DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity Registrant Name | DHI Group, Inc. | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 50,239,765 | |
Entity File Number | 001-33584 | |
Entity Tax Identification Number | 20-3179218 | |
Entity Address, Address Line One | 6465 South Greenwood Plaza | |
Entity Address, City or Town | Centennial | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
Local Phone Number | 448-6605 | |
Trading Symbol | DHX | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NYSE | |
City Area Code | 212 | |
Entity Central Index Key | 0001393883 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Address, Address Line Two | Suite 400 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 7,905 | $ 4,542 |
Accounts receivable, net of allowance for doubtful accounts of $967 and $1,001 | 13,727 | 16,134 |
Income taxes receivable | 0 | 533 |
Equity Method Investments | 1,839 | 0 |
Prepaid and other current assets | 4,000 | 4,101 |
Current assets of discontinued operations | 0 | 8,175 |
Total current assets | 27,471 | 33,485 |
Fixed assets, net | 21,982 | 23,033 |
Acquired intangible assets, net | 23,800 | 23,800 |
Capitalized contract costs | 6,695 | 6,189 |
Goodwill | 128,100 | 128,100 |
Operating lease right-of-use-assets | 9,771 | 10,804 |
Other assets | 1,542 | 1,378 |
Equity Method Investments | 3,640 | 0 |
Disposal Group, Including Discontinued Operation, Assets | 0 | 14,198 |
Total assets | 223,001 | 240,987 |
Current liabilities | ||
Accounts payable and accrued expenses | 13,325 | 15,308 |
Operating lease liabilities - current | 2,246 | 2,075 |
Deferred revenue | 42,230 | 35,547 |
Income taxes payable | 997 | 0 |
Current liabilities of discontinued operations | 0 | 12,455 |
Total current liabilities | 58,798 | 65,385 |
Long-term debt, net | 15,656 | 19,583 |
Deferred Revenue, Noncurrent | 958 | 1,035 |
Accrual for unrecognized tax benefits | 1,024 | 941 |
Deferred Tax Liabilities, Tax Deferred Income | 8,932 | 9,765 |
Operating lease liabilities - non-current | 8,191 | 9,371 |
Other long-term liabilities | 1,944 | 2,049 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 5,288 |
Total liabilities | $ 95,503 | $ 113,417 |
Preferred Stock, Shares Issued | 0 | 0 |
Stockholders equity | ||
Convertible preferred stock, $.01 par value, authorized 20,000 shares; no shares issued and outstanding | $ 0 | $ 0 |
Common stock, $.01 par value, authorized 240,000; issued: 73,235 and 71,233 shares, respectively; outstanding: 51,440 and 51,220 shares, respectively | 733 | 714 |
Additional paid-in capital | 237,614 | 233,554 |
Accumulated other comprehensive loss | 0 | (28,519) |
Accumulated earnings | 26,431 | 53,971 |
Treasury stock, 21,795 and 20,013 shares, respectively | (137,280) | (132,150) |
Total stockholders' equity | 127,498 | 127,570 |
Total liabilities and stockholders’ equity | $ 223,001 | $ 240,987 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Current assets | ||
Allowance for doubtful accounts | $ 967 | $ 1,001 |
Stockholders equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 73,235,000 | 71,233,000 |
Common stock, shares outstanding | 51,440,000 | 51,220,000 |
Treasury Stock, Shares | 21,795,000 | 20,013,000 |
Statement of Income (Statement)
Statement of Income (Statement) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 28,721 | $ 27,596 | $ 55,397 | $ 56,981 |
Operating expenses: | ||||
Cost of revenues | 3,593 | 3,499 | 7,295 | 6,983 |
Product development | 3,510 | 3,401 | 7,112 | 7,142 |
Sales and marketing | 10,151 | 9,564 | 19,922 | 21,112 |
General and administrative | 6,939 | 6,904 | 13,093 | 14,119 |
Depreciation on continuing operations | 4,040 | 2,573 | 7,671 | 5,340 |
Impairment of intangible assets | 0 | 0 | 0 | 7,200 |
Total operating expenses | 28,233 | 25,941 | 55,093 | 61,896 |
Operating income (loss) | 488 | 1,655 | 304 | (4,915) |
Interest expense and other | 87 | 161 | 282 | 349 |
Impairment of equity investment | 0 | 0 | 0 | 2,002 |
Debt and Equity Securities, Unrealized Gain (Loss) | (674) | 0 | 1,839 | 0 |
Income (loss) before income taxes | (273) | 1,494 | 1,861 | (7,266) |
Income tax expense (benefit) | (61) | 332 | 61 | (893) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (212) | 1,162 | 1,800 | (6,373) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (29,999) | 700 | (29,340) | 1,685 |
Net income (loss) | $ (30,211) | $ 1,862 | $ (27,540) | $ (4,688) |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0 | $ 0.02 | $ 0.04 | $ (0.13) |
Income (Loss) from Continuing Operations, Per Diluted Share | 0 | 0.02 | 0.04 | (0.13) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | (0.64) | 0.01 | (0.62) | 0.03 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | (0.64) | 0.01 | (0.60) | 0.03 |
Basic earnings (loss) per share (in dollars per share) | (0.64) | 0.04 | (0.58) | (0.10) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.64) | $ 0.04 | $ (0.56) | $ (0.10) |
Weighted average basic shares outstanding | 47,227 | 48,427 | 47,111 | 48,781 |
Weighted average diluted shares outstanding | 47,227 | 49,691 | 48,854 | 48,781 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (30,211) | $ 1,862 | $ (27,540) | $ (4,688) |
Foreign currency translation adjustment | 159 | (205) | 456 | (4,070) |
Cumulative translation adjustments reclassified to the Statements of Operations | 28,063 | 0 | 28,063 | 0 |
Total other comprehensive income (loss) | 28,222 | (205) | 28,519 | (4,070) |
Comprehensive income (loss) | $ (1,989) | $ 1,657 | $ 979 | $ (8,758) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Earnings (Loss) [Member] | Accumulated Other Comprehensive Loss [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares | 15,591,000 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 69,509,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 161,195 | $ 696 | $ 227,227 | $ (121,466) | $ 83,986 | $ (29,248) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (6,550) | (6,550) | ||||
Other comprehensive income (loss) | (3,865) | (3,865) | ||||
Stock based compensation | 1,796 | 1,796 | ||||
Restricted stock issued (in shares) | 1,468,000 | |||||
Restricted stock issued | 15 | $ 15 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations (in shares) | 163,000 | 381,000 | ||||
Shares Granted, Value, Share-based Payment Arrangement, Forfeited | 300 | $ 0 | ||||
Stock Repurchased During Period, Shares | 660,000 | |||||
Restricted stock forfeited or withheld to satisfy tax obligations | $ (1,049) | $ (1) | $ (1,048) | |||
Vested (in shares) | (300,000) | (100,000) | ||||
Forfeited (in shares) | (5,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (1,643) | $ (1,643) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 70,809,000 | |||||
Ending balance at Mar. 31, 2020 | 149,599 | $ 710 | 229,023 | (124,457) | 77,436 | (33,113) |
Beginning balance (in shares) at Dec. 31, 2019 | 69,509,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 161,195 | $ 696 | 227,227 | (121,466) | 83,986 | (29,248) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 2,002,667,000 | |||||
Forfeited (in shares) | (80,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (5,076) | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | |||||
Ending balance (in shares) at Jun. 30, 2020 | 71,079,000 | |||||
Ending balance at Jun. 30, 2020 | 149,265 | $ 712 | 230,638 | $ (128,065) | 79,298 | (33,318) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares | 16,732,000 | |||||
Beginning balance (in shares) at Mar. 31, 2020 | 70,809,000 | |||||
Beginning balance at Mar. 31, 2020 | 149,599 | $ 710 | 229,023 | $ (124,457) | 77,436 | (33,113) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,862 | 1,862 | ||||
Other comprehensive income (loss) | (205) | (205) | ||||
Stock based compensation | 1,615 | 1,615 | ||||
Restricted stock issued (in shares) | 393,000 | |||||
Restricted stock issued | 4 | $ 4 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations (in shares) | 118,000 | 65,000 | ||||
Shares Granted, Value, Share-based Payment Arrangement, Forfeited | $ 13 | $ 0 | ||||
Stock Repurchased During Period, Shares | 1,342,754,000 | 1,342,000 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations | $ (164) | $ (2) | $ (162) | |||
Vested (in shares) | (13,000) | (5,000) | ||||
Forfeited (in shares) | (5,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (3,433) | $ (3,433) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 71,079,000 | |||||
Ending balance at Jun. 30, 2020 | $ 149,265 | $ 712 | 230,638 | $ (128,065) | 79,298 | (33,318) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares | 18,144,000 | |||||
Treasury Stock, Shares | 20,013,000 | 20,013,000 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 51,220,000 | 71,233,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 127,570 | $ 714 | 233,554 | $ (132,150) | 53,971 | (28,519) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,671 | 2,671 | ||||
Other comprehensive income (loss) | 297 | 297 | ||||
Stock based compensation | 1,758 | 1,758 | ||||
Restricted stock issued (in shares) | 1,468,000 | |||||
Restricted stock issued | 15 | $ 15 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations (in shares) | 204,000 | 369,000 | ||||
Shares Granted, Value, Share-based Payment Arrangement, Forfeited | 8 | $ 8 | ||||
Stock Repurchased During Period, Shares | 590,000 | |||||
Restricted stock forfeited or withheld to satisfy tax obligations | (986) | $ (2) | $ (984) | |||
Performance-Based Restricted Stock Units eligible to vest (in shares) | (39,000) | |||||
Performance-Based Restricted Stock Units eligible to vest | $ (357) | $ 0 | ||||
Vested (in shares) | (357,000) | (139,000) | ||||
Forfeited (in shares) | (813,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (1,546) | $ (1,546) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 73,271,000 | |||||
Ending balance at Mar. 31, 2021 | $ 129,430 | $ 735 | 235,312 | (135,037) | 56,642 | (28,222) |
Beginning balance (in shares) at Dec. 31, 2020 | 51,220,000 | 71,233,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 127,570 | $ 714 | 233,554 | (132,150) | 53,971 | (28,519) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 1,122,347,000 | |||||
Forfeited (in shares) | (100,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (3,303) | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (30,203) | |||||
Ending balance (in shares) at Jun. 30, 2021 | 51,440,000 | 73,235,000 | ||||
Ending balance at Jun. 30, 2021 | $ 127,498 | $ 733 | 237,614 | $ (137,280) | 26,431 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares | 21,111,000 | |||||
Beginning balance (in shares) at Mar. 31, 2021 | 73,271,000 | |||||
Beginning balance at Mar. 31, 2021 | 129,430 | $ 735 | 235,312 | $ (135,037) | 56,642 | (28,222) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (30,211) | (30,211) | ||||
Other comprehensive income (loss) | 159 | 159 | ||||
Stock based compensation | 2,302 | 2,302 | ||||
Restricted stock issued (in shares) | 292,000 | |||||
Restricted stock issued | $ 2 | $ 2 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations (in shares) | 328,000 | 135,000 | ||||
Stock Repurchased During Period, Shares | 532,448,000 | 532,000 | ||||
Restricted stock forfeited or withheld to satisfy tax obligations | $ (434) | $ (4) | $ (430) | |||
Performance-Based Restricted Stock Units eligible to vest (in shares) | 0 | |||||
Performance-Based Restricted Stock Units eligible to vest | $ (57) | $ 0 | ||||
Vested (in shares) | (57,000) | (17,000) | ||||
Forfeited (in shares) | (15,000) | |||||
Purchase of treasury stock under stock repurchase plan | $ (1,756) | $ (1,756) | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 28,063 | 28,063 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 51,440,000 | 73,235,000 | ||||
Ending balance at Jun. 30, 2021 | $ 127,498 | $ 733 | $ 237,614 | $ (137,280) | $ 26,431 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares | 21,795,000 | 21,795,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (27,540) | $ (4,688) |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation | 8,445 | 6,272 |
Deferred income taxes | (951) | (804) |
Amortization of deferred financing costs | 74 | 74 |
Stock based compensation | 4,060 | 3,411 |
Impairment of intangible assets | 0 | 7,200 |
Impairment of equity investment | 0 | 2,002 |
Unrealized gain on equity security | (1,839) | 0 |
Gain on sale of equity investment | 0 | (200) |
Change in accrual for unrecognized tax benefits | 82 | (18) |
Loss on disposition of discontinued operations | 30,203 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,556 | 2,765 |
Prepaid expenses and other assets | (373) | 355 |
Capitalized contract costs | (554) | 980 |
Accounts payable and accrued expenses | (4,507) | (4,242) |
Income taxes receivable/payable | 1,613 | 255 |
Deferred revenue | 7,118 | (4,041) |
Other, net | (89) | 699 |
Net cash flows from operating activities | 19,298 | 10,020 |
Cash flows from (used in) investing activities: | ||
Cash transferred with discontinued operations | (2,951) | 0 |
Cash received from sale of equity investment | 0 | 200 |
Purchases of fixed assets | (6,822) | (8,405) |
Net cash flows used in investing activities | (9,773) | (8,205) |
Cash flows from (used in) financing activities: | ||
Payments on long-term debt | (9,000) | (9,444) |
Proceeds from long-term debt | 5,000 | 36,444 |
Payments under stock repurchase plan | (3,444) | (5,076) |
Purchase of treasury stock related to vested restricted and performance stock units | (1,826) | (1,523) |
Net cash flows from (used in) financing activities | (9,270) | 20,401 |
Effect of exchange rate changes | 10 | (122) |
Net change in cash and cash equivalents for the period | 265 | 22,094 |
Cash and cash equivalents, beginning of period | 7,640 | 5,381 |
Cash and cash equivalents, end of period | $ 7,905 | $ 27,475 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of DHI Group, Inc. (“DHI” or the “Company”) have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in annual audited consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted and condensed pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments (consisting of only normal and recurring accruals) have been made to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report on Form 10-K”). Operating results for the six month period ended June 30, 2021 are not necessarily indicative of the results to be achieved for the full year. Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Management believes the most complex and sensitive judgments, because of their significance to the condensed consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Actual results could differ materially from management’s estimates reported in the condensed consolidated financial statements and footnotes thereto. There have been no significant changes in the Company’s assumptions regarding critical accounting estimates during the six month period ended June 30, 2021. On June 30, 2021, the Company transferred majority ownership and control of its eFinancialCareers ("eFC") business to eFC's management, while retaining a 40% common share interest. The eFC business was significant to the Company and the transfer was considered to be a strategic shift from the financial services industry and from the geographies eFC serves that had a major effect on the Company's operations. As a result, the eFC business has been deconsolidated from the Company's consolidated financial statements as of June 30, 2021 and is reflected as a discontinued operation in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Operations for all periods presented. The historical Condensed Consolidated Statements of Comprehensive Income (Loss), Stockholders’ Equity and Cash Flows have not been revised to reflect the effects of the transfer of control of eFC. For further information on discontinued operations, see Note 3, “Discontinued Operations.” Unless noted otherwise, discussion in the notes to the condensed consolidated financial statements pertain to continuing operations . The Company allocates resources and assesses financial performance on a consolidated basis, as all services pertain to the Company's Tech-focused strategy. As a result, t he Company has a single reportable segment, Tech-focused, which now includes only the Dice and ClearanceJobs brands, as well as corporate related costs. All operations are in the United States and the Company no longer has revenues and long-lived assets, which includes fixed assets and lease right of use assets, outside of the United States. |
SIGNIFCANT ACCOUNTING POLICIES
SIGNIFCANT ACCOUNTING POLICIES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. NEW ACCOUNTING STANDARDS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current "incurred loss" model with an "expected loss" model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of a financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022 for Smaller Reporting Companies. The Company is evaluating the expected impact of this standard on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during interim quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of accounting for franchise taxes, specifies the timing for recognizing certain income tax effects of changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS As further described in Note 1, on June 30, 2021, the Company transferred majority ownership and control of its eFC business to eFC's management, while retaining a 40% common share interest. As a result, we have reflected eFC's financial results as discontinued operations in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Operations for all periods presented. The assets and liabilities classified as discontinued operations on the Condensed Consolidated Balance Sheets were as follows (in thousands): December 31, 2020 Cash and cash equivalents $ 3,098 Accounts receivable, net 4,164 Income taxes receivable 511 Prepaid and other current assets 402 Current assets of discontinued operations 8,175 Fixed, assets, net 1,511 Capitalized contract costs 1,545 Goodwill 5,253 Deferred income taxes 19 Operating lease right-of-use assets 5,601 Other assets 269 Non-current assets of discontinued operations 14,198 Total assets of discontinued operations $ 22,373 Accounts payable and accrued expenses $ 4,118 Operating lease liabilities 1,335 Deferred revenue 6,879 Income taxes payable 123 Current liabilities of discontinued operations 12,455 Deferred income taxes 171 Deferred revenue 33 Accrual for unrecognized tax benefits 406 Operating lease liabilities 4,333 Other long-term liabilities 345 Non-current liabilities of discontinued operations 5,288 Total liabilities of discontinued operations $ 17,743 The results of discontinued operations on the Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues $ 6,173 $ 6,188 $ 12,130 $ 13,436 Operating expenses (5,546) (5,390) (10,821) (11,318) Operating income 627 798 1,309 2,118 Loss on disposition of discontinued operations 1 (30,203) — (30,203) — Other income (expense) (1) — 1 5 Income (loss) before income taxes (29,577) 798 (28,893) 2,123 Income tax expense 422 98 447 438 Net income (loss) $ (29,999) $ 700 $ (29,340) $ 1,685 (1) The loss was comprised of $28.1 million related to the reclassification of currency translation adjustments and $5.2 million from the removal of eFC's net assets. The loss was partially offset by the recording of an equity investment of $3.6 million and eFC's earnings during the three and six month periods ended June 30, 2021. Depreciation, fixed asset purchases and other significant non-cash items related to discontinued operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation $ 309 $ 446 $ 774 $ 932 Purchases of fixed assets $ 323 $ 23 $ 447 $ 144 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 413 $ 373 $ 804 $ 755 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION The Company recognizes revenue when control of the promised goods or services is transferred to our customers at an amount that reflects the consideration to which we expect to receive in exchange for those goods or services. Revenue is recognized net of customer discounts ratably over the service period. Customer billings delivered in advance of services being rendered are recorded as deferred revenue and recognized over the service period. The Company generates revenue from recruitment packages, advertising, classifieds, and virtual and live career fair and recruitment event booth rentals. Disaggregation of revenue Our brands primarily serve the technology and security cleared professions. The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Dice $ 20,583 $ 20,489 $ 39,634 $ 42,974 ClearanceJobs 8,138 7,107 15,763 14,007 Total $ 28,721 $ 27,596 $ 55,397 $ 56,981 Contract Balances The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands): As of June 30, 2021 As of December 31, 2020 Receivables $ 13,727 $ 16,134 Short-term contract liabilities (deferred revenue) 42,230 35,547 Long-term contract liabilities (deferred revenue) 958 1,035 We receive payments from customers based upon contractual billing schedules; accounts receivable is recorded when customers are invoiced per the contractual billings schedules. As the Company's standard payment terms are less than one year, the Company elected the practical expedient, where applicable. As a result, the Company does not consider the effects of a significant financing component. Contract liabilities include customer billings delivered in advance of performance under the contract, and associated revenue is realized when services are rendered under the contract. Receivables increase due to customer billings and decrease by cash collected from customers. Contract liabilities increase due to customer billings and are decreased as performance obligations are satisfied under the contracts. The Company recognized the following revenues as a result of changes in the contract liability balances in the respective periods (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 20,065 $ 20,928 26,499 $ 31,326 The following table includes estimated deferred revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Remainder of 2021 2022 2023 2024 Total Tech-focused $ 33,777 $ 9,151 $ 238 $ 22 $ 43,188 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The FASB ASC topic on Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value and requires certain disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. As a basis for considering assumptions, a three-tier fair value hierarchy is used, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued expenses and long-term debt approximate their fair values. The equity security is carried at fair value using values available on a public exchange and is based on a Level 1 input. The fair value of the long-term debt was estimated using present value techniques and market based interest rates and credit spreads. The estimated fair value of long-term debt is based on Level 2 inputs. Certain assets and liabilities are measured at fair value on a non-recurring basis. These assets include equity investments and goodwill and intangible assets which resulted from prior acquisitions. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. Such instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. On June 30, 2021, the Company transferred majority ownership and control of its eFC business to eFC's management, while retaining a 40% common share interest. The Company valued its 40% interest in eFC utilizing a combination of a discounted cash flow and a market approach. The discounted cash flow included declining revenues for the years ending December 31, 2021 and 2022 as compared to the year ended December 31, 2020 and then increasing moderately. The discounted cash flow also included operating margin declines for the year ending December 31, 2022 compared to the year ending December 31, 2021 and then increasing moderately. The Company utilized a discount rate of 19.0%. The market approach included the analysis of data from transactions on guideline companies and applied multiples of those transactions to eFC's results. |
INVESTMENTS (Notes)
INVESTMENTS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Equity Security at Fair Value Through its predecessor companies, the Company owns a minority interest representing less than 1% of the common stock of a technology company that completed an initial public offering ("IPO") and became publicly traded during the first quarter of 2021. Prior to the IPO, the Company had elected the measurement alternative in accordance with FASB ASC 321, Investments – Equity Securities. As of December 31, 2020, it was not practicable to estimate the fair value of its interest because there were no observable transactions for the investment. Accordingly, the investment was carried at its original cost, less impairments, which resulted in a carrying value of zero as of December 31, 2020. As a result of the IPO, the shares now have a readily determinable fair market value, which was $1.8 million as of June 30, 2021. The investment is accounted for as an equity security, with unrealized gains and losses included in earnings. Unrealized gain (loss) of ($0.7) million and $1.8 million has been recorded for the three and six month periods ended June 30, 2021, respectively. Other Investments At January 1, 2018, the Company held preferred stock representing a 10.0% interest in the fully diluted shares of a tech skills assessment company. During 2018, the skills assessment company completed an additional equity offering, lowering DHI's total interest to 7.6%. The Company did not adjust the recorded value of the investment because the shares issued under the new share offering were not similar to the Company's share rights. As of December 31, 2019 it was not practicable to estimate the fair value of the preferred stock as the shares are not traded. The investment was carried at its original cost of $2.0 million and was included in the other assets section of the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2020, based on the investment's historical cash burn rate, uncertainty of its ability to meet revenue and cash flow projections, current liquidity position, lack of access to additional capital, and impacts from the COVID-19 pandemic, the Company determined the value to be zero. Accordingly, the Company recorded an impairment charge of $2.0 million during the first quarter of 2020. As of June 30, 2021, there have been no additional shares issued that were similar to the Company's share rights and the investment is recorded at zero as of June 30, 2021. On January 31, 2018, the Company transferred a majority ownership of the BioSpace business to BioSpace management with zero proceeds received from the transfer, while retaining a 20% preferred share interest in the BioSpace business. During the second quarter of 2020, the Company sold its 20% interest in BioSpace to BioSpace management for $0.2 million. At the time of sale, the recorded value of the investment was zero. Accordingly, the Company recognized a $0.2 million gain on sale, which was included in interest expense and other on the Condensed Consolidated Statements of Operations. Rigzone is a website dedicated to delivering online content, data, and career services in the oil and gas industry in North America, Europe, the Middle East, and Asia Pacific. Oil and gas companies, as well as companies that serve the energy industry, use Rigzone to find talent for roles such as petroleum engineers, sales professionals with energy industry expertise and skilled tradesmen. On August 31, 2018, the Company transferred a majority ownership and control of the Rigzone business to Rigzone management, while retaining a 40% common share interest, with zero proceeds received from the transfer. The Company has evaluated the 40% common share interest in the Rigzone business and has determined the investment meets the definition and criteria of a variable interest entity ("VIE"). The Company evaluated the VIE and determined that the Company does not have a controlling financial interest in the VIE, as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The common share interest is being accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over Rigzone. As accumulated earnings of the VIE have been approximately zero since the date of transfer, the investment is recorded at zero at June 30, 2021. As further described in Notes 1 and 5, on June 30, 2021, the Company transferred majority ownership and control of its eFC business to eFC's management, while retaining a 40% common share interest with zero proceeds received from the transfer. The Company incurred approximately $0.1 million in selling costs and recognized a $30.2 million loss on the transfer in the second quarter of 2021, which included a $28.1 million charge related to accumulated foreign currency loss that was previously a reduction to equity. eFC is a financial services careers website, operating websites in multiple markets in four languages mainly across the United Kingdom, Continental Europe, Asia, the Middle East and North America. Professionals from across many sectors of the financial services industry, including asset management, risk management, investment banking, and information technology, use eFC to advance their careers. The Company has evaluated the 40% common share interest in the eFC business and has determined the investment meets the definition and criteria of a variable interest entity ("VIE"). The Company evaluated the VIE and determined that the Company does not have a controlling financial interest in the VIE, as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The common share interest is being accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over eFC. The investment was recorded at its fair value on June 30, 2021, the date of transfer, which was $3.6 million. The recorded value will adjust in the future based on the Company's proportionate share of eFC's net income. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating leases for corporate office space and certain equipment. The leases have original terms from one year to eight years, some of which include options to renew the lease, and are included in the lease term when it is reasonably certain that the Company will exercise the option. No leases include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any lease agreements with related parties. Operating lease right-of-use "ROU" assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When readily available, the Company uses the implicit rate in determining the present value of the lease payments. When leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the commencement of the lease, including the lease term. Because the implicit rate in each lease is not available, the Company used its incremental borrowing rate to determine the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All operating lease expense is recognized on a straight-line basis over the lease term. The components of lease cost were as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost * $ 558 $ 710 $ 1,122 $ 1,434 Sublease income (180) (324) (360) (660) Total lease cost $ 378 $ 386 $ 762 $ 774 * Includes short-term lease costs and variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows (in thousands): For the Six Months Ended June 30, 2021 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,221 $ 1,591 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ 292 Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount): June 30, 2021 December 31, 2020 Operating lease right-of-use-assets $ 9,771 $ 10,804 Operating lease liabilities - current 2,246 2,075 Operating lease liabilities - non-current 8,191 9,371 Total operating lease liabilities $ 10,437 $ 11,446 Weighted Average Remaining Lease Term (in years) Operating leases 4.3 4.7 Weighted Average Discount Rate Operating leases 3.84 % 3.86 % As of June 30, 2021, future operating lease payments were as follows (in thousands): Operating Leases July 1, 2021 through December 31, 2021 $ 1,258 2022 2,703 2023 2,451 2024 1,965 2025 1,946 2026 and thereafter 1,074 Total lease payments $ 11,397 Less imputed interest 960 Total $ 10,437 |
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | ACQUIRED INTANGIBLE ASSETS, NET Considering the recognition of the Dice brand, its long history, awareness in the talent acquisition and staffing services market, and the intended use, the remaining useful life of the Dice.com trademarks and brand name was determined to be indefinite. We determine whether the carrying value of recorded indefinite-lived acquired intangible assets is impaired on an annual basis or more frequently if indicators of potential impairment exist. The impairment review process compares the fair value of the indefinite-lived acquired intangible assets to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. As of June 30, 2021 and December 31, 2020, the Company had an indefinite-lived acquired intangible asset of $23.8 million related to the Dice trademarks and brand name. During the first and third quarters of 2020, because of the impacts of the COVID-19 pandemic and its potential impact on future earnings and cash flows that are attributable to the Dice trademarks and brand name, the Company recorded impairment charges of $7.2 million and $8.0 million, respectively. No impairment was recorded during the six month period ended June 30, 2021. The projections utilized in the September 30, 2020 analysis included a decline in revenues for the year ending December 31, 2021 compared to the year ended December 31, 2020, and then increasing revenues to rates approximating industry growth projections. The Company’s ability to achieve these revenue projections may be impacted by, among other things, uncertainty related to COVID-19, competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market and the Company’s ability to attribute value delivered to customers. The September 30, 2020 analysis included a small reduction in operating margin during the year ending December 31, 2021 and then increasing modestly. If future cash flows that are attributable to the Dice trademarks and brand name are not achieved, the Company could realize an impairment in a future period. The Company's operating results attributable to the Dice trademarks and brand name through June 30, 2021 and projections of future results have met or exceeded those included in the projections utilized in the September 30, 2020 analysis. In the September 30, 2020 analysis, the Company utilized a relief from royalty rate method to value the Dice trademarks and brand name using a royalty rate of 4.0% based on comparable industry studies and a discount rate of 15.5%. |
GOODWILL (Notes)
GOODWILL (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | . GOODWILL Goodwill as of June 30, 2021 and December 31, 2020, which was allocated to the Tech-focused reporting unit, was $128.1 million. There were no changes to goodwill from December 31, 2020 to June 30, 2021. The annual impairment test for the Tech-focused reporting unit is performed on October 1 of each year. During the three months ended September 30, 2020, because of the impacts of the COVID-19 pandemic and its potential impact on future earnings and cash flows for the reporting unit, the Company recorded an impairment charge of $23.6 million. On June 30, 2021, the Company transferred a majority interest of its eFC business, which was part of the Tech-focused reporting unit, to management. As a result, the Company performed an interim impairment analysis of goodwill. The results indicated that the fair value of the Tech-focused reporting unit was substantially in excess of the carrying value as of June 30, 2021. No impairment was recorded during the six month periods ended June 30, 2021 and 2020. Revenue projections attributable to the Tech-focused reporting unit used in the June 30, 2021 analysis included revenue growth for the year ending December 31, 2021 compared to the year ended December 31, 2020 as the business recovers from the impacts of the COVID-19 pandemic and then continues its growth at rates approximating industry growth projections. The Company’s ability to achieve these revenue projections may be impacted by, among other things, any future impacts of the COVID-19 pandemic, competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market and the Company’s ability to attribute value delivered to customers. The operating margin for the year ending December 31, 2021, as included in the June 30, 2021 analysis, approximates the operating margin for the year ended December 31, 2020, and then the margin increases as revenue growth drives profitability. Determining the fair value of a reporting unit is judgmental in nature and requires the use of estimates and key assumptions, particularly assumed discount rates and projections of future operating results. The discount rate applied for the Tech-focused reporting unit in the June 30, 2021 analysis was 15.5%. An increase to the discount rate applied or reductions to future projected operating results could result in a future impairment of the Tech-focused reporting unit’s goodwill. It is reasonably possible that changes in judgments, assumptions and estimates the Company made in assessing the fair value of goodwill could cause the Company to consider some portion or all of the goodwill of the Tech-focused reporting unit to become impaired. In addition, a future decline in the overall market conditions, uncertainty related to COVID-19, political instability, and/or changes in the Company’s market share could negatively impact the estimated future cash flows and discount rates used to determine the fair value of the reporting unit and could result in an impairment charge in the foreseeable future. |
INDEBTEDNESS
INDEBTEDNESS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | INDEBTEDNESS Credit Agreement —In November 2018, the Company, together with Dice, Inc. (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiary, Dice Career Solutions, Inc. (collectively, the “Borrowers”), entered into a Second Amended and Restated Credit Agreement, as further amended in June 2021 (the “Credit Agreement”), which matures in November 2023, and replaced the previously existing credit agreement dated November 2015. The June 2021 amendment modified the credit agreement to allow for the disposition of the eFC business. The Credit Agreement provides for a revolving loan facility of $90 million, with an expansion option up to $140 million, as permitted under the terms of the Credit Agreement. Borrowings under the Credit Agreement bear interest, at the Company’s option, at a LIBOR rate or a base rate plus a margin. The margin ranges from 1.75% to 2.50% on LIBOR loans and 0.75% to 1.50% on base rate loans, determined by the Company’s most recent consolidated leverage ratio. The Company incurs a commitment fee ranging from 0.30% to 0.45% on any unused capacity under the revolving loan facility, determined by the Company’s most recent consolidated leverage ratio. The facility may be prepaid at any time without penalty. The Credit Agreement contains various customary affirmative and negative covenants and also contains certain financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. Borrowings are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 2.50 to 1.00. Negative covenants include restrictions on incurring certain liens; making certain payments, such as stock repurchases and dividend payments; making certain investments; making certain acquisitions; making certain dispositions; and incurring additional indebtedness. Restricted payments are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 2.00 to 1.00, plus an additional $5.0 million of restricted payments. The Credit Agreement also provides that the payment of obligations may be accelerated upon the occurrence of customary events of default, including, but not limited to, non-payment, change of control, or insolvency. As of June 30, 2021, the Company was in compliance with all of the financial covenants under the Credit Agreement. The obligations under the Credit Agreement are guaranteed by two of the Company’s U.S. based wholly-owned subsidiaries and secured by substantially all of the assets of the Borrowers and the guarantors. The amounts borrowed as of June 30, 2021 and December 31, 2020 are as follows (dollars in thousands): June 30, December 31, Amounts borrowed: Revolving credit facility $ 16,000 $ 20,000 Less: deferred financing costs, net of accumulated amortization of $393 and $319 (344) (417) Long-term debt, net $ 15,656 $ 19,583 Available to be borrowed under revolving facility, subject to certain limitations $ 74,000 $ 70,000 Interest rates: LIBOR rate loans: Interest margin 1.75 % 2.00 % Actual interest rates 1.88 % 2.19 % Commitment fee 0.30 % 0.35 % There are no scheduled principal payments until maturity of the Credit Agreement in November 2023. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . COMMITMENTS AND CONTINGENCIES Litigation The Company is subject to various claims from taxing authorities, lawsuits and other complaints arising in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are reasonably estimable. Although the outcome of these legal matters, except as described below and recorded in the condensed consolidated financial statements, cannot be determined, it is the opinion of management that the final resolution of these matters will not have a material effect on the Company’s financial condition, operations or liquidity. Tax Contingencies The Company operates in a number of tax jurisdictions and is routinely subject to examinations by various tax authorities with respect to income taxes and indirect taxes. The determination of the Company’s liability for taxes requires judgment and estimation. The Company has reserved for potential examination adjustments to our provision for income taxes and accrual of indirect taxes in amounts which the Company believes are reasonable. |
EQUITY TRANSACTIONS (Notes)
EQUITY TRANSACTIONS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY TRANSACTIONS Stock Repurchase Plans —The Company's Board of Directors ("Board") approved a stock repurchase program that permits the Company to repurchase its common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The following table summarizes the Stock Repurchase Plans approved by the Board: May 2019 to May 2020 May 2020 to May 2021 (1) Feb 2021 to Jun 2022 (2) Approval Date April 2019 May 2020 February 2021 Authorized Repurchase Amount of Common Stock $7 million $5 million $20 million (1) During the first quarter of 2021, the Company completed its purchases under the plan, which consisted of 2.2 million shares for $5.0 million, effectively ending the plan prior to its original expiration date. (2) During the second quarter of 2021, the Company amended its stock repurchase program approved in February 2021 and allowed for the purchase of an additional $12.0 million of our common stock through June 2022, bringing total authorized purchases under the plan to $20.0 million. As of June 30, 2021 the value of shares that may yet be purchased under the current plan was $17.8 million. Purchases of the Company's common stock pursuant to the Stock Repurchase Plans were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Shares repurchased [1] 532,448 1,342,754 1,122,347 2,002,667 Average purchase price per share [2] $ 3.30 $ 2.56 $ 2.94 $ 2.53 Dollar value of shares repurchased (in thousands) $ 1,756 $ 3,433 $ 3,303 $ 5,076 [1] No shares of our common stock were purchased other than through a publicly announced plan or program. [2] Average price paid per share includes costs associated with the repurchases. There were 135,330 and 8,905 unsettled share repurchases as of June 30, 2021 and 2020, respectively. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Under the 2012 Omnibus Equity Award Plan, the Company has granted stock options, restricted stock and Performance-Based Restricted Stock Units (“PSUs”) to certain employees and directors. The Company recorded total stock based compensation expense of $1.8 million and $3.4 million during each of the three and six month periods ended June 30, 2021, respectively, and $1.5 million and $3.1 million during the three and six months periods ended June 30, 2020. At June 30, 2021, there was $10.6 million of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a weighted-average period of approximately 1.4 years. Restricted Stock— Restricted stock is granted to employees of the Company and its subsidiaries, and to non-employee members of the Company’s Board. These shares are part of the compensation plan for services provided by the employees or Board members. The closing price of the Company’s stock on the date of grant is used to determine the fair value of the grants. The expense related to restricted stock grants is recorded over the vesting period as described below. There was no cash flow impact resulting from the grants. Restricted stock vests in various increments either quarterly or on the anniversaries of each grant, subject to the recipient’s continued employment or service through each applicable vesting date. Vesting occurs over one year for Board members and over two to four years for employees. A summary of the status of restricted stock awards as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 4,107,217 $ 2.49 4,289,607 $ 2.52 Granted 291,460 $ 2.99 393,000 $ 2.39 Forfeited (327,959) $ 2.65 (117,502) $ 2.74 Vested (594,662) $ 2.35 (411,934) $ 2.70 Non-vested at end of period 3,476,056 $ 2.55 4,153,171 $ 2.48 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 3,877,853 $ 2.49 3,994,787 $ 2.46 Granted 1,759,683 $ 2.68 1,860,500 $ 2.73 Forfeited (532,134) $ 2.69 (280,298) $ 2.91 Vested (1,629,346) $ 2.49 (1,421,818) $ 2.67 Non-vested at end of period 3,476,056 $ 2.55 4,153,171 $ 2.48 —PSUs are granted to employees of the Company and its subsidiaries. These shares are granted under two compensation agreements that are for services provided by the employees. The first agreement expired and was terminated during the first quarter of 2020 and had no unvested shares as of March 31, 2020. Under the second agreement, the fair value of the PSUs are measured at the grant date fair value of the award, which was determined based on an analysis of the probable performance outcomes. The performance period is over one year and is based on the achievement of bookings targets during the year of grant, as defined in the agreement. The earned shares will then vest over a three year period, one-third on each of the first, second, and third anniversaries of the grant date, or if later, the date the Compensation Committee certifies the performance results with respect to the performance period. For the performance period ending December 31, 2020, as a result of the COVID-19 pandemic and its impact on the overall economy, the bookings targets were modified during the third quarter of 2020. Accordingly, the Company remeasured the awards. There was no cash flow impact resulting from the grants. A summary of the status of PSUs as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Shares Weighted- Average Fair Value at Non-vested at beginning of the period 1,897,671 $ 2.54 1,627,011 $ 2.51 Forfeited (40,000) $ 2.62 (24,852) $ 2.73 Vested (42,139) $ 2.75 (14,552) $ 3.00 Non-vested at end of period 1,815,532 $ 2.53 1,587,607 $ 2.50 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Shares Weighted- Average Fair Value at Non-vested at beginning of the period 1,352,438 $ 2.50 1,664,650 $ 2.53 Granted 990,000 $ 2.62 911,460 $ 2.82 Forfeited (145,656) $ 2.63 (665,927) $ 3.28 Vested (381,250) $ 2.60 (322,576) $ 1.95 Non-vested at end of period 1,815,532 $ 2.53 1,587,607 $ 2.50 Stock Options— The fair value of each option grant is estimated using the Black-Scholes option-pricing model. This valuation model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected life (the period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, a risk-free interest rate and expected dividends. The expected life of options granted is derived from historical exercise behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury rates in effect at the time of grant. The stock options vest 25% after one year, beginning on the first anniversary date of the grant, and 6.25% each quarter following the first anniversary. There was no cash flow impact resulting from the grants. No stock options were granted during the six months ended June 30, 2021 and 2020. A summary of the status of options previously granted as of June 30, 2021 and 2020, and the changes during the periods then ended, is presented below: Three Months Ended June 30, 2021 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 25,000 $ 7.50 $ — Forfeited (15,000) $ 7.00 $ — Options outstanding at end of period 10,000 $ 8.25 $ — Exercisable at end of period 10,000 $ 8.25 $ — Three Months Ended June 30, 2020 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 110,000 $ 7.40 $ — Options outstanding at end of period 110,000 $ 7.40 $ — Exercisable at end of period 110,000 $ 7.40 $ — Six Months Ended June 30, 2021 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 110,000 $ 7.40 $ — Forfeited (100,000) $ 7.32 $ — Options outstanding at end of period 10,000 $ 8.25 $ — Exercisable at end of period 10,000 $ 8.25 $ — Six Months Ended June 30, 2020 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 190,000 $ 8.28 $ — Forfeited (80,000) $ 9.48 $ — Options outstanding at end of period 110,000 $ 7.40 $ — Exercisable at end of period 110,000 $ 7.40 $ — The weighted-average remaining contractual term of options exercisable at June 30, 2021 is 0.3 years. The following table summarizes information about options outstanding as of June 30, 2021: Exercise Price Options Outstanding and Exercisable Weighted- (in years) $ 8.00 - $ 8.99 10,000 0.3 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings (loss) per share (“EPS”) is computed based on the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted-average number of shares of common stock outstanding plus common stock equivalents, where dilutive. For the three month period ended June 30, 2021 and for the six month period ended June 30, 2020, 0.4 million and 1.4 million dilutive shares, respectively, were excluded from the computation of shares contingently issuable upon exercise as we recognized a net loss. Outstanding stock-based awards that were anti-dilutive and excluded from the calculation of diluted EPS were approximately 1.9 million and 1.7 million shares for the three and six month periods ended June 30, 2021 and approximately 2.1 million and 2.0 million shares for the three and six month periods ended June 30, 2020, respectively. The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) from continuing operations $ (212) $ 1,162 $ 1,800 $ (6,373) Income (loss) from discontinued operations, net of tax $ (29,999) $ 700 $ (29,340) $ 1,685 Net income (loss) $ (30,211) $ 1,862 $ (27,540) $ (4,688) Weighted-average shares outstanding—basic 47,227 48,427 47,111 48,781 Add shares issuable from stock-based awards — 1,264 1,743 — Weighted-average shares outstanding—diluted 47,227 49,691 48,854 48,781 Basic earnings (loss) per share - continuing operations $ — $ 0.02 $ 0.04 $ (0.13) Diluted earnings (loss) per share - continuing operations $ — $ 0.02 $ 0.04 $ (0.13) Basic earnings (loss) per share - discontinued operations $ (0.64) $ 0.01 $ (0.62) $ 0.03 Diluted earnings (loss) per share - discontinued operations $ (0.64) $ 0.01 $ (0.60) $ 0.03 Basic earnings (loss) per share $ (0.64) $ 0.04 $ (0.58) $ (0.10) Diluted earnings (loss) per share $ (0.64) $ 0.04 $ (0.56) $ (0.10) |
INCOME TAXES (Notes)
INCOME TAXES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Contingency [Line Items] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The Company’s effective tax rate was 22% and 3% for the three and six months ended June 30, 2021, respectively, and 22% and 12% for the three and six months ended June 30, 2020, respectively. In addition to state income taxes and the allocation of income (loss) between jurisdictions, the following items caused the effective tax rate to differ from the U.S. statutory rate: • A tax benefit of $0.4 million during the six months ended June 30, 2021, from the release of a valuation allowance related to the Company's capital loss carryforward. • A tax deficiency of $0.4 million during the six months ended June 30, 2020, related to the vesting or settlement of share-based compensation awards. • Tax expense of $0.4 million during the six months ended June 30, 2020, related to the nondeductible impairment of an equity investment. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The assets and liabilities classified as discontinued operations on the Condensed Consolidated Balance Sheets were as follows (in thousands): December 31, 2020 Cash and cash equivalents $ 3,098 Accounts receivable, net 4,164 Income taxes receivable 511 Prepaid and other current assets 402 Current assets of discontinued operations 8,175 Fixed, assets, net 1,511 Capitalized contract costs 1,545 Goodwill 5,253 Deferred income taxes 19 Operating lease right-of-use assets 5,601 Other assets 269 Non-current assets of discontinued operations 14,198 Total assets of discontinued operations $ 22,373 Accounts payable and accrued expenses $ 4,118 Operating lease liabilities 1,335 Deferred revenue 6,879 Income taxes payable 123 Current liabilities of discontinued operations 12,455 Deferred income taxes 171 Deferred revenue 33 Accrual for unrecognized tax benefits 406 Operating lease liabilities 4,333 Other long-term liabilities 345 Non-current liabilities of discontinued operations 5,288 Total liabilities of discontinued operations $ 17,743 The results of discontinued operations on the Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues $ 6,173 $ 6,188 $ 12,130 $ 13,436 Operating expenses (5,546) (5,390) (10,821) (11,318) Operating income 627 798 1,309 2,118 Loss on disposition of discontinued operations 1 (30,203) — (30,203) — Other income (expense) (1) — 1 5 Income (loss) before income taxes (29,577) 798 (28,893) 2,123 Income tax expense 422 98 447 438 Net income (loss) $ (29,999) $ 700 $ (29,340) $ 1,685 (1) The loss was comprised of $28.1 million related to the reclassification of currency translation adjustments and $5.2 million from the removal of eFC's net assets. The loss was partially offset by the recording of an equity investment of $3.6 million and eFC's earnings during the three and six month periods ended June 30, 2021. Depreciation, fixed asset purchases and other significant non-cash items related to discontinued operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation $ 309 $ 446 $ 774 $ 932 Purchases of fixed assets $ 323 $ 23 $ 447 $ 144 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 413 $ 373 $ 804 $ 755 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Dice $ 20,583 $ 20,489 $ 39,634 $ 42,974 ClearanceJobs 8,138 7,107 15,763 14,007 Total $ 28,721 $ 27,596 $ 55,397 $ 56,981 |
Schedule of Contract Balances | The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands): As of June 30, 2021 As of December 31, 2020 Receivables $ 13,727 $ 16,134 Short-term contract liabilities (deferred revenue) 42,230 35,547 Long-term contract liabilities (deferred revenue) 958 1,035 Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 20,065 $ 20,928 26,499 $ 31,326 |
Schedule of Expected Timing of Satisfaction for Performance Obligations | The following table includes estimated deferred revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Remainder of 2021 2022 2023 2024 Total Tech-focused $ 33,777 $ 9,151 $ 238 $ 22 $ 43,188 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease cost were as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost * $ 558 $ 710 $ 1,122 $ 1,434 Sublease income (180) (324) (360) (660) Total lease cost $ 378 $ 386 $ 762 $ 774 * Includes short-term lease costs and variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows (in thousands): For the Six Months Ended June 30, 2021 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,221 $ 1,591 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ 292 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount): June 30, 2021 December 31, 2020 Operating lease right-of-use-assets $ 9,771 $ 10,804 Operating lease liabilities - current 2,246 2,075 Operating lease liabilities - non-current 8,191 9,371 Total operating lease liabilities $ 10,437 $ 11,446 Weighted Average Remaining Lease Term (in years) Operating leases 4.3 4.7 Weighted Average Discount Rate Operating leases 3.84 % 3.86 % |
Schedule of Maturities of Lease Liabilities | were as follows (in thousands): Operating Leases July 1, 2021 through December 31, 2021 $ 1,258 2022 2,703 2023 2,451 2024 1,965 2025 1,946 2026 and thereafter 1,074 Total lease payments $ 11,397 Less imputed interest 960 Total $ 10,437 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The amounts borrowed as of June 30, 2021 and December 31, 2020 are as follows (dollars in thousands): June 30, December 31, Amounts borrowed: Revolving credit facility $ 16,000 $ 20,000 Less: deferred financing costs, net of accumulated amortization of $393 and $319 (344) (417) Long-term debt, net $ 15,656 $ 19,583 Available to be borrowed under revolving facility, subject to certain limitations $ 74,000 $ 70,000 Interest rates: LIBOR rate loans: Interest margin 1.75 % 2.00 % Actual interest rates 1.88 % 2.19 % Commitment fee 0.30 % 0.35 % |
EQUITY TRANSACTIONS (Tables)
EQUITY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |
Class of Treasury Stock [Table Text Block] | Stock Repurchase Plans —The Company's Board of Directors ("Board") approved a stock repurchase program that permits the Company to repurchase its common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The following table summarizes the Stock Repurchase Plans approved by the Board: May 2019 to May 2020 May 2020 to May 2021 (1) Feb 2021 to Jun 2022 (2) Approval Date April 2019 May 2020 February 2021 Authorized Repurchase Amount of Common Stock $7 million $5 million $20 million (1) During the first quarter of 2021, the Company completed its purchases under the plan, which consisted of 2.2 million shares for $5.0 million, effectively ending the plan prior to its original expiration date. (2) During the second quarter of 2021, the Company amended its stock repurchase program approved in February 2021 and allowed for the purchase of an additional $12.0 million of our common stock through June 2022, bringing total authorized purchases under the plan to $20.0 million. |
Schedule of Repurchase Agreements [Table Text Block] | Purchases of the Company's common stock pursuant to the Stock Repurchase Plans were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Shares repurchased [1] 532,448 1,342,754 1,122,347 2,002,667 Average purchase price per share [2] $ 3.30 $ 2.56 $ 2.94 $ 2.53 Dollar value of shares repurchased (in thousands) $ 1,756 $ 3,433 $ 3,303 $ 5,076 [1] No shares of our common stock were purchased other than through a publicly announced plan or program. [2] Average price paid per share includes costs associated with the repurchases. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | A summary of the status of restricted stock awards as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 4,107,217 $ 2.49 4,289,607 $ 2.52 Granted 291,460 $ 2.99 393,000 $ 2.39 Forfeited (327,959) $ 2.65 (117,502) $ 2.74 Vested (594,662) $ 2.35 (411,934) $ 2.70 Non-vested at end of period 3,476,056 $ 2.55 4,153,171 $ 2.48 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 3,877,853 $ 2.49 3,994,787 $ 2.46 Granted 1,759,683 $ 2.68 1,860,500 $ 2.73 Forfeited (532,134) $ 2.69 (280,298) $ 2.91 Vested (1,629,346) $ 2.49 (1,421,818) $ 2.67 Non-vested at end of period 3,476,056 $ 2.55 4,153,171 $ 2.48 A summary of the status of PSUs as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Shares Weighted- Average Fair Value at Non-vested at beginning of the period 1,897,671 $ 2.54 1,627,011 $ 2.51 Forfeited (40,000) $ 2.62 (24,852) $ 2.73 Vested (42,139) $ 2.75 (14,552) $ 3.00 Non-vested at end of period 1,815,532 $ 2.53 1,587,607 $ 2.50 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Shares Weighted- Average Fair Value at Shares Weighted- Average Fair Value at Non-vested at beginning of the period 1,352,438 $ 2.50 1,664,650 $ 2.53 Granted 990,000 $ 2.62 911,460 $ 2.82 Forfeited (145,656) $ 2.63 (665,927) $ 3.28 Vested (381,250) $ 2.60 (322,576) $ 1.95 Non-vested at end of period 1,815,532 $ 2.53 1,587,607 $ 2.50 |
Weighted Average Remaining Contractual Life | A summary of the status of options previously granted as of June 30, 2021 and 2020, and the changes during the periods then ended, is presented below: Three Months Ended June 30, 2021 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 25,000 $ 7.50 $ — Forfeited (15,000) $ 7.00 $ — Options outstanding at end of period 10,000 $ 8.25 $ — Exercisable at end of period 10,000 $ 8.25 $ — Three Months Ended June 30, 2020 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 110,000 $ 7.40 $ — Options outstanding at end of period 110,000 $ 7.40 $ — Exercisable at end of period 110,000 $ 7.40 $ — Six Months Ended June 30, 2021 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 110,000 $ 7.40 $ — Forfeited (100,000) $ 7.32 $ — Options outstanding at end of period 10,000 $ 8.25 $ — Exercisable at end of period 10,000 $ 8.25 $ — Six Months Ended June 30, 2020 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 190,000 $ 8.28 $ — Forfeited (80,000) $ 9.48 $ — Options outstanding at end of period 110,000 $ 7.40 $ — Exercisable at end of period 110,000 $ 7.40 $ — |
Schedule of Exercise Price Range | The following table summarizes information about options outstanding as of June 30, 2021: Exercise Price Options Outstanding and Exercisable Weighted- (in years) $ 8.00 - $ 8.99 10,000 0.3 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) from continuing operations $ (212) $ 1,162 $ 1,800 $ (6,373) Income (loss) from discontinued operations, net of tax $ (29,999) $ 700 $ (29,340) $ 1,685 Net income (loss) $ (30,211) $ 1,862 $ (27,540) $ (4,688) Weighted-average shares outstanding—basic 47,227 48,427 47,111 48,781 Add shares issuable from stock-based awards — 1,264 1,743 — Weighted-average shares outstanding—diluted 47,227 49,691 48,854 48,781 Basic earnings (loss) per share - continuing operations $ — $ 0.02 $ 0.04 $ (0.13) Diluted earnings (loss) per share - continuing operations $ — $ 0.02 $ 0.04 $ (0.13) Basic earnings (loss) per share - discontinued operations $ (0.64) $ 0.01 $ (0.62) $ 0.03 Diluted earnings (loss) per share - discontinued operations $ (0.64) $ 0.01 $ (0.60) $ 0.03 Basic earnings (loss) per share $ (0.64) $ 0.04 $ (0.58) $ (0.10) Diluted earnings (loss) per share $ (0.64) $ 0.04 $ (0.56) $ (0.10) |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Details) | Jun. 30, 2021 |
Discontinued Operations, Disposed of by Sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership interest after disposal | 40.00% |
DISCONTINUED OPERATIONS - Asset
DISCONTINUED OPERATIONS - Assets and Liabilities Classified as Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets of discontinued operations | $ 0 | $ 8,175 |
Total assets of discontinued operations | 0 | 14,198 |
Current liabilities of discontinued operations | 0 | 12,455 |
Total liabilities of discontinued operations | $ 0 | 5,288 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 3,098 | |
Accounts receivable, net | 4,164 | |
Income taxes receivable | 511 | |
Prepaid and other current assets | 402 | |
Current assets of discontinued operations | 8,175 | |
Fixed, assets, net | 1,511 | |
Capitalized contract costs | 1,545 | |
Goodwill | 5,253 | |
Deferred income taxes | 19 | |
Operating lease right-of-use assets | 5,601 | |
Other assets | 269 | |
Non-current assets of discontinued operations | 14,198 | |
Total assets of discontinued operations | 22,373 | |
Accounts payable and accrued expenses | 4,118 | |
Operating lease liabilities | 1,335 | |
Deferred revenue | 6,879 | |
Income taxes payable | 123 | |
Current liabilities of discontinued operations | 12,455 | |
Deferred income taxes | 171 | |
Deferred revenue | 33 | |
Accrual for unrecognized tax benefits | 406 | |
Operating lease liabilities | 4,333 | |
Other long-term liabilities | 345 | |
Non-current liabilities of discontinued operations | 5,288 | |
Total liabilities of discontinued operations | $ 17,743 |
DISCONTINUED OPERATIONS - Resul
DISCONTINUED OPERATIONS - Results of Discontinued Operations on the Condensed Consolidated Statement of Operations (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 6,173 | $ 6,188 | $ 12,130 | $ 13,436 |
Operating expenses | (5,546) | (5,390) | (10,821) | (11,318) |
Operating income | 627 | 798 | 1,309 | 2,118 |
Loss on disposition of discontinued operations1 | (30,203) | 0 | (30,203) | 0 |
Other income (expense) | (1) | 0 | 1 | 5 |
Income (loss) before income taxes | (29,577) | 798 | (28,893) | 2,123 |
Income tax expense | 422 | 98 | 447 | 438 |
Net income (loss) | $ (29,999) | $ 700 | $ (29,340) | $ 1,685 |
DISCONTINUED OPERATIONS - Depre
DISCONTINUED OPERATIONS - Depreciation, Fixed Asset Purchases and Other Significant Non-cash Items (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation | $ 309 | $ 446 | $ 774 | $ 932 |
Purchases of fixed assets | 323 | 23 | 447 | 144 |
Cash paid for amounts included in measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 413 | $ 373 | $ 804 | $ 755 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - Tech-Focused [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 28,721 | $ 27,596 | $ 55,397 | $ 56,981 |
Dice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 20,583 | 20,489 | 39,634 | 42,974 |
ClearanceJobs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 8,138 | $ 7,107 | $ 15,763 | $ 14,007 |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||||
Accounts receivable, net of allowance for doubtful accounts of $758 and $647 | $ 13,727 | $ 13,727 | $ 16,134 | ||
Deferred revenue | 42,230 | 42,230 | 35,547 | ||
Deferred Revenue, Noncurrent | 958 | 958 | $ 1,035 | ||
Amounts included in the contract liability at the beginning of the period | $ 20,065 | $ 20,928 | $ 26,499 | $ 31,326 |
REVENUE RECOGNITION Revenue R_2
REVENUE RECOGNITION Revenue Recognition - Performance Obligations (Details) - Tech [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 43,188 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 33,777 |
Tech-focused revenue, expected timing of satisfaction | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 9,151 |
Tech-focused revenue, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 238 |
Tech-focused revenue, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 22 |
Tech-focused revenue, expected timing of satisfaction | 1 year |
FAIR VALUE MEASUREMENTS (Unobse
FAIR VALUE MEASUREMENTS (Unobservable Level 3 Inputs) (Details) - eFinancial Careers | Jun. 30, 2021 | Aug. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Common Stock Interest | 40.00% | 40.00% |
Fair Value Input, Discount Rate | 19.00% |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2018 | Jan. 01, 2018 | |
Segment Reporting Information [Line Items] | ||||||||
Interest in Diluted Shares of Cost Method Investment | 7.60% | 10.00% | ||||||
Cost Method Investments, Original Cost | $ 2,000 | |||||||
Impairment of Equity Investment | $ 2,000 | |||||||
Gain (Loss) on Sale of Equity Investments | $ 0 | $ 200 | ||||||
Debt and Equity Securities, Unrealized Gain (Loss) | $ (674) | $ 0 | 1,839 | $ 0 | ||||
Equity Securities, FV-NI, Cost | $ 1,800 | $ 1,800 | ||||||
Biospace | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Common Stock Interest | 20.00% | |||||||
Gain (Loss) on Sale of Equity Investments | $ 200 | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Preferred Share Interest | 20.00% | |||||||
Rigzone | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Common Stock Interest | 40.00% | |||||||
eFinancial Careers | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Common Stock Interest | 40.00% | 40.00% | 40.00% | |||||
Gain (Loss) on Sale of Equity Investments | $ 30,200 | |||||||
Divestiture of business selling costs | 100 | |||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 28,100 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use-assets | $ 9,771 | $ 10,804 |
Operating lease liability | $ 10,437 | $ 11,446 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term of contract (in years) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term of contract (in years) | 8 years |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost* | $ 558 | $ 710 | $ 1,122 | $ 1,434 |
Sublease income | (180) | (324) | (360) | (660) |
Lease, Cost, Total | $ 378 | $ 386 | 762 | 774 |
Cash paid for amounts included in measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 1,221 | 1,591 | ||
Right-of-use assets obtained in exchange for lease obligations: | ||||
Operating leases | $ 0 | $ 292 |
LEASES (Supplemental Balance Sh
LEASES (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use-assets | $ 9,771 | $ 10,804 |
Operating lease liabilities - current | 2,246 | 2,075 |
Operating lease liabilities - non-current | 8,191 | 9,371 |
Total operating lease liabilities | $ 10,437 | $ 11,446 |
Weighted Average Remaining Lease Term (in years) | ||
Operating leases | 4 years 3 months 18 days | 4 years 8 months 12 days |
Weighted Average Discount Rate | ||
Operating leases | 3.84% | 3.86% |
LEASES (Maturities of Lease Lia
LEASES (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease, After Adoption of 842 | ||
July 1, 2021 through December 31, 2021 | $ 1,258 | |
2022 | 2,703 | |
2023 | 2,451 | |
2024 | 1,965 | |
2025 | 1,946 | |
2026 and thereafter | 1,074 | |
Lessee, Operating Lease, Liability, Payments, Due | 11,397 | |
Less imputed interest | 960 | |
Total | $ 10,437 | $ 11,446 |
ACQUIRED INTANGIBLE ASSETS, N_2
ACQUIRED INTANGIBLE ASSETS, NET (Summary of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment of intangible assets | $ 0 | $ (8,000) | $ 0 | $ (7,200) | $ 0 | $ (7,200) | |
Acquired intangible assets, net | $ 23,800 | $ 23,800 | $ 23,800 | ||||
Intangible Asset, discount rate | 15.50% | ||||||
Intangible Asset, royalty rate | 4.00% | ||||||
Intangible Asset, royalty rate | 4.00% | ||||||
Intangible Asset, discount rate | 15.50% |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, discount rate | 15.50% | ||
Goodwill [Line Items] | |||
Goodwill | $ 128,100 | $ 128,100 | |
Goodwill, Impairment Loss | $ (23,600) |
INDEBTEDNESS (Details)
INDEBTEDNESS (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2018USD ($) | |
Debt Instrument [Line Items] | |||
restricted payments under the Credit Agreement | $ 5,000 | ||
Maximum available to be borrowed under revolving facility | $ 140,000 | ||
Total borrowed | $ 15,656 | $ 19,583 | |
Line of Credit Facility, Current Borrowing Capacity | $ 90,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | 0.35% | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.75% | 2.00% | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital, Pro forma basis | 1 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.75% | ||
Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 0.75% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital, Pro forma basis | 2 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.45% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 2.50% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.50% | ||
Borrowings [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital, Pro forma basis | 1 | ||
Borrowings [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital, Pro forma basis | 2.50 |
INDEBTEDNESS (Schedule of Credi
INDEBTEDNESS (Schedule of Credit Agreement) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 16,000 | $ 20,000 |
Accumulated amortization of deferred financing costs | 393 | 319 |
Less: deferred financing costs, net of accumulated amortization of $393 and $319 | (344) | (417) |
Total borrowed | 15,656 | 19,583 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 74,000 | $ 70,000 |
Line of Credit Facility, Commitment Fee Percentage | 0.30% | 0.35% |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 1.75% | 2.00% |
Actual interest rates | 1.88% | 2.19% |
EQUITY TRANSACTIONS (Details)
EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 01, 2021 | May 01, 2020 | May 01, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Stock Repurchased During Period, Shares | 532,448,000 | 1,342,754,000 | 1,122,347,000 | 2,002,667,000 | |||||
Stock Repurchase Program, Not Settled | 135,330 | 8,905 | 135,330 | 8,905 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 3.30 | $ 2.56 | $ 2.94 | $ 2.53 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 7 | $ 7.32 | $ 9.48 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 17,800 | $ 17,800 | |||||||
Treasury Stock, Value | $ 1,756 | $ 1,546 | $ 3,433 | $ 1,643 | $ 3,303 | $ 5,076 | |||
Stock Repurchase Program, Authorized Amount | $ 20,000 | $ 5,000 | $ 7,000 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 1,800 | $ 1,500 | $ 3,400 | $ 3,100 |
Unrecognized compensation expense | $ 10,600 | $ 10,600 | ||
Nonvested award, cost not yet recognized, period for recognition | 1 year 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | |||
Weighted average remaining contractual term | 3 months 18 days |
STOCK BASED COMPENSATION (Statu
STOCK BASED COMPENSATION (Status of Restricted Stock) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares | ||||||
Vested (in shares) | (57,000) | (357,000) | (13,000) | (300,000) | ||
Restricted Stock | ||||||
Shares | ||||||
Non-vested at beginning of period (in shares) | 4,107,217 | 3,877,853 | 4,289,607 | 3,994,787 | 3,877,853 | 3,994,787 |
Granted (in shares) | 291,460 | 393,000 | 1,759,683 | 1,860,500 | ||
Forfeited (in shares) | (327,959) | (117,502) | (532,134) | (280,298) | ||
Vested (in shares) | (594,662) | (411,934) | (1,629,346) | (1,421,818) | ||
Non-vested at end of period (in shares) | 3,476,056 | 4,107,217 | 4,153,171 | 4,289,607 | 3,476,056 | 4,153,171 |
Weighted- Average Fair Value at Grant Date | ||||||
Non-vested at beginning of the period (in usd per share) | $ 2.49 | $ 2.49 | $ 2.52 | $ 2.46 | $ 2.49 | $ 2.46 |
Granted (in usd per share) | 2.99 | 2.39 | 2.68 | 2.73 | ||
Forfeited (in usd per share) | 2.65 | 2.74 | 2.69 | 2.91 | ||
Vested (in usd per share) | 2.35 | 2.70 | 2.49 | 2.67 | ||
Non-vested at end of period (in usd per share) | $ 2.55 | $ 2.49 | $ 2.48 | $ 2.52 | $ 2.55 | $ 2.48 |
STOCK BASED COMPENSATION Status
STOCK BASED COMPENSATION Status of PSUs (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares | ||||||
Vested (in shares) | (57,000) | (357,000) | (13,000) | (300,000) | ||
Performance Stock Units | ||||||
Shares | ||||||
Non-vested at beginning of period (in shares) | 1,897,671 | 1,352,438 | 1,627,011 | 1,664,650 | 1,352,438 | 1,664,650 |
Granted (in shares) | 990,000 | 911,460 | ||||
Forfeited (in shares) | (40,000) | (24,852) | (145,656) | (665,927) | ||
Vested (in shares) | (42,139) | (14,552) | (381,250) | (322,576) | ||
Non-vested at end of period (in shares) | 1,815,532 | 1,897,671 | 1,587,607 | 1,627,011 | 1,815,532 | 1,587,607 |
Weighted- Average Fair Value at Grant Date | ||||||
Non-vested at beginning of the period (in usd per share) | $ 2.54 | $ 2.50 | $ 2.51 | $ 2.53 | $ 2.50 | $ 2.53 |
Forfeited (in usd per share) | 2.62 | 2.73 | 2.63 | 3.28 | ||
Granted (in usd per share) | 2.62 | 2.82 | ||||
Vested (in usd per share) | 2.75 | 3 | 2.60 | 1.95 | ||
Non-vested at end of period (in usd per share) | $ 2.53 | $ 2.54 | $ 2.50 | $ 2.51 | $ 2.53 | $ 2.50 |
STOCK BASED COMPENSATION (Summa
STOCK BASED COMPENSATION (Summary of Status of Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Options | ||||||
Options outstanding at beginning of period (in shares) | 25,000 | 110,000 | 110,000 | 190,000 | 110,000 | 190,000 |
Forfeited (in shares) | (15,000) | (100,000) | (80,000) | |||
Options outstanding at end of period (in shares) | 10,000 | 25,000 | 110,000 | 110,000 | 10,000 | 110,000 |
Exercisable at end of period (in shares) | 10,000 | 110,000 | 10,000 | 110,000 | ||
Weighted-Average Exercise Price | ||||||
Options outstanding at beginning of period (in usd per share) | $ 7.50 | $ 7.40 | $ 7.40 | $ 8.28 | $ 7.40 | $ 8.28 |
Forfeited (in usd per share) | 7 | 7.32 | 9.48 | |||
Options outstanding at end of period (in usd per share) | 8.25 | $ 7.50 | 7.40 | $ 7.40 | 8.25 | 7.40 |
Exercisable at end of period (in usd per share) | $ 8.25 | $ 7.40 | $ 8.25 | $ 7.40 | ||
Aggregate Intrinsic Value | ||||||
Options outstanding at beginning of the period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Options outstanding at end of period | 0 | $ 0 | 0 | $ 0 | 0 | 0 |
Exercisable at end of period | 0 | 0 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 0 | $ 0 | $ 0 | $ 0 |
STOCK BASED COMPENSATION (Sum_2
STOCK BASED COMPENSATION (Summary of Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,000 | 10,000 | 110,000 | 25,000 | 110,000 | 110,000 | 190,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.25 | $ 8.25 | $ 7.40 | $ 7.50 | $ 7.40 | $ 7.40 | $ 8.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Forfeited (in shares) | (15,000) | (100,000) | (80,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 10,000 | 10,000 | 110,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 7 | $ 7.32 | $ 9.48 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 8.25 | $ 8.25 | $ 7.40 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | $ 0 | $ 0 | ||||
$ 8.00 - $ 8.99 | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Exercise price, lower limit | $ 8 | ||||||
Exercise price, upper limit | $ 8.99 | ||||||
Number of options outstanding (in shares) | 10,000 | 10,000 | |||||
Weighted- Average Remaining Contractual Life | 3 months 18 days |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment | 400,000 | 1,400,000 | ||
Options to purchase shares | 1,900,000 | 2,100,000 | 1,700,000 | 2,000,000 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (212) | $ 1,162 | $ 1,800 | $ (6,373) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (29,999) | 700 | (29,340) | 1,685 |
Income from continuing operations- basic and diluted | $ (30,211) | $ 1,862 | $ (27,540) | $ (4,688) |
Weighted average shares outstanding-basic | 47,227,000 | 48,427,000 | 47,111,000 | 48,781,000 |
Weighted Average Number of Shares, Contingently Issuable | 0 | 1,264,000 | 1,743,000 | 0 |
Weighted average diluted shares outstanding | 47,227,000 | 49,691,000 | 48,854,000 | 48,781,000 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0 | $ 0.02 | $ 0.04 | $ (0.13) |
Income (Loss) from Continuing Operations, Per Diluted Share | 0 | 0.02 | 0.04 | (0.13) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | (0.64) | 0.01 | (0.62) | 0.03 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | (0.64) | 0.01 | (0.60) | 0.03 |
Basic earnings (loss) per share (in dollars per share) | (0.64) | 0.04 | (0.58) | (0.10) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.64) | $ 0.04 | $ (0.56) | $ (0.10) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INCOME TAXES [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 22.00% | 22.00% | 3.00% | 12.00% |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | $ 400 | |||
Deferred Tax Assets, Valuation Allowance | $ 400 | $ 400 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 400 |