8.91 | $ | 4.53 | 62,164 | $ | 4.87 | |||||||||||||
6.94 - 10.39 | 51,962 | 5.97 | 8.64 | 39,887 | 8.58 | ||||||||||||||||
10.40 - 13.86 | 127,650 | 6.15 | 11.40 | 85,284 | 11.47 | ||||||||||||||||
13.87 - 17.32 | 22,464 | 2.39 | 16.78 | 22,464 | 16.78 | ||||||||||||||||
17.33 - 20.79 | 5,496 | 4.61 | 18.41 | 5,496 | 18.41 | ||||||||||||||||
20.80 - 24.25 | 1,000 | 1.87 | 21.09 | 1,000 | 21.09 | ||||||||||||||||
24.26 - 27.72 | 6,500 | 2.35 | 26.96 | 6,500 | 26.95 | ||||||||||||||||
27.73 - 31.18 | 5,958 | 3.12 | 29.74 | 5,958 | 29.74 | ||||||||||||||||
31.19 - 34.65 | 3,711 | 3.59 | 34.65 | 3,711 | 34.65 | ||||||||||||||||
Total Stock Options | 769,331 | 7.90 | $ | 6.96 | 232,464 | $ | 11.20 | ||||||||||||||
Combined | 1,021,814 | 6.49 | $ | 5.24 | 232,464 | $ | 11.20 | ||||||||||||||
At September 30, 2013, the aggregate value of restricted stock awards and restricted stock units was $0.9 million and the aggregate intrinsic value of outstanding and exercisable stock options was zero based on our $3.45 closing stock price at September 30, 2013. The intrinsic value is the amount that would have been received by the optionees had all restricted stock been vested and all stock options been exercised on that date. As of September 30, 2013, total unrecognized stock-based compensation expense related to non-vested stock options and non-vested restricted stock awards was approximately $1.4 million, which is expected to be recognized over approximately 3.68 years. | |||||||||||||||||||||
The following table presents information about stock option and restricted stock activity during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted-Average | Stock Options | Weighted-Average | |||||||||||||||||||
Restricted Stock | Grant Date Fair | Exercise Price | |||||||||||||||||||
Awards and Units | Value | ||||||||||||||||||||
Balance at December 31, 2012 | 446,946 | $ | 6.25 | 1,877,500 | $ | 11.02 | |||||||||||||||
Granted | 54,907 | 3.84 | 129,119 | 3.89 | |||||||||||||||||
Forfeited | (10,436) | 5.61 | (1,236,167) | 12.81 | |||||||||||||||||
Vested | (249,107) | 7.97 | N/A | N/A | |||||||||||||||||
Exercised | N/A | N/A | (1,121) | 4.52 | |||||||||||||||||
Balance at September 30, 2013 | 242,310 | $ | 5.79 | 769,331 | $ | 6.95 |
Net_Income_Loss_and_Dividends_
Net Income (Loss) and Dividends per Share | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Net Income (Loss) and Dividends per Share [Abstract] | ' | ||||||||||||||
Net Income (Loss) and Dividends per Share | ' | ||||||||||||||
9. Net Income (Loss) and Dividends per Share | |||||||||||||||
The following table presents a reconciliation of basic and diluted income (loss) per share computations (in thousands, except per share data and anti-dilutive stock option counts): | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | (1,614 | ) | $ | 5,485 | $ | (1,581 | ) | $ | 11,777 | |||||
Denominator: | |||||||||||||||
Weighted-average shares outstanding | 16,741 | 17,219 | 16,703 | 17,201 | |||||||||||
Effect of unvested restricted stock awards considered participating securities | 243 | 394 | 279 | 394 | |||||||||||
Weighted-average shares outstanding – basic | 16,984 | 17,613 | 16,982 | 17,595 | |||||||||||
Effect of dilutive common stock options | - | - | - | - | |||||||||||
Effect of dilutive restricted stock units | - | - | - | - | |||||||||||
Weighted-average shares outstanding – diluted | 16,984 | 17,613 | 16,982 | 17,595 | |||||||||||
Net income (loss) per share - basic | $ | (0.10 | ) | $ | 0.31 | $ | (0.09 | ) | $ | 0.67 | |||||
Net income (loss) per share - diluted | $ | (0.10 | ) | $ | 0.31 | $ | (0.09 | ) | $ | 0.67 | |||||
Cash dividends declared per share1 | $ | - | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 782,000 | 1,209,000 | 1,319,000 | 1,346,000 | |||||||||||
because their effect would have been anti-dilutive | |||||||||||||||
1The Company suspended quarterly dividend payments during the three months ended June 30, 2013. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||
10. Segment Reporting | |||||||||||||||||||
Ambassador Programs and Other’s gross margin is comprised of gross receipts less direct program costs, including accommodations, transportation, speakers, facilitators, and event costs. BookRags’ gross margin is comprised of content and subscription and advertising revenues via www.BookRags.com, less affiliate commissions and amortization of intangible assets directly associated with sales. | |||||||||||||||||||
Segment information for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||
Three months ended September 30, 2013 | Three months ended September 30, 2012 | ||||||||||||||||||
Ambassador | Ambassador | ||||||||||||||||||
Programs and Other1 | Programs and Other1 | ||||||||||||||||||
BookRags | Consolidated | BookRags | Consolidated | ||||||||||||||||
Total revenue | $ | 21,367 | $ | 910 | $ | 22,277 | $ | 21,529 | $ | 903 | $ | 22,432 | |||||||
Gross margin | $ | 17,239 | $ | 785 | $ | 18,024 | $ | 18,256 | $ | 785 | $ | 19,041 | |||||||
Depreciation and amortization | $ | 1,230 | $ | 141 | $ | 1,371 | $ | 1,236 | $ | 138 | $ | 1,374 | |||||||
Operating income (loss) | $ | (2,878 | ) | $ | 249 | $ | (2,629 | ) | $ | 3,991 | $ | 239 | $ | 4,230 | |||||
Income tax benefit (provision) | $ | 1,004 | $ | (61 | ) | $ | 943 | $ | 569 | $ | 93 | $ | 662 | ||||||
Net income (loss) | $ | (1,803 | ) | $ | 189 | $ | (1,614 | ) | $ | 5,131 | $ | 354 | $ | 5,485 | |||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||||||||||||
Ambassador | Ambassador | ||||||||||||||||||
Programs and Other1 | Programs and Other1 | ||||||||||||||||||
BookRags | Consolidated | BookRags | Consolidated | ||||||||||||||||
Total revenue | $ | 46,714 | $ | 2,938 | $ | 49,652 | $ | 53,597 | $ | 3,106 | $ | 56,703 | |||||||
Gross margin | $ | 39,661 | $ | 2,558 | $ | 42,219 | $ | 47,425 | $ | 2,685 | $ | 50,110 | |||||||
Depreciation and amortization | $ | 3,655 | $ | 433 | $ | 4,088 | $ | 3,373 | $ | 413 | $ | 3,786 | |||||||
Operating income (loss) | $ | (3,838 | ) | $ | 958 | $ | (2,880 | ) | $ | 10,480 | $ | 1,058 | $ | 11,538 | |||||
Income tax benefit (provision) | $ | 1,269 | $ | (350 | ) | $ | 919 | $ | (1,110 | ) | $ | (100 | ) | $ | (1,210 | ) | |||
Net income (loss) | $ | (2,190 | ) | $ | 609 | $ | (1,581 | ) | $ | 10,767 | $ | 1,010 | $ | 11,777 | |||||
Total additions to property and equipment, net | $ | 2,501 | $ | 313 | $ | 2,814 | $ | 4,290 | $ | 289 | $ | 4,579 | |||||||
Total additions to intangibles | $ | - | $ | 251 | $ | 251 | $ | - | $ | 418 | $ | 418 | |||||||
Intangibles | $ | - | $ | 3,529 | $ | 3,529 | $ | - | $ | 3,541 | $ | 3,541 | |||||||
Total assets | $ | 67,672 | $ | 15,059 | $ | 82,731 | $ | 87,940 | $ | 17,295 | $ | 105,235 | |||||||
1Ambassador Programs and Other include all travel programs offered by Ambassador Programs and World Adventures Unlimited as well as corporate overhead. | |||||||||||||||||||
Any intercompany sales or services provided are eliminated upon consolidation. |
Supplemental_Disclosures_of_Co
Supplemental Disclosures of Consolidated Statements of Cash Flows | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | ' | ||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows | ' | ||||||||
11. Supplemental Disclosures of Consolidated Statements of Cash Flows | |||||||||
Our non-cash investing and financing activities during the nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | ||||||||
Unrealized income (loss) on foreign currency exchange contracts | $ | (927 | ) | $ | 2,176 | ||||
Unrealized loss on available-for-sale securities | $ | (254 | ) | $ | (305 | ) | |||
Property and equipment | $ | (22 | ) | $ | (10 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
12. Commitments and Contingencies | |
On February 25, 2013, Jeffrey D. Thomas, our former President and Chief Executive Officer, and Margaret M. Thomas, our former Executive Vice President, tendered their resignations to our Board of Directors. In connection with Mr. and Ms. Thomas’ resignations, we entered into separation agreements effective February 25, 2013. Under the terms of the separation agreements, cash payouts of approximately $0.8 million and $0.4 million were to be made to Mr. and Ms. Thomas, respectively, which were fully expensed during the first quarter of 2013. As of September 30, 2013, approximately $0.2 million in cash payments remained to be paid within the next six months under the terms of the agreements. | |
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 September 30, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Revenue Recognition | ' |
Revenue Recognition | |
We invoice delegates in advance of travel, and payments made are recorded as deferred liabilities for participant deposits. The use of cash collected from participant deposits is not restricted by agreement or law, therefore is not reported as restricted cash. We also pay for certain program costs in advance of travel, including but not limited to airfare, hotel, and transportation services. Those advanced payments are recorded as prepaid program costs. | |
For non-directly delivered programs, we do not actively manage the operations of each program, and therefore, recognize revenue and anticipated costs from these programs on a net basis within total revenue when travel programs begin. For directly delivered programs in which we organize and operate all activities, we recognize the gross revenue and cost of sales of these programs over the period the programs operate. | |
We charge administrative fees under our withdrawal policy for any delegate who enrolls on our programs but does not ultimately travel. The amount of the administrative fee will vary depending on when the withdrawal occurs. We recognize withdrawal fees concurrent with the revenue recognition from the related programs. | |
Revenue from fees charged to access internet content is recognized at the point of sale while advertising revenues are recognized in conjunction with an advertisement being viewed on the BookRags site. Revenue from subscriptions for website content access is deferred and recognized monthly over the term of the subscription. Cost of internet content sales include amortization of intangible assets and licensing agreement costs. | |
For a more complete discussion, please refer to our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed for the year ended December 31, 2012 on March 11, 2013. | |
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring Costs [Abstract] | ' | ||||||||||||
Summary of changes in restructuring cost liability | ' | ||||||||||||
The following table summarizes costs incurred as part of the restructuring plan and balance of the restructuring cost liability as of September 30, 2013 (in thousands): | |||||||||||||
Contract | Transition-related costs | Total | |||||||||||
Termination Fees | |||||||||||||
Balance as of July 1, 2013 | $ | - | $ | - | $ | - | |||||||
Restructuring costs incurred | 1,550 | 206 | 1,756 | ||||||||||
Restructuring costs paid | - | (177 | ) | (177 | ) | ||||||||
Balance as of September 30, 2013 | $ | 1,550 | $ | 29 | $ | 1,579 |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments and Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Fair value of investments | ' | |||||||||||||||||||
The following tables summarize the composition of our investments at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
Classification on Balance Sheet | ||||||||||||||||||||
30-Sep-13 | Amortized Cost | Unrealized Gains | Aggregate Fair Value | Cash and cash | Short-term | Long-term | ||||||||||||||
(Losses) | equivalents | available-for-sale securities | available-for- | |||||||||||||||||
sale securities | ||||||||||||||||||||
Auction rate securities (“ARS”), greater than one year | $ | 1,000 | $ | (283 | ) | $ | 717 | $ | - | $ | - | $ | 717 | |||||||
Money market funds, ninety days or less | 269 | - | 269 | 269 | - | - | ||||||||||||||
Municipal securities1 | ||||||||||||||||||||
Short term municipal securities funds2 | 27,343 | (117 | ) | 27,226 | - | 27,226 | - | |||||||||||||
One year or less | 775 | 3 | 778 | - | 778 | - | ||||||||||||||
After one year through three years | 2,482 | 4 | 2,486 | - | 2,486 | - | ||||||||||||||
Greater than three years | 5,879 | (129 | ) | 5,750 | - | 5,750 | - | |||||||||||||
Total | $ | 37,748 | $ | (522 | ) | $ | 37,226 | $ | 269 | $ | 36,240 | $ | 717 | |||||||
Classification on Balance Sheet | ||||||||||||||||||||
31-Dec-12 | Amortized Cost | Unrealized Gains | Aggregate Fair Value | Cash and cash equivalents | Short-term available-for-sale securities | Long-term | ||||||||||||||
(Losses) | available-for- | |||||||||||||||||||
sale securities | ||||||||||||||||||||
ARS, greater than one year | $ | 1,000 | $ | (277 | ) | $ | 723 | $ | - | $ | - | $ | 723 | |||||||
Money market funds, ninety days or less | 1,150 | - | 1,150 | 1,150 | - | - | ||||||||||||||
Municipal securities1 | ||||||||||||||||||||
Short term municipal securities funds2 | 26,095 | (3 | ) | 26,092 | - | 26,092 | - | |||||||||||||
One year or less | 790 | 2 | 792 | - | 792 | - | ||||||||||||||
After one year through three years | 1,345 | 7 | 1,352 | - | 1,352 | - | ||||||||||||||
Greater than three years | 3,884 | 2 | 3,886 | - | 3,886 | - | ||||||||||||||
Total | $ | 34,264 | $ | (269 | ) | $ | 33,995 | $ | 1,150 | $ | 32,122 | $ | 723 | |||||||
1Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
Fair value by balance sheet grouping | ' | |||||||||||||||||||
The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
30-Sep-13 | Fair Market Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||||
Non-financial assets: | ||||||||||||||||||||
Property and equipment, net | $ | 10,954 | $ | - | $ | - | $ | 10,954 | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
30-Sep-13 | Fair Market Value | Quoted Prices in | Significant Other Observable Inputs | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
Active Markets for Identical Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
ARS | $ | 717 | $ | - | $ | - | $ | 717 | ||||||||||||
Money market funds | 269 | 269 | - | - | ||||||||||||||||
Municipal securities1 | 36,240 | 36,240 | - | - | ||||||||||||||||
Foreign currency exchange contracts | 116 | - | 116 | - | ||||||||||||||||
Total financial assets | $ | 37,342 | $ | 36,509 | $ | 116 | $ | 717 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Foreign currency exchange contracts | 206 | - | 206 | - | ||||||||||||||||
Total financial liabilities | $ | 206 | $ | - | $ | 206 | $ | - | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
31-Dec-12 | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
ARS | $ | 723 | $ | - | $ | - | $ | 723 | ||||||||||||
Money market funds | 1,150 | 1,150 | - | - | ||||||||||||||||
Municipal securities1 | 32,122 | 32,122 | - | - | ||||||||||||||||
Foreign currency exchange contracts | 952 | - | 952 | - | ||||||||||||||||
Total financial assets | $ | 34,947 | $ | 33,272 | $ | 952 | $ | 723 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Foreign currency exchange contracts | 115 | - | 115 | - | ||||||||||||||||
Total financial liabilities | $ | 115 | $ | - | $ | 115 | $ | - | ||||||||||||
1 At September 30, 2013, municipal securities consisted of a 75/14/11 percent split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. At December 31, 2012, municipal securities consisted of an 82/12/6 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. The underlying credit rating of the municipal securities at September 30, 2013 and December 31, 2012 were A+, A1 or better as defined by S&P 500 and Moody’s, respectively. | ||||||||||||||||||||
Fair value of Level 3 assets measured on a recurring basis | ' | |||||||||||||||||||
The following table presents a reconciliation for the three and nine months ended September 30, 2013 and 2012, of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands): | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 716 | $ | 714 | $ | 723 | $ | 700 | ||||||||||||
Total realized / unrealized losses: | ||||||||||||||||||||
Included in earnings | - | - | - | - | ||||||||||||||||
Included in OCI | 1 | 5 | (6 | ) | 19 | |||||||||||||||
Sales and settlements | - | - | - | - | ||||||||||||||||
Transfers into Level 3, net | - | - | - | - | ||||||||||||||||
Ending balance | $ | 717 | $ | 719 | $ | 717 | $ | 719 | ||||||||||||
Summary of AOCI balances for Available for Sale Securities | ' | |||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, a summary of AOCI balances and gains (losses) recognized in OCI is as follows (in thousands): | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of period | $ | (366 | ) | $ | 108 | $ | (180 | ) | $ | 135 | ||||||||||
Change before reclassification | (24 | ) | 66 | (216 | ) | 193 | ||||||||||||||
Reclassification into interest and dividend (income) loss | 70 | (364 | ) | 79 | (602 | ) | ||||||||||||||
Effect of incomes taxes | (25 | ) | 127 | (28 | ) | 211 | ||||||||||||||
Other comprehensive income (loss), net of income taxes | 21 | (171 | ) | (165 | ) | (198 | ) | |||||||||||||
Balance, end of period | $ | (345 | ) | $ | (63 | ) | $ | (345 | ) | $ | (63 | ) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||
Foreign currency contracts, by maturity | ' | |||||||||||||||
At September 30, 2013, the following forward contracts were outstanding (in thousands): | ||||||||||||||||
Notional Amount | Matures | |||||||||||||||
Forward contracts: | ||||||||||||||||
Australian dollar | 2,950 | January 2014 - July 2014 | ||||||||||||||
Euro | 1,200 | January 2014 - March 2014 | ||||||||||||||
British pound | 600 | March 2014 - June 2014 | ||||||||||||||
Canadian dollar | 550 | March 2014 - June 2014 | ||||||||||||||
Forward contracts, by hedging designation | ' | |||||||||||||||
The fair value of our forward contracts were as follows (in thousands): | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Derivatives designated as | Total Net | |||||||||||||||
hedging instruments | ||||||||||||||||
Assets | Liabilities | Liabilities | ||||||||||||||
Forward contracts | $ | 116 | $ | 206 | $ | 90 | ||||||||||
31-Dec-12 | ||||||||||||||||
Derivatives designated as | Total Net | |||||||||||||||
hedging instruments | ||||||||||||||||
Assets | Liabilities | Assets | ||||||||||||||
Forward contracts | $ | 952 | $ | 115 | $ | 837 | ||||||||||
Summary of AOCI balances for Derivative Securities | ' | |||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, a summary of AOCI balances and gains (losses) recognized in OCI is as follows (in thousands): | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Derivative Securities | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | (267 | ) | $ | (413 | ) | $ | 544 | $ | (1,153 | ) | |||||
Change before reclassification | 253 | 233 | (483 | ) | 366 | |||||||||||
Reclassification into net revenue, non-directly delivered programs | (67 | ) | 679 | (185 | ) | 1,613 | ||||||||||
Reclassification into foreign currency and other expenses | - | - | - | - | ||||||||||||
Effect of incomes taxes | 23 | (238 | ) | 65 | (565 | ) | ||||||||||
Other comprehensive income (loss), net of income taxes | 209 | 674 | (603 | ) | 1,414 | |||||||||||
Balance, end of period | $ | (58 | ) | $ | 261 | $ | (58 | ) | $ | 261 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||
Valuation assumptions | ' | ||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||||
30-Sep-13 | September 30, 2012 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||
Expected dividend yield1 | - | % | 4.44 | % | 1.37 | % | 4.4 | % | |||||||||||||
Expected stock price volatility | - | % | 60.41 | % | 54.66 | % | 60.75 | % | |||||||||||||
Risk-free interest rate | - | % | 1.58 | % | 2.08 | % | 1.74 | % | |||||||||||||
Expected life of options | - | Years | 4.47 | Years | 4.56 | Years | 4.47 | Years | |||||||||||||
Estimated fair value per option granted | - | $ | 1.93 | $ | 1.63 | $ | 1.9 | ||||||||||||||
1The Company suspended quarterly dividend payments during the three months ended June 30, 2013. | |||||||||||||||||||||
Information about common stock options and restricted grants | ' | ||||||||||||||||||||
The following table presents information about outstanding common stock options and restricted grants as of September 30, 2013: | |||||||||||||||||||||
Options and Awards Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | Weighted-Average | Shares | Weighted- | ||||||||||||||||
Remaining | Exercise Price | Average | |||||||||||||||||||
Contractual Life | Exercise Price | ||||||||||||||||||||
(years) | |||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
$ | 0 | 252,483 | 2.18 | N/A | N/A | N/A | |||||||||||||||
Stock Options | |||||||||||||||||||||
$ | 3.47 - 6.93 | 544,590 | 8.91 | $ | 4.53 | 62,164 | $ | 4.87 | |||||||||||||
6.94 - 10.39 | 51,962 | 5.97 | 8.64 | 39,887 | 8.58 | ||||||||||||||||
10.40 - 13.86 | 127,650 | 6.15 | 11.40 | 85,284 | 11.47 | ||||||||||||||||
13.87 - 17.32 | 22,464 | 2.39 | 16.78 | 22,464 | 16.78 | ||||||||||||||||
17.33 - 20.79 | 5,496 | 4.61 | 18.41 | 5,496 | 18.41 | ||||||||||||||||
20.80 - 24.25 | 1,000 | 1.87 | 21.09 | 1,000 | 21.09 | ||||||||||||||||
24.26 - 27.72 | 6,500 | 2.35 | 26.96 | 6,500 | 26.95 | ||||||||||||||||
27.73 - 31.18 | 5,958 | 3.12 | 29.74 | 5,958 | 29.74 | ||||||||||||||||
31.19 - 34.65 | 3,711 | 3.59 | 34.65 | 3,711 | 34.65 | ||||||||||||||||
Total Stock Options | 769,331 | 7.90 | $ | 6.96 | 232,464 | $ | 11.20 | ||||||||||||||
Combined | 1,021,814 | 6.49 | $ | 5.24 | 232,464 | $ | 11.20 | ||||||||||||||
Stock options and restricted stock stock activity | ' | ||||||||||||||||||||
The following table presents information about stock option and restricted stock activity during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted-Average | Stock Options | Weighted-Average | |||||||||||||||||||
Restricted Stock | Grant Date Fair | Exercise Price | |||||||||||||||||||
Awards and Units | Value | ||||||||||||||||||||
Balance at December 31, 2012 | 446,946 | $ | 6.25 | 1,877,500 | $ | 11.02 | |||||||||||||||
Granted | 54,907 | 3.84 | 129,119 | 3.89 | |||||||||||||||||
Forfeited | (10,436) | 5.61 | (1,236,167) | 12.81 | |||||||||||||||||
Vested | (249,107) | 7.97 | N/A | N/A | |||||||||||||||||
Exercised | N/A | N/A | (1,121) | 4.52 | |||||||||||||||||
Balance at September 30, 2013 | 242,310 | $ | 5.79 | 769,331 | $ | 6.95 |
Net_Income_Loss_and_Dividends_1
Net Income (Loss) and Dividends per Share (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Net Income (Loss) and Dividends per Share [Abstract] | ' | ||||||||||||||
Reconciliation of basic and diluted income per share computations | ' | ||||||||||||||
The following table presents a reconciliation of basic and diluted income (loss) per share computations (in thousands, except per share data and anti-dilutive stock option counts): | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | (1,614 | ) | $ | 5,485 | $ | (1,581 | ) | $ | 11,777 | |||||
Denominator: | |||||||||||||||
Weighted-average shares outstanding | 16,741 | 17,219 | 16,703 | 17,201 | |||||||||||
Effect of unvested restricted stock awards considered participating securities | 243 | 394 | 279 | 394 | |||||||||||
Weighted-average shares outstanding – basic | 16,984 | 17,613 | 16,982 | 17,595 | |||||||||||
Effect of dilutive common stock options | - | - | - | - | |||||||||||
Effect of dilutive restricted stock units | - | - | - | - | |||||||||||
Weighted-average shares outstanding – diluted | 16,984 | 17,613 | 16,982 | 17,595 | |||||||||||
Net income (loss) per share - basic | $ | (0.10 | ) | $ | 0.31 | $ | (0.09 | ) | $ | 0.67 | |||||
Net income (loss) per share - diluted | $ | (0.10 | ) | $ | 0.31 | $ | (0.09 | ) | $ | 0.67 | |||||
Cash dividends declared per share1 | $ | - | $ | 0.06 | $ | 0.06 | $ | 0.18 | |||||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 782,000 | 1,209,000 | 1,319,000 | 1,346,000 | |||||||||||
because their effect would have been anti-dilutive | |||||||||||||||
1The Company suspended quarterly dividend payments during the three months ended June 30, 2013. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Financial information by reporting segment | ' | ||||||||||||||||||
Segment information for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||
Three months ended September 30, 2013 | Three months ended September 30, 2012 | ||||||||||||||||||
Ambassador | Ambassador | ||||||||||||||||||
Programs and Other1 | Programs and Other1 | ||||||||||||||||||
BookRags | Consolidated | BookRags | Consolidated | ||||||||||||||||
Total revenue | $ | 21,367 | $ | 910 | $ | 22,277 | $ | 21,529 | $ | 903 | $ | 22,432 | |||||||
Gross margin | $ | 17,239 | $ | 785 | $ | 18,024 | $ | 18,256 | $ | 785 | $ | 19,041 | |||||||
Depreciation and amortization | $ | 1,230 | $ | 141 | $ | 1,371 | $ | 1,236 | $ | 138 | $ | 1,374 | |||||||
Operating income (loss) | $ | (2,878 | ) | $ | 249 | $ | (2,629 | ) | $ | 3,991 | $ | 239 | $ | 4,230 | |||||
Income tax benefit (provision) | $ | 1,004 | $ | (61 | ) | $ | 943 | $ | 569 | $ | 93 | $ | 662 | ||||||
Net income (loss) | $ | (1,803 | ) | $ | 189 | $ | (1,614 | ) | $ | 5,131 | $ | 354 | $ | 5,485 | |||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||||||||||||
Ambassador | Ambassador | ||||||||||||||||||
Programs and Other1 | Programs and Other1 | ||||||||||||||||||
BookRags | Consolidated | BookRags | Consolidated | ||||||||||||||||
Total revenue | $ | 46,714 | $ | 2,938 | $ | 49,652 | $ | 53,597 | $ | 3,106 | $ | 56,703 | |||||||
Gross margin | $ | 39,661 | $ | 2,558 | $ | 42,219 | $ | 47,425 | $ | 2,685 | $ | 50,110 | |||||||
Depreciation and amortization | $ | 3,655 | $ | 433 | $ | 4,088 | $ | 3,373 | $ | 413 | $ | 3,786 | |||||||
Operating income (loss) | $ | (3,838 | ) | $ | 958 | $ | (2,880 | ) | $ | 10,480 | $ | 1,058 | $ | 11,538 | |||||
Income tax benefit (provision) | $ | 1,269 | $ | (350 | ) | $ | 919 | $ | (1,110 | ) | $ | (100 | ) | $ | (1,210 | ) | |||
Net income (loss) | $ | (2,190 | ) | $ | 609 | $ | (1,581 | ) | $ | 10,767 | $ | 1,010 | $ | 11,777 | |||||
Total additions to property and equipment, net | $ | 2,501 | $ | 313 | $ | 2,814 | $ | 4,290 | $ | 289 | $ | 4,579 | |||||||
Total additions to intangibles | $ | - | $ | 251 | $ | 251 | $ | - | $ | 418 | $ | 418 | |||||||
Intangibles | $ | - | $ | 3,529 | $ | 3,529 | $ | - | $ | 3,541 | $ | 3,541 | |||||||
Total assets | $ | 67,672 | $ | 15,059 | $ | 82,731 | $ | 87,940 | $ | 17,295 | $ | 105,235 | |||||||
1Ambassador Programs and Other include all travel programs offered by Ambassador Programs and World Adventures Unlimited as well as corporate overhead. |
Supplemental_Disclosures_of_Co1
Supplemental Disclosures of Consolidated Statements of Cash Flows (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | ' | ||||||||
Non-cash investing and financing activities | ' | ||||||||
Our non-cash investing and financing activities during the nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | ||||||||
Unrealized income (loss) on foreign currency exchange contracts | $ | (927 | ) | $ | 2,176 | ||||
Unrealized loss on available-for-sale securities | $ | (254 | ) | $ | (305 | ) | |||
Property and equipment | $ | (22 | ) | $ | (10 | ) |
The_Company_Details
The Company (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
The Company [Abstract] | ' |
Number of reporting segments | 2 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring cost liability [Roll Forward] | ' | ' | ' | ' |
Balance as of July 1, 2013 | $0 | ' | ' | ' |
Restructuring costs incurred | 1,756 | 0 | 1,756 | 0 |
Restructuring costs paid | -177 | ' | ' | ' |
Balance as of September 30, 2013 | 1,579 | ' | 1,579 | ' |
Contract Termination Fees [Member] | ' | ' | ' | ' |
Restructuring cost liability [Roll Forward] | ' | ' | ' | ' |
Balance as of July 1, 2013 | 0 | ' | ' | ' |
Restructuring costs incurred | 1,550 | ' | ' | ' |
Restructuring costs paid | 0 | ' | ' | ' |
Balance as of September 30, 2013 | 1,550 | ' | 1,550 | ' |
Transition related costs [Member] | ' | ' | ' | ' |
Restructuring cost liability [Roll Forward] | ' | ' | ' | ' |
Balance as of July 1, 2013 | 0 | ' | ' | ' |
Restructuring costs incurred | 206 | ' | ' | ' |
Restructuring costs paid | -177 | ' | ' | ' |
Balance as of September 30, 2013 | $29 | ' | $29 | ' |
Asset_Impairments_Details
Asset Impairments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2012 | |
Asset Impairments [Abstract] | ' | ' | ' | ' | ' |
Initial listing price for land and building | ' | ' | ' | ' | $13,300,000 |
Changed listing price for land and building | 11,900,000 | ' | 11,900,000 | ' | ' |
Asset impairment charges | $6,461,000 | $0 | $6,461,000 | $0 | ' |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Investment | Investment | |||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | $37,748,000 | ' | $37,748,000 | ' | $34,264,000 | |||
Unrealized Gains (Losses) | -522,000 | ' | -522,000 | ' | -269,000 | |||
Aggregate Fair Value | 37,226,000 | ' | 37,226,000 | ' | 33,995,000 | |||
Cash and cash equivalents | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Short-term available-for-sale securities | 36,240,000 | ' | 36,240,000 | ' | 32,122,000 | |||
Long-term available-for-sale securities | 717,000 | ' | 717,000 | ' | 723,000 | |||
Non-financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Property and equipment, net | 10,954,000 | ' | 10,954,000 | ' | ' | |||
Financial assets [Abstract] | ' | ' | ' | ' | ' | |||
ARS | 717,000 | ' | 717,000 | ' | 723,000 | |||
Money market funds | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Municipal securities | 36,240,000 | [1] | ' | 36,240,000 | [1] | ' | 32,122,000 | [1] |
Foreign currency exchange contracts | 116,000 | ' | 116,000 | ' | 952,000 | |||
Total financial assets | 37,342,000 | ' | 37,342,000 | ' | 34,947,000 | |||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Foreign currency exchange contracts | 206,000 | ' | 206,000 | ' | 115,000 | |||
Total financial liabilities | 206,000 | ' | 206,000 | ' | 115,000 | |||
Short-term municipal security funds as a percentage of municipal securities (in hundredths) | 75.00% | ' | 75.00% | ' | 82.00% | |||
Municipal revenue bonds as a percentage of municipal securities (in hundredths) | 14.00% | ' | 14.00% | ' | 12.00% | |||
Municipal general obligation bonds as a percentage of municipal securities (in hundredths) | 11.00% | ' | 11.00% | ' | 6.00% | |||
Reconciliation of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs [Roll Forward] | ' | ' | ' | ' | ' | |||
Beginning balance | 716,000 | 714,000 | 723,000 | 700,000 | ' | |||
Total realized / unrealized losses [Abstract] | ' | ' | ' | ' | ' | |||
Included in earnings | 0 | 0 | 0 | 0 | ' | |||
Included in OCI | 1,000 | 5,000 | -6,000 | 19,000 | ' | |||
Sales and settlements | 0 | 0 | 0 | 0 | ' | |||
Transfers into Level 3, net | 0 | 0 | 0 | 0 | ' | |||
Ending balance | 717,000 | 719,000 | 717,000 | 719,000 | ' | |||
Number of investments that failed at auction | 1 | ' | 1 | ' | ' | |||
Principal amount of failed ARS auction | 1,000,000 | ' | 1,000,000 | ' | ' | |||
Basis points (in hundredths) | 3.40% | ' | 3.40% | ' | ' | |||
Valuation of Ars after discount has been applied | 700,000 | ' | 700,000 | ' | ' | |||
Cost basis | 1,000,000 | ' | 1,000,000 | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Balance, beginning of period | ' | ' | 364,000 | ' | ' | |||
Reclassification into interest and dividend income (loss) | 71,000 | 595,000 | 358,000 | 1,454,000 | ' | |||
Effect of incomes taxes | 12,000 | -92,000 | -89,000 | -107,000 | ' | |||
Balance, end of period | -403,000 | ' | -403,000 | ' | ' | |||
Available-for-sale securities [Member] | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Balance, beginning of period | -366,000 | 108,000 | -180,000 | 135,000 | ' | |||
Change before reclassification | -24,000 | 66,000 | -216,000 | 193,000 | ' | |||
Effect of incomes taxes | -25,000 | 127,000 | -28,000 | 211,000 | ' | |||
Other comprehensive income (loss), net of income taxes | 21,000 | -171,000 | -165,000 | -198,000 | ' | |||
Balance, end of period | -345,000 | -63,000 | -345,000 | -63,000 | ' | |||
Available-for-sale securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Reclassification into interest and dividend income (loss) | 70,000 | -364,000 | 79,000 | -602,000 | ' | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' | ' | ' | |||
Non-financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Property and equipment, net | 0 | ' | 0 | ' | ' | |||
Financial assets [Abstract] | ' | ' | ' | ' | ' | |||
ARS | 0 | ' | 0 | ' | 0 | |||
Money market funds | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Municipal securities | 36,240,000 | [1] | ' | 36,240,000 | [1] | ' | 32,122,000 | [1] |
Foreign currency exchange contracts | 0 | ' | 0 | ' | 0 | |||
Total financial assets | 36,509,000 | ' | 36,509,000 | ' | 33,272,000 | |||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Foreign currency exchange contracts | 0 | ' | 0 | ' | 0 | |||
Total financial liabilities | 0 | ' | 0 | ' | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | |||
Non-financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Property and equipment, net | 0 | ' | 0 | ' | ' | |||
Financial assets [Abstract] | ' | ' | ' | ' | ' | |||
ARS | 0 | ' | 0 | ' | 0 | |||
Money market funds | 0 | ' | 0 | ' | 0 | |||
Municipal securities | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Foreign currency exchange contracts | 116,000 | ' | 116,000 | ' | 952,000 | |||
Total financial assets | 116,000 | ' | 116,000 | ' | 952,000 | |||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Foreign currency exchange contracts | 206,000 | ' | 206,000 | ' | 115,000 | |||
Total financial liabilities | 206,000 | ' | 206,000 | ' | 115,000 | |||
Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | |||
Non-financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Property and equipment, net | 10,954,000 | ' | 10,954,000 | ' | ' | |||
Financial assets [Abstract] | ' | ' | ' | ' | ' | |||
ARS | 717,000 | ' | 717,000 | ' | 723,000 | |||
Money market funds | 0 | ' | 0 | ' | 0 | |||
Municipal securities | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Foreign currency exchange contracts | 0 | ' | 0 | ' | 0 | |||
Total financial assets | 717,000 | ' | 717,000 | ' | 723,000 | |||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Foreign currency exchange contracts | 0 | ' | 0 | ' | 0 | |||
Total financial liabilities | 0 | ' | 0 | ' | 0 | |||
Auction Rate Securities ("ARS"), Greater Than One Year [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | |||
Unrealized Gains (Losses) | -283,000 | ' | -283,000 | ' | -277,000 | |||
Aggregate Fair Value | 717,000 | ' | 717,000 | ' | 723,000 | |||
Cash and cash equivalents | 0 | ' | 0 | ' | 0 | |||
Short-term available-for-sale securities | 0 | ' | 0 | ' | 0 | |||
Long-term available-for-sale securities | 717,000 | ' | 717,000 | ' | 723,000 | |||
Money Market Funds, Ninety Days or Less [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Unrealized Gains (Losses) | 0 | ' | 0 | ' | 0 | |||
Aggregate Fair Value | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Cash and cash equivalents | 269,000 | ' | 269,000 | ' | 1,150,000 | |||
Short-term available-for-sale securities | 0 | ' | 0 | ' | 0 | |||
Long-term available-for-sale securities | 0 | ' | 0 | ' | 0 | |||
Short Term Municipal Securities Funds [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 27,343,000 | [2],[3] | ' | 27,343,000 | [2],[3] | ' | 26,095,000 | [2],[3] |
Unrealized Gains (Losses) | -117,000 | [2],[3] | ' | -117,000 | [2],[3] | ' | -3,000 | [2],[3] |
Aggregate Fair Value | 27,226,000 | [2],[3] | ' | 27,226,000 | [2],[3] | ' | 26,092,000 | [2],[3] |
Cash and cash equivalents | 0 | [2],[3] | ' | 0 | [2],[3] | ' | 0 | [2],[3] |
Short-term available-for-sale securities | 27,226,000 | [2],[3] | ' | 27,226,000 | [2],[3] | ' | 26,092,000 | [2],[3] |
Long-term available-for-sale securities | 0 | [2],[3] | ' | 0 | [2],[3] | ' | 0 | [2],[3] |
Municipal Securities Maturing in One Year or Less [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 775,000 | [2],[3] | ' | 775,000 | [2],[3] | ' | 790,000 | [2],[3] |
Unrealized Gains (Losses) | 3,000 | [2],[3] | ' | 3,000 | [2],[3] | ' | 2,000 | [2],[3] |
Aggregate Fair Value | 778,000 | [2],[3] | ' | 778,000 | [2],[3] | ' | 792,000 | [2],[3] |
Cash and cash equivalents | 0 | [2],[3] | ' | 0 | [2],[3] | ' | 0 | [2],[3] |
Short-term available-for-sale securities | 778,000 | [2],[3] | ' | 778,000 | [2],[3] | ' | 792,000 | [2],[3] |
Long-term available-for-sale securities | 0 | [2],[3] | ' | 0 | [2],[3] | ' | 0 | [2],[3] |
Municipal Securities Maturing After One Year Through Three Years [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 2,482,000 | [2] | ' | 2,482,000 | [2] | ' | 1,345,000 | [2] |
Unrealized Gains (Losses) | 4,000 | [2] | ' | 4,000 | [2] | ' | 7,000 | [2] |
Aggregate Fair Value | 2,486,000 | [2] | ' | 2,486,000 | [2] | ' | 1,352,000 | [2] |
Cash and cash equivalents | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Short-term available-for-sale securities | 2,486,000 | [2] | ' | 2,486,000 | [2] | ' | 1,352,000 | [2] |
Long-term available-for-sale securities | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Municipal Securities Maturing Greater Than Three Years [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | |||
Amortized Cost | 5,879,000 | [2] | ' | 5,879,000 | [2] | ' | 3,884,000 | [2] |
Unrealized Gains (Losses) | -129,000 | [2] | ' | -129,000 | [2] | ' | 2,000 | [2] |
Aggregate Fair Value | 5,750,000 | [2] | ' | 5,750,000 | [2] | ' | 3,886,000 | [2] |
Cash and cash equivalents | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Short-term available-for-sale securities | 5,750,000 | [2] | ' | 5,750,000 | [2] | ' | 3,886,000 | [2] |
Long-term available-for-sale securities | $0 | [2] | ' | $0 | [2] | ' | $0 | [2] |
[1] | At September 30, 2013, municipal securities consisted of a 75/14/11 percent split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. At December 31, 2012, municipal securities consisted of an 82/12/6 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. The underlying credit rating of the municipal securities at September 30, 2013 and December 31, 2012 were A+, A1 or better as defined by S&P 500 and Moodybs, respectively. | |||||||
[2] | Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||
[3] | Amounts include short-term municipal security funds that do not have a set maturity date. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Derivative Securities [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Euro [Member] | Euro [Member] | Euro [Member] | Australian Dollar [Member] | Australian Dollar [Member] | Australian Dollar [Member] | British Pound [Member] | British Pound [Member] | British Pound [Member] | Canadian Dollar [Member] | Canadian Dollar [Member] | Canadian Dollar [Member] | |||||
Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | |||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200 | ' | ' | $2,950 | ' | ' | $600 | ' | ' | $550 | ' | ' |
Derivative maturity date range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-14 | 31-Mar-14 | ' | 31-Jan-14 | 31-Jul-14 | ' | 31-Mar-14 | 30-Jun-14 | ' | 31-Mar-14 | 30-Jun-14 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward contracts, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116 | 952 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward contracts, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206 | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 364 | ' | -267 | -413 | 544 | -1,153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Loss Before Reclassifications Before Tax | ' | ' | ' | ' | 253 | 233 | -483 | 366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue Non Directly Delivered Programs | 15,071 | 16,746 | 36,254 | 44,589 | ' | ' | ' | ' | -67 | 679 | -185 | 1,613 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification into foreign currency and other expenses | 1 | -2 | 22 | -5 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of incomes taxes | 112 | 363 | -324 | 762 | 23 | -238 | 65 | -565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | ' | ' | 209 | 674 | -603 | 1,414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | ($403) | ' | ($403) | ' | ($58) | $261 | ($58) | $261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Expected dividend yield (in hundredths) | 0.00% | [1] | 4.44% | [1] | 1.37% | [1] | 4.40% | [1] |
Expected stock price volatility (in hundredths) | 0.00% | 60.41% | 54.66% | 60.75% | ||||
Risk-free interest rate (in hundredths) | 0.00% | 1.58% | 2.08% | 1.74% | ||||
Expected life of options | ' | '4 years 5 months 19 days | '4 years 6 months 22 days | '4 years 5 months 19 days | ||||
Estimated fair value per option granted (in dollars per share) | $0 | $1.93 | $1.63 | $1.90 | ||||
Fair value assumptions expected forfeiture rate (in hundredths) | ' | ' | 14.00% | ' | ||||
Stock-based compensation | $200,000 | ' | $2,161,000 | $1,166,000 | ||||
Options and Awards Outstanding Shares (in shares) | 1,021,814 | ' | 1,021,814 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '6 years 5 months 26 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $5.24 | ' | $5.24 | ' | ||||
Options Exercisable (in shares) | 232,464 | ' | 232,464 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $11.20 | ' | $11.20 | ' | ||||
Option outstanding, intrinsic value | 0 | ' | 0 | ' | ||||
Options exercisable, intrinsic value | 0 | ' | 0 | ' | ||||
Closing stock price (in dollars per share) | $3.45 | ' | $3.45 | ' | ||||
Unrecognized stock-based compensation expense | 1,400,000 | ' | 1,400,000 | ' | ||||
Unrecognized stock-based compensation expense recognition period | ' | ' | '3 years 8 months 5 days | ' | ||||
Restricted stock value | 900,000 | ' | 900,000 | ' | ||||
Restricted Stock Awarded [Roll Forward] | ' | ' | ' | ' | ||||
Restricted Stock Awarded, Beginning Balance (in shares) | ' | ' | 446,946 | ' | ||||
Restricted Stock Awarded, Shares Granted (in shares) | ' | ' | 54,907 | ' | ||||
Restricted Stock Awarded, Forfeitures (in shares) | ' | ' | -10,436 | ' | ||||
Restricted Stock Awarded, Vested (in shares) | ' | ' | -249,107 | ' | ||||
Restricted Stock Awarded, Ending Balance (in shares) | 242,310 | ' | 242,310 | ' | ||||
Restricted Stock Awarded, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Restricted Stock Awarded, Weighted-Average Grant Date Fair Value, Beginning Balance (in dollars per share) | ' | ' | $6.25 | ' | ||||
Restricted Stock Awarded, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | ' | ' | $3.84 | ' | ||||
Restricted Stock Awarded, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | ' | ' | $5.61 | ' | ||||
Restricted Stock Awarded, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | ' | ' | $7.97 | ' | ||||
Restricted Stock Awarded, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $5.79 | ' | $5.79 | ' | ||||
Stock Options [Roll Forward] | ' | ' | ' | ' | ||||
Stock Options, Beginning Balance (in shares) | ' | ' | 1,877,500 | ' | ||||
Stock Options, Grants in Period (in shares) | ' | ' | 129,119 | ' | ||||
Stock Options, Forfeited (in shares) | ' | ' | -1,236,167 | ' | ||||
Stock Options, Exercised (in shares) | ' | ' | -1,121 | ' | ||||
Stock Options, Ending Balance (in shares) | 769,331 | ' | 769,331 | ' | ||||
Stock Options, Weighted-Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ||||
Stock Options, Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | ' | ' | $11.02 | ' | ||||
Stock Options, Grants, Weighted-Average Exercise Price (in dollars per share) | ' | ' | $3.89 | ' | ||||
Stock Options, Forfeited, Weighted Average Exercise Price (in dollars per share) | ' | ' | $12.81 | ' | ||||
Stock Options, Exercised, Weighted Average Exercise Price (in dollars per share) | ' | ' | $4.52 | ' | ||||
Stock Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $6.95 | ' | $6.95 | ' | ||||
Stock Options [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation | 100,000 | ' | 1,000,000 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 769,331 | ' | 769,331 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '7 years 10 months 24 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $6.96 | ' | $6.96 | ' | ||||
Options Exercisable (in shares) | 232,464 | ' | 232,464 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $11.20 | ' | $11.20 | ' | ||||
Stock Options [Member] | Exercise Price Range 3.47 - 6.93 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $3.47 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $6.93 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 544,590 | ' | 544,590 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '8 years 10 months 28 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $4.53 | ' | $4.53 | ' | ||||
Options Exercisable (in shares) | 62,164 | ' | 62,164 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $4.87 | ' | $4.87 | ' | ||||
Stock Options [Member] | Exercise Price Range 6.94 - 10.39 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $6.94 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $10.39 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 51,962 | ' | 51,962 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '5 years 11 months 19 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $8.64 | ' | $8.64 | ' | ||||
Options Exercisable (in shares) | 39,887 | ' | 39,887 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $8.58 | ' | $8.58 | ' | ||||
Stock Options [Member] | Exercise Price Range 10.40 - 13.86 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $10.40 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $13.86 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 127,650 | ' | 127,650 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '6 years 1 month 24 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $11.40 | ' | $11.40 | ' | ||||
Options Exercisable (in shares) | 85,284 | ' | 85,284 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $11.47 | ' | $11.47 | ' | ||||
Stock Options [Member] | Exercise Price Range 13.87 - 17.32 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $13.87 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $17.32 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 22,464 | ' | 22,464 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '2 years 4 months 20 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $16.78 | ' | $16.78 | ' | ||||
Options Exercisable (in shares) | 22,464 | ' | 22,464 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $16.78 | ' | $16.78 | ' | ||||
Stock Options [Member] | Exercise Price Range 17.33 - 20.79 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $17.33 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $20.79 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 5,496 | ' | 5,496 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '4 years 7 months 10 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $18.41 | ' | $18.41 | ' | ||||
Options Exercisable (in shares) | 5,496 | ' | 5,496 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $18.41 | ' | $18.41 | ' | ||||
Stock Options [Member] | Exercise Price Range 20.80 - 24.25 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $20.80 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $24.25 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 1,000 | ' | 1,000 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '1 year 10 months 13 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $21.09 | ' | $21.09 | ' | ||||
Options Exercisable (in shares) | 1,000 | ' | 1,000 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $21.09 | ' | $21.09 | ' | ||||
Stock Options [Member] | Exercise Price Range 24.26 - 27.72 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $24.26 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $27.72 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 6,500 | ' | 6,500 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '2 years 4 months 6 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $26.96 | ' | $26.96 | ' | ||||
Options Exercisable (in shares) | 6,500 | ' | 6,500 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $26.95 | ' | $26.95 | ' | ||||
Stock Options [Member] | Exercise Price Range 27.73 - 31.18 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $27.73 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $31.18 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 5,958 | ' | 5,958 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '3 years 1 month 13 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $29.74 | ' | $29.74 | ' | ||||
Options Exercisable (in shares) | 5,958 | ' | 5,958 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $29.74 | ' | $29.74 | ' | ||||
Stock Options [Member] | Exercise Price Range 31.19 - 34.65 [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $31.19 | ' | ||||
Exercise price upper range limit (in dollars per share) | ' | ' | $34.65 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 3,711 | ' | 3,711 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '3 years 7 months 2 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | $34.65 | ' | $34.65 | ' | ||||
Options Exercisable (in shares) | 3,711 | ' | 3,711 | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $34.65 | ' | $34.65 | ' | ||||
Restricted Stock Award [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation | $100,000 | ' | $1,200,000 | ' | ||||
Exercise price lower range limit (in dollars per share) | ' | ' | $0 | ' | ||||
Options and Awards Outstanding Shares (in shares) | 252,483 | ' | 252,483 | ' | ||||
Weighted-Average Remaining Contractual Life (years) | ' | ' | '2 years 2 months 5 days | ' | ||||
Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ||||
Options Exercisable (in shares) | ' | ' | ' | ' | ||||
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ||||
[1] | The Company suspended quarterly dividend payments during the three months ended June 30, 2013. |
Net_Income_Loss_and_Dividends_2
Net Income (Loss) and Dividends per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Numerator [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | ($1,614) | $5,485 | ($1,581) | $11,777 | ||||
Denominator [Abstract] | ' | ' | ' | ' | ||||
Weighted-average shares outstanding (in shares) | 16,741,000 | 17,219,000 | 16,703,000 | 17,201,000 | ||||
Effect of unvested restricted stock awards considered participating securities (in shares) | 243,000 | 394,000 | 279,000 | 394,000 | ||||
Weighted-average shares outstanding - basic (in shares) | 16,984,000 | 17,613,000 | 16,982,000 | 17,595,000 | ||||
Weighted-average shares outstanding - diluted (in shares) | 16,984,000 | 17,613,000 | 16,982,000 | 17,595,000 | ||||
Net income (loss) per share - basic (in dollars per share) | ($0.10) | $0.31 | ($0.09) | $0.67 | ||||
Net income (loss) per share - diluted (in dollars per share) | ($0.10) | $0.31 | ($0.09) | $0.67 | ||||
Cash dividends declared per share (in dollars per share) | $0 | [1] | $0.06 | [1] | $0.06 | [1] | $0.18 | [1] |
Stock options [Member] | ' | ' | ' | ' | ||||
Denominator [Abstract] | ' | ' | ' | ' | ||||
Effect of dilutive common stock options and restricted stock units (in shares) | 0 | 0 | 0 | 0 | ||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive | 782,000 | 1,209,000 | 1,319,000 | 1,346,000 | ||||
Restricted stock units [Member] | ' | ' | ' | ' | ||||
Denominator [Abstract] | ' | ' | ' | ' | ||||
Effect of dilutive common stock options and restricted stock units (in shares) | 0 | 0 | 0 | 0 | ||||
[1] | The Company suspended quarterly dividend payments during the three months ended June 30, 2013. |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total revenue | $22,277 | $22,432 | $49,652 | $56,703 | ' | ||||
Gross margin | 18,024 | 19,041 | 42,219 | 50,110 | ' | ||||
Depreciation and amortization | 1,371 | 1,374 | 4,088 | 3,786 | ' | ||||
Operating income (loss) | -2,629 | 4,230 | -2,880 | 11,538 | ' | ||||
Income tax benefit (provision) | 943 | 662 | 919 | -1,210 | ' | ||||
Net income (loss) | -1,614 | 5,485 | -1,581 | 11,777 | ' | ||||
Total additions to property and equipment, net | ' | ' | 2,814 | 4,579 | ' | ||||
Total additions to intangibles | ' | ' | 251 | 418 | ' | ||||
Intangibles | 3,529 | 3,541 | 3,529 | 3,541 | 3,565 | ||||
Total assets | 82,731 | 105,235 | 82,731 | 105,235 | 97,895 | ||||
Ambassador Programs and Other [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total revenue | 21,367 | [1] | 21,529 | [1] | 46,714 | [1] | 53,597 | [1] | ' |
Gross margin | 17,239 | [1] | 18,256 | [1] | 39,661 | [1] | 47,425 | [1] | ' |
Depreciation and amortization | 1,230 | [1] | 1,236 | [1] | 3,655 | [1] | 3,373 | [1] | ' |
Operating income (loss) | -28,780 | [1] | 3,991 | [1] | -3,838 | [1] | 10,480 | [1] | ' |
Income tax benefit (provision) | 1,004 | [1] | 569 | [1] | 1,269 | [1] | -1,110 | [1] | ' |
Net income (loss) | -1,803 | [1] | 5,131 | [1] | -2,190 | [1] | 10,767 | [1] | ' |
Total additions to property and equipment, net | ' | ' | 2,501 | [1] | 4,290 | [1] | ' | ||
Total additions to intangibles | ' | ' | 0 | [1] | 0 | [1] | ' | ||
Intangibles | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Total assets | 67,672 | [1] | 87,940 | [1] | 67,672 | [1] | 87,940 | [1] | ' |
BookRags [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total revenue | 910 | 903 | 2,938 | 3,106 | ' | ||||
Gross margin | 785 | 785 | 2,558 | 2,685 | ' | ||||
Depreciation and amortization | 141 | 138 | 433 | 413 | ' | ||||
Operating income (loss) | 249 | 239 | 958 | 1,058 | ' | ||||
Income tax benefit (provision) | -61 | 93 | -350 | -100 | ' | ||||
Net income (loss) | 189 | 354 | 609 | 1,010 | ' | ||||
Total additions to property and equipment, net | ' | ' | 313 | 289 | ' | ||||
Total additions to intangibles | ' | ' | 251 | 418 | ' | ||||
Intangibles | 3,529 | 3,541 | 3,529 | 3,541 | ' | ||||
Total assets | $15,059 | $17,295 | $15,059 | $17,295 | ' | ||||
[1] | Ambassador Programs and Other include all travel programs offered by Ambassador Programs and World Adventures Unlimited as well as corporate overhead. |
Supplemental_Disclosures_of_Co2
Supplemental Disclosures of Consolidated Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Non-cash financing and investing activities [Abstract] | ' | ' |
Unrealized income (loss) on foreign currency exchange contracts | ($927) | $2,176 |
Unrealized loss on available-for-sale securities | -254 | -305 |
Property and equipment | ($22) | ($10) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Mr. and Ms. Thomas [Member] | Mr. Thomas [Member] | Ms. Thomas [Member] |
Related Party Transaction [Line Items] | ' | ' | ' |
Cash payouts to be made under separation agreements | ' | $0.80 | $0.40 |
Cash payments remained to be paid | $0.20 | ' | ' |