Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMBASSADORS GROUP INC | ||
Entity Central Index Key | 1162315 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $48.20 | ||
Entity Common Stock, Shares Outstanding | 17,285,992 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,002 | $9,473 |
Restricted Cash | 400 | 0 |
Available-for-sale securities and other | 59,502 | 36,174 |
Prepaid program costs and expenses | 1,335 | 7,069 |
Accounts receivable | 666 | 1,792 |
Deferred tax assets | 0 | 1,295 |
Total current assets | 63,905 | 55,803 |
Property and equipment, net | 2,429 | 18,452 |
Available-for-sale securities | 0 | 719 |
Intangibles | 0 | 3,522 |
Goodwill | 70 | 9,781 |
Other long-term assets | 81 | 82 |
Total assets | 66,485 | 88,359 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,794 | 3,587 |
Participants' deposits | 23,161 | 26,362 |
Foreign currency exchange contracts | 1,345 | 244 |
Deferred tax liability | 18 | 0 |
Other liabilities | 1 | 119 |
Total current liabilities | 27,319 | 30,312 |
Foreign currency exchange contracts | 0 | 52 |
Deferred tax liabilities | 6 | 2,087 |
Total liabilities | 27,325 | 32,451 |
Commitments and Contingencies (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 50,000,000 shares authorized; 17,286,449 and 17,040,724 shares issued and outstanding as of December 31, 2014 and 2013 respectively | 173 | 170 |
Additional paid-in capital | 1,630 | 411 |
Retained earnings | 38,334 | 55,876 |
Accumulated other comprehensive loss | -977 | -549 |
Stockholders' equity | 39,160 | 55,908 |
Total liabilities and stockholders' equity | $66,485 | $88,359 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 17,286,449 | 17,040,724 |
Common stock, shares outstanding (in shares) | 17,286,449 | 17,040,724 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Net revenue, non-directly delivered programs | $29,823 | $36,752 |
Gross revenue, directly delivered programs | 9,734 | 10,468 |
Total revenue | 39,557 | 47,220 |
Cost of sales, directly delivered programs | 5,719 | 7,046 |
Cost of sales, program merchandise markdown | 554 | 0 |
Gross margin | 33,284 | 40,174 |
Operating expenses: | ||
Selling and marketing | 27,137 | 30,819 |
General and administrative | 11,037 | 13,762 |
Restructuring costs | 1,928 | 2,212 |
Asset impairments | 2,517 | 6,466 |
Total operating expenses | 42,619 | 53,259 |
Operating loss | -9,335 | -13,085 |
Other income: | ||
Interest, dividend income, and gain (loss) on sale of securities | 348 | 531 |
Foreign currency and other income (expense) | -97 | 23 |
Total other income | 251 | 554 |
Loss before income tax provision | -9,084 | -12,531 |
Income tax benefit (provision) | -178 | 4,620 |
Net loss from continuing operations | -9,262 | -7,911 |
Discontinued operations: | ||
Income (loss) from discontinued segment, including impairment and loss on disposal of $9.7 million | -9,316 | 1,303 |
Income tax benefit (provision) | 1,036 | -469 |
Net income (loss) from discontinued operations | -8,280 | 834 |
Net loss | ($17,542) | ($7,077) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 17,052 | 16,713 |
Net loss from continuing operations per share - basic and diluted (in dollars per share) | ($0.54) | ($0.47) |
Net income (loss) from discontinued operations per share - basic and diluted (in dollars per share) | ($0.49) | $0.05 |
Total net loss per share - basic and diluted (in dollars per share) | ($1.03) | ($0.42) |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Discontinued operations: | ||
Impairment and loss on sale of discontinued operations | ($9,676) | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ||
Net loss | ($17,542) | ($7,077) |
Unrealized loss on foreign currency exchange contracts, net of income tax benefit of $0 and $397 | -950 | -736 |
Unrealized (gain) loss on available-for-sale securities, net of income tax benefit of $0 and $95 | 522 | -177 |
Comprehensive loss | ($17,970) | ($7,990) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ||
Unrealized loss on foreign currency exchange contracts, income tax benefit (provision) | $0 | $397 |
Unrealized (gain) loss on available-for-sale securities, income tax benefit | $0 | $95 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | |||||
Balances at Dec. 31, 2012 | $170 | $0 | $64,589 | $364 | $65,123 |
Balances (in shares) at Dec. 31, 2012 | 17,047,000 | ||||
Net loss | 0 | 0 | -7,077 | 0 | -7,077 |
Stock options exercised | 0 | 5 | 0 | 0 | 5 |
Stock options exercised (in shares) | 1,000 | ||||
Stock-based compensation expense | 0 | 2,433 | 0 | 0 | 2,433 |
Excess tax shortfall from stock-based compensation | 0 | -1,517 | -619 | 0 | -2,136 |
Stock redemptions | -1 | -509 | 0 | 0 | -510 |
Stock redemptions (in shares) | -115,000 | ||||
Restricted stock grant | 1 | -1 | 0 | 0 | 0 |
Restricted stock grant (in shares) | 108,000 | ||||
Dividend to shareholders | 0 | 0 | -1,017 | 0 | -1,017 |
Other comprehensive loss, net of income taxes | 0 | 0 | 0 | -913 | -913 |
Balances at Dec. 31, 2013 | 170 | 411 | 55,876 | -549 | 55,908 |
Balances (in shares) at Dec. 31, 2013 | 17,041,000 | 17,040,724 | |||
Net loss | 0 | 0 | -17,542 | 0 | -17,542 |
Stock options exercised | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 0 | 0 | |||
Stock-based compensation expense | 0 | 1,445 | 0 | 0 | 1,445 |
Excess tax shortfall from stock-based compensation | 0 | -109 | 0 | 0 | -109 |
Stock redemptions | 0 | -205 | 0 | 0 | -205 |
Stock redemptions (in shares) | -49,000 | ||||
Restricted stock grant | 3 | 88 | 0 | 0 | 91 |
Restricted stock grant (in shares) | 294,000 | ||||
Other comprehensive loss, net of income taxes | 0 | 0 | 0 | -428 | -428 |
Balances at Dec. 31, 2014 | $173 | $1,630 | $38,334 | ($977) | $39,160 |
Balances (in shares) at Dec. 31, 2014 | 17,286,000 | 17,286,449 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ||
Dividend to shareholders (in dollars per share) | $0 | $0.06 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net loss | ($17,542) | ($7,077) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 5,755 | 5,368 |
Stock-based compensation | 1,475 | 2,433 |
Deferred income taxes | -877 | -3,319 |
Loss on ineffective portion of foreign currency exchange contracts | 99 | 0 |
Loss on available for sale securities | 150 | 0 |
Loss on disposition and impairment of property and equipment | 1,933 | 6,466 |
Impairment and loss on sale of discontinued operations | 9,676 | 0 |
Program merchandise writedown | 554 | 0 |
Excess tax shortfall from stock-based compensation | 109 | 2,136 |
Change in assets and liabilities: | ||
Accounts receivable and other assets | 1,070 | -939 |
Prepaid program costs and expenses | 5,152 | 9,673 |
Accounts payable, accrued expenses, and other current liabilities | -1,477 | -613 |
Participants' deposits | -3,201 | 627 |
Net cash provided by operating activities | 2,876 | 14,755 |
Cash flows from investing activities: | ||
Purchase of available for sale securities | -47,966 | -27,448 |
Proceeds from sale of available-for-sale securities | 25,729 | 23,128 |
Purchase of property and equipment | -1,249 | -3,110 |
Proceeds from sale of property and equipment | 9,040 | 0 |
Purchase of intangibles | -189 | -344 |
Proceeds from sale of BookRags | 4,600 | 0 |
Net cash used in investing activities | -10,035 | -7,774 |
Cash flows from financing activities: | ||
Repurchase of Common Stock | -203 | -510 |
Dividend payment to shareholders | 0 | -1,017 |
Proceeds from exercise of stock options | 0 | 5 |
Excess tax shortfall from stock-based compensation | -109 | -2,136 |
Net cash used in financing activities | -312 | -3,658 |
Net increase (decrease) in cash and cash equivalents | -7,471 | 3,323 |
Cash and cash equivalents, beginning of period | 9,473 | 6,150 |
Cash and cash equivalents, end of period | $2,002 | $9,473 |
The_Company
The Company | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
The Company [Abstract] | |||||||
The Company | 1 | The Company | |||||
Ambassadors Group, Inc. (“we”, “us” or “our”) is an educational company primarily engaged in organizing and promoting differentiated worldwide travel programs for students and professionals. These consolidated financial statements include the accounts of Ambassadors Group, Inc., and our wholly owned subsidiaries, Ambassador Programs, Inc., Ambassadors Unlimited, LLC, AGI Hong Kong Limited, Beijing People to People Education Consultation Co., Ltd, Marketing Production Systems LLC, and World Adventures Unlimited, Inc. All significant intercompany accounts and transactions, which are of a normal recurring nature, are eliminated in consolidation. | |||||||
Through September 2014 we operated an education oriented research website, BookRags.com, which provided study guides, lesson plans and other educational resources to students and teachers. This business was operated by BookRags, Inc. (“BookRags”) our then wholly-owned subsidiary. In September 2014, we consummated the sale of the BookRags subsidiary. All activities related to BookRags have been reflected as discontinued operations for all periods presented. For additional information, see Note 8 of Notes to Consolidated Financial Statements. | |||||||
Subsequent to the sale of BookRags we operate in a single segment that consists of providing educational travel services to students and professionals through multiple itineraries. | |||||||
All of our assets are located in the United States. Revenues from our directly delivered travel programs are derived primarily from activity in the United States. Revenue from our non-directly delivered programs is derived internationally in the following geographic areas for the years ended December 31, 2014 and 2013: | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | ||||||
Europe | 78 | % | 61 | % | |||
South Pacific (primarily Australia and New Zealand) | 12 | % | 17 | % | |||
Asia (primarily China) | 3 | % | 11 | % | |||
Other | 7 | % | 11 | % |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |
Cash, Cash Equivalents, and Available-for-Sale Securities | |||
We invest cash in excess of operating requirements in high quality, short-term money market instruments, government municipal bonds, and other investments at high credit quality institutions. At times, such balances may be in excess of the federal depository insurance limit or may be on deposit at institutions which are not covered by this insurance. | |||
We consider investments with original maturities at date of purchase of three months or less to be cash equivalents. We classify our marketable debt investments as available-for-sale securities, which are carried at fair value and can be exposed to concentrations of credit risk and interest rate risk. Unrealized gains and losses on available-for-sale securities are excluded from operations and reported as accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of available-for-sale securities are recognized on a specific identification basis in the consolidated statement of operations in the period the investments are sold within interest, dividend income, and gain (loss) on sale of securities. | |||
Management evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. If the fair value of investment securities falls below their amortized cost and the decline is deemed to be other-than-temporary, the securities will be written down to current market value, resulting in a loss recorded in the statement of operations. Realized losses could occur in future periods due to a change in management’s intent to hold the investments to maturity, a change in management’s assessment of credit risk, or a change in regulatory or accounting requirements. | |||
Derivative Financial Instruments | |||
We use foreign currency exchange contracts as a means of mitigating exposure to foreign currency risk connected to anticipated travel programs. In entering into these contracts, we have assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. However, as all contracts are with high quality institutions, we do not expect any losses as a result of counterparty defaults. | |||
We measure derivative contracts as assets and liabilities based on their fair value. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to “Net revenue, non-directly delivered programs” when the hedged transaction has occurred. Ineffective portions of any change in fair value of a derivative are recorded in current period foreign currency and other income (expense). | |||
Other Investments | |||
Companies in which we own 20 percent or less are accounted for using the cost method, while companies we own at least 20 percent but less than 50 percent are accounted for using the equity method. Companies in which we own greater than 50 percent are consolidated into our financial statements and are listed in Note 1, “The Company,” to the consolidated financial statements. | |||
In 2003, we purchased a minority interest in a company, Full On (Europe) Ltd. This company provides development activities for our delegates traveling in Europe, New Zealand and Australia, and is accounted for using the equity method. Additionally, during August 2005, we made an investment in a safety awareness firm to support the education of and support of safe travel practices, Safe Passage Travel I, LLC. This investment is accounted for using the cost method. Both investments are included in other long-term assets on the consolidated balance sheets. | |||
Property and Equipment | |||
Property and equipment are stated at acquisition cost less accumulated depreciation. Major additions and increases in functionality are capitalized, whereas cost of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the respective assets, generally between two to seven years. | |||
We perform reviews for the impairment of property and equipment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When property and equipment are sold, retired, or impaired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is recognized in the consolidated statement of operations. Refer to Note 6, “Property and Equipment”. | |||
Goodwill | |||
Goodwill is deemed to have an indefinite life and is not amortized but subject to an annual impairment test. An impairment loss is recognized if the carrying amount of the goodwill is not recoverable and exceeds its fair value. Refer to Note 9, “Intangible Assets and Goodwill” for further information. | |||
Prepaid Program Costs and Expenses | |||
Our prepaid expenses consist primarily of prepaid program costs for airline deposits, program delivery vendor deposits, hotel deposits and other miscellaneous costs associated with delivering our programs. Additionally, we have prepaid costs associated with merchandise used on our programs and other operating expenses, such as liability insurance. Those advanced payments are recorded as prepaid program costs and expenses. | |||
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. Upon enrollment, each new delegate is required to make a deposit of between $300 and $500, depending on the program, with monthly, and lump sum payments due leading up to travel. | |||
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 net revenue, non-directly delivered programs when travel programs begin. | |||
For directly delivered programs in which we organize and operate all activities, we recognize the revenue associated with these programs within gross revenue, directly delivered programs over the period the programs operate. We recognize the costs associated with operating these programs within cost of sales, directly delivered 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 administration fees concurrent with the revenue recognition from the related programs. | |||
Restructuring Costs | |||
Our restructuring costs are comprised primarily of contract termination fees, employee separation payments, and other transition related expenses. Liabilities associated with the restructuring plan are recognized and measured at fair value when the liability is incurred. We estimate the amounts of some of these costs based on expectations at the time the expenses are incurred and reevaluate the liabilities at each reporting date based on current expectations. Refer to Note 7, “Restructuring Costs” for further information. | |||
Income Taxes | |||
Deferred tax assets and liabilities and income tax expenses and benefits are recorded for the expected future income tax consequences of events that have been recognized in the consolidated financial statements. Deferred tax assets and liabilities are determined based on the temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. | |||
We recognize deferred tax assets to the extent that we determine these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. At December 31, 2014, we determined that we may not be able to realize all of our deferred tax assets before expiration, and therefore have recorded a valuation allowance. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |||
We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made from information currently available to us. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. Refer to Note 11, “Income Taxes.” | |||
Earnings Per Share | |||
Earnings per share - basic is computed using the two-class method by dividing net income by the weighted-average number of common shares, including participating securities, outstanding during the period. Earnings per share - diluted is computed by increasing the weighted-average number of common shares outstanding by the additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Participating securities include our unvested employee restricted stock awards with time-based vesting, which receive non-forfeitable dividend payments. Refer to Note 15, “Earnings Per Share.” | |||
Other Comprehensive Income | |||
Other comprehensive income refers to revenues, expenses, gains and losses that under accounting principles generally accepted in the United States are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity, net of tax. Our other comprehensive income is composed of unrealized gains and losses on foreign currency exchange contracts and available-for-sale securities. | |||
Accounting for Stock-Based Compensation | |||
We maintain an Equity Participation Plan under which we have granted non-qualified stock options, performance stock units, restricted stock awards, and restricted stock units to employees, non-employee directors and consultants. The fair value of the equity instruments granted are estimated on the date of grant using the Black-Scholes and other pricing models, utilizing assumptions as described in Note 13, “Stock-Based Compensation.” | |||
Estimates | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and judgments, including those associated with available-for-sale securities, valuation of fixed assets, income taxes, foreign currency exchange contracts, revenue recognition, stock-based compensation, and contingencies. | |||
We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |||
Recent Accounting Pronouncements | |||
In June, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments when the terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition on performance stock unit awards. In some cases, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be entitled to benefit from the award regardless of whether the employee is rendering service on the date the performance target is achieved. Our current performance stock unit awards are contingent upon employment status as well as internal metrics. As such, this ASU is not expected to have an impact on our financial statements or disclosures. | |||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. | |||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08). This ASU relates to discontinued operations reporting for disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on the entity’s operations and financial results. The standard expands disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014 and will be reflected in periods following the fourth quarter of 2014. | |||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (ASU 2014-15). This ASU requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The ASU requires disclosures that will enable financial statement users to understand the conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern and management’s plans to alleviate such conditions and events. If substantial doubt cannot be alleviated, an entity must include a statement in the footnotes to the financial statements indicating that there is substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. Upon adoption, we will use this new standard to assess going concern. | |||
Management has assessed the impact of other recently issued, but not yet effective, accounting standards and determined that the provisions are either not applicable to us, or are not anticipated to have a material impact on our consolidated financial statements. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments and Fair Value Measurements [Abstract] | |||||||||||||||||||
Investments and Fair Value Measurements | 3 | 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 annually, and are fully assessed if there is an indicator of impairment. An adjustment would be made to record non-financial assets at fair value only when 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 December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
Classification on Balance Sheet | |||||||||||||||||||
31-Dec-14 | Amortized | Unrealized | Aggregate | Cash and cash | Short-term | Long-term | |||||||||||||
Cost | Losses | Fair Value | equivalents | available-for-sale | available-for-sale | ||||||||||||||
securities | securities | ||||||||||||||||||
Short term municipal securities funds2 | $ | 59,520 | $ | (18 | ) | $ | 59,502 | $ | — | $ | 59,502 | $ | — | ||||||
Total | $ | 59,520 | $ | (18 | ) | $ | 59,502 | $ | — | $ | 59,502 | $ | — | ||||||
Classification on Balance Sheet | |||||||||||||||||||
31-Dec-13 | Amortized | Unrealized | Aggregate | Cash and cash | Short-term | Long-term | |||||||||||||
Cost | Gains (Losses) | Fair Value | equivalents | available-for-sale | available-for-sale | ||||||||||||||
securities | securities | ||||||||||||||||||
ARS, greater than one year | $ | 1,002 | $ | (283 | ) | $ | 719 | $ | — | $ | — | $ | 719 | ||||||
Money market funds, ninety days or less | 488 | — | 488 | 488 | — | — | |||||||||||||
Municipal securities1 | |||||||||||||||||||
Short term municipal securities funds2 | 27,493 | (143 | ) | 27,350 | — | 27,350 | — | ||||||||||||
One year or less | 952 | 3 | 955 | — | 955 | — | |||||||||||||
After one year through three years | 3,132 | 20 | 3,152 | — | 3,152 | — | |||||||||||||
Greater than three years through five years | 4,854 | (137 | ) | 4,717 | — | 4,717 | — | ||||||||||||
Total | $ | 37,921 | $ | (540 | ) | $ | 37,381 | $ | 488 | $ | 36,174 | $ | 719 | ||||||
1 | 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. | ||||||||||||||||||
2 | Amounts 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 measured on a recurring basis within the three levels of the fair value hierarchy at December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-14 | Fair Market | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | |||||||||||||||||||
Municipal securities1 | $ | 59,502 | $ | 59,502 | $ | — | $ | — | |||||||||||
Foreign currency exchange contracts | 14 | — | 14 | — | |||||||||||||||
Total financial assets | $ | 59,516 | $ | 59,502 | $ | 14 | $ | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | 1,359 | — | 1,359 | — | |||||||||||||||
Total financial liabilities | $ | 1,359 | $ | — | $ | 1,359 | $ | — | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-13 | Fair Market | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
ARS | $ | 719 | $ | — | $ | — | $ | 719 | |||||||||||
Money market funds | 488 | 488 | — | — | |||||||||||||||
Municipal securities2 | 36,174 | 27,350 | 8,824 | — | |||||||||||||||
Foreign currency exchange contracts | 253 | — | 253 | — | |||||||||||||||
Total financial assets | $ | 37,634 | $ | 27,838 | $ | 9,077 | $ | 719 | |||||||||||
Financial liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | 549 | — | 549 | — | |||||||||||||||
Total financial liabilities | $ | 549 | $ | — | $ | 549 | $ | — | |||||||||||
1 | At December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. | ||||||||||||||||||
2 | At December 31, 2013, municipal securities consisted of a 76/13/11 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. In addition, the underlying credit rating of the municipal securities at December 31, 2014 and December 31, 2013 were A+, A1 or better as defined by S&P 500 and Moody’s, respectively. | ||||||||||||||||||
Money market funds and municipal security funds 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 municipal bonds and foreign currency exchange contracts that were valued using models that take into account the contract terms, as well as multiple inputs where applicable, such as equity prices, interest rates, volatility and currency rates. Level 3 financial assets represent the fair value of our auction-rate securities (“ARS”), which 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 following table details the fair value measurements of assets measured on a non-recurring basis within the three levels of the fair value hierarchy at December 31, 2013 (in thousands): | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-13 | Fair Market | Level 1 | Level 2 | Level 3 | Total Loss | ||||||||||||||
Value | |||||||||||||||||||
Property and equipment, land and building | $ | 11,000 | $ | — | $ | — | $ | 11,000 | $ | 4,544 | |||||||||
In April 2012, our Board of Directors approved the listing for sale of our corporate headquarters building and land located in Spokane, Washington. We entered into a purchase and sale agreement in the third quarter of 2014 and closed on the sale in November 2014. During the third quarter of 2013, we performed an impairment analysis that resulted in us lowering the fair value of our corporate headquarters building and land by $4.5 million to $11.0 million based on a weighted average probability model of estimated future cash flows. Based on changes in the sales price and ultimately the final purchase and sales agreement, we recorded additional impairment charges in the second and third quarter of 2014 totaling $2.5 million. Refer to Note 6, “Property and Equipment.” | |||||||||||||||||||
The following table presents a reconciliation for the year ended 2013 of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands): | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 719 | $ | 723 | |||||||||||||||
Total gains or losses (realized/unrealized) | |||||||||||||||||||
Included in earnings | (115 | ) | — | ||||||||||||||||
Included in OCI | 281 | (4 | ) | ||||||||||||||||
Sales and settlements | (885 | ) | — | ||||||||||||||||
Ending balance | $ | — | $ | 719 | |||||||||||||||
In determining the fair value of our financial instruments, 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. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||
Derivative Financial Instruments | 4 | Derivative Financial Instruments | ||||||||
The majority of our travel programs take place outside of the United States and most foreign suppliers require payment in currency other than the U.S. dollar. Accordingly, we are exposed to foreign currency risk relative to changes in foreign currency exchange rates between those currencies and the U.S. dollar for our non-directly delivered programs. We use forward contracts that allow us to acquire foreign currency at a fixed price for a specified point in time and to provide a hedge against foreign currency risk. At December 31, 2014 amounts determined to be ineffective have been recognized in earnings. All other remaining 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, which is primarily during the second and third quarters of the year when the majority of our international 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 December 31, 2014, the following forward contracts were outstanding (in thousands): | ||||||||||
Notional | Matures | |||||||||
Amount | ||||||||||
Forward contracts: | ||||||||||
Euro | 10,000 | January 2015 - July 2015 | ||||||||
Australian dollar | 3,250 | January 2015 - July 2015 | ||||||||
British pound | 1,900 | January 2015 - July 2015 | ||||||||
Canadian dollar | 400 | March 2015 - May 2015 | ||||||||
New Zealand dollar | 400 | March 2015 - July 2015 | ||||||||
Japanese Yen | 25,000 | May-15 | ||||||||
The fair values of our forward contracts were as follows (in thousands): | ||||||||||
31-Dec-14 | ||||||||||
Derivatives designated as | Total Net | |||||||||
hedging instruments | ||||||||||
Assets | Liabilities | Liabilities | ||||||||
Forward contracts | $ | 14 | $ | 1,359 | $ | 1,345 | ||||
31-Dec-13 | ||||||||||
Derivatives designated as | Total Net | |||||||||
hedging instruments | ||||||||||
Assets | Liabilities | Liabilities | ||||||||
Forward contracts | $ | 253 | $ | 549 | $ | 296 | ||||
The net liabilities and asset derivatives at December 31, 2014 and 2013 are reported in the consolidated balance sheet as current and long-term foreign currency exchange contracts. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | 5 | Accumulated Other Comprehensive Income (Loss) | |||||||||||
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. | |||||||||||||
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, dividend income, and gain (loss) on sale of securities. | |||||||||||||
For years ended December 31, 2014 and 2013, a summary of AOCI balances and gains (losses) recognized in OCI are as follows (in thousands): | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Derivative Securities | Available-for-sale securities | ||||||||||||
Year ended | Year ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of period | $ | (192 | ) | $ | 544 | $ | (357 | ) | $ | (180 | ) | ||
Change before reclassification | (1,049 | ) | (948 | ) | 372 | (352 | ) | ||||||
Reclassification into net revenue, non-directly delivered programs | — | (185 | ) | — | — | ||||||||
Reclassification into interest (income) expense and dividend income | 99 | — | 150 | 80 | |||||||||
Effect of incomes taxes | — | 397 | — | 95 | |||||||||
Other comprehensive income (loss), net of income taxes | (950 | ) | (736 | ) | 522 | (177 | ) | ||||||
Balance, end of period | $ | (1,142 | ) | $ | (192 | ) | $ | 165 | $ | (357 | ) |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Property and Equipment | 6 | Property and Equipment | |||||
Property and equipment and the changes therein consist of the following (in thousands): | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Land | $ | — | $ | 1,817 | |||
Building | — | 9,183 | |||||
Office furniture, fixtures and equipment | 782 | 2,658 | |||||
Computer equipment and software | 16,304 | 19,659 | |||||
Construction in progress | 434 | 146 | |||||
Total property and equipment, gross | 17,520 | 33,463 | |||||
Less accumulated depreciation | (15,091 | ) | (15,011 | ) | |||
Total property and equipment, net | $ | 2,429 | $ | 18,452 | |||
The remaining cost of completion for construction in process, which consists of website and internal use software development, is estimated to be approximately $0.4 million as of December 31, 2014. For the years ended December 31, 2014 and 2013, we recognized approximately $5.5 million and $5.0 million, respectively, in depreciation and amortization expense. | |||||||
Our corporate headquarters building was sold during the fourth quarter of 2014 and during the years ended December 31, 2014 and 2013, we recorded impairment expenses related to this building of $2.5 million and $4.5 million, respectively. In addition we recorded approximately $2.0 million in impairment related to other property and equipment during the year ended December 31, 2013. These losses were classified in our consolidated statements of operations as of December 31, 2014 and 2013 as asset impairments. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Restructuring Costs [Abstract] | |||||||
Restructuring Costs | 7 | Restructuring Costs | |||||
During the third quarter of 2013, we initiated a corporate restructuring plan aimed at streamlining our cost structure and focusing our business primarily on our core Student Ambassador Programs in order to promote the long-term health of the organization. This plan included the wind down of the operations and programs associated with DSA and terminating the operations associated with our People to People – China office. 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. As of December 31, 2014, all restructuring expenses have been recognized. | |||||||
The following table summarizes costs incurred as part of the restructuring plan and balance of the restructuring cost liability as of December 31, 2014 and 2013 (in thousands): | |||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Restructuring liabilities as of January 1, | $ | 244 | $ | — | |||
Restructuring costs: | |||||||
Contract termination fees | — | 1,550 | |||||
Separation payments | 1,090 | 130 | |||||
Equity compensation expenses | 314 | 63 | |||||
Other transition costs | 524 | 469 | |||||
Total expense | 1,928 | 2,212 | |||||
less: cash payments made during period | 1,619 | 1,905 | |||||
less: non-cash expenses | 314 | 63 | |||||
Total restructuring liabilities as of December 31, | $ | 239 | $ | 244 |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations [Abstract] | |||||||
Discontinued Operations | 8 | Discontinued Operations | |||||
In furtherance to its focus on the core Student Ambassadors programs, in September 2014 we consummated the sale of BookRags for $5.0 million, subject to a $0.4 million escrow arrangement to be released in 2015. The amount subject to escrow is disclosed as restricted cash on the consolidated balance sheet. All activities related to BookRags have been reflected as discontinued operations on our consolidated financial statements for all periods presented. The BookRags disposal loss before considering the impact of income taxes was $9.7 million. | |||||||
The following table summarizes the assets and liabilities of discontinued operations including in the consolidated balance sheet as of December 31, 2013. There were no assets and liabilities of discontinued operations as of December 31, 2014. | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 765 | |||||
Accounts receivable | 731 | ||||||
Other current assets | 62 | ||||||
Total current assets | 1,558 | ||||||
Property and equipment, net | 710 | ||||||
Intangibles | 3,522 | ||||||
Goodwill | 9,711 | ||||||
Total assets | $ | 15,501 | |||||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 283 | |||||
Other current liabilties | 118 | ||||||
Total current liabilities | 401 | ||||||
Other long-term liabilities | 1,056 | ||||||
Total liabilities | $ | 1,457 | |||||
The following table summarizes the results of discontinued operations for the periods indicated (in thousands): | |||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Total revenue | $ | 2,608 | $ | 3,975 | |||
Gross margin | $ | 2,282 | $ | 3,462 | |||
Selling & marketing expenses | $ | 714 | $ | 1,499 | |||
General & administrative expenses | $ | 687 | $ | 661 | |||
Restructuring costs | $ | 522 | $ | — | |||
Impairment and loss on sale of discontinued operations | $ | 9,676 | $ | — | |||
Operating income (loss) from discontinued operations | $ | (9,316 | ) | $ | 1,302 | ||
Income tax benefit (provision) on discontinued operations | $ | 1,036 | $ | (469 | ) | ||
Net income (loss) from discontinued operations | $ | (8,280 | ) | $ | 834 |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Intangible Assets and Goodwill [Abstract] | |||||||
Intangible Assets and Goodwill | 9 | Intangible Assets and Goodwill | |||||
As discussed in Note 8, “Discontinued Operations”, in September 2014, we completed the sale of all of the assets of BookRags, which included the entire $3.5 million of intangible assets outstanding as of December 31, 2013. Therefore, there are no intangible assets at December 31, 2014 other than goodwill. | |||||||
Identified intangible assets related to discontinued operations and the changes therein consisted of the following at December 31, 2013 (in thousands): | |||||||
December 31, | |||||||
2013 | |||||||
Content license agreements | $ | 838 | |||||
Content copyrights | 3,607 | ||||||
Advertising relationship | 512 | ||||||
Other | 130 | ||||||
Trademark | 517 | ||||||
Total intangible assets, gross | 5,604 | ||||||
Less accumulated amortization | |||||||
Content license agreements | (236 | ) | |||||
Content copyrights | (1,204 | ) | |||||
Advertising relationship | (512 | ) | |||||
Other | (130 | ) | |||||
Total intangible assets, net | $ | 3,522 | |||||
For the years ended December 31, 2014 and 2013, respectively, we recorded approximately $0.3 million and $0.4 million, respectively, in amortization expense on intangible assets which is included in income (loss) from discontinued operations. | |||||||
Goodwill consisted of the following (in thousands): | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Goodwill - BookRags | $ | — | $ | 9,711 | |||
Goodwill - Ambassador programs and other | 70 | 70 | |||||
Goodwill | $ | 70 | $ | 9,781 | |||
As discussed in Note 8, “Discontinued Operations”, in September 2014, we completed the sale of all of the assets of BookRags. During the second quarter of 2014 and due to business changes (which included the prospective sale of this segment) as well as the narrow margin results of annual impairment test in December 2013, in which the estimate fair value exceeded its carrying value by less than 5 percent, we re-evaluated the carrying value of BookRags and recorded a goodwill impairment charge of $9.7 million, as the implied fair value of the goodwill was determined to be lower than its carrying value. Using the income and market approaches, the significant assumptions used to determine fair value included projected operating revenues and expenses, growth rates, terminal value, discount rates, future cash flows and capital expenditures. This impairment charge has been recorded within discontinued operations and is reflected in the table above for the year ended December 31, 2014. | |||||||
We completed our annual impairment test of goodwill related to Ambassadors Programs as of December 1, 2014, and concluded that no impairment existed. |
Line_of_Credit
Line of Credit | 12 Months Ended | ||
Dec. 31, 2014 | |||
Line of Credit [Abstract] | |||
Line of Credit | 10 | Line of Credit | |
Our revolving credit agreement with Wells Fargo expired on June 1, 2014 and was not renewed. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | 11 | Income Taxes | |||||||||||
Major components of the benefit (provision) for income taxes from continuing operations consisted of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current tax expense | |||||||||||||
Federal | $ | 85 | $ | 796 | |||||||||
State | 5 | 36 | |||||||||||
Deferred tax benefit | |||||||||||||
Federal | 752 | 3,222 | |||||||||||
State | 16 | 97 | |||||||||||
Total income tax benefit (provision) | 858 | 4,151 | |||||||||||
Less: tax benefit (provision) of discontinued operations | 1,036 | (469 | ) | ||||||||||
Income tax benefit (provision) from continuing operations | $ | (178 | ) | $ | 4,620 | ||||||||
Components of the net deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Assets | Liabilities | Total | |||||||||||
Net operating loss carryforward | $ | 2,376 | $ | — | $ | 2,376 | |||||||
Amortization of goodwill and other intangibles | 5 | — | 5 | ||||||||||
Accrued compensation | 237 | — | 237 | ||||||||||
Unrealized loss on foreign currency exchange contracts | 494 | — | 494 | ||||||||||
Unrealized loss on available-for-sale securities | (6 | ) | — | (6 | ) | ||||||||
Depreciation | — | (494 | ) | (494 | ) | ||||||||
Stock options | 257 | — | 257 | ||||||||||
Restricted stock grants | 99 | — | 99 | ||||||||||
Prepaids | — | (152 | ) | (152 | ) | ||||||||
Capital loss carryforward | 2,173 | — | 2,173 | ||||||||||
Other | 269 | — | 269 | ||||||||||
Valuation allowance | — | (5,282 | ) | (5,282 | ) | ||||||||
Total deferred tax assets (liabilities) | $ | 5,904 | $ | (5,928 | ) | $ | (24 | ) | |||||
31-Dec-13 | |||||||||||||
Assets | Liabilities | Total | |||||||||||
Net operating loss carryforward | $ | 815 | $ | — | $ | 815 | |||||||
Amortization of goodwill and other intangibles | — | (894 | ) | (894 | ) | ||||||||
Accrued vacation and compensation | 118 | — | 118 | ||||||||||
Unrealized loss on foreign currency exchange contracts | 101 | — | 101 | ||||||||||
Unrealized loss on available-for-sale securities | 88 | — | 88 | ||||||||||
Unrealized loss on auction rate securities | 97 | — | 97 | ||||||||||
Depreciation | — | (1,971 | ) | (1,971 | ) | ||||||||
Stock options | 404 | — | 404 | ||||||||||
Restricted stock grants | 216 | — | 216 | ||||||||||
State tax deduction | 30 | — | 30 | ||||||||||
Prepaids | — | (209 | ) | (209 | ) | ||||||||
Other | 413 | — | 413 | ||||||||||
Total deferred tax assets (liabilities) | $ | 2,282 | $ | (3,074 | ) | $ | (792 | ) | |||||
The income tax benefit (provision) differs from that computed using the federal statutory rate applied to income before income taxes as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | % | 2013 | % | ||||||||||
Amount | Amount | ||||||||||||
Benefit at the federal statutory rate | $ | 3,088 | 34 | % | $ | 4,262 | 34 | % | |||||
Tax-exempt interest | 128 | 1.4 | 206 | 1.7 | |||||||||
Uncertain state tax position | 53 | 0.6 | 64 | 0.5 | |||||||||
Tax rate change to deferreds - federal | — | 0 | 34 | 0.3 | |||||||||
State income tax, net of federal benefit | (5 | ) | (0.1 | ) | 36 | 0.3 | |||||||
Idaho refund credit | 26 | 0.3 | — | 0 | |||||||||
Other | 4 | 0 | 18 | 0.1 | |||||||||
Valuation allowance | (3,472 | ) | (38.2 | ) | — | 0 | |||||||
Income tax benefit (provision) from continuing operations | (178 | ) | (2.0 | %) | 4,620 | 36.9 | % | ||||||
Effect of discontinued operations | 1,036 | 6.7 | (469 | ) | (0.1 | ) | |||||||
Total income tax benefit | $ | 858 | 4.7 | % | $ | 4,151 | 37 | % | |||||
As of December 31, 2014, no unrecognized tax benefits are recorded as accounts payable or accrued expenses in the consolidated balance sheet. During the years ended December 31, 2014 and 2013, we recognized $0.1 million and $0.1 million, respectively, of income tax benefit in the consolidated statement of operations associated with uncertain tax positions. | |||||||||||||
As of December 31, 2014, we have a tax net operating loss carryforward of $7.0 million that will begin expiring in 2033 if not utilized. Additionally, we have a capital loss carryforward of $6.2 million that will begin expiring in 2017 if not utilized. | |||||||||||||
The following summarizes the unrecognized tax benefits activity during 2014 and 2013 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Gross unrecognized tax benefit as of January 1, | $ | 83 | $ | 225 | |||||||||
Increases in uncertain tax benefits as a result of tax positions taken during the current period | — | — | |||||||||||
Settlements with tax authorities | — | (26 | ) | ||||||||||
Lapse of statute of limitations | (83 | ) | (116 | ) | |||||||||
Gross unrecognized tax benefits as of December 31, | $ | 0 | $ | 83 | |||||||||
We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2014. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. | |||||||||||||
As a result, we determined that the negative evidence outweighed the positive evidence as of December 31, 2014 and a valuation allowance of $5.3 million has been recorded to reduce deferred tax assets to an amount that is more likely than not to be realized. This accounting treatment has no effect on our ability to utilize deferred tax assets such as a loss carryforward and tax credits to reduce future cash tax payments. We will continue to assess the likelihood that the deferred tax assets will be realizable at each reporting period and the valuation allowance will be adjusted accordingly. | |||||||||||||
We file tax returns in the U.S. federal jurisdiction and various state jurisdictions. We may be subject to examination by the Internal Revenue Service for the years after 2010. We may also be subject to examination by various state jurisdictions for the years after 2009. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments and Contingencies [Abstract] | |||
Commitments and Contingencies | 12 | Commitments and Contingencies | |
We are not a party to any material pending legal proceedings other than ordinary routine litigation incidental to our business; the outcome of which we believe will not have a material adverse effect on our business, financial condition, cash flows or results of operations. | |||
We are subject to the possibility of various loss contingencies, including claims, suits and complaints, arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted and whether new accruals are required. | |||
Under our Bylaws, our directors and officers have certain rights to indemnification by us against certain liabilities that may arise by reason of their status or service as directors or officers. We maintain director and officer insurance, which covers certain liabilities arising from our obligation to indemnify our directors and officers and former directors in certain circumstances. No material indemnification liabilities were accrued at December 31, 2014. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||
Stock-Based Compensation | 13 | Stock-Based Compensation | |||||||||||||||||
Under our Equity Participation Plan (the “Plan”), we may grant stock-based incentive compensation awards to eligible employees (including officers), non-employee directors and consultants in the form of distribution equivalent rights, incentive stock options, non-qualified stock options, performance share awards, performance unit awards, restricted stock awards, restricted stock units awards, stock appreciation rights, tandem stock appreciation rights, unrestricted stock awards or any combination of the foregoing, as may be best suited to the circumstances of the particular employee, director or consultant. As of December 31, 2014, we had 1,720,263 shares authorized under the Plan available for future stock-based compensation. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
Under the terms of the Plan, options to purchase shares of our common stock are granted at a price set by the Compensation Committee of the Board of Directors (the “Compensation Committee”), not to be less than the par value of a share of common stock, and if granted as performance-based compensation or as incentive stock options, not to be less than the fair market value of the stock on the date of grant. The Compensation Committee establishes the vesting period of the awards, which is generally set at 25 percent per year for four years. Options may be exercised any time after they vest for a period up to 10 years from the grant date. | |||||||||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of options. Option valuation models require the input of highly subjective assumptions, particularly for the expected term and stock price volatility. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and our experience. Our employee stock options do not trade on a secondary exchange; therefore, employees do not derive a benefit from holding stock options unless there is an appreciation in the market price of our stock above the grant price. Such an increase in stock price would benefit all shareholders commensurately. | |||||||||||||||||||
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 years ended December 31, 2014 and 2013. | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Expected dividend yield | — | % | 0.64 | % | |||||||||||||||
Expected stock price volatility | 42.09 | % | 48.75 | % | |||||||||||||||
Risk-free interest rate | 2.52 | % | 2.51 | % | |||||||||||||||
Expected life of options | 4.14 Years | 4.57 Years | |||||||||||||||||
Estimated fair value per option granted | $ | 1.49 | $ | 1.71 | |||||||||||||||
The dividend yield is based on expected quarterly cash dividends paid to our shareholders. 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 14.14 percent is used as a best estimate of future forfeitures based on our historical forfeiture experience. Stock-based compensation expense will be adjusted in later periods if the actual forfeiture rate is different from the estimate. | |||||||||||||||||||
A summary of option activity under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | |||||||||||||||||||
Stock | Weighted-Average | Weighted- | |||||||||||||||||
Options | Exercise Price | Average | |||||||||||||||||
Remaining | |||||||||||||||||||
Contractual | |||||||||||||||||||
Life (years) | |||||||||||||||||||
Outstanding at December 31, 2013 | 907,945 | $ | 6.54 | ||||||||||||||||
Granted | 209,986 | 4.06 | |||||||||||||||||
Forfeited / Expired | (566,522 | ) | 6.22 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Outstanding at December 31, 2014 | 551,409 | $ | 6.11 | 7.15 | |||||||||||||||
Exercisable at December 31, 2014 | 232,138 | $ | 8.57 | 4.76 | |||||||||||||||
During the years ended December 31, 2014 and 2013, the total intrinsic value of stock options exercised was zero and the total fair value of options which vested was zero and $43 thousand, respectively. The weighted-average grant-date fair value of options granted during the year ended December 31, 2014 was $0.3 million. The aggregate intrinsic value of outstanding and exercisable stock options was zero before applicable income taxes, based on our $2.50 closing stock price at December 31, 2014. This intrinsic value would have been received by the optionees had all in-the-money stock options been exercised on that date. Compensation expense recognized in the consolidated statement of operations for stock options was $0.6 million and $1.1 million for the years ended December 31 2014 and 2013, respectively, before the effect of income taxes. As of December 31, 2014, the total unrecognized stock-based compensation expense related to non-vested stock options was approximately $0.3 million, which is expected to be recognized over approximately 3.9 years. | |||||||||||||||||||
Restricted Stock Grants | |||||||||||||||||||
Under the terms of the Plan, restricted stock awards and restricted stock units may be granted by the Compensation Committee. The Compensation Committee also establishes the vesting period of the awards, which is generally set at 100 percent at the conclusion of one to four years for restricted stock awards. The fair value of restricted stock awards and restricted stock units are based on the market price of our shares on the grant date. | |||||||||||||||||||
A summary of the activity of non-vested restricted stock awards and restricted stock units under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | |||||||||||||||||||
Restricted Stock Awards | Restricted Stock Units | ||||||||||||||||||
Restricted | Weighted- | Weighted- | Restricted | Weighted- | Weighted- | ||||||||||||||
Stock | Average Grant | Average | Stock Units | Average | Average | ||||||||||||||
Awards | Date Fair Value | Remaining | Grant Date | Remaining | |||||||||||||||
Contractual | Fair Value | Contractual | |||||||||||||||||
Life (years) | Life (years) | ||||||||||||||||||
Balance at December 31, 2013 | 285,435 | $ | 5.24 | 28,123 | $ | 3.88 | |||||||||||||
Granted | 298,216 | 2.42 | 88,809 | 4.27 | |||||||||||||||
Forfeited | (16,826 | ) | 5.44 | (19,350 | ) | 4.22 | |||||||||||||
Vested | (225,188 | ) | 5.1 | (15,010 | ) | 4.16 | |||||||||||||
Balance at December 31, 2014 | 341,637 | $ | 2.83 | 1.61 | 82,572 | $ | 4.17 | 1.88 | |||||||||||
At December 31, 2014, the aggregate value of non-vested restricted stock awards and restricted stock units was $0.9 million and $0.2 million, respectively, before applicable income taxes, based on a $2.50 closing stock price at December 31, 2014. During the years ended December 31, 2014 and 2013, the weighted-average grant date fair value of restricted stock awards which vested was $1.2 million and $2.2 million, respectively. Compensation expense recognized in the consolidated statement of operations for restricted stock awards was $0.8 million and $1.3 million for the years ended December 31 2014 and 2013, respectively, before the effect of income taxes. Compensation expense recognized in the consolidated statement of operations for restricted stock units was $97 thousand for the year ended December 31, 2014 and $6 thousand for the year ended December 31, 2013, before the effect of income taxes. As of December 31, 2014, total unrecognized stock-based compensation expense related to restricted stock awards and restricted stock units was approximately $0.7 million and $0.3 million, respectively, which is expected to be recognized over approximately 3.9 years. | |||||||||||||||||||
Performance Stock Awards | |||||||||||||||||||
Under the terms of the Plan, performance stock awards are granted by the Compensation Committee to key employees. Performance stock awards are based on achieving key internal metrics measured at the end of each fiscal year. If performance objectives are achieved as determined by the Compensation Committee, common stock is granted. The fair value of these awards is determined on the date of grant based on our share price. A forfeiture rate of 14 percent is used as a best estimate of future forfeitures. Compensation expense related to performance stock units is evaluated quarterly to determine the likelihood that performance metrics will be achieved during the performance period. | |||||||||||||||||||
A summary of the activity of performance stock units under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | |||||||||||||||||||
Performance | Weighted- | Weighted- | |||||||||||||||||
Stock Units | Average Grant | Average | |||||||||||||||||
Date Fair Value | Remaining | ||||||||||||||||||
Contractual | |||||||||||||||||||
Life (years) | |||||||||||||||||||
Balance at December 31, 2013 | 114,560 | 4.41 | |||||||||||||||||
Granted | 200,000 | $ | 2.15 | ||||||||||||||||
Forfeited | (85,245 | ) | 2.15 | ||||||||||||||||
Vested | — | — | |||||||||||||||||
Balance at December 31, 2014 | 229,315 | $ | 2.5 | 2.84 | |||||||||||||||
During the year ended December 31, 2014, we granted 200,000 performance stock units payable upon the achievement of certain internal metrics over a performance period of January 1, 2015 through December 31, 2017. The total potential payouts for awards granted in 2014 ranged from 0 to 200,000 shares if targets are achieved during the performance period. Compensation expense of up to $430,000 related to these performance share unit awards is expected to be recognized over a weighted average period of three years as it is probable that the performance metrics will be achieved. Approximately $5,000 in compensation expense related to the 2014 grant has been recognized. | |||||||||||||||||||
During the year ended December 31, 2013, we granted 121,756 performance stock units payable upon the achievement of certain internal metrics over a performance period of January 1, 2014 through December 31, 2016. The total potential payouts for awards granted in 2013 ranged from 78,149 to 121,756 shares if targets are achieved during the performance period. As of December 31, 2014 no compensation expense has been recognized related to performance stock units granted in 2013 as it is not probable that the performance metrics will be achieved. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended | ||
Dec. 31, 2014 | |||
Employee Benefit Plan [Abstract] | |||
Employee Benefit Plan | 14 | Employee Benefit Plan | |
Effective March 2002, we established a 401(k) Profit Sharing Plan (the “Sharing Plan”) for our employees. Employees are eligible to participate in the Sharing Plan beginning the first month following 30 days of service and may contribute up to 100 percent of their salary, subject to the maximum contribution allowed by the Internal Revenue Service. Our matching contribution is discretionary based upon approval by management. Participants are immediately vested in their contributions plus actual earnings thereon. Participants vest progressively in the discretionary matching and profit sharing contributions of their account at the rate of 25 percent per year of service with participants becoming 100 percent vested at the completion of 4 years of service. During the years ended December 31, 2014 and 2013, we contributed approximately $0.1 million and $0.1 million to the Sharing Plan, respectively. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings (Loss) Per Share [Abstract] | |||||||
Earnings (Loss) Per Share | 15 | Earnings (Loss) Per Share | |||||
The following table presents a reconciliation of basic and diluted EPS computations (in thousands, except per share data and anti-dilutive stock option counts): | |||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Loss from continuing operations | $ | (9,262 | ) | $ | (7,911 | ) | |
Income (loss) from discontinued operations | (8,280 | ) | 834 | ||||
Net loss | (17,542 | ) | (7,077 | ) | |||
Denominator: | |||||||
Weighted-average shares outstanding | 17,052 | 16,713 | |||||
Effect of unvested restricted stock awards considered participating securities | — | — | |||||
Weighted-average shares outstanding – basic | 17,052 | 16,713 | |||||
Effect of dilutive common stock options | — | — | |||||
Weighted-average shares outstanding – diluted | 17,052 | 16,713 | |||||
Loss from continuing operations - basic | (0.54 | ) | (0.47 | ) | |||
Income (loss) from discontinued operations - basic | (0.49 | ) | 0.05 | ||||
Net loss per share – basic | $ | (1.03 | ) | $ | (0.42 | ) | |
Loss from continuing operations - diluted | (0.54 | ) | (0.47 | ) | |||
Income (loss) from discontinued operations - diluted | (0.49 | ) | 0.05 | ||||
Net loss per share – diluted | $ | (1.03 | ) | $ | (0.42 | ) | |
Cash dividends declared per share | $ | — | $ | 0.06 | |||
Restricted stock awards excluded from the calculation of basic earnings per share | 201,319 | 272,851 | |||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 698,586 | 1,169,489 |
Supplemental_Disclosures_of_Co
Supplemental Disclosures of Consolidated Statements of Cash Flows | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | |||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows | 16 | Supplemental Disclosures of Consolidated Statements of Cash Flows | |||||
We paid cash for taxes during 2014 and 2013 of approximately $18 thousand and $0.3 million, respectively. | |||||||
Our non-cash investing and financing activities during the years ended December 31, 2014 and 2013 are as follows (in thousands): | |||||||
2014 | 2013 | ||||||
Unrealized loss on foreign currency exchange contracts | $ | (1,049 | ) | $ | (1,133 | ) | |
Unrealized gain (loss) on available-for-sale securities | $ | 522 | $ | (272 | ) | ||
Property and equipment | $ | — | $ | (30 | ) |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | 17 | Subsequent Events | |
Subsequent to year end, we initiated a reduction in employee work force in February of 2015 and we expect to reduce approximately 60% of the total workforce. As of May 2015, we anticipate we will employ approximately 90 full-time employees. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash, Cash Equivalents, and Available-for-Sale Securities | Cash, Cash Equivalents, and Available-for-Sale Securities |
We invest cash in excess of operating requirements in high quality, short-term money market instruments, government municipal bonds, and other investments at high credit quality institutions. At times, such balances may be in excess of the federal depository insurance limit or may be on deposit at institutions which are not covered by this insurance. | |
We consider investments with original maturities at date of purchase of three months or less to be cash equivalents. We classify our marketable debt investments as available-for-sale securities, which are carried at fair value and can be exposed to concentrations of credit risk and interest rate risk. Unrealized gains and losses on available-for-sale securities are excluded from operations and reported as accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of available-for-sale securities are recognized on a specific identification basis in the consolidated statement of operations in the period the investments are sold within interest, dividend income, and gain (loss) on sale of securities. | |
Management evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. If the fair value of investment securities falls below their amortized cost and the decline is deemed to be other-than-temporary, the securities will be written down to current market value, resulting in a loss recorded in the statement of operations. Realized losses could occur in future periods due to a change in management’s intent to hold the investments to maturity, a change in management’s assessment of credit risk, or a change in regulatory or accounting requirements. | |
Derivative Financial Instruments | Derivative Financial Instruments |
We use foreign currency exchange contracts as a means of mitigating exposure to foreign currency risk connected to anticipated travel programs. In entering into these contracts, we have assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. However, as all contracts are with high quality institutions, we do not expect any losses as a result of counterparty defaults. | |
We measure derivative contracts as assets and liabilities based on their fair value. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to “Net revenue, non-directly delivered programs” when the hedged transaction has occurred. Ineffective portions of any change in fair value of a derivative are recorded in current period foreign currency and other income (expense). | |
Other Investments | Other Investments |
Companies in which we own 20 percent or less are accounted for using the cost method, while companies we own at least 20 percent but less than 50 percent are accounted for using the equity method. Companies in which we own greater than 50 percent are consolidated into our financial statements and are listed in Note 1, “The Company,” to the consolidated financial statements. | |
In 2003, we purchased a minority interest in a company, Full On (Europe) Ltd. This company provides development activities for our delegates traveling in Europe, New Zealand and Australia, and is accounted for using the equity method. Additionally, during August 2005, we made an investment in a safety awareness firm to support the education of and support of safe travel practices, Safe Passage Travel I, LLC. This investment is accounted for using the cost method. Both investments are included in other long-term assets on the consolidated balance sheets. | |
Property and Equipment | Property and Equipment |
Property and equipment are stated at acquisition cost less accumulated depreciation. Major additions and increases in functionality are capitalized, whereas cost of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the respective assets, generally between two to seven years. | |
We perform reviews for the impairment of property and equipment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When property and equipment are sold, retired, or impaired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is recognized in the consolidated statement of operations. Refer to Note 6, “Property and Equipment”. | |
Goodwill | Goodwill |
Goodwill is deemed to have an indefinite life and is not amortized but subject to an annual impairment test. An impairment loss is recognized if the carrying amount of the goodwill is not recoverable and exceeds its fair value. Refer to Note 9, “Intangible Assets and Goodwill” for further information. | |
Prepaid Program Costs and Expenses | Prepaid Program Costs and Expenses |
Our prepaid expenses consist primarily of prepaid program costs for airline deposits, program delivery vendor deposits, hotel deposits and other miscellaneous costs associated with delivering our programs. Additionally, we have prepaid costs associated with merchandise used on our programs and other operating expenses, such as liability insurance. Those advanced payments are recorded as prepaid program costs and expenses. | |
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. Upon enrollment, each new delegate is required to make a deposit of between $300 and $500, depending on the program, with monthly, and lump sum payments due leading up to travel. | |
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 net revenue, non-directly delivered programs when travel programs begin. | |
For directly delivered programs in which we organize and operate all activities, we recognize the revenue associated with these programs within gross revenue, directly delivered programs over the period the programs operate. We recognize the costs associated with operating these programs within cost of sales, directly delivered 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 administration fees concurrent with the revenue recognition from the related programs. | |
Restructuring Costs | Restructuring Costs |
Our restructuring costs are comprised primarily of contract termination fees, employee separation payments, and other transition related expenses. Liabilities associated with the restructuring plan are recognized and measured at fair value when the liability is incurred. We estimate the amounts of some of these costs based on expectations at the time the expenses are incurred and reevaluate the liabilities at each reporting date based on current expectations. Refer to Note 7, “Restructuring Costs” for further information. | |
Income Taxes | Income Taxes |
Deferred tax assets and liabilities and income tax expenses and benefits are recorded for the expected future income tax consequences of events that have been recognized in the consolidated financial statements. Deferred tax assets and liabilities are determined based on the temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. | |
We recognize deferred tax assets to the extent that we determine these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. At December 31, 2014, we determined that we may not be able to realize all of our deferred tax assets before expiration, and therefore have recorded a valuation allowance. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |
We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made from information currently available to us. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. Refer to Note 11, “Income Taxes.” | |
Earnings Per Share | Earnings Per Share |
Earnings per share - basic is computed using the two-class method by dividing net income by the weighted-average number of common shares, including participating securities, outstanding during the period. Earnings per share - diluted is computed by increasing the weighted-average number of common shares outstanding by the additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Participating securities include our unvested employee restricted stock awards with time-based vesting, which receive non-forfeitable dividend payments. Refer to Note 15, “Earnings Per Share.” | |
Other Comprehensive Income | Other Comprehensive Income |
Other comprehensive income refers to revenues, expenses, gains and losses that under accounting principles generally accepted in the United States are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity, net of tax. Our other comprehensive income is composed of unrealized gains and losses on foreign currency exchange contracts and available-for-sale securities. | |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation |
We maintain an Equity Participation Plan under which we have granted non-qualified stock options, performance stock units, restricted stock awards, and restricted stock units to employees, non-employee directors and consultants. The fair value of the equity instruments granted are estimated on the date of grant using the Black-Scholes and other pricing models, utilizing assumptions as described in Note 13, “Stock-Based Compensation.” | |
Estimates | Estimates |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and judgments, including those associated with available-for-sale securities, valuation of fixed assets, income taxes, foreign currency exchange contracts, revenue recognition, stock-based compensation, and contingencies. | |
We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In June, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments when the terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition on performance stock unit awards. In some cases, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be entitled to benefit from the award regardless of whether the employee is rendering service on the date the performance target is achieved. Our current performance stock unit awards are contingent upon employment status as well as internal metrics. As such, this ASU is not expected to have an impact on our financial statements or disclosures. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. | |
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08). This ASU relates to discontinued operations reporting for disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on the entity’s operations and financial results. The standard expands disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014 and will be reflected in periods following the fourth quarter of 2014. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (ASU 2014-15). This ASU requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The ASU requires disclosures that will enable financial statement users to understand the conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern and management’s plans to alleviate such conditions and events. If substantial doubt cannot be alleviated, an entity must include a statement in the footnotes to the financial statements indicating that there is substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. Upon adoption, we will use this new standard to assess going concern. | |
Management has assessed the impact of other recently issued, but not yet effective, accounting standards and determined that the provisions are either not applicable to us, or are not anticipated to have a material impact on our consolidated financial statements. |
The_Company_Tables
The Company (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
The Company [Abstract] | |||||||
Revenues from Geographic Areas | All of our assets are located in the United States. Revenues from our directly delivered travel programs are derived primarily from activity in the United States. Revenue from our non-directly delivered programs is derived internationally in the following geographic areas for the years ended December 31, 2014 and 2013: | ||||||
Years Ended December 31, | |||||||
2014 | 2013 | ||||||
Europe | 78 | % | 61 | % | |||
South Pacific (primarily Australia and New Zealand) | 12 | % | 17 | % | |||
Asia (primarily China) | 3 | % | 11 | % | |||
Other | 7 | % | 11 | % |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments and Fair Value Measurements [Abstract] | |||||||||||||||||||
Fair Value of Investments | The following tables summarize the composition of our investments at December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||
Classification on Balance Sheet | |||||||||||||||||||
31-Dec-14 | Amortized | Unrealized | Aggregate | Cash and cash | Short-term | Long-term | |||||||||||||
Cost | Losses | Fair Value | equivalents | available-for-sale | available-for-sale | ||||||||||||||
securities | securities | ||||||||||||||||||
Short term municipal securities funds2 | $ | 59,520 | $ | (18 | ) | $ | 59,502 | $ | — | $ | 59,502 | $ | — | ||||||
Total | $ | 59,520 | $ | (18 | ) | $ | 59,502 | $ | — | $ | 59,502 | $ | — | ||||||
Classification on Balance Sheet | |||||||||||||||||||
31-Dec-13 | Amortized | Unrealized | Aggregate | Cash and cash | Short-term | Long-term | |||||||||||||
Cost | Gains (Losses) | Fair Value | equivalents | available-for-sale | available-for-sale | ||||||||||||||
securities | securities | ||||||||||||||||||
ARS, greater than one year | $ | 1,002 | $ | (283 | ) | $ | 719 | $ | — | $ | — | $ | 719 | ||||||
Money market funds, ninety days or less | 488 | — | 488 | 488 | — | — | |||||||||||||
Municipal securities1 | |||||||||||||||||||
Short term municipal securities funds2 | 27,493 | (143 | ) | 27,350 | — | 27,350 | — | ||||||||||||
One year or less | 952 | 3 | 955 | — | 955 | — | |||||||||||||
After one year through three years | 3,132 | 20 | 3,152 | — | 3,152 | — | |||||||||||||
Greater than three years through five years | 4,854 | (137 | ) | 4,717 | — | 4,717 | — | ||||||||||||
Total | $ | 37,921 | $ | (540 | ) | $ | 37,381 | $ | 488 | $ | 36,174 | $ | 719 | ||||||
1 | 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. | ||||||||||||||||||
2 | Amounts include short-term municipal security funds that do not have a set maturity date. | ||||||||||||||||||
Fair Value by Balance Sheet Grouping | The following table details the fair value measurements of assets and liabilities measured on a recurring basis within the three levels of the fair value hierarchy at December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-14 | Fair Market | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | |||||||||||||||||||
Municipal securities1 | $ | 59,502 | $ | 59,502 | $ | — | $ | — | |||||||||||
Foreign currency exchange contracts | 14 | — | 14 | — | |||||||||||||||
Total financial assets | $ | 59,516 | $ | 59,502 | $ | 14 | $ | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | 1,359 | — | 1,359 | — | |||||||||||||||
Total financial liabilities | $ | 1,359 | $ | — | $ | 1,359 | $ | — | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-13 | Fair Market | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
ARS | $ | 719 | $ | — | $ | — | $ | 719 | |||||||||||
Money market funds | 488 | 488 | — | — | |||||||||||||||
Municipal securities2 | 36,174 | 27,350 | 8,824 | — | |||||||||||||||
Foreign currency exchange contracts | 253 | — | 253 | — | |||||||||||||||
Total financial assets | $ | 37,634 | $ | 27,838 | $ | 9,077 | $ | 719 | |||||||||||
Financial liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | 549 | — | 549 | — | |||||||||||||||
Total financial liabilities | $ | 549 | $ | — | $ | 549 | $ | — | |||||||||||
1 | At December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. | ||||||||||||||||||
2 | At December 31, 2013, municipal securities consisted of a 76/13/11 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. In addition, the underlying credit rating of the municipal securities at December 31, 2014 and December 31, 2013 were A+, A1 or better as defined by S&P 500 and Moody’s, respectively. | ||||||||||||||||||
Fair Value Measurements of Assets Measured on Non-Recurring Basis | The following table details the fair value measurements of assets measured on a non-recurring basis within the three levels of the fair value hierarchy at December 31, 2013 (in thousands): | ||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
31-Dec-13 | Fair Market | Level 1 | Level 2 | Level 3 | Total Loss | ||||||||||||||
Value | |||||||||||||||||||
Property and equipment, land and building | $ | 11,000 | $ | — | $ | — | $ | 11,000 | $ | 4,544 | |||||||||
Fair Value of Level 3 Assets Measured on a Recurring Basis | The following table presents a reconciliation for the year ended 2013 of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands): | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 719 | $ | 723 | |||||||||||||||
Total gains or losses (realized/unrealized) | |||||||||||||||||||
Included in earnings | (115 | ) | — | ||||||||||||||||
Included in OCI | 281 | (4 | ) | ||||||||||||||||
Sales and settlements | (885 | ) | — | ||||||||||||||||
Ending balance | $ | — | $ | 719 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||
Foreign Currency Contracts, by Maturity | At December 31, 2014, the following forward contracts were outstanding (in thousands): | |||||||||
Notional | Matures | |||||||||
Amount | ||||||||||
Forward contracts: | ||||||||||
Euro | 10,000 | January 2015 - July 2015 | ||||||||
Australian dollar | 3,250 | January 2015 - July 2015 | ||||||||
British pound | 1,900 | January 2015 - July 2015 | ||||||||
Canadian dollar | 400 | March 2015 - May 2015 | ||||||||
New Zealand dollar | 400 | March 2015 - July 2015 | ||||||||
Japanese Yen | 25,000 | May-15 | ||||||||
Forward Contracts, by Hedging Designation | The fair values of our forward contracts were as follows (in thousands): | |||||||||
31-Dec-14 | ||||||||||
Derivatives designated as | Total Net | |||||||||
hedging instruments | ||||||||||
Assets | Liabilities | Liabilities | ||||||||
Forward contracts | $ | 14 | $ | 1,359 | $ | 1,345 | ||||
31-Dec-13 | ||||||||||
Derivatives designated as | Total Net | |||||||||
hedging instruments | ||||||||||
Assets | Liabilities | Liabilities | ||||||||
Forward contracts | $ | 253 | $ | 549 | $ | 296 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Summary of AOCI Balances and Gains (Losses) Recognized in OCI | For years ended December 31, 2014 and 2013, a summary of AOCI balances and gains (losses) recognized in OCI are as follows (in thousands): | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Derivative Securities | Available-for-sale securities | ||||||||||||
Year ended | Year ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of period | $ | (192 | ) | $ | 544 | $ | (357 | ) | $ | (180 | ) | ||
Change before reclassification | (1,049 | ) | (948 | ) | 372 | (352 | ) | ||||||
Reclassification into net revenue, non-directly delivered programs | — | (185 | ) | — | — | ||||||||
Reclassification into interest (income) expense and dividend income | 99 | — | 150 | 80 | |||||||||
Effect of incomes taxes | — | 397 | — | 95 | |||||||||
Other comprehensive income (loss), net of income taxes | (950 | ) | (736 | ) | 522 | (177 | ) | ||||||
Balance, end of period | $ | (1,142 | ) | $ | (192 | ) | $ | 165 | $ | (357 | ) |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Property and Equipment | Property and equipment and the changes therein consist of the following (in thousands): | ||||||
December 31, | |||||||
2014 | 2013 | ||||||
Land | $ | — | $ | 1,817 | |||
Building | — | 9,183 | |||||
Office furniture, fixtures and equipment | 782 | 2,658 | |||||
Computer equipment and software | 16,304 | 19,659 | |||||
Construction in progress | 434 | 146 | |||||
Total property and equipment, gross | 17,520 | 33,463 | |||||
Less accumulated depreciation | (15,091 | ) | (15,011 | ) | |||
Total property and equipment, net | $ | 2,429 | $ | 18,452 |
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
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 December 31, 2014 and 2013 (in thousands): | ||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Restructuring liabilities as of January 1, | $ | 244 | $ | — | |||
Restructuring costs: | |||||||
Contract termination fees | — | 1,550 | |||||
Separation payments | 1,090 | 130 | |||||
Equity compensation expenses | 314 | 63 | |||||
Other transition costs | 524 | 469 | |||||
Total expense | 1,928 | 2,212 | |||||
less: cash payments made during period | 1,619 | 1,905 | |||||
less: non-cash expenses | 314 | 63 | |||||
Total restructuring liabilities as of December 31, | $ | 239 | $ | 244 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations [Abstract] | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the assets and liabilities of discontinued operations including in the consolidated balance sheet as of December 31, 2013. There were no assets and liabilities of discontinued operations as of December 31, 2014. | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 765 | |||||
Accounts receivable | 731 | ||||||
Other current assets | 62 | ||||||
Total current assets | 1,558 | ||||||
Property and equipment, net | 710 | ||||||
Intangibles | 3,522 | ||||||
Goodwill | 9,711 | ||||||
Total assets | $ | 15,501 | |||||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 283 | |||||
Other current liabilties | 118 | ||||||
Total current liabilities | 401 | ||||||
Other long-term liabilities | 1,056 | ||||||
Total liabilities | $ | 1,457 | |||||
The following table summarizes the results of discontinued operations for the periods indicated (in thousands): | |||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Total revenue | $ | 2,608 | $ | 3,975 | |||
Gross margin | $ | 2,282 | $ | 3,462 | |||
Selling & marketing expenses | $ | 714 | $ | 1,499 | |||
General & administrative expenses | $ | 687 | $ | 661 | |||
Restructuring costs | $ | 522 | $ | — | |||
Impairment and loss on sale of discontinued operations | $ | 9,676 | $ | — | |||
Operating income (loss) from discontinued operations | $ | (9,316 | ) | $ | 1,302 | ||
Income tax benefit (provision) on discontinued operations | $ | 1,036 | $ | (469 | ) | ||
Net income (loss) from discontinued operations | $ | (8,280 | ) | $ | 834 |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Intangible Assets and Goodwill [Abstract] | |||||||
Intangible Assets Related to Discontinued Operations [Table Text Block] | Identified intangible assets related to discontinued operations and the changes therein consisted of the following at December 31, 2013 (in thousands): | ||||||
December 31, | |||||||
2013 | |||||||
Content license agreements | $ | 838 | |||||
Content copyrights | 3,607 | ||||||
Advertising relationship | 512 | ||||||
Other | 130 | ||||||
Trademark | 517 | ||||||
Total intangible assets, gross | 5,604 | ||||||
Less accumulated amortization | |||||||
Content license agreements | (236 | ) | |||||
Content copyrights | (1,204 | ) | |||||
Advertising relationship | (512 | ) | |||||
Other | (130 | ) | |||||
Total intangible assets, net | $ | 3,522 | |||||
Goodwill | Goodwill consisted of the following (in thousands): | ||||||
December 31, | |||||||
2014 | 2013 | ||||||
Goodwill - BookRags | $ | — | $ | 9,711 | |||
Goodwill - Ambassador programs and other | 70 | 70 | |||||
Goodwill | $ | 70 | $ | 9,781 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Provision (Benefit) for Income Taxes | Major components of the benefit (provision) for income taxes from continuing operations consisted of the following (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current tax expense | |||||||||||||
Federal | $ | 85 | $ | 796 | |||||||||
State | 5 | 36 | |||||||||||
Deferred tax benefit | |||||||||||||
Federal | 752 | 3,222 | |||||||||||
State | 16 | 97 | |||||||||||
Total income tax benefit (provision) | 858 | 4,151 | |||||||||||
Less: tax benefit (provision) of discontinued operations | 1,036 | (469 | ) | ||||||||||
Income tax benefit (provision) from continuing operations | $ | (178 | ) | $ | 4,620 | ||||||||
Components of Net Deferred Tax Assets and Liabilities | Components of the net deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Assets | Liabilities | Total | |||||||||||
Net operating loss carryforward | $ | 2,376 | $ | — | $ | 2,376 | |||||||
Amortization of goodwill and other intangibles | 5 | — | 5 | ||||||||||
Accrued compensation | 237 | — | 237 | ||||||||||
Unrealized loss on foreign currency exchange contracts | 494 | — | 494 | ||||||||||
Unrealized loss on available-for-sale securities | (6 | ) | — | (6 | ) | ||||||||
Depreciation | — | (494 | ) | (494 | ) | ||||||||
Stock options | 257 | — | 257 | ||||||||||
Restricted stock grants | 99 | — | 99 | ||||||||||
Prepaids | — | (152 | ) | (152 | ) | ||||||||
Capital loss carryforward | 2,173 | — | 2,173 | ||||||||||
Other | 269 | — | 269 | ||||||||||
Valuation allowance | — | (5,282 | ) | (5,282 | ) | ||||||||
Total deferred tax assets (liabilities) | $ | 5,904 | $ | (5,928 | ) | $ | (24 | ) | |||||
31-Dec-13 | |||||||||||||
Assets | Liabilities | Total | |||||||||||
Net operating loss carryforward | $ | 815 | $ | — | $ | 815 | |||||||
Amortization of goodwill and other intangibles | — | (894 | ) | (894 | ) | ||||||||
Accrued vacation and compensation | 118 | — | 118 | ||||||||||
Unrealized loss on foreign currency exchange contracts | 101 | — | 101 | ||||||||||
Unrealized loss on available-for-sale securities | 88 | — | 88 | ||||||||||
Unrealized loss on auction rate securities | 97 | — | 97 | ||||||||||
Depreciation | — | (1,971 | ) | (1,971 | ) | ||||||||
Stock options | 404 | — | 404 | ||||||||||
Restricted stock grants | 216 | — | 216 | ||||||||||
State tax deduction | 30 | — | 30 | ||||||||||
Prepaids | — | (209 | ) | (209 | ) | ||||||||
Other | 413 | — | 413 | ||||||||||
Total deferred tax assets (liabilities) | $ | 2,282 | $ | (3,074 | ) | $ | (792 | ) | |||||
Income Tax Rate Reconciliation | The income tax benefit (provision) differs from that computed using the federal statutory rate applied to income before income taxes as follows (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | % | 2013 | % | ||||||||||
Amount | Amount | ||||||||||||
Benefit at the federal statutory rate | $ | 3,088 | 34 | % | $ | 4,262 | 34 | % | |||||
Tax-exempt interest | 128 | 1.4 | 206 | 1.7 | |||||||||
Uncertain state tax position | 53 | 0.6 | 64 | 0.5 | |||||||||
Tax rate change to deferreds - federal | — | 0 | 34 | 0.3 | |||||||||
State income tax, net of federal benefit | (5 | ) | (0.1 | ) | 36 | 0.3 | |||||||
Idaho refund credit | 26 | 0.3 | — | 0 | |||||||||
Other | 4 | 0 | 18 | 0.1 | |||||||||
Valuation allowance | (3,472 | ) | (38.2 | ) | — | 0 | |||||||
Income tax benefit (provision) from continuing operations | (178 | ) | (2.0 | %) | 4,620 | 36.9 | % | ||||||
Effect of discontinued operations | 1,036 | 6.7 | (469 | ) | (0.1 | ) | |||||||
Total income tax benefit | $ | 858 | 4.7 | % | $ | 4,151 | 37 | % | |||||
Unrecognized Tax Benefits Activity | The following summarizes the unrecognized tax benefits activity during 2014 and 2013 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Gross unrecognized tax benefit as of January 1, | $ | 83 | $ | 225 | |||||||||
Increases in uncertain tax benefits as a result of tax positions taken during the current period | — | — | |||||||||||
Settlements with tax authorities | — | (26 | ) | ||||||||||
Lapse of statute of limitations | (83 | ) | (116 | ) | |||||||||
Gross unrecognized tax benefits as of December 31, | $ | 0 | $ | 83 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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 years ended December 31, 2014 and 2013. | ||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Expected dividend yield | — | % | 0.64 | % | |||||||||||||||
Expected stock price volatility | 42.09 | % | 48.75 | % | |||||||||||||||
Risk-free interest rate | 2.52 | % | 2.51 | % | |||||||||||||||
Expected life of options | 4.14 Years | 4.57 Years | |||||||||||||||||
Estimated fair value per option granted | $ | 1.49 | $ | 1.71 | |||||||||||||||
Summary of Stock Option Activity | A summary of option activity under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | ||||||||||||||||||
Stock | Weighted-Average | Weighted- | |||||||||||||||||
Options | Exercise Price | Average | |||||||||||||||||
Remaining | |||||||||||||||||||
Contractual | |||||||||||||||||||
Life (years) | |||||||||||||||||||
Outstanding at December 31, 2013 | 907,945 | $ | 6.54 | ||||||||||||||||
Granted | 209,986 | 4.06 | |||||||||||||||||
Forfeited / Expired | (566,522 | ) | 6.22 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Outstanding at December 31, 2014 | 551,409 | $ | 6.11 | 7.15 | |||||||||||||||
Exercisable at December 31, 2014 | 232,138 | $ | 8.57 | 4.76 | |||||||||||||||
Summary of Activity of Non-Vested Restricted Stock Awards and Restricted Stock Units | A summary of the activity of non-vested restricted stock awards and restricted stock units under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | ||||||||||||||||||
Restricted Stock Awards | Restricted Stock Units | ||||||||||||||||||
Restricted | Weighted- | Weighted- | Restricted | Weighted- | Weighted- | ||||||||||||||
Stock | Average Grant | Average | Stock Units | Average | Average | ||||||||||||||
Awards | Date Fair Value | Remaining | Grant Date | Remaining | |||||||||||||||
Contractual | Fair Value | Contractual | |||||||||||||||||
Life (years) | Life (years) | ||||||||||||||||||
Balance at December 31, 2013 | 285,435 | $ | 5.24 | 28,123 | $ | 3.88 | |||||||||||||
Granted | 298,216 | 2.42 | 88,809 | 4.27 | |||||||||||||||
Forfeited | (16,826 | ) | 5.44 | (19,350 | ) | 4.22 | |||||||||||||
Vested | (225,188 | ) | 5.1 | (15,010 | ) | 4.16 | |||||||||||||
Balance at December 31, 2014 | 341,637 | $ | 2.83 | 1.61 | 82,572 | $ | 4.17 | 1.88 | |||||||||||
Summary of Activity of Performance Stock Units under The Plan | A summary of the activity of performance stock units under the Plan as of December 31, 2014, and the changes during the year then ended is presented below: | ||||||||||||||||||
Performance | Weighted- | Weighted- | |||||||||||||||||
Stock Units | Average Grant | Average | |||||||||||||||||
Date Fair Value | Remaining | ||||||||||||||||||
Contractual | |||||||||||||||||||
Life (years) | |||||||||||||||||||
Balance at December 31, 2013 | 114,560 | 4.41 | |||||||||||||||||
Granted | 200,000 | $ | 2.15 | ||||||||||||||||
Forfeited | (85,245 | ) | 2.15 | ||||||||||||||||
Vested | — | — | |||||||||||||||||
Balance at December 31, 2014 | 229,315 | $ | 2.5 | 2.84 |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings (Loss) Per Share [Abstract] | |||||||
Reconciliation of Basic and Diluted EPS Computations | The following table presents a reconciliation of basic and diluted EPS computations (in thousands, except per share data and anti-dilutive stock option counts): | ||||||
Year ended December 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Loss from continuing operations | $ | (9,262 | ) | $ | (7,911 | ) | |
Income (loss) from discontinued operations | (8,280 | ) | 834 | ||||
Net loss | (17,542 | ) | (7,077 | ) | |||
Denominator: | |||||||
Weighted-average shares outstanding | 17,052 | 16,713 | |||||
Effect of unvested restricted stock awards considered participating securities | — | — | |||||
Weighted-average shares outstanding – basic | 17,052 | 16,713 | |||||
Effect of dilutive common stock options | — | — | |||||
Weighted-average shares outstanding – diluted | 17,052 | 16,713 | |||||
Loss from continuing operations - basic | (0.54 | ) | (0.47 | ) | |||
Income (loss) from discontinued operations - basic | (0.49 | ) | 0.05 | ||||
Net loss per share – basic | $ | (1.03 | ) | $ | (0.42 | ) | |
Loss from continuing operations - diluted | (0.54 | ) | (0.47 | ) | |||
Income (loss) from discontinued operations - diluted | (0.49 | ) | 0.05 | ||||
Net loss per share – diluted | $ | (1.03 | ) | $ | (0.42 | ) | |
Cash dividends declared per share | $ | — | $ | 0.06 | |||
Restricted stock awards excluded from the calculation of basic earnings per share | 201,319 | 272,851 | |||||
Stock options and restricted stock units excluded from the calculation of diluted earnings per share | 698,586 | 1,169,489 |
Supplemental_Disclosures_of_Co1
Supplemental Disclosures of Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | |||||||
Non-cash Investing Financing Activities | Our non-cash investing and financing activities during the years ended December 31, 2014 and 2013 are as follows (in thousands): | ||||||
2014 | 2013 | ||||||
Unrealized loss on foreign currency exchange contracts | $ | (1,049 | ) | $ | (1,133 | ) | |
Unrealized gain (loss) on available-for-sale securities | $ | 522 | $ | (272 | ) | ||
Property and equipment | $ | — | $ | (30 | ) |
The_Company_Details
The Company (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Europe [Member] | ||
Revenues from geographic areas [Abstract] | ||
Revenues from geographic areas (in hundredths) | 78.00% | 61.00% |
South Pacific (Primarily Australia and New Zealand) [Member] | ||
Revenues from geographic areas [Abstract] | ||
Revenues from geographic areas (in hundredths) | 12.00% | 17.00% |
Asia (primarily China) [Member] | ||
Revenues from geographic areas [Abstract] | ||
Revenues from geographic areas (in hundredths) | 3.00% | 11.00% |
Other [Member] | ||
Revenues from geographic areas [Abstract] | ||
Revenues from geographic areas (in hundredths) | 7.00% | 11.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2014 |
Ownership Percentage [Line Items] | |
Deferred liabilities for participant deposit minimum | $300 |
Deferred liabilities for participant deposit maximum | $500 |
Minimum [Member] | |
Ownership Percentage [Line Items] | |
Equity method investments ownership percentage (in hundredths) | 20.00% |
Percentage of ownership to consolidate (in hundredths) | 50.00% |
Maximum [Member] | |
Ownership Percentage [Line Items] | |
Cost method investment ownership percentage (in hundredths) | 20.00% |
Equity method investments ownership percentage (in hundredths) | 50.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies, Property, Plant and Equipment (Details) (Property and Equipment [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | $59,520,000 | $37,921,000 | ||||
Unrealized Gains (Losses) | -18,000 | -540,000 | ||||
Aggregate Fair Value | 59,502,000 | 37,381,000 | ||||
Cash and cash equivalents | 0 | 488,000 | ||||
Short-term available-for-sale securities | 59,502,000 | 36,174,000 | ||||
Long-term available-for-sale securities | 0 | 719,000 | ||||
Financial assets [Abstract] | ||||||
ARS | 719,000 | |||||
Money market funds | 488,000 | |||||
Municipal securities | 59,502,000 | [1] | 36,174,000 | [2] | ||
Foreign currency exchange contracts | 14,000 | 253,000 | ||||
Total financial assets | 59,516,000 | 37,634,000 | ||||
Financial liabilities [Abstract] | ||||||
Foreign currency exchange contracts | 1,359,000 | 549,000 | ||||
Total financial liabilities | 1,359,000 | 549,000 | ||||
Property and equipment, land and building | 11,000,000 | |||||
Total Loss | 2,000,000 | 4,544,000 | ||||
Short-term municipal security funds as a percentage of municipal securities (in hundredths) | 76.00% | |||||
Municipal revenue bonds as a percentage of municipal securities (in hundredths) | 13.00% | |||||
Municipal general obligation bonds as a percentage of municipal securities (in hundredths) | 11.00% | |||||
Impairment of land and Building | 2,517,000 | 6,466,000 | ||||
Changed listing price for land and building | 2,500,000 | |||||
Reconciliation of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs [Abstract] | ||||||
Beginning balance | 719,000 | 723,000 | ||||
Total gains or losses (realized/unrealized [Abstract] | ||||||
Included in earnings | -115,000 | 0 | ||||
Included in OCI | 281,000 | -4,000 | ||||
Sales and settlements | -885,000 | 0 | ||||
Ending balance | 0 | 719,000 | ||||
Land [Member] | ||||||
Financial liabilities [Abstract] | ||||||
Impairment of land and Building | 11,000,000 | |||||
Building [Member] | ||||||
Financial liabilities [Abstract] | ||||||
Total Loss | 2,500,000 | 4,500,000 | ||||
Impairment of land and Building | 4,500,000 | |||||
Level 1 [Member] | ||||||
Financial assets [Abstract] | ||||||
ARS | 0 | |||||
Money market funds | 488,000 | |||||
Municipal securities | 59,502,000 | [1] | 27,350,000 | [2] | ||
Foreign currency exchange contracts | 0 | 0 | ||||
Total financial assets | 59,502,000 | 27,838,000 | ||||
Financial liabilities [Abstract] | ||||||
Foreign currency exchange contracts | 0 | 0 | ||||
Total financial liabilities | 0 | 0 | ||||
Property and equipment, land and building | 0 | |||||
Level 2 [Member] | ||||||
Financial assets [Abstract] | ||||||
ARS | 0 | |||||
Money market funds | 0 | |||||
Municipal securities | 0 | [1] | 8,824,000 | [2] | ||
Foreign currency exchange contracts | 14,000 | 253,000 | ||||
Total financial assets | 14,000 | 9,077,000 | ||||
Financial liabilities [Abstract] | ||||||
Foreign currency exchange contracts | 1,359,000 | 549,000 | ||||
Total financial liabilities | 1,359,000 | 549,000 | ||||
Property and equipment, land and building | 0 | |||||
Level 3 [Member] | ||||||
Financial assets [Abstract] | ||||||
ARS | 719,000 | |||||
Money market funds | 0 | |||||
Municipal securities | 0 | [1] | 0 | [2] | ||
Foreign currency exchange contracts | 0 | 0 | ||||
Total financial assets | 0 | 719,000 | ||||
Financial liabilities [Abstract] | ||||||
Foreign currency exchange contracts | 0 | 0 | ||||
Total financial liabilities | 0 | 0 | ||||
Property and equipment, land and building | 11,000,000 | |||||
Auction Rate Securities ("ARS"), Greater Than One Year [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 1,002,000 | |||||
Unrealized Gains (Losses) | -283,000 | |||||
Aggregate Fair Value | 719,000 | |||||
Cash and cash equivalents | 0 | |||||
Short-term available-for-sale securities | 0 | |||||
Long-term available-for-sale securities | 719,000 | |||||
Money Market Funds, Ninety Days or Less [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 488,000 | |||||
Unrealized Gains (Losses) | 0 | |||||
Aggregate Fair Value | 488,000 | |||||
Cash and cash equivalents | 488,000 | |||||
Short-term available-for-sale securities | 0 | |||||
Long-term available-for-sale securities | 0 | |||||
Short Term Municipal Securities Funds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 59,520,000 | [3],[4] | 27,493,000 | [3],[4] | ||
Unrealized Gains (Losses) | -18,000 | [3],[4] | -143,000 | [3],[4] | ||
Aggregate Fair Value | 59,502,000 | [3],[4] | 27,350,000 | [3],[4] | ||
Short-term available-for-sale securities | 59,502,000 | [3],[4] | 27,350,000 | [3],[4] | ||
Municipal Securities Maturing in One Year or Less [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 952,000 | [3] | ||||
Unrealized Gains (Losses) | 3,000 | [3] | ||||
Aggregate Fair Value | 955,000 | [3] | ||||
Cash and cash equivalents | 0 | [3] | ||||
Short-term available-for-sale securities | 955,000 | [3] | ||||
Long-term available-for-sale securities | 0 | [3] | ||||
Municipal Securities Maturing After One Year Through Three Years [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 3,132,000 | [3] | ||||
Unrealized Gains (Losses) | 20,000 | [3] | ||||
Aggregate Fair Value | 3,152,000 | [3] | ||||
Cash and cash equivalents | 0 | [3] | ||||
Short-term available-for-sale securities | 3,152,000 | [3] | ||||
Long-term available-for-sale securities | 0 | [3] | ||||
Municipal Securities Maturing Greater Than Three Years Through Five Years [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 4,854,000 | [3] | ||||
Unrealized Gains (Losses) | -137,000 | [3] | ||||
Aggregate Fair Value | 4,717,000 | [3] | ||||
Cash and cash equivalents | 0 | [3] | ||||
Short-term available-for-sale securities | 4,717,000 | [3] | ||||
Long-term available-for-sale securities | $0 | [3] | ||||
[1] | At December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds. | |||||
[2] | At December 31, 2013, municipal securities consisted of a 76/13/11 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. In addition, the underlying credit rating of the municipal securities at December 31, 2014 and December 31, 2013 were A+, A1 or better as defined by S&P 500 and Moody's, respectively. | |||||
[3] | 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. | |||||
[4] | Amounts include short-term municipal security funds that do not have a set maturity date. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward contracts, assets | 14 | $253 |
Forward contracts, liabilities | 1,359 | 549 |
Total net forward contracts | 1,345 | 296 |
Euro [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 10,000 | |
Euro [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jan-15 | |
Euro [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 3,250 | |
Australian Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jan-15 | |
Australian Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
British Pound [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 1,900 | |
British Pound [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jan-15 | |
British Pound [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Canadian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 400 | |
Canadian Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Mar-15 | |
Canadian Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-May-14 | |
New Zealand Dollar [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 400 | |
New Zealand Dollar [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Mar-14 | |
New Zealand Dollar [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity date range | 31-Jul-15 | |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Notional amount of foreign currency forward contracts | 25,000 | |
Derivative maturity date range | 31-May-15 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | ($549) | |
Reclassification into net revenue, non-directly delivered programs | 29,823 | 36,752 |
Reclassification into interest (income) expense and dividend income | 348 | 531 |
Effect of incomes taxes, Derivative Securities | 0 | -397 |
Effect of income taxes, Available-for-sale securities | 0 | -95 |
Other comprehensive income (loss), net of income taxes | -428 | -913 |
Balance, end of period | -977 | -549 |
Derivative Securities [Member] | Foreign Currency Exchange Contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | -192 | 544 |
Change before reclassification | -1,049 | -948 |
Reclassification into net revenue, non-directly delivered programs | 0 | -185 |
Reclassification into interest (income) expense and dividend income | 99 | 0 |
Effect of incomes taxes, Derivative Securities | 0 | 397 |
Other comprehensive income (loss), net of income taxes | -950 | -736 |
Balance, end of period | -1,142 | -192 |
Available-for-Sale Securities [Member] | Foreign Currency Exchange Contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | -357 | -180 |
Change before reclassification | 372 | -352 |
Reclassification into net revenue, non-directly delivered programs | 0 | 0 |
Reclassification into interest (income) expense and dividend income | 150 | 80 |
Effect of income taxes, Available-for-sale securities | 0 | 95 |
Other comprehensive income (loss), net of income taxes | 522 | -177 |
Balance, end of period | $165 | ($357) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property and Equipment [Abstract] | ||
Total property and equipment, gross | $17,520,000 | $33,463,000 |
Less accumulated depreciation | -15,091,000 | -15,011,000 |
Total property and equipment, net | 2,429,000 | 18,452,000 |
Other asset impairments charges | 2,000,000 | 4,544,000 |
Remaining cost of completion for construction in process | 400,000 | |
Depreciation and amortization expense on property and equipment | 5,500,000 | 5,000,000 |
Land [Member] | ||
Property and Equipment [Abstract] | ||
Total property and equipment, gross | 0 | 1,817,000 |
Building [Member] | ||
Property and Equipment [Abstract] | ||
Total property and equipment, gross | 0 | 9,183,000 |
Other asset impairments charges | 2,500,000 | 4,500,000 |
Office Furniture, Fixtures and Equipment [Member] | ||
Property and Equipment [Abstract] | ||
Total property and equipment, gross | 782,000 | 2,658,000 |
Computer Equipment and Software [Member] | ||
Property and Equipment [Abstract] | ||
Total property and equipment, gross | 16,304,000 | 19,659,000 |
Construction in Progress [Member] | ||
Property and Equipment [Abstract] | ||
Total property and equipment, gross | $434,000 | $146,000 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring cost liability [Roll Forward] | ||
Total restructuring liabilities as of beginning of period | $244 | $0 |
Restructuring costs | 1,928 | 2,212 |
less: cash payments made during period | 1,619 | 1,905 |
less: non-cash expenses | 314 | 63 |
Total restructuring liabilities as of end of period | 239 | 244 |
Contract Termination Fees [Member] | ||
Restructuring cost liability [Roll Forward] | ||
Restructuring costs | 0 | 1,550 |
Separation Payments [Member] | ||
Restructuring cost liability [Roll Forward] | ||
Restructuring costs | 1,090 | 130 |
Equity Compensation Expense [Member] | ||
Restructuring cost liability [Roll Forward] | ||
Restructuring costs | 314 | 63 |
Other Transition Costs [Member] | ||
Restructuring cost liability [Roll Forward] | ||
Restructuring costs | $524 | $469 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current assets: [Abstract] | |||
Cash and cash equivalents | $765,000 | ||
Accounts receivable | 731,000 | ||
Other current assets | 62,000 | ||
Total current assets | 1,558,000 | ||
Property and equipment, net | 710,000 | ||
Intangibles | 3,522,000 | ||
Goodwill | 9,711,000 | ||
Total assets | 15,501,000 | ||
Current liabilities: | |||
Accounts payable and accrued expenses | 283,000 | ||
Other current liabilities | 118,000 | ||
Total current liabilities | 401,000 | ||
Other long-term liabilities | 1,056,000 | ||
Total liabilities | 1,457,000 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Total revenue | 2,608,000 | 3,975,000 | |
Gross margin | 2,282,000 | 3,462,000 | |
Selling & marketing expenses | 714,000 | 1,499,000 | |
General & administrative expenses | 687,000 | 661,000 | |
Restructuring costs | 522,000 | 0 | |
Impairment and loss on sale of discontinued operations | 9,676,000 | 0 | |
Operating income (loss) from discontinued operations | -9,316,000 | 1,302,000 | |
Income tax benefit (provision) on discontinued operations | 1,036,000 | -469,000 | |
Net income (loss) from discontinued operations | -8,280,000 | 834,000 | |
Gross proceeds from sale of BookRags | 5,000,000 | ||
Amount held in escrow | $400,000 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Identified intangible assets other than goodwill [Abstract] | ||
Total intangible assets, gross | $5,604,000 | |
Total intangible assets, net | 0 | 3,522,000 |
Amortization expense on intangible assets | 300,000 | 400,000 |
Identified goodwill and changes [Abstract] | ||
Goodwill | 70,000 | 9,781,000 |
BookRags [Member] | ||
Identified goodwill and changes [Abstract] | ||
Goodwill | 0 | 9,711,000 |
Maximum percentage of carrying value of goodwill by which it exceeds (in hundredths) | 5.00% | |
Goodwill impairment charge | 9,700 | |
Ambassador Programs and Other [Member] | ||
Identified goodwill and changes [Abstract] | ||
Goodwill | 70,000 | 70,000 |
Content License Agreements [Member] | ||
Identified intangible assets other than goodwill [Abstract] | ||
Finite lived intangible assets | 838,000 | |
Less accumulated amortization | -236,000 | |
Content Copyrights [Member] | ||
Identified intangible assets other than goodwill [Abstract] | ||
Finite lived intangible assets | 3,607,000 | |
Less accumulated amortization | -1,204,000 | |
Advertising Relationship [Member] | ||
Identified intangible assets other than goodwill [Abstract] | ||
Finite lived intangible assets | 512,000 | |
Less accumulated amortization | -512,000 | |
Other [Member] | ||
Identified intangible assets other than goodwill [Abstract] | ||
Finite lived intangible assets | 130,000 | |
Less accumulated amortization | -130,000 | |
Trademark [Member] | ||
Identified intangible assets other than goodwill [Abstract] | ||
Indefinite-lived intangible assets | $517,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense [Abstract] | ||
Federal | $85,000 | $796,000 |
State | 5,000 | 36,000 |
Deferred tax benefit (provision) [Abstract] | ||
Federal | 752,000 | 3,222,000 |
State | 16,000 | 97,000 |
Total income tax benefit (provision) | 858,000 | 4,151,000 |
Income tax benefit (provision) | 1,036,000 | -469,000 |
Income tax benefit (provision) from continuing operations | -178,000 | 4,620,000 |
Assets [Abstract] | ||
Net operating loss carryforward | 2,376,000 | 815,000 |
Amortization of goodwill and other intangibles | 5,000 | 0 |
Accrued vacation and compensation | 237,000 | 118,000 |
Unrealized loss on foreign currency exchange contracts | 494,000 | 101,000 |
Unrealized loss on available-for-sale securities | -6,000 | 88,000 |
Unrealized loss on auction rate securities | 97,000 | |
Depreciation | 0 | 0 |
Stock options | 257,000 | 404,000 |
Restricted stock grants | 99,000 | 216,000 |
State tax deduction | 30,000 | |
Prepaids | 0 | 0 |
Capital loss carryforward | 2,173,000 | |
Other | 269,000 | 413,000 |
Valuation allowance | 0 | |
Total deferred tax assets | 5,904,000 | 2,282,000 |
Liabilities [Abstract] | ||
Net operating loss carryforward | 0 | 0 |
Amortization of goodwill and other intangibles | 0 | -894,000 |
Accrued vacation and compensation | 0 | 0 |
Unrealized loss on foreign currency exchange contracts | 0 | 0 |
Unrealized loss on available-for-sale securities | 0 | 0 |
Unrealized loss on auction rate securities | 0 | |
Depreciation | -494,000 | -1,971,000 |
Stock options | 0 | 0 |
Restricted stock grants | 0 | 0 |
State tax deduction | 0 | |
Prepaids | -152,000 | -209,000 |
Capital loss carryforward | 0 | |
Other | 0 | 0 |
Valuation allowance | -5,282,000 | |
Total deferred tax liabilities | -5,928,000 | -3,074,000 |
Total [Abstract] | ||
Net operating loss carryforward | 2,376,000 | 815,000 |
Amortization of goodwill and other intangibles | 5,000 | -894,000 |
Accrued vacation and compensation | 237,000 | 118,000 |
Unrealized loss on foreign currency exchange contracts | 494,000 | 101,000 |
Unrealized gain on available-for-sale securities | -6,000 | 88,000 |
Unrealized loss on auction rate securities | 97,000 | |
Depreciation | -494,000 | -1,971,000 |
Stock options | 257,000 | 404,000 |
Restricted stock grants | 99,000 | 216,000 |
State tax deduction | 30,000 | |
Prepaids | -152,000 | -209,000 |
Capital Loss Carryforwards | 2,173,000 | |
Other | 269,000 | 413,000 |
Valuation allowance | -5,282,000 | |
Total deferred tax assets (liabilities) | -24,000 | -792,000 |
Income tax reconciliation, Amount [Abstract] | ||
Benefit at the federal statutory rate | 3,088,000 | 4,262,000 |
Tax-exempt interest | 128,000 | 206,000 |
Uncertain state tax position | 53,000 | 64,000 |
Tax rate change to deferreds - federal | 0 | 34,000 |
State income tax, net of federal benefit | -5,000 | 36,000 |
Idaho refund credit | 26,000 | 0 |
Other | 4,000 | 18,000 |
Valuation allowance | -3,472,000 | 0 |
Income tax benefit (provision) from continuing operations | -178,000 | 4,620,000 |
Income tax benefit (provision) | 1,036,000 | -469,000 |
Total income tax benefit (provision) | 858,000 | 4,151,000 |
Income tax reconciliation, % [Abstract] | ||
Benefit (provision) at the federal statutory rate (in hundredths) | 34.00% | 34.00% |
Tax-exempt interest (in hundredths) | 1.40% | 1.70% |
Uncertain state tax position (in hundredths) | 0.60% | 0.50% |
Tax rate change to deferreds - federal (in hundredths) | 0.00% | 0.30% |
State income tax, net of federal benefit (in hundredths) | -0.10% | 0.30% |
Idaho refund credit (in hundredths) | 0.30% | 0.00% |
Other (in hundredths) | 0.00% | 0.10% |
Valuation allowance (in hundredths) | -38.20% | 0.00% |
Income tax benefit (provision) from continuing operations (in hundredths) | -2.00% | 36.90% |
Effect of discontinued operations (in hundredths) | 6.70% | -0.10% |
Total income tax benefit (in hundredths) | 4.70% | 37.00% |
Unrecognized tax benefits that would impact effective tax rate | 0 | |
Recognized income tax benefit associated with interest on uncertain tax positions in statements of operations | 100,000 | 100,000 |
Net operating loss carryforward | 7,000,000 | |
Capital loss carryforward | 6,200,000 | |
Expiry date of operating loss carry forwards, if not utilized | 31-Dec-33 | |
Expiry date of capital loss carry forward, if not utilized | 31-Dec-17 | |
Unrecognized tax benefits activity [Abstract] | ||
Gross unrecognized tax benefit as of January 1, | 83,000 | 225,000 |
Increases in uncertain tax benefits as a result of tax positions taken during the current period | 0 | 0 |
Settlements with tax authorities | 0 | -26,000 |
Lapse of statute of limitations | -83,000 | -116,000 |
Gross unrecognized tax benefits as of December 31, | $0 | $83,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under the plan available for future stock-based compensation (in shares) | 1,720,263 | |
Vesting period | 4 years | |
Expected dividend yield (in hundredths) | 0.00% | 0.64% |
Expected stock price volatility (in hundredths) | 42.09% | 48.75% |
Risk-free interest rate (in hundredths) | 2.52% | 2.51% |
Expected life of options | 4 years 1 month 20 days | 4 years 6 months 25 days |
Estimated fair value per option granted (in dollars per share) | $1.49 | $1.71 |
Stock options [Abstract] | ||
Stock Options, Beginning Balance (in shares) | 907,945 | |
Stock Options, Granted (in shares) | 209,986 | |
Stock Options, Forfeited/Expired (in shares) | -566,522 | |
Stock Options, Exercised (in shares) | 0 | |
Stock Options, Ending Balance (in shares) | 551,409 | 907,945 |
Stock Options, Exercisable Ending Balance (in shares) | 232,138 | |
Stock options, weighted-average exercise price [Abstract] | ||
Stock Options, Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | $6.54 | |
Stock Options, Granted, Weighted-Average Exercise Price (in dollars per share) | $4.06 | |
Stock Options, Forfeited / Expired, Weighted Average Exercise Price (in dollars per share) | $6.22 | |
Stock Options, Exercised, Weighted Average Exercise Price (in dollars per share) | $0 | |
Stock Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $6.11 | $6.54 |
Stock Options Exercisable, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $8.57 | |
Outstanding, Weighted-Average Remaining Contractual Life | 7 years 1 month 24 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 4 years 9 months 4 days | |
Stock-based compensation | $1,475,000 | $2,433,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that can vest per year (in hundredths) | 25.00% | |
Vesting period | 4 years | |
Exercised period for vest from grant date | 10 years | |
Fair value assumptions expected forfeiture rate (in hundredths) | 14.14% | |
Stock options, weighted-average exercise price [Abstract] | ||
Total intrinsic value of stock options exercised | 0 | 0 |
Total fair value of options vested | 0 | 43,000 |
Weighted-average grant-date fair value of options granted | 300,000 | |
Option outstanding, intrinsic value | 0 | |
Options exercisable, intrinsic value | 0 | |
Valuation assumptions | based on our $2.50 closing stock price | |
Stock price (in dollars per share) | $2.50 | |
Stock-based compensation | 600,000 | 1,100,000 |
Unrecognized stock-based compensation expense | 300,000 | |
Unrecognized stock-based compensation expense recognition period | 3 years 10 months 24 days | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that can vest per year (in hundredths) | 100.00% | |
Stock options, weighted-average exercise price [Abstract] | ||
Option outstanding, intrinsic value | 900,000 | |
Valuation assumptions | based on a $2.50 closing stock price | |
Stock price (in dollars per share) | $2.50 | |
Stock-based compensation | 800,000 | 1,300,000 |
Unrecognized stock-based compensation expense | 700,000 | |
Unrecognized stock-based compensation expense recognition period | 3 years 10 months 24 days | |
Weighted-average grant date fair value of restricted stock awards vested | 1,200,000 | 2,200,000 |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 285,435 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 298,216 | |
Restricted Stock and Performance Stock Awards, Forfeited (in shares) | -16,826 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | -225,188 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 341,637 | 285,435 |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $5.24 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.42 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $5.44 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $5.10 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $2.83 | $5.24 |
Weighted-Average Remaining Contractual Life | 1 year 7 months 10 days | |
Restricted Stock Awards [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Restricted Stock Awards [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Restricted Stock Units [Member] | ||
Stock options, weighted-average exercise price [Abstract] | ||
Option outstanding, intrinsic value | 200,000 | |
Valuation assumptions | based on a $2.50 closing stock price | |
Stock-based compensation | 97,000 | 6,000 |
Unrecognized stock-based compensation expense | 300,000 | |
Unrecognized stock-based compensation expense recognition period | 3 years 10 months 24 days | |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 28,123 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 88,809 | |
Restricted Stock and Performance Stock Awards, Forfeited (in shares) | -19,350 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | -15,010 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 82,572 | 28,123 |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $3.88 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $4.27 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $4.22 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $4.16 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $4.17 | $3.88 |
Weighted-Average Remaining Contractual Life | 1 year 10 months 17 days | |
Performance Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value assumptions expected forfeiture rate (in hundredths) | 14.00% | |
Stock options, weighted-average exercise price [Abstract] | ||
Stock-based compensation | 5,000 | |
Unrecognized stock-based compensation expense | $430,000 | |
Unrecognized stock-based compensation expense recognition period | 3 years | |
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in shares) | 114,560 | |
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 200,000 | |
Restricted Stock and Performance Stock Awards, Forfeited (in shares) | -85,245 | |
Restricted Stock Awarded Performance Stock Awards, Vested (in shares) | 0 | |
Restricted Stock and Performance Stock Awards, Ending Balance (in shares) | 229,315 | |
Restricted Stock and Performance Stock Awards, weighted average grant date fair value [Abstract] | ||
Restricted Stock and Performance Stock Awards, Beginning Balance (in dollars per share) | $4.41 | |
Restricted Stock and Performance Stock Awards, Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.15 | |
Restricted Stock and Performance Stock Awards, Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $2.15 | |
Restricted Stock and Performance Stock Awards, Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $0 | |
Restricted Stock and Performance Stock Awards, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $2.50 | |
Weighted-Average Remaining Contractual Life | 2 years 10 months 2 days | |
Performance Stock Awards [Member] | Minimum [Member] | ||
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 0 | 78,149 |
Performance Stock Awards [Member] | Maximum [Member] | ||
Restricted Stock and Performance Stock Awards [Abstract] | ||
Restricted Stock and Performance Stock Awards, Shares Granted (in shares) | 200,000 | 121,756 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Benefit Plan [Abstract] | ||
Minimum service period to participate in sharing plan | 30 days | |
Maximum contribution that employee can made in sharing plan (in hundredths) | 100.00% | |
Percentage of participants vesting progressively in discretionary matching and profit sharing contribution (in hundredths) | 25.00% | |
Employees vested percentage in contributions (in hundredths) | 100.00% | |
Minimum service period required for vesting | 4 years | |
Contributions by employer to the sharing plan | $0.10 | $0.10 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator [Abstract] | ||
Loss from continuing operations | ($9,262) | ($7,911) |
Income (loss) from discontinued operations | -8,280 | 834 |
Net loss | ($17,542) | ($7,077) |
Denominator [Abstract] | ||
Weighted-average shares outstanding (in shares) | 17,052,000 | 16,713,000 |
Effect of unvested restricted stock awards considered participating securities (in shares) | 0 | 0 |
Weighted-average shares outstanding - basic (in shares) | 17,052,000 | 16,713,000 |
Effect of dilutive common stock options (in shares) | 0 | 0 |
Weighted-average shares outstanding - diluted (in shares) | 17,052,000 | 16,713,000 |
Loss from continuing operations - basic (in dollars per share) | ($0.54) | ($0.47) |
Income (loss) from discontinued operations - basic (in dollars per share) | ($0.49) | $0.05 |
Net loss per share - basic (in dollars per share) | ($1.03) | ($0.42) |
Loss from continuing operations - diluted (in dollars per share) | ($0.54) | ($0.47) |
Income (loss) from discontinued operations - diluted (in dollars per share) | ($0.49) | $0.05 |
Net loss per share - diluted (in dollars per share) | ($1.03) | ($0.42) |
Cash dividends declared per share (in dollars per share) | $0 | $0.06 |
Restricted Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, restricted stock awards and restricted stock units excluded from the calculation of diluted earnings per share (in shares) | 201,319 | 272,851 |
Stock Options and Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, restricted stock awards and restricted stock units excluded from the calculation of diluted earnings per share (in shares) | 698,586 | 1,169,489 |
Supplemental_Disclosures_of_Co2
Supplemental Disclosures of Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Supplemental Disclosures of Consolidated Statements of Cash Flows [Abstract] | ||
Cash paid for taxes | $18 | $300 |
Non-cash Investing Financing Activities [Abstract] | ||
Unrealized loss on foreign currency exchange contracts | -1,049 | -1,133 |
Unrealized gain (loss) on available-for-sale securities | 522 | -272 |
Property and equipment | $0 | ($30) |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member]) | 0 Months Ended | |
31-May-15 | Feb. 28, 2015 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of total workforce reduce (in hundredths) | 60.00% | |
Number of full-time employees | 90 |