Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 22, 2016 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | Spok Holdings, Inc | |
Entity Central Index Key | 1,289,945 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (shares) | 20,546,222 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 117,095 | $ 111,332 |
Accounts receivable (less allowances of $1,126,000 and $1,286,000, respectively) | 23,737 | 22,638 |
Prepaid expenses and other | 4,116 | 5,352 |
Inventory | 2,129 | 2,291 |
Total current assets | 147,077 | 141,613 |
Property and equipment, net | 14,297 | 15,386 |
Goodwill | 133,031 | 133,031 |
Other intangible assets, net | 12,817 | 14,964 |
Deferred income tax assets (less valuation allowance of $45,777,000) | 79,644 | 83,983 |
Other assets | 1,541 | 1,445 |
TOTAL ASSETS | 388,407 | 390,422 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 8,370 | 9,247 |
Accrued compensation and benefits | 11,618 | 10,864 |
Deferred revenue | 28,239 | 27,045 |
Total current liabilities | 48,227 | 47,156 |
Deferred revenue | 674 | 741 |
Other long-term liabilities | 8,960 | 8,972 |
TOTAL LIABILITIES | 57,861 | 56,869 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 2 | 2 |
Additional paid-in capital | 105,867 | 110,435 |
Retained earnings | 224,677 | 223,116 |
TOTAL STOCKHOLDERS’ EQUITY | 330,546 | 333,553 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 388,407 | $ 390,422 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Additional Information - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,126 | $ 1,286 |
Deferred tax asset valuation allowance | $ 45,777 | $ 45,777 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
Wireless | $ 27,859 | $ 30,222 | $ 56,031 | $ 60,912 |
Software | 16,776 | 17,747 | 33,992 | 35,195 |
Total revenue | 44,635 | 47,969 | 90,023 | 96,107 |
Operating expenses: | ||||
Cost of revenue | 7,513 | 9,131 | 15,528 | 17,944 |
Service, rental and maintenance | 11,399 | 11,003 | 22,612 | 22,260 |
Selling and marketing | 6,429 | 6,790 | 12,957 | 13,838 |
General and administrative | 10,439 | 10,472 | 20,949 | 21,473 |
Severance | 0 | 1,504 | (3) | 1,504 |
Depreciation, amortization and accretion | 3,235 | 3,448 | 6,558 | 7,195 |
Total operating expenses | 39,015 | 42,348 | 78,601 | 84,214 |
Operating income | 5,620 | 5,621 | 11,422 | 11,893 |
Interest income | 61 | 3 | 109 | 2 |
Other income | 104 | 264 | 357 | 325 |
Income before income tax expense | 5,785 | 5,888 | 11,888 | 12,220 |
Income tax expense | (2,334) | (2,512) | (4,993) | (4,927) |
Net income | $ 3,451 | $ 3,376 | $ 6,895 | $ 7,293 |
Basic net income per common share (usd per share) | $ 0.17 | $ 0.16 | $ 0.33 | $ 0.33 |
Diluted net income per common share (usd per share) | $ 0.17 | $ 0.16 | $ 0.33 | $ 0.33 |
Basic weighted average common shares outstanding (shares) | 20,544,327 | 21,677,299 | 20,614,023 | 21,787,434 |
Diluted weighted average common shares outstanding (shares) | 20,705,206 | 21,735,829 | 20,831,740 | 21,843,591 |
Cash dividends declared per common share (usd per share) | $ 0.125 | $ 0.125 | $ 0.25 | $ 0.250 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows provided by operating activities: | ||
Net income | $ 6,895 | $ 7,293 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 6,558 | 7,195 |
Deferred income tax expense | 4,346 | 4,086 |
Amortization of stock based compensation | 1,368 | 1,104 |
Provision for doubtful accounts, service credits and other | 322 | 716 |
Adjustment of non-cash transaction taxes | (169) | (97) |
(Gain) Loss on disposals of property and equipment | (1) | (166) |
Changes in assets and liabilities: | ||
Accounts receivable | (1,421) | 2,239 |
Prepaid expenses and other assets | 1,197 | 741 |
Accounts payable, accrued liabilities and accrued compensation and benefits | (358) | (685) |
Deferred revenue and customer deposits | 1,126 | 3,070 |
Other long-term liabilities | 16 | 0 |
Net cash provided by operating activities | 19,879 | 25,496 |
Cash flows used in investing activities: | ||
Purchase of property and equipment | (2,982) | (3,033) |
Proceeds from disposals of property and equipment | 1 | 180 |
Net cash used in investing activities | (2,981) | (2,853) |
Cash flows used in financing activities: | ||
Cash dividends to stockholders | (5,150) | (6,069) |
Purchase of common stock | (5,985) | (3,475) |
Employee stock based compensation tax withholding | 0 | (3,825) |
Net cash used in financing activities | (11,135) | (13,369) |
Net increase in cash and cash equivalents | 5,763 | 9,274 |
Cash and cash equivalents, beginning of period | 111,332 | 107,869 |
Cash and cash equivalents, end of period | 117,095 | 117,143 |
Supplemental disclosure: | ||
Income taxes paid | $ 598 | $ 337 |
Business
Business | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business — Spok Holdings, Inc. and its subsidiaries (collectively, "we", "Spok", or "the Company"), through our indirect wholly-owned subsidiary, Spok, Inc., is a comprehensive provider of critical communication solutions for enterprises. We are a leader in critical communication for healthcare, government, public safety and other industries. We deliver smart, reliable solutions to help protect the health, well-being and safety of people around the globe. Organizations worldwide rely on Spok for workflow improvement, secure texting, paging services, contact center optimization and public safety response. Our product offerings are capable of addressing a customer's mission critical communications needs. |
Preparation of Interim Financia
Preparation of Interim Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Preparation of Interim Financial Statements | Preparation of Interim Financial Statements — Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Amounts shown on the condensed consolidated statements of income within the operating expense categories of cost of revenue; service, rental and maintenance; selling and marketing; and general and administrative are recorded exclusive of severance costs and depreciation, amortization and accretion. These items are shown separately on the condensed consolidated statements of income within operating expenses. Foreign currency translation adjustments were deemed immaterial and consequently, no statements of comprehensive income are presented. The financial information included herein, other than the condensed consolidated balance sheet as of December 31, 2015 , is unaudited. The condensed consolidated balance sheet at December 31, 2015 has been derived from, but does not include, all the disclosures contained in the audited consolidated financial statements as of and for the year ended December 31, 2015 . In management’s opinion, our unaudited condensed consolidated statements include all adjustments and accruals that are necessary for a fair presentation of the results of all interim periods reported herein and all such adjustments are of a normal, recurring nature. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 (the “ 2015 Annual Report”). The condensed consolidated statements of income for the interim periods presented are not necessarily indicative of the results that may be expected for a full year. The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly-owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of these condensed consolidated financial statements requires management to make judgments and estimates that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results may differ from these estimates under different assumptions or conditions. |
Risks and Other Important Facto
Risks and Other Important Factors | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Risks and Other Important Factors | Risks and Other Important Factors — See “Item 1A. Risk Factors” of Part II of this Quarterly Report on Form 10-Q (“Quarterly Report”) and "Item 1A. Risk Factors" of Part I of the 2015 Annual Report, which describes key risks associated with our operations and industry. |
Recent and New Accounting Prono
Recent and New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent and New Accounting Pronouncements | Recent and New Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers . Since this ASU was issued, the FASB has issued several changes including ASU No. 2015-14, in July 2015, which delayed the effective date, ASU No. 2016-08, in March 2016, which updated guidance related to principal versus agent considerations, ASU No. 2016-10, in April 2016, which updated guidance related to the identification of performance obligations and ASU No. 2016-12, in May 2016, which updated guidance related to scope improvements and practical expedients. Our effective date is January 1, 2018, and while early adoption to the original effective date of January 1, 2017 is permitted, we have elected not to early adopt. ASU No. 2014-09 creates a five-step model that requires companies to exercise judgment when considering all relevant facts and circumstances in the determination of when and how revenue is recognized. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. We are reviewing the acceptable transition methods and are likely to select the modified retrospective approach. We believe the modified retrospective approach would likely impact both deferred revenue and retained earnings in our 2018 consolidated financial statements. We continue to evaluate the potential impact from this ASU on our consolidated financial statements to assess whether any related impact will be material. In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either financing or operating with the classification affecting the pattern of expense recognition in the income statement. ASU No. 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption of the standard is permitted. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of the potential new standard on our consolidated financial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be material. In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation Expense. The new standard is primarily focused on income taxes and the presentation of taxes related to stock compensation, but also provides a simpler method of accounting for forfeitures. An entity will now be able to make an entity-wide accounting policy election to either estimate the number of awards that are expected to be forfeited, as permissible under existing GAAP, or account for forfeitures as incurred. The purpose of this ASU was to reduce cost and complexity of the accounting related to share-based payment awards issued to employees for public and private companies. ASU No. 2016-09 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and early adoption upon issuance of the ASU is permitted. We have adopted this new ASU effective January 1, 2016. As part of the adoption, we have made an accounting policy election to account for forfeitures as incurred rather than estimate the number of awards that are expected to be forfeited. The following summary provides further clarification of the transition approaches and the impact on the Company for each issue in ASU No. 2016-09 that requires a retrospective or modified retrospective approach: • For entities electing to account for forfeitures as they are incurred, a modified retrospective transition approach, with a cumulative-effect adjustment recognized in equity, is required for stock based compensation accounted for prior to the date on which the standard is adopted. We made the policy election to account for forfeitures as incurred and therefore, recorded a cumulative-effect adjustment in equity to account for this change in the first quarter of 2016. The overall impact to our consolidated financial statements is immaterial. Future forfeitures will be accounted for as they are incurred rather than estimating the number of awards that are expected to be forfeited at the time of grant. • A retrospective transition approach is required for classification of employee taxes paid in the Statement of Cash Flows when an employer withholds shares for tax-withholding purposes. In the three months ended March 31, 2015, shares were withheld for tax-withholding purposes related to the payment of vested 2011 Long-Term Incentive Plan ("LTIP") awards. Previously, the withholdings were classified as an operating activity within our Statement of Cash Flows. We have retrospectively reclassified those withholdings as a financing activity and the total reclassification was $3.8 million . • There was no additional impact on our financial statements, resulting from the adoption of ASU No. 2016-09, that required a retrospective or modified retrospective approach. Any additional requirements under this ASU will be accounted for on a prospective basis. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory — Inventory o f $ 2.1 million and $ 2.3 million at June 30, 2016 and December 31, 2015 , respective ly, consisted of third-party hardware and software held for resale. We value our inventory based on the lower of cost (determined using first-in, first-out) or current market value. |
Depreciation, Amortization and
Depreciation, Amortization and Accretion | 6 Months Ended |
Jun. 30, 2016 | |
Depreciation, Amortization And Accretion [Abstract] | |
Depreciation, Amortization and Accretion | Depreciation, Amortization and Accretion — The total depreciation, amortization and accretion expenses related primarily to property and equipment, amortizable intangible assets, and asset retirement obligations. For the three months ended June 30, 2016 and 2015 total depreciation, amortization and accretion expenses were $3.2 million and $3.4 million , respectively, and for the six months ended June 30, 2016 and 2015 were $6.6 million and $7.2 million , respectively. The consolidated expenses consisted of the following for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in Thousands) Depreciation Expense $ 2,044 $ 2,162 $ 4,101 $ 4,369 Amortization Expense 1,035 1,120 2,146 2,495 Accretion Expense 156 166 311 331 Total $ 3,235 $ 3,448 $ 6,558 $ 7,195 |
Goodwill and Amortizable Intang
Goodwill and Amortizable Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Amortizable Intangible Assets | Goodwill and Amortizable Intangible Assets — Goodwill at June 30, 2016 and December 31, 2015 was $133.0 million . Goodwill is evaluated in the fourth quarter of each year and when events or circumstances suggest a potential impairment has occurred. There were no indicators of impairment as of June 30, 2016 . Amortizable intangible assets at June 30, 2016 primarily include customer related intangibles, technology based intangibles, contract based intangibles and marketing intangibles that resulted from our acquisition of Amcom Software, Inc. in 2011 and IMCO Technologies Corporation in 2012. Such intangibles are being amortized over periods ranging from two to ten years . The net consolidated balance of amortizable intangible assets consisted of the following: June 30, 2016 Useful Life Gross Carrying Accumulated Net Balance (Dollars in thousands) Customer relationships 10 $ 25,002 $ (13,335 ) $ 11,667 Acquired technology 2 - 4 8,454 (8,454 ) — Non-compete agreements 3 - 5 2,370 (2,370 ) — Trademarks 6 5,754 (4,604 ) 1,150 Total amortizable intangible assets $ 41,580 $ (28,763 ) $ 12,817 Estimated amortization of intangible assets for future periods was as follows: (Dollars in thousands) For the six months ending December 31, 2016 $ 2,014 For the year ending December 31: 2017 2,886 2018 2,500 2019 2,500 2020 2,500 Thereafter 417 Total amortizable intangible assets $ 12,817 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities — Accounts payable and accrued liabilities were as follows: June 30, December 31, (Dollars in thousands) Accounts payable $ 2,089 $ 2,121 Accrued network costs 828 917 Accrued taxes 3,083 3,465 Accrued outside services 1,091 1,171 Accrued other 1,279 1,573 Total accounts payable and accrued liabilities $ 8,370 $ 9,247 Accrued taxes are based on our estimate of outstanding state and local taxes. This balance may be adjusted in the future as we settle with various taxing jurisdictions. Accrued Compensation and Benefits — Accrued compensation and benefits was $11.6 million at June 30, 2016 and $10.9 million at December 31, 2015 . The increase of $0.7 million is primarily due to the timing of payroll payments for the period ending June 30, 2016 as compared to the same period ending December 31, 2015 . |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations — We recognize liabilities and corresponding assets for future obligations associated with the retirement of assets. We have paging equipment assets, principally transmitters, which are located on leased locations. The underlying leases generally require the removal of equipment at the end of the lease term; therefore, a future obligation exists. At January 1, 2016, we had recognized cumulative asset retirement costs of $3.6 million . During 2016, we have recorded nominal charges and as a result, the total cumulative asset retirement cost remains $3.6 million at June 30, 2016 . The asset retirement cost additions during the six months ended June 30, 2016 increased paging equipment assets and are being depreciated over the related estimated lives of 54 to 60 months . The asset retirement costs and the corresponding liabilities that have been recorded to date generally relate to either current plans to consolidate networks or to the removal of assets at an estimated future terminal date. The components of the changes in the asset retirement obligation liabilities were: Short-Term Long-Term Total (Dollars in thousands) Balance at January 1, 2016 $ 296 $ 7,543 $ 7,839 Accretion 18 293 311 Amounts Paid (130 ) — (130 ) Asset additions recorded, net — 14 14 Reclassifications 38 (38 ) — Balance at June 30, 2016 $ 222 $ 7,812 $ 8,034 The balances above were included within accounts payable and accrued liabilities and other long-term liabilities, respectively, at June 30, 2016 . |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2016 | |
Revenue Recognition [Abstract] | |
Deferred Revenue | Deferred Revenue — Deferred revenue at June 30, 2016 was $28.2 million for the current portion and $0.7 million for the non-current portion. Deferred revenue at December 31, 2015 was $27.0 million for the current portion and $0.7 million for the non-current portion. Deferred revenue primarily consists of unearned maintenance, software license and professional services revenue. Unearned maintenance revenue represents a contractual liability to provide maintenance support over a defined period of time for which payment has generally been received. Unearned software license and professional services revenue represents a contractual liability to provide professional services more substantive than post contract support for which not all payments have been received. We will recognize revenue when the service or software is provided or the delivery otherwise meets our revenue recognition criteria. |
Accrued Compensation and Benefi
Accrued Compensation and Benefits | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Benefits | Accounts Payable and Accrued Liabilities — Accounts payable and accrued liabilities were as follows: June 30, December 31, (Dollars in thousands) Accounts payable $ 2,089 $ 2,121 Accrued network costs 828 917 Accrued taxes 3,083 3,465 Accrued outside services 1,091 1,171 Accrued other 1,279 1,573 Total accounts payable and accrued liabilities $ 8,370 $ 9,247 Accrued taxes are based on our estimate of outstanding state and local taxes. This balance may be adjusted in the future as we settle with various taxing jurisdictions. Accrued Compensation and Benefits — Accrued compensation and benefits was $11.6 million at June 30, 2016 and $10.9 million at December 31, 2015 . The increase of $0.7 million is primarily due to the timing of payroll payments for the period ending June 30, 2016 as compared to the same period ending December 31, 2015 . |
Stockholders' Equity and Stock
Stockholders' Equity and Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity and Stock Based Compensation | Stockholders’ Equity and Stock Based Compensation — Our authorized capital stock consists of 75 million shares of common stock, par value $0.0001 per share, and 25 million shares of preferred stock, par value $0.0001 per share. On July 25, 2016 our stockholders approved the registration of 250,000 shares of common stock with the SEC, to be issued from time to time in connection with purchases under the Spok Holdings, Inc. 2016 Employee Stock Purchase Plan ("ESPP"). We will offer shares for purchase under the ESPP during the third quarter of 2016. Changes in Stockholders’ Equity. Changes in stockholders’ equity for the six months ended June 30, 2016 consisted of: (Dollars in thousands) Balance at January 1, 2016 $ 333,553 Net income for the six months ended June 30, 2016 6,895 Cash dividends declared (5,267 ) Amortization of stock based compensation 1,368 Common stock repurchase program (5,985 ) Other (18 ) Balance at June 30, 2016 $ 330,546 General . At June 30, 2016 and December 31, 2015 , there were 20,540,617 and 20,886,261 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding. The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from January 1, 2016 through June 30, 2016 : Activity Total equity securities available at January 1, 2016 1,483,235 Less: 2015 LTIP Restricted Stock Units ("RSUs") awarded to eligible employees, net 222,065 Less: Restricted shares of common stock ("restricted stock") awarded to non-executive members of the Board of Directors 12,010 Total equity securities available at June 30, 2016 1,249,160 2015 LTIP. On December 9, 2014, our Board of Directors adopted an LTIP (which provides for a 36 month vesting period) that included a stock component in the form of RSUs. Under this incentive program, RSUs will be granted to eligible employees annually and each annual grant will generally vest over a three year performance period. Our Board of Directors also approved that future cash dividends related to the RSUs will be set aside and paid in cash to each eligible employee when the RSUs are converted into shares of common stock. RSUs would be converted into shares of common stock on the earlier of a change in control of the Company (as defined in the 2015 LTIP) or on or after the third business day following the day that we file the Annual Report on Form 10-K with the SEC for the grant's final vesting year, but in no event later than December 31 of the year following the vesting date if the pre-established performance conditions are achieved. Any unvested RSUs awarded under the 2015 LTIP and the related cash dividends are forfeited if the participant terminates employment with the Company. On January 2, 2015, our Board of Directors granted 254,777 RSUs with a grant date fair value of $4.4 million . On January 28, 2016 our Board of Directors issued a subsequent grant of 227,082 RSUs with a grant date fair value of $3.8 million . An additional 5,082 RSUs were granted to eligible employees who joined the Company during the six months ended June 30, 2016 . Both issuances were made to eligible employees under the 2012 Equity Plan for the 2015 LTIP pursuant to a Restricted Stock Unit Agreement. Eligible employees have the opportunity to earn RSUs based upon continued employment with the Company and the achievement of performance goals established by our Board of Directors for our consolidated revenue and operating cash flows (as defined by the Company) during the period of January 1, 2015 through December 31, 2017 (“the 2015-2017 performance period”) and the period of January 1, 2016 through December 31, 2018 ("the 2016-2018 performance period") respectively. A total of $1.2 million was included in stock based compensation expense for the six months ended June 30, 2016 relating to grants issued under the 2015 LTIP. The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the six months ended June 30, 2016 : Shares Weighted- Total Unrecognized Compensation Cost Weighted-Average Non-vested RSUs at January 1, 2016 242,468 $ 17.35 Granted 232,164 16.83 Vested — — Forfeited (10,099 ) 17.02 Non-vested RSUs at June 30, 2016 464,533 $ 17.09 $ 5,376 24 Stock Based Compensation. Compensation expense associated with RSUs and restricted stock was recognized based on the fair value of the instruments, over the instruments’ vesting period. The following table reflects the statements of income line items for stock based compensation expense for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, Operating Expense Category 2016 2015 2016 2015 (Dollars in thousands) Cost of revenue (LTIP) $ 58 $ 34 $ 107 $ 67 Service, rental and maintenance (LTIP) 63 29 116 57 Selling and marketing (LTIP) 75 51 123 102 General and administrative (LTIP) 426 455 807 693 General and administrative (Board of Directors Restricted Stock) 108 93 215 185 Total stock based compensation expense $ 730 $ 662 $ 1,368 $ 1,104 The increase in stock based compensation expense during the six months ended June 30, 2016 , compared to the same period in 2015 , was due primarily to the second RSU grant under the 2015 LTIP in January 2016. Each grant is amortized over the corresponding three year performance period beginning in the year of issuance. Cash Dividends to Stockholders. The following table details our cash dividend payments made in 2016 . Cash dividends paid as disclosed in the statements of cash flows for the six months ended June 30, 2016 and 2015 include previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors and dividends related to vested RSUs issued to eligible employees. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited. Declaration Date Record Date Payment Date Per Share Amount Total Payment (1) (Dollars in thousands) February 24 March 18 March 30 $ 0.125 $ 2,580 April 27 May 23 June 24 0.125 2,570 Total $ 0.250 $ 5,150 (1) The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock. Future Cash Dividends to Stockholders . On July 27, 2016 , our Board of Directors declared a regular quarterly cash dividend of $0.125 per share of common stock with a record date of August 19, 2016 , and a payment date of September 9, 2016 . This cash dividend of approximately $2.6 million will be paid from available cash on hand. Common Stock Repurchase Program. In October 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016. In extending the common stock repurchase plan the Board of Directors reset the purchase authority to $10.0 million with the repurchase authority to begin the earlier of January 4, 2016 or the completion of the existing common stock repurchase program. The following table presents information with respect to purchases made by the Company during the six months ended June 30, 2016 : Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs (1) (Dollars in thousands) Beginning Balance $ 10,000 January 1 through January 31, 2016 152,198 $ 16.53 152,198 7,484 February 1 through February 29, 2016 101,736 17.24 101,736 5,730 March 1 through March 31, 2016 37,927 16.44 37,927 5,107 April 1 through April 30, 2016 31,468 16.40 31,468 4,591 May 1 through May 31, 2016 34,323 16.37 34,323 4,029 June 1 through June 30, 2016 — — — 4,029 Total 357,652 $ 16.69 357,652 (1) In October 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016, and reset the repurchase authority to $10.0 million as of January 4, 2016. Additional Paid-in Capital. For the six months ended June 30, 2016 , additional paid-in capital decreased by $4.5 million to $105.9 million at June 30, 2016 from $110.4 million at December 31, 2015 . The decrease in the six months ended June 30, 2016 was due primarily to the repurchase of shares of common stock under the current stock repurchase program offset by the stock based compensation expense recognized for the 2015 LTIP. Net Income per Common Share. Basic net income per common share is computed on the basis of the weighted average common shares outstanding. Diluted net income per common share is computed on the basis of the weighted average common shares outstanding plus the effect of all potentially dilutive common shares including outstanding restricted stock and RSUs, which are treated as contingently issuable shares, using the “treasury stock” method. The components of basic and diluted net income per common share were as follows for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands, except share and per share amounts) Net income $ 3,451 $ 3,376 $ 6,895 $ 7,293 Weighted average shares of common stock outstanding 20,544,327 21,677,299 20,614,023 21,787,434 Dilutive effect of restricted stock and RSUs 160,879 58,530 217,717 56,157 Weighted average shares of common stock and common stock equivalents 20,705,206 21,735,829 20,831,740 21,843,591 Net income per common share Basic $ 0.17 $ 0.16 $ 0.33 $ 0.33 Diluted $ 0.17 $ 0.16 $ 0.33 $ 0.33 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes — Spok files a consolidated U.S. Federal income tax return and income tax returns in various state, local and foreign jurisdictions as required. At June 30, 2016 , we had total deferred income tax assets of $125.4 million and a valuation allowance of $45.8 million resulting in an estimated recoverable amount of deferred income tax assets of $79.6 million . This reflects a change from the December 31, 2015 balance of deferred income tax assets of $129.8 million and a valuation allowance of $45.8 million resulting in an estimated recoverable amount of $84.0 million . The change from December 31, 2015 to June 30, 2016 reflects the expected usage of the deferred income tax assets to offset expected 2016 taxable income and changes in tax rates. We consider both positive and negative evidence when evaluating the recoverability of our deferred income tax assets. The assessment is required to determine whether based on all available evidence, it is more likely than not (i.e., greater than a 50% probability) whether all or some portion of the deferred income tax assets will be realized in the future. During the fourth quarter of each year, we prepare a multi-year forecast of taxable income for our operations. The anticipated effective income tax rate is expected to continue to differ from the Federal statutory rate of 35% primarily due to the effect of state income taxes, the effect of changes to the deferred income tax asset valuation allowance, permanent differences between book and taxable income and certain discrete items. As of June 30, 2016, we had approximately $272.1 million of Federal net operating losses (“NOLs”) available to offset future taxable income. Section 382 of the Internal Revenue Code limited NOLs, as of June 30, 2016, were $35.0 million which may be used at a rate of $6.1 million per year, and is included in the total Federal NOLs. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions — A member of our Board of Directors also serves as a Director for an entity that leases transmission tower sites to the Company. For the three months ended June 30, 2016 and 2015 , we incurred site rent expenses of $1.0 million and for the six months ended June 30, 2016 and 2015 , we incurred site rent expenses of $2.0 million from the entity on which the individual serves as a Director. Site rent expenses are included in service, rental and maintenance expenses. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies — There have been no material changes during the six months ended June 30, 2016 to the commitments and contingencies previously reported in the 2015 Annual Report. |
Depreciation, Amortization an21
Depreciation, Amortization and Accretion (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Depreciation, Amortization And Accretion [Abstract] | |
Summary of Depreciation, Amortization and Accretion | The consolidated expenses consisted of the following for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in Thousands) Depreciation Expense $ 2,044 $ 2,162 $ 4,101 $ 4,369 Amortization Expense 1,035 1,120 2,146 2,495 Accretion Expense 156 166 311 331 Total $ 3,235 $ 3,448 $ 6,558 $ 7,195 |
Goodwill and Amortizable Inta22
Goodwill and Amortizable Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Net Consolidated Balance of Amortizable Intangible Assets | The net consolidated balance of amortizable intangible assets consisted of the following: June 30, 2016 Useful Life Gross Carrying Accumulated Net Balance (Dollars in thousands) Customer relationships 10 $ 25,002 $ (13,335 ) $ 11,667 Acquired technology 2 - 4 8,454 (8,454 ) — Non-compete agreements 3 - 5 2,370 (2,370 ) — Trademarks 6 5,754 (4,604 ) 1,150 Total amortizable intangible assets $ 41,580 $ (28,763 ) $ 12,817 |
Estimated Amortization of Intangible Assets | Estimated amortization of intangible assets for future periods was as follows: (Dollars in thousands) For the six months ending December 31, 2016 $ 2,014 For the year ending December 31: 2017 2,886 2018 2,500 2019 2,500 2020 2,500 Thereafter 417 Total amortizable intangible assets $ 12,817 |
Accounts Payable and Accrued 23
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities were as follows: June 30, December 31, (Dollars in thousands) Accounts payable $ 2,089 $ 2,121 Accrued network costs 828 917 Accrued taxes 3,083 3,465 Accrued outside services 1,091 1,171 Accrued other 1,279 1,573 Total accounts payable and accrued liabilities $ 8,370 $ 9,247 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Asset Retirement Obligation Liabilities | The components of the changes in the asset retirement obligation liabilities were: Short-Term Long-Term Total (Dollars in thousands) Balance at January 1, 2016 $ 296 $ 7,543 $ 7,839 Accretion 18 293 311 Amounts Paid (130 ) — (130 ) Asset additions recorded, net — 14 14 Reclassifications 38 (38 ) — Balance at June 30, 2016 $ 222 $ 7,812 $ 8,034 |
Stockholders' Equity and Stoc25
Stockholders' Equity and Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Changes in Stockholders' Equity | Changes in stockholders’ equity for the six months ended June 30, 2016 consisted of: (Dollars in thousands) Balance at January 1, 2016 $ 333,553 Net income for the six months ended June 30, 2016 6,895 Cash dividends declared (5,267 ) Amortization of stock based compensation 1,368 Common stock repurchase program (5,985 ) Other (18 ) Balance at June 30, 2016 $ 330,546 |
Activities Under Equity Plan | The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from January 1, 2016 through June 30, 2016 : Activity Total equity securities available at January 1, 2016 1,483,235 Less: 2015 LTIP Restricted Stock Units ("RSUs") awarded to eligible employees, net 222,065 Less: Restricted shares of common stock ("restricted stock") awarded to non-executive members of the Board of Directors 12,010 Total equity securities available at June 30, 2016 1,249,160 |
Summary of Outstanding RSUs under 2011 LTIP | The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the six months ended June 30, 2016 : Shares Weighted- Total Unrecognized Compensation Cost Weighted-Average Non-vested RSUs at January 1, 2016 242,468 $ 17.35 Granted 232,164 16.83 Vested — — Forfeited (10,099 ) 17.02 Non-vested RSUs at June 30, 2016 464,533 $ 17.09 $ 5,376 24 |
Schedule of Stock Based Compensation Expense for Awards Under Equity Plans | Compensation expense associated with RSUs and restricted stock was recognized based on the fair value of the instruments, over the instruments’ vesting period. The following table reflects the statements of income line items for stock based compensation expense for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, Operating Expense Category 2016 2015 2016 2015 (Dollars in thousands) Cost of revenue (LTIP) $ 58 $ 34 $ 107 $ 67 Service, rental and maintenance (LTIP) 63 29 116 57 Selling and marketing (LTIP) 75 51 123 102 General and administrative (LTIP) 426 455 807 693 General and administrative (Board of Directors Restricted Stock) 108 93 215 185 Total stock based compensation expense $ 730 $ 662 $ 1,368 $ 1,104 |
Cash Dividends Declared | The following table details our cash dividend payments made in 2016 . Cash dividends paid as disclosed in the statements of cash flows for the six months ended June 30, 2016 and 2015 include previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors and dividends related to vested RSUs issued to eligible employees. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited. Declaration Date Record Date Payment Date Per Share Amount Total Payment (1) (Dollars in thousands) February 24 March 18 March 30 $ 0.125 $ 2,580 April 27 May 23 June 24 0.125 2,570 Total $ 0.250 $ 5,150 (1) The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock. |
Class of Treasury Stock | The following table presents information with respect to purchases made by the Company during the six months ended June 30, 2016 : Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs (1) (Dollars in thousands) Beginning Balance $ 10,000 January 1 through January 31, 2016 152,198 $ 16.53 152,198 7,484 February 1 through February 29, 2016 101,736 17.24 101,736 5,730 March 1 through March 31, 2016 37,927 16.44 37,927 5,107 April 1 through April 30, 2016 31,468 16.40 31,468 4,591 May 1 through May 31, 2016 34,323 16.37 34,323 4,029 June 1 through June 30, 2016 — — — 4,029 Total 357,652 $ 16.69 357,652 (1) In October 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016, and reset the repurchase authority to $10.0 million as of January 4, 2016. |
Basic and Diluted Net Income Per Common Shares | The components of basic and diluted net income per common share were as follows for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands, except share and per share amounts) Net income $ 3,451 $ 3,376 $ 6,895 $ 7,293 Weighted average shares of common stock outstanding 20,544,327 21,677,299 20,614,023 21,787,434 Dilutive effect of restricted stock and RSUs 160,879 58,530 217,717 56,157 Weighted average shares of common stock and common stock equivalents 20,705,206 21,735,829 20,831,740 21,843,591 Net income per common share Basic $ 0.17 $ 0.16 $ 0.33 $ 0.33 Diluted $ 0.17 $ 0.16 $ 0.33 $ 0.33 |
Recent and New Accounting Pro26
Recent and New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock based compensation tax withholding | $ 0 | $ 3,825 | |
New Accounting Pronouncement, Early Adoption [Member] | 2011 LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock based compensation tax withholding | $ 3,800 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 2,129 | $ 2,291 |
Depreciation, Amortization an28
Depreciation, Amortization and Accretion - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Depreciation, Amortization And Accretion [Abstract] | ||||
Depreciation, amortization and accretion expense | $ 3,235 | $ 3,448 | $ 6,558 | $ 7,195 |
Depreciation, Amortization an29
Depreciation, Amortization and Accretion - Summary of Depreciation, Amortization and Accretion (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Depreciation, Amortization And Accretion [Abstract] | ||||
Depreciation Expense | $ 2,044 | $ 2,162 | $ 4,101 | $ 4,369 |
Amortization Expense | 1,035 | 1,120 | 2,146 | 2,495 |
Accretion Expense | 156 | 166 | 311 | 331 |
Total | $ 3,235 | $ 3,448 | $ 6,558 | $ 7,195 |
Goodwill and Amortizable Inta30
Goodwill and Amortizable Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 133,031 | $ 133,031 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 10 years |
Goodwill and Amortizable Inta31
Goodwill and Amortizable Intangible Assets - Net Consolidated Balance of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 41,580 | |
Accumulated Amortization | (28,763) | |
Total amortizable intangible assets | $ 12,817 | $ 14,964 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 10 years | |
Gross Carrying Amount | $ 25,002 | |
Accumulated Amortization | (13,335) | |
Total amortizable intangible assets | 11,667 | |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,454 | |
Accumulated Amortization | (8,454) | |
Total amortizable intangible assets | 0 | |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,370 | |
Accumulated Amortization | (2,370) | |
Total amortizable intangible assets | $ 0 | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 6 years | |
Gross Carrying Amount | $ 5,754 | |
Accumulated Amortization | (4,604) | |
Total amortizable intangible assets | $ 1,150 | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 2 years | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 2 years | |
Minimum [Member] | Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 10 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 4 years | |
Maximum [Member] | Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (In Years) | 5 years |
Goodwill and Amortizable Inta32
Goodwill and Amortizable Intangible Assets - Estimated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the year ending December 31: | $ 2,014 | |
2,017 | 2,886 | |
2,018 | 2,500 | |
2,019 | 2,500 | |
2,020 | 2,500 | |
Thereafter | 417 | |
Total amortizable intangible assets | $ 12,817 | $ 14,964 |
Accounts Payable and Accrued 33
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 2,089 | $ 2,121 |
Accrued network costs | 828 | 917 |
Accrued taxes | 3,083 | 3,465 |
Accrued outside services | 1,091 | 1,171 |
Accrued other | 1,279 | 1,573 |
Total accounts payable and accrued liabilities | $ 8,370 | $ 9,247 |
Asset Retirement Obligations -
Asset Retirement Obligations - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation Liabilities [Line Items] | ||
Cumulative asset retirement costs | $ 3.6 | $ 3.6 |
Minimum [Member] | ||
Asset Retirement Obligation Liabilities [Line Items] | ||
Estimated lives for depreciation of asset retirement cost additions | 54 months | |
Maximum [Member] | ||
Asset Retirement Obligation Liabilities [Line Items] | ||
Estimated lives for depreciation of asset retirement cost additions | 60 months |
Asset Retirement Obligations 35
Asset Retirement Obligations - Changes in Asset Retirement Obligation Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at January 1, 2016 | $ 7,839 |
Accretion | 311 |
Amounts Paid | (130) |
Asset additions recorded, net | 14 |
Reclassifications | 0 |
Balance at June 30, 2016 | 8,034 |
Short-Term Portion [Member] | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at January 1, 2016 | 296 |
Accretion | 18 |
Amounts Paid | (130) |
Asset additions recorded, net | 0 |
Reclassifications | 38 |
Balance at June 30, 2016 | 222 |
Long-Term Portion [Member] | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at January 1, 2016 | 7,543 |
Accretion | 293 |
Amounts Paid | 0 |
Asset additions recorded, net | 14 |
Reclassifications | (38) |
Balance at June 30, 2016 | $ 7,812 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Revenue Recognition [Abstract] | ||
Deferred revenue, current | $ 28,239 | $ 27,045 |
Deferred revenue, non-current | $ 674 | $ 741 |
Accrued Compensation and Bene37
Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 11,618 | $ 10,864 |
Increase in accrued compensation and benefits | $ 700 |
Stockholders' Equity and Stoc38
Stockholders' Equity and Stock Based Compensation - Additional Information (Detail) - USD ($) | Jul. 27, 2016 | Jan. 28, 2016 | Jan. 02, 2015 | Dec. 09, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 25, 2016 | Jan. 04, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock authorized (shares) | 75,000,000 | 75,000,000 | |||||||||
Common stock par value (usd per share) | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock authorized (shares) | 25,000,000 | 25,000,000 | |||||||||
Preferred stock par value (usd per share) | $ 0.0001 | $ 0.0001 | |||||||||
Common stock outstanding (shares) | 20,540,617 | 20,540,617 | 20,886,261 | ||||||||
Preferred stock outstanding (shares) | 0 | 0 | 0 | ||||||||
Total stock based compensation expense | $ 730,000 | $ 662,000 | $ 1,368,000 | $ 1,104,000 | |||||||
Decrease in additional paid-in capital | 4,500,000 | ||||||||||
Additional paid-in capital | $ 105,867,000 | $ 105,867,000 | $ 110,435,000 | ||||||||
Common Stock Repurchase Program [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock repurchase authority | $ 10,000,000 | ||||||||||
2015 LTIP [Member] | Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 36 months | ||||||||||
Granted (shares) | 232,164 | ||||||||||
January 2, 2015 [Member] | 2015 LTIP [Member] | Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (shares) | 254,777 | ||||||||||
Granted | $ 4,400,000 | ||||||||||
January 28, 2016 [Member] | 2015 LTIP [Member] | Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (shares) | 227,082 | ||||||||||
Granted | $ 3,800,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Declaration date | Jul. 27, 2016 | ||||||||||
Dividend rate (usd per share) | $ 0.125 | ||||||||||
Record date | Aug. 19, 2016 | ||||||||||
Payment date | Sep. 9, 2016 | ||||||||||
Dividends declared | $ 2,600,000 | ||||||||||
Subsequent Event [Member] | Employee Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock approved during period (shares) | 250,000 | ||||||||||
Eligible Employees [Member] | 2015 LTIP [Member] | Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (shares) | 5,082 | ||||||||||
Total stock based compensation expense | $ 1,200,000 |
Stockholders' Equity and Stoc39
Stockholders' Equity and Stock Based Compensation - Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at January 1, 2016 | $ 333,553 | |||
Net income for the six months ended June 30, 2016 | $ 3,451 | $ 3,376 | 6,895 | $ 7,293 |
Cash dividends declared | (5,267) | |||
Amortization of stock based compensation | 1,368 | |||
Stock repurchase | (5,985) | |||
Other | (18) | |||
Balance at June 30, 2016 | $ 330,546 | $ 330,546 |
Stockholders' Equity and Stoc40
Stockholders' Equity and Stock Based Compensation - Activities Under Equity Plan (Detail) - shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward] | ||
Total equity securities available at January 1, 2016 | 1,483,235 | |
Total equity securities available at June 30, 2016 | 1,249,160 | |
Restricted Stock Units [Member] | 2011 LTIP [Member] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward] | ||
Less: Restricted shares | 222,065 | |
Restricted Stock Units [Member] | Other Repurchase Plan [Member] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward] | ||
Less: Restricted shares | 12,010 |
Stockholders' Equity and Stoc41
Stockholders' Equity and Stock Based Compensation - Summary of Outstanding RSUs under the 2015 LTIP (Detail) - Restricted Stock Units [Member] - 2015 LTIP [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance (shares) | shares | 242,468 |
Granted (shares) | shares | 232,164 |
Vested (shares) | shares | 0 |
Forfeited (shares) | shares | (10,099) |
Ending Balance (shares) | shares | 464,533 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | $ 17.35 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | 16.83 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | 0 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | 17.02 |
Ending Balance, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | $ 17.09 |
Total Unrecognized Compensation Cost (net of estimated forfeitures) | $ | $ 5,376 |
Weighted-Average Period Over Which Cost is Expected to be Recognized | 24 months |
Stockholders' Equity and Stoc42
Stockholders' Equity and Stock Based Compensation - Schedule of Stock Based Compensation Expense for Awards Under Equity Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | $ 730 | $ 662 | $ 1,368 | $ 1,104 |
Cost of Revenue [Member] | ||||
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | 58 | 34 | 107 | 67 |
Service, rental and maintenance [Member] | ||||
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | 63 | 29 | 116 | 57 |
Selling and Marketing [Member] | ||||
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | 75 | 51 | 123 | 102 |
General and Administrative [Member] | ||||
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | 426 | 455 | 807 | 693 |
General and Administrative [Member] | Board Of Directors [Member] | ||||
Share based Compensation Allocation of Recognized Period Cost [Line Items] | ||||
Total stock based compensation expense | $ 108 | $ 93 | $ 215 | $ 185 |
Stockholders' Equity and Stoc43
Stockholders' Equity and Stock Based Compensation - Cash Dividends Declared to Stockholders (Detail) - Common Stock [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Per Share Amount (usd per share) | $ / shares | $ 0.25 |
Total Payment | $ | $ 5,150 |
Installment One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Declaration Date | Feb. 24, 2016 |
Record Date | Mar. 18, 2016 |
Payment Date | Mar. 30, 2016 |
Per Share Amount (usd per share) | $ / shares | $ 0.125 |
Total Payment | $ | $ 2,580 |
Installment Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Declaration Date | Apr. 27, 2016 |
Record Date | May 23, 2016 |
Payment Date | Jun. 24, 2016 |
Per Share Amount (usd per share) | $ / shares | $ 0.125 |
Total Payment | $ | $ 2,570 |
Stockholders' Equity and Stoc44
Stockholders' Equity and Stock Based Compensation - Treasury Stock (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2016 | May 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jan. 31, 2015 | Jun. 30, 2016 | Jan. 31, 2016 | Jan. 04, 2016 | Dec. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Total Number of Shares Purchased (shares) | 0 | 34,323 | 31,468 | 37,927 | 101,736 | 152,198 | 357,652 | |||
Average Price Paid Per Share (usd per share) | $ 0 | $ 16.37 | $ 16.40 | $ 16.44 | $ 17.24 | $ 16.53 | $ 16.69 | |||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs | $ 4,029,000 | $ 4,029,000 | $ 4,591,000 | $ 5,107,000 | $ 5,730,000 | $ 4,029,000 | $ 7,484,000 | $ 10,000,000 | ||
Common Stock Repurchase Program [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Total Number of Shares Purchased (shares) | 0 | 34,323 | 31,468 | 37,927 | 101,736 | 152,198 | 357,652 | |||
Stock repurchase authority | $ 10,000,000 |
Stockholders' Equity and Stoc45
Stockholders' Equity and Stock Based Compensation - Basic and Diluted Net Income Per Common Shares (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||
Net income | $ 3,451 | $ 3,376 | $ 6,895 | $ 7,293 |
Weighted average shares of common stock outstanding (shares) | 20,544,327 | 21,677,299 | 20,614,023 | 21,787,434 |
Dilutive effect of restricted stock and RSUs (shares) | 160,879 | 58,530 | 217,717 | 56,157 |
Weighted average shares of common stock and common stock equivalents (shares) | 20,705,206 | 21,735,829 | 20,831,740 | 21,843,591 |
Basic net income per common share (usd per share) | $ 0.17 | $ 0.16 | $ 0.33 | $ 0.33 |
Diluted net income per common share (usd per share) | $ 0.17 | $ 0.16 | $ 0.33 | $ 0.33 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, gross | $ 125.4 | $ 129.8 |
Valuation allowance | 45.8 | 45.8 |
Estimated recoverable deferred income tax assets | $ 79.6 | 84 |
Percentage of probability of deferred income tax realized in future | 50.00% | |
Valuation allowance, methodologies and assumptions | "more likely than not" (greater than a 50% probability) | |
Federal income tax at statutory rate | 35.00% | |
Approximate Federal net operating losses ("NOLs") available to offset future taxable income | 272.1 | |
Limited net operating losses rate under "IRC Section 382" | 35 | |
Allowable net operating losses utilize per year under "IRC Section 382" | $ 6.1 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Site rent expense | $ 1 | $ 1 | $ 2 | $ 2 |