Higher One 10-Q 27 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Entity Registrant Name	Higher One Holdings, Inc.
Entity Central Index Key	1,486,800
Trading Symbol	one
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		47,980,711
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 27,785	$ 40,022
Investments in marketable securities	251	249
Accounts receivable	12,581	8,929
Income receivable	8,624	9,053
Deferred tax assets	11,338	3,719
Prepaid expenses and other current assets	5,408	7,805
Total current assets	65,987	69,777
Deferred costs	6,133	4,187
Fixed assets, net	43,374	46,768
Intangible assets, net	51,637	56,255
Goodwill	67,403	67,403
Loan receivable related to New Markets Tax Credit financing	7,633	7,633
Other assets	3,092	2,523
Restricted cash	2,728	2,725
Total assets	247,987	257,271
Current liabilities:
Accounts payable	2,044	3,339
Accrued expenses	50,423	25,872
Deferred revenue	31,930	25,174
Total current liabilities	84,397	54,385
Deferred revenue and other non-current liabilities	4,443	4,019
Loan payable and deferred contribution related to New Markets Tax Credit financing	8,638	8,871
Debt	59,000	94,000
Deferred tax liabilities	961	3,814
Total liabilities	$ 157,439	$ 165,089
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $.001 par value; 200,000,000 shares authorized; 59,893,737 shares issued and 47,980,711 shares outstanding at September 30, 2015; 59,570,839 shares issued and 47,657,813 shares outstanding at December 31, 2014	$ 60	$ 60
Additional paid-in capital	189,746	185,588
Treasury stock, 11,913,026 shares at September 30, 2015 and December 31, 2014	(137,899)	(137,899)
Retained earnings	38,641	44,433
Total stockholders’ equity	90,548	92,182
Total liabilities and stockholders’ equity	$ 247,987	$ 257,271

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	59,893,737	59,570,839
Common stock, shares outstanding (in shares)	47,980,711	47,657,813
Treasury stock (in shares)	11,913,026	11,913,026

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Account revenue	$ 26,654	$ 31,468	$ 88,523	$ 99,475
Payment transaction revenue	19,055	18,197	47,497	42,652
Higher education institution revenue	10,486	9,929	30,891	28,958
Other revenue	167	181	558	723
Gross revenue	56,362	$ 59,775	167,469	171,808
Less: allowance for customer restitution	(21,880)		(21,880)	(8,750)
Revenue	34,482	$ 59,775	145,589	163,058
Cost of revenue	27,817	28,182	77,479	76,878
Gross margin	6,665	31,593	68,110	86,180
Operating expenses:
General and administrative	18,098	16,617	54,417	48,343
Product development	2,040	1,555	6,120	5,517
Sales and marketing	4,196	$ 4,577	12,638	$ 13,756
Restructuring charge	334		574
Total operating expenses	24,668	$ 22,749	73,749	$ 67,616
Income (loss) from operations	(18,003)	8,844	(5,639)	18,564
Interest income	23	20	63	73
Interest expense	(1,262)	(828)	(3,894)	(2,443)
Other income (loss)	77	(198)	1,357	1,561
Net income (loss) before income taxes	(19,165)	7,838	(8,113)	17,755
Income tax expense (benefit)	(6,510)	2,922	(2,321)	6,900
Net income (loss)	(12,655)	4,916	(5,792)	10,855
Net income (loss) available to common stockholders:
Basic	(12,655)	4,916	(5,792)	10,855
Diluted	$ (12,655)	$ 4,916	$ (5,792)	$ 10,855
Weighted average shares outstanding:
Basic (in shares)	47,783,217	47,258,495	47,605,164	47,180,830
Diluted (in shares)	47,783,217	47,710,262	47,605,164	48,104,873
Net income (loss) available to common stockholders per common share:
Basic (in dollars per share)	$ (0.26)	$ 0.10	$ (0.12)	$ 0.23
Diluted (in dollars per share)	$ (0.26)	$ 0.10	$ (0.12)	$ 0.23

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at December 31, 2014 (in shares) at Dec. 31, 2014	47,657,813				47,657,813
Balance at December 31, 2014 at Dec. 31, 2014	$ 60	$ 185,588	$ (137,899)	$ 44,433	$ 92,182
Stock-based compensation		4,928			4,928
Reversal of tax benefit related to options		(1,115)			(1,115)
Exercise of stock options (in shares)	322,898
Exercise of stock options		$ 345			345
Net income (loss)				$ (5,792)	$ (5,792)
Balance at September 30, 2015 (in shares) at Sep. 30, 2015	47,980,711				47,980,711
Balance at September 30, 2015 at Sep. 30, 2015	$ 60	$ 189,746	$ (137,899)	$ 38,641	$ 90,548

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss)	$ (5,792)	$ 10,855
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,429	14,124
Amortization of deferred finance costs	1,657	368
Stock-based compensation	4,877	3,426
Deferred income taxes	(11,569)	810
Income tax benefit related to exercise of stock options	(120)	(47)
Other (income) loss	(236)	42
Loss on disposal of fixed assets	118	90
Changes in operating assets and liabilities:
Accounts receivable	(3,652)	(3,235)
Income receivable	429	(5,087)
Deferred costs	(396)	(2,103)
Prepaid expenses and other current assets	2,397	(2,051)
Other assets	(569)	(91)
Accounts payable	(1,295)	(1,636)
Accrued expenses	24,245	(1,713)
Deferred revenue	6,412	7,151
Net cash provided by operating activities	32,935	20,903
Cash flows from investing activities
Purchases of fixed assets	(2,471)	(2,858)
Additions to internal use software	$ (3,699)	(4,173)
Amounts received from restricted cash		25
Proceeds from disposition of equity method investment		3,581
Proceeds from development related subsidies		3,468
Net cash provided by (used in) investing activities	$ (6,170)	43
Cash flows from financing activities
Proceeds from line of credit		15,000
Repayments of line of credit	$ (35,000)	$ (10,000)
Payment of deferred financing costs	(4,467)
Tax benefit related to exercise of stock options	120	$ 47
Proceeds from exercise of stock options	345	184
Net cash provided by (used in) financing activities	(39,002)	5,231
Net change in cash and cash equivalents	(12,237)	26,177
Cash and cash equivalents at beginning of period	40,022	6,268
Cash and cash equivalents at end of period	$ 27,785	$ 32,445

Note 1 - Nature of Business and

Note 1 - Nature of Business and Organization	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business and Organization Higher One Holdings, Inc., or HOH, is a leading provider of technology, data analytics and payment services to the higher education industry. HOH, through its subsidiaries, provides a comprehensive suite of disbursement, payment and data analytics solutions specifically designed for higher education institutions and their students. We have developed and acquired proprietary software-based solutions to provide these services. HOH is incorporated in Delaware and maintains its headquarters in New Haven, Connecticut. HOH has a wholly-owned subsidiary, Higher One, Inc., or HOI, which has two wholly-owned subsidiaries, Higher One Machines, Inc., or HOMI, and Higher One Real Estate, Inc., or Real Estate Inc. HOI and HOMI together own 99.99% of Higher One Financial Technology Private Limited, or HOFTPL. Real Estate Inc. has a 98% ownership interest in Higher One Real Estate SP, LLC, or Real Estate LLC. HOMI and HOFTPL perform certain of our operational support functions. Real Estate Inc. and Real Estate LLC were each formed to hold and operate certain of our real estate.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements and the related interim information contained within the notes to such condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the applicable rules of the Securities and Exchange Commission, or the SEC, for interim information and quarterly reports on Form 10-Q. The unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2014, and in the opinion of management, include all normal recurring adjustments that are necessary for the statement of our interim period results reported herein. The December 31, 2014 condensed consolidated balance sheet data included in this Form 10-Q was derived from our audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations and other factors, the results of operations for the three or nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements reflect our financial position and results of operations, including our majority and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from management’s estimates. Goodwill and Intangible Assets Goodwill represents the excess of the fair value of consideration transferred over the fair values assigned to the underlying net identifiable assets of acquired businesses. We test goodwill for impairment annually on October 31, or whenever events or changes in circumstances indicate that impairment may have occurred, by comparing its fair value to its carrying value. Impairment may result from, among other things, deterioration in the performance of an acquired business, adverse market conditions, adverse changes in applicable laws or regulations, including changes that restrict the activities of an acquired business, and a variety of other circumstances. As further described in Note 7, we have three reportable segments: Disbursements, Payments and Data Analytics, which are organized according to the type of service that each offers to our target markets – higher education institutions and their students. Each of these business units is also an operating segment and a reporting unit for purposes of our goodwill impairment testing. The excess of fair value over carrying value varies by reporting unit. The fair value of the disbursements reporting unit exceeded its carrying value by approximately 40% as of March 31, 2015 and is the reporting unit most susceptible to impairment in the future. As further described in Note 9, on October 14, 2015, we entered into an asset purchase agreement for the sale of substantially all of the assets of our data analytics business. Income Taxes On June 30, 2015, the state of Connecticut enacted changes to its corporate tax laws, including a mandatory unitary tax filing requirement for all Connecticut companies effective January 1, 2016. As a result of the tax law changes, it is now more likely than not that we will utilize certain net operating loss carry forwards for which we previously had recorded a valuation allowance. We have recorded an income tax benefit of approximately $0.3 million during the nine months ended September 30, 2015 due to the tax law changes. The effective tax rates for the nine months ended September 30, 2015 and 2014 were 28.6% and 38.9%, respectively. Our effective tax rate decreased from the prior year primarily as a result of the allowance for customer restitution described in Note 6, which results in a pretax loss, the tax benefit on which is diminished by permanent differences between book and tax income. Basic and Diluted Net Income (Loss) Available to Common Stockholders per Common Share Basic net income (loss) per common share excludes dilution for potential common stock issuances and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the reporting period. Diluted net income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income (loss) per common share, the basic weighted-average number of shares is increased by the dilutive effect of restricted stock, warrants and stock options using the treasury-stock method. The treasury-stock method assumes that the options or warrants are exercised at the beginning of the period (or date of issue, if later), and that we use those proceeds to purchase common stock for treasury at the average price for the reporting period. The effect of stock options and warrants to purchase our common stock totaling 6,211,240 and 6,223,862 were not included in the computation of diluted net income (loss) per common share for the three months ended September 30, 2015 and 2014, respectively, as their effect would be anti-dilutive. The effect of stock options and warrants to purchase our common stock totaling 6,211,240 and 4,214,539 were not included in the computation of diluted net income (loss) per common share for the nine months ended September 30, 2015 and 2014, respectively, as their effect would be anti-dilutive. Anti-dilutive securities are securities that upon conversion or exercise increase earnings per share (or reduce the loss per share). In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an anti-dilutive effect. Comprehensive Income (Loss) There are no comprehensive income (loss) items other than net income (loss). There are no recorded unrealized gains or losses on the investments in marketable securities as of the balance sheet dates. Comprehensive income equals net income for all periods presented. Other Arrangements We accept payments on behalf of educational institutions and subsequently remit these payments to the education institutions. The amounts received are maintained in segregated accounts for the benefit of either the institution or the payer. There were approximately $256.2 million and $127.3 million of such funds as of September 30, 2015 and December 31, 2014, respectively. These deposits are not our funds and therefore are not included in the accompanying condensed consolidated balance sheets. Recent Accounting Pronouncements There were no accounting standards adopted during the nine months ended September 30, 2015 which had a material impact on our consolidated financial position, results of operations or liquidity. In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue From Contracts With Customers In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In April 2015, the FASB issued Accounting Standard Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,

Note 3 - Investments in Marketa

Note 3 - Investments in Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. Investments in Marketable Securities and Fair Value Measurements The following table reflects the assets carried at fair value measured on a recurring basis (in thousands). There were no liabilities carried at fair value measured on a recurring basis at either September 30, 2015 or December 31, 2014: Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair values at September 30, 2015 Assets: Certificate of deposit $ 251 $ - $ 251 $ - Fair values at December 31, 2014 Assets: Certificate of deposit $ 249 $ - $ 249 $ - We had no unrealized gains or losses from investments as of September 30, 2015 or December 31, 2014, and there is no material difference between the amortized cost and fair value of the securities we held. The carrying amounts of our cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The carrying amount of our debt outstanding under our Credit Facility (defined in Note 5 below) approximates fair value as a result of our amendment to the credit facility in February 2015. Our loan receivable related to our New Markets Tax Credit financing is a debt instrument that we classify as held to maturity and is recorded at amortized cost. The carrying value of both our loan receivable and loan payable related to our New Markets Tax Credit financing approximates fair value as of September 30, 2015. The fair value of our loan payable and loan receivable related to our New Markets Tax Credit financing was estimated using discounted cash flow analysis based on rates for similar types of arrangements and are considered Level 3 measurements.

Note 4 - Real Estate Developmen

Note 4 - Real Estate Development Project	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Real Estate Development Project [Text Block]	4. Real Estate Development Project At the end of 2011, we completed a real estate development project and moved our headquarters into two commercial buildings located in New Haven, Connecticut. During the nine months ended September 30, 2014, we received a payment of $3.5 million associated with state historic tax credits which were generated by the project. In connection with the project, we provided separate guarantees to each of two departments of the state of Connecticut. One guaranty relates to our obligation to repay a grant if we fail to meet certain criteria, including a specified minimum average employment level in Connecticut for the years 2015 – 2018. The other guaranty relates to our obligation to repay sales and use tax exemptions if we fail to meet certain criteria, including a minimum employment threshold. The maximum potential amount of repayments for these guarantees is approximately $7.0 million. As of September 30, 2015, we have a liability of $2.0 million recorded which represents our best estimate of expected repayments resulting from these guarantees. A portion of the liability ($1.8 million) is recorded within deferred revenue and other non-current liabilities as it would not be due until 2019 and the remaining balance ($0.2 million) is recorded in accrued expenses in our condensed consolidated balance sheets as of both September 30, 2015 and December 31, 2014. We also provided a guaranty related to tax credits that are expected to be generated by an investment made by an unrelated entity into the real estate development project. In the event that we cause a recapture or disallowance of the tax credits expected to be generated under this program, we will be required to repay the disallowed or recaptured tax credits plus an amount sufficient to pay the taxes on such repayment, to the counterparty of the guaranty agreement. This guaranty will remain in place through 2018. The maximum potential amount of future payments under this guaranty is approximately $6.0 million. We currently believe that the requirement to make a payment under this guaranty is remote and we have thus not recorded any liability on our condensed consolidated balance sheet in connection with this guaranty.

Note 5 - Credit Facility

Note 5 - Credit Facility	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	5. Credit Facility In October 2012, HOI entered into a five-year, $200.0 million, senior secured revolving credit facility, or the Credit Facility. The Credit Facility contains certain affirmative covenants, including covenants to furnish the lenders with financial statements and other financial information and to provide the lenders notice of material events and information regarding collateral. The Credit Facility also contains certain negative covenants that, among other things, restrict our ability, subject to certain exceptions, to incur additional indebtedness, grant liens on our assets, undergo fundamental changes, make investments, sell assets, make restricted payments, change the nature of our business and engage in transactions with our affiliates. The maturity of the Credit Facility could be accelerated upon a change of control or if we experience a material adverse change in our operations, condition or prospects. We amended the Credit Facility in February 2015, which modified certain of the financial covenants and other terms of the agreement as follows: ● the revolving credit facility was reduced to $140.0 million, with $35.0 million of such facility reserved only for the resolution of the certain regulatory matters, as defined. The revolving credit facility subsequently reduces to $130.0 million and $120.0 million as of December 31, 2015 and 2016, respectively; ● requires us to maintain a debt to consolidated EBITDA ratio, or leverage ratio, of 2.75 to 1.00 or less for the evaluation periods from March 31, 2015 through September 30, 2016, and of 2.50 to 1.00 or less thereafter; ● requires us to maintain consolidated EBITDA, as defined in the Credit Facility, as amended, on a consolidated basis for the prior four fiscal quarters of at least the following amounts (i) $45.0 million as of March 31, 2015 and June 30, 2015, (ii) $40.0 million as of September 30, 2015 and December 31, 2015, and (iii) $35.0 million as of March 31, 2016 and all future evaluation periods; ● allow, at our option, amounts outstanding under the October 2012 Facility to accrue interest at a rate equal to either (i) the London Interbank Offered Rate, or LIBOR, plus a margin of 4% or (ii) a fluctuating base rate tied to the federal funds rate, the administrative agent's prime rate and LIBOR, plus a margin of 3%; ● allow for the payment of up to $75 million related to the settlement of certain regulatory matters, as defined; ● allow for the exclusion from the computation of consolidated EBITDA of up to $75.0 million of income statement charges related to certain regulatory matters, as defined; and ● automatically and permanently reduce the revolving credit facility, dollar for dollar up to a maximum reduction in the revolving credit facility of $20.0 million, to the extent that the loss related to those certain regulatory matters is less than $70.0 million. We also amended the Credit Facility in June 2015. Under the Credit Facility, as constituted prior to the effectiveness of the June 2015 amendment, if more than half of the incumbent board of directors was replaced in any twelve month period through a contested election or threatened contested election, the lenders were entitled to declare a default and cause the principal and any accrued interest on any outstanding loans to become immediately due and payable. This type of provision is sometimes referred to as a Dead Hand Proxy Put. The June 2015 amendment removes the Dead Hand Proxy Put from the Credit Facility by amending the definition of Change of Control. We further amended the Credit Facility in October 2015, which modified certain of the financial covenants and other terms of the agreement as follows: ● allows for the sale of substantially all of the assets of the Campus Labs business, as further described in Note 9 and ● the revolving credit facility was reduced to $75.0 million, with $35.0 million of such facility reserved only for the resolution of the certain regulatory matters, as defined. The revolving credit facility subsequently reduces to $65.0 million and $55.0 million as of June 30, 2016 and December 31, 2016, respectively; ● requires us to maintain a debt to consolidated EBITDA ratio, or leverage ratio, of 2.00 to 1.00 or less as of December 31, 2015 and all future evaluation periods; ● requires us to maintain consolidated EBITDA, as defined in the Credit Facility, as amended, on a consolidated basis for the prior four fiscal quarters of at least $25.0 million as of December 31, 2015 and all future evaluation periods; and ● automatically and permanently reduce the revolving credit facility, dollar for dollar up to a maximum reduction in the revolving credit facility of $20.0 million, to the extent that the loss related to those certain regulatory matters is less than $70.0 million. The Credit Facility permits the issuance of letters of credit of up to $20.0 million and swing line loans of up to $10.0 million to fund working capital needs. Loans drawn under the Credit Facility are payable in a single maturity on October 16, 2017. In connection with the February 2015 amendment, we paid down the outstanding balance of the Credit Facility by $35 million, expensed approximately $0.4 million of previously deferred financing costs and incurred new financing costs of approximately $4.5 million in February 2015, which are included in deferred costs as of September 30, 2015 in the accompanying condensed consolidated balance sheet. As of September 30, 2015, there were $59.0 million in borrowings outstanding, at a weighted average interest rate of 4.2%, under the Credit Facility. We are in compliance with all of the applicable affirmative, negative and financial covenants of the Credit Facility. As of September 30, 2015, our trailing twelve month consolidated EBITDA (as defined in the Credit Facility) was $53.7 million.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	6. Commitments and Contingencies From time to time we are subject to litigation relating to matters in the ordinary course of business, as well as regulatory examinations, information gathering requests, inquiries and investigations. In accordance with applicable accounting guidance, we establish a liability for a matter of the type described below if and when it presents loss contingencies that are both probable and reasonably estimable. Department of Education In early 2014, the Department of Education, or ED, formed a negotiated rulemaking committee to discuss and work toward revising existing regulations to potentially address, among other things, consumer safeguards regarding debit and prepaid cards associated with Title IV Cash Management, marketing of financial products by institutions and their preferred banks or contractors, ATM access and availability, revenue sharing arrangements, and the potential for a government-sponsored debit or prepaid card solution. On May 18, 2015, ED published its Notice of Proposed Rulemaking, or NPRM, on program integrity and improvement issues in the Federal Register. ED may publish these proposed rules in their current form or in a different form that may be more adverse to our business. Any rules substantially similar to those proposed could have a material adverse effect on our business. Should ED publish final rules in the Federal Register by November 1, 2015, we believe new Title IV Cash Management regulations would likely not go into effect until July 1, 2016. Regulatory Examinations and Other Matters On May 9, 2014, the Federal Reserve Banks of Chicago (the responsible Reserve Bank for a former bank partner) and Philadelphia (the responsible Reserve Bank for a current bank partner) notified us that the Staff of the Board of Governors of the Federal Reserve System intended to recommend that the Board of Governors of the Federal Reserve System, or the Board of Governors, seek an administrative order against us with respect to asserted violations of the Federal Trade Commission Act. The cited violations relate to our activities with both a former and current bank partner and our marketing and disclosure practices related to the process by which students may select the OneAccount option for financial aid refund. On September 24, 2015, the Staff of the Board of Governors of the Federal Reserve System provided a revised notification to us with respect to those asserted violations of the Federal Trade Commission Act. We are in discussions with the Staff of the Board of Governors and the Reserve Banks on this matter. The Staff of the Board of Governors has asserted that any administrative order may seek damages, including customer restitution and civil money penalties and changes to certain of our business practices. In April 2015, the San Francisco Regional Office of the FDIC (the responsible Regional Office for a current bank partner) notified us it was prepared to recommend to the Director of the Division of Depositor and Consumer Protection that administrative enforcement action be taken against us for alleged violations of the Federal Trade Commission Act principally relating to our marketing and enrollment practices related to the OneAccount. We have responded to the FDIC’s notification and we believe that these allegations are similar and related to the Federal Reserve Board allegations previously disclosed and discussed above. On September 24, 2015, the San Francisco Regional Office of the FDIC provided a revised notification to us regarding those alleged violations of the Federal Trade Commission Act. Any such enforcement action could result in orders to pay restitution and civil money penalties and changes to certain of our business practices. During the year ended December 31, 2014, we recorded a liability of $8.75 million related to these matters. The liability, which continued to be recorded at $8.75 million through June 30, 2015, reflected the minimum amount we expected to pay related to these matters. During the three months ended September 30, 2015, we recorded an additional charge of $21.9 million related to these matters, bringing the total liability to $30.6 million, as a result of an updated assessment of the minimum amount we expect to pay related to these matters. Each of these amounts is shown as an allowance for customer restitution on our condensed consolidated statement of operations in the period in which the charge was incurred and is related to our disbursements segment. The total liability of $30.6 million is recorded within accrued expenses on our condensed consolidated balance sheets. While we believe that it is probable that we will have a loss related to these regulatory matters, in view of the inherent difficulty of predicting the outcomes of regulatory matters, we cannot predict the eventual outcomes of these pending matters, the timing of the ultimate resolution of these matters or an exact amount of loss associated with these matters. The liability recorded at September 30, 2015, reflects the minimum amount we expect to pay related to these matters, although there is a reasonable possibility that the liability will increase in future periods. The ultimate amount of restitution or civil money penalties is subject to many uncertainties and therefore impossible to predict, however we believe our exposure related to these matters is approximately $70.0 million in total. As disclosed in “Note 5 – Credit Facility” of our condensed consolidated financial statements, we amended our Credit Facility in February 2015. The amendment allows, among other things, for the payment of up to $75.0 million in connection with the resolution of the regulatory matters described above. In July 2014, we received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts pursuant to the Commonwealth’s Consumer Protection Act. The Massachusetts Attorney General has informed us that its investigation relates to our debt collection practices. We have provided information requested by the civil investigative demand, which included information and records about us and certain of our business practices, particularly as they relate to Massachusetts residents, institutes of higher education and students. We cannot predict whether we will become subject to any other action by the Massachusetts Attorney General or any other state agencies. Consumer Class Action HOI and HOH were defendants in a series of putative class action lawsuits filed in 2012. The Judicial Panel on Multidistrict Litigation transferred all of these cases to the District of Connecticut for coordinated or consolidated pretrial proceedings. The proceedings are referred to as the “In re Higher One OneAccount Marketing and Sales Practices Litigation” or the MDL. Plaintiffs filed a consolidated amended complaint in the MDL that generally alleged, among other things, violations of state consumer protection statutes (predicated, in part, on alleged violations of rules of the federal Department of Education, or ED, and violations of the federal Electronic Funds Transfer Act) and various common law claims. In October 2013, we reached an agreement in principle on the key terms of a settlement that would resolve all of the above class action litigation that was filed against us in 2012. In February 2014, we executed a settlement agreement, the terms of which included a payment of $15.0 million to a settlement fund, an agreement to pay the cost of notice to the class, and an agreement to make and/or maintain certain practice changes. We made the payment of $15.0 million to the settlement fund in February 2014. On December 15, 2014, the Court granted final approval of the settlement. No appeals of the judgment were filed, and the settlement has now become final. During the year ended December 31, 2013, we recorded an accrual of $16.3 million to reflect the estimated cost of the resolution, inclusive of additional legal and other administrative costs, based on the agreement in principle. This estimate is not materially different than our current cost estimate based on the final, approved settlement agreement. Securities Class Action On May 27, 2014, a putative class action captioned Brian Perez v. Higher One Holdings, Inc., No. 3:14-cv-755-AWT, was filed by HOH shareholder Brian Perez in the United States District Court for the District of Connecticut. On December 17, 2014, Mr. Perez was appointed lead plaintiff. On January 20, 2015, Mr. Perez filed an amended complaint. HOH former shareholder Robert Lee was added as a named plaintiff in the amended complaint. HOH and certain employees and board members have been named as defendants. Mr. Perez and Mr. Lee generally allege that HOH and the other named defendants made certain misrepresentations in public filings and other public statements in violation of the federal securities laws and seek an unspecified amount of damages. Mr. Perez and Mr. Lee seek to represent a class of any person who purchased HOH securities between August 7, 2012 and August 6, 2014. All defendants have moved to dismiss the Complaint. In response, Plaintiffs have filed an opposition brief opposing dismissal. HOH intends to vigorously defend itself against these allegations. HOH is currently unable to predict the outcome of this lawsuit and therefore cannot determine the likelihood of loss nor estimate a range of possible loss. Derivative Actions On March 6, 2015, HOH shareholder Jason Sabel filed a derivative action in the United States District Court for the District of Connecticut captioned Jason Sabel, derivatively on behalf of Higher One Holdings, Inc. v. Sheinbaum, et al., On May 5, 2015, HOH shareholder Bobby Clay filed a derivative action in the United States District Court for the District of Connecticut captioned Bobby Clay, derivatively on behalf of Higher One Holdings, Inc. v. Sheinbaum, et al., Sabel Sabel Clay Cybersecurity S ubpoena The SEC previously informed us that it opened an investigation on January 20, 2015 into the adequacy of our disclosures of cybersecurity risks. In connection with this investigation into the adequacy of our disclosures, the SEC issued us a subpoena on January 22, 2015 seeking documents related to our cybersecurity, including, among other things, documents related to cybersecurity policies, procedures, practices and training materials; risk assessments, audits, tests or reviews; monetary and other resources allocated to cybersecurity; any cybersecurity incidents and any costs or damages associated with cybersecurity incidents; and insurance policies that cover or mitigate our cybersecurity risk. We are complying with the subpoena and have produced responsive documents to the SEC. We are not aware of any issue or event that caused the SEC to open the investigation, but responding to an investigation of this type can be both costly and time-consuming and at this time we are unable to estimate either the likelihood of a favorable or unfavorable outcome of this matter or our potential cost or exposure. TouchNet In February 2009 and September 2010, Higher One, Inc. filed two separate complaints against TouchNet Information Systems, Inc., or TouchNet, in the United States District Court for the District of Connecticut alleging patent infringement related to TouchNet’s offering for sale and sales of its “eRefund” product in violation of two of our patents. In the complaints, we sought judgments that TouchNet has infringed two of our patents, a judgment that TouchNet pay damages and interest on damages to compensate us for infringement, an award of our costs in connection with these actions and an injunction barring TouchNet from further infringing our patents. TouchNet answered the complaint and asserted a number of defenses and counterclaims, including that it does not infringe our patent, that our patent is invalid or unenforceable and certain allegations of unfair competition and state and federal antitrust violations. In addition, TouchNet’s counterclaims sought dismissal of our claims with prejudice, declaratory judgment that TouchNet does not infringe our patent and that our patent is invalid or unenforceable, as well as an award of fees and costs related to the action, and an injunction permanently enjoining us from suing TouchNet regarding infringement of our patent. On June 29, 2015, we entered into an agreement with TouchNet, and its successor company Heartland Payment Systems, which resolved our complaints against TouchNet and their counterclaim against us. Pursuant to the terms of the agreement: (i) we were paid $1.1 million, (ii) we provided TouchNet and Heartland Payment Systems a license to use the patents described above, and (iii) both we and TouchNet agreed to dismiss each of our complaints against one another. We recorded the $1.1 million due from TouchNet as other income during the nine months ended September 30, 2015.

Note 7 - Segments

Note 7 - Segments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. Segments As a result of changes instituted by our chief operating decision maker in 2015, including the type of financial information being reviewed on a regular basis and the way in which resource allocation decisions are made, we now have three reportable segments, Disbursements, Payments and Data Analytics, which are organized according to the type of service that each offers to our target markets – higher education institutions and their students. Each of our reportable segments is also an operating segment and a reporting unit. The Disbursements segment includes our Refund Management® disbursement service, which is offered to higher education institution clients, and the OneAccount, an FDIC-insured online checking account that is offered to students, as well as faculty, staff and alumni. The Payments segment includes our CASHNet® payment processing suite and our Campus Solutions suite, both of which enable higher education institutions to accept online payments, automate certain billing and processing functions and offer tuition payment plans. The Data Analytics segment offers our Campus Labs analytics solutions suite for assessment in higher education, which combine data collection, reporting, organization and campus-wide integration. We allocate all revenue and all operating expenses to these three reportable segments. Shared costs, such as legal, finance, human resources and other corporate services are allocated in their entirety to the segments. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. Segment assets are not reviewed by the chief operating decision maker and therefore are not allocated to the reportable segments. Segment income from operations excludes interest, taxes, and other income, which are not allocated to any particular business segment. A summary of our segments for the three and nine months ended September 30, 2015 and 2014 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Disbursements (1) $ 6,314 $ 33,202 $ 71,050 $ 95,083 Payments 23,789 22,889 61,921 57,455 Data Analytics 4,379 3,684 12,618 10,520 Total revenues $ 34,482 $ 59,775 $ 145,589 $ 163,058 Depreciation and amortization Disbursements $ 2,442 $ 2,224 $ 7,190 $ 5,573 Payments 2,311 2,413 6,901 6,793 Data Analytics 810 599 2,338 1,757 Total depreciation and amortization $ 5,563 $ 5,236 $ 16,429 $ 14,123 Income (loss) from operations Disbursements $ (22,324 ) $ 4,434 $ (14,868 ) $ 11,966 Payments 3,795 3,566 7,491 4,868 Data Analytics 526 844 1,738 1,730 Total income (loss) from operations (18,003 ) 8,844 (5,639 ) 18,564 Interest income 23 20 63 73 Interest expense (1,262 ) (828 ) (3,894 ) (2,443 ) Other income 77 (198 ) 1,357 1,561 Net income (loss) before income taxes $ (19,165 ) $ 7,838 $ (8,113 ) $ 17,755 (1) Disbursements revenue has been reduced by $21.9 million for the allowance for potential customer restitution for the three months and nine months ended September 30, 2015, respectively, and by $8.75 million for the nine months ended September 30, 2014.

Note 8 - Restructuring Charge

Note 8 - Restructuring Charge	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	8. Restructuring Charge In April 2015, we entered into an agreement with a third-party service provider to operate our customer care center in order to provide live-agent, chat and interactive voice response services for our disbursements line of business, including the OneAccount product. In connection with this agreement, we plan to reduce our employee workforce across our customer care department. We began the transition to the third-party service provider in July 2015 and expect to substantially complete the employee reduction by November 2015. However, the timing of this transition and of certain employee reductions may vary. We estimate we will recognize costs of up to $1.0 million during fiscal year 2015, consisting of severance and other employee-related benefits. Such costs are expected to be substantially accrued and paid through the end of the first quarter of 2016. For the three and nine months ended September 30, 2015 we recognized restructuring charges of $0.3 and $0.6 million, respectively, which is included in restructuring charges in the accompanying condensed consolidated statements of operations. The restructuring liability is included in accrued expenses as of September 30, 2015. The following table summarizes the activities associated with restructuring liabilities for the nine months ended September 30, 2015. Severance and employee-related benefits January 1, 2015 restructuring liability $ - Restructuring charges incurred 574 Amounts paid (63 ) September 30, 2015 restructuring liability $ 511

Note 9 - Subsequent Event

Note 9 - Subsequent Event	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	9 . Subsequent Event - Agreement to Sell Campus Labs Assets On October 14, 2015, we entered into an Asset Purchase Agreement with CL NewCo, Inc., or NewCo, an affiliate of Leeds Equity Partners, for the sale of substantially all of the assets of our data analytics business, or Campus Labs . Pursuant to the terms of the Asset Purchase Agreement, NewCo agreed to acquire Campus Labs for a total cash purchase price of approximately $91 million. This purchase price is subject to certain closing adjustments including adjustments for working capital. The working capital adjustments will be determined at the time of closing, but may reduce the purchase price by $5 million to $7 million. The transaction is subject to necessary regulatory approvals and is expected to close by the end of November 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements and the related interim information contained within the notes to such condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and the applicable rules of the Securities and Exchange Commission, or the SEC, for interim information and quarterly reports on Form 10-Q. The unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2014, and in the opinion of management, include all normal recurring adjustments that are necessary for the statement of our interim period results reported herein. The December 31, 2014 condensed consolidated balance sheet data included in this Form 10-Q was derived from our audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations and other factors, the results of operations for the three or nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements reflect our financial position and results of operations, including our majority and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from management’s estimates.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill and Intangible Assets Goodwill represents the excess of the fair value of consideration transferred over the fair values assigned to the underlying net identifiable assets of acquired businesses. We test goodwill for impairment annually on October 31, or whenever events or changes in circumstances indicate that impairment may have occurred, by comparing its fair value to its carrying value. Impairment may result from, among other things, deterioration in the performance of an acquired business, adverse market conditions, adverse changes in applicable laws or regulations, including changes that restrict the activities of an acquired business, and a variety of other circumstances. As further described in Note 7, we have three reportable segments: Disbursements, Payments and Data Analytics, which are organized according to the type of service that each offers to our target markets – higher education institutions and their students. Each of these business units is also an operating segment and a reporting unit for purposes of our goodwill impairment testing. The excess of fair value over carrying value varies by reporting unit. The fair value of the disbursements reporting unit exceeded its carrying value by approximately 40% as of March 31, 2015 and is the reporting unit most susceptible to impairment in the future. As further described in Note 9, on October 14, 2015, we entered into an asset purchase agreement for the sale of substantially all of the assets of our data analytics business.
Income Tax, Policy [Policy Text Block]	Income Taxes On June 30, 2015, the state of Connecticut enacted changes to its corporate tax laws, including a mandatory unitary tax filing requirement for all Connecticut companies effective January 1, 2016. As a result of the tax law changes, it is now more likely than not that we will utilize certain net operating loss carry forwards for which we previously had recorded a valuation allowance. We have recorded an income tax benefit of approximately $0.3 million during the nine months ended September 30, 2015 due to the tax law changes. The effective tax rates for the nine months ended September 30, 2015 and 2014 were 28.6% and 38.9%, respectively. Our effective tax rate decreased from the prior year primarily as a result of the allowance for customer restitution described in Note 6, which results in a pretax loss, the tax benefit on which is diminished by permanent differences between book and tax income.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Net Income (Loss) Available to Common Stockholders per Common Share Basic net income (loss) per common share excludes dilution for potential common stock issuances and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the reporting period. Diluted net income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income (loss) per common share, the basic weighted-average number of shares is increased by the dilutive effect of restricted stock, warrants and stock options using the treasury-stock method. The treasury-stock method assumes that the options or warrants are exercised at the beginning of the period (or date of issue, if later), and that we use those proceeds to purchase common stock for treasury at the average price for the reporting period. The effect of stock options and warrants to purchase our common stock totaling 6,211,240 and 6,223,862 were not included in the computation of diluted net income (loss) per common share for the three months ended September 30, 2015 and 2014, respectively, as their effect would be anti-dilutive. The effect of stock options and warrants to purchase our common stock totaling 6,211,240 and 4,214,539 were not included in the computation of diluted net income (loss) per common share for the nine months ended September 30, 2015 and 2014, respectively, as their effect would be anti-dilutive. Anti-dilutive securities are securities that upon conversion or exercise increase earnings per share (or reduce the loss per share). In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an anti-dilutive effect.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) There are no comprehensive income (loss) items other than net income (loss). There are no recorded unrealized gains or losses on the investments in marketable securities as of the balance sheet dates. Comprehensive income equals net income for all periods presented.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Other Arrangements We accept payments on behalf of educational institutions and subsequently remit these payments to the education institutions. The amounts received are maintained in segregated accounts for the benefit of either the institution or the payer. There were approximately $256.2 million and $127.3 million of such funds as of September 30, 2015 and December 31, 2014, respectively. These deposits are not our funds and therefore are not included in the accompanying condensed consolidated balance sheets.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements There were no accounting standards adopted during the nine months ended September 30, 2015 which had a material impact on our consolidated financial position, results of operations or liquidity. In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue From Contracts With Customers In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In April 2015, the FASB issued Accounting Standard Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,

Note 3 - Investments in Marke17

Note 3 - Investments in Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair values at September 30, 2015 Assets: Certificate of deposit $ 251 $ - $ 251 $ - Fair values at December 31, 2014 Assets: Certificate of deposit $ 249 $ - $ 249 $ -

Note 7 - Segments (Tables)

Note 7 - Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Disbursements (1) $ 6,314 $ 33,202 $ 71,050 $ 95,083 Payments 23,789 22,889 61,921 57,455 Data Analytics 4,379 3,684 12,618 10,520 Total revenues $ 34,482 $ 59,775 $ 145,589 $ 163,058 Depreciation and amortization Disbursements $ 2,442 $ 2,224 $ 7,190 $ 5,573 Payments 2,311 2,413 6,901 6,793 Data Analytics 810 599 2,338 1,757 Total depreciation and amortization $ 5,563 $ 5,236 $ 16,429 $ 14,123 Income (loss) from operations Disbursements $ (22,324 ) $ 4,434 $ (14,868 ) $ 11,966 Payments 3,795 3,566 7,491 4,868 Data Analytics 526 844 1,738 1,730 Total income (loss) from operations (18,003 ) 8,844 (5,639 ) 18,564 Interest income 23 20 63 73 Interest expense (1,262 ) (828 ) (3,894 ) (2,443 ) Other income 77 (198 ) 1,357 1,561 Net income (loss) before income taxes $ (19,165 ) $ 7,838 $ (8,113 ) $ 17,755

Note 8 - Restructuring Charge (

Note 8 - Restructuring Charge (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	Severance and employee-related benefits January 1, 2015 restructuring liability $ - Restructuring charges incurred 574 Amounts paid (63 ) September 30, 2015 restructuring liability $ 511

Note 1 - Nature of Business a20

Note 1 - Nature of Business and Organization (Details Textual)	Sep. 30, 2015
HOI and HOMI [Member]
Collective Ownership Percentage In HOFTPL	99.99%
Real Estate Inc [Member]
Percentage Ownership Percentage In Real Estate LLC	98.00%
Number of Subsidiaries	2

Note 2 - Significant Accounti21

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Maximum [Member] | Disbursements [Member]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	40.00%		40.00%
Connecticut [Member]
Income Tax Expense (Benefit)			$ (300,000)
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,211,240	6,223,862	6,211,240	4,214,539
Unrealized Gain (Loss) on Securities			$ 0		$ 0
Number of Reporting Units			3
Income Tax Expense (Benefit)	$ (6,510,000)	$ 2,922,000	$ (2,321,000)	$ 6,900,000
Effective Income Tax Rate Reconciliation, Percent			28.60%	38.90%
Funds Accepted on Behalf of Others	$ 256,200,000		$ 256,200,000		$ 127,300,000

Note 3 - Investments in Marke22

Note 3 - Investments in Marketable Securities and Fair Value Measurements (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Unrealized Gain (Loss) on Investments	$ 0	$ 0
Liabilities, Fair Value Disclosure, Recurring	$ 0	$ 0

Note 3 - Investments in Marke23

Note 3 - Investments in Marketable Securities and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Certificate of deposit
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Certificate of deposit	$ 251	$ 249
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Certificate of deposit
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Assets:
Certificate of deposit	$ 251	$ 249
Certificate of deposit	$ 251	$ 249

Note 4 - Real Estate Developm24

Note 4 - Real Estate Development Project (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Payment Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 7
Guarantee Type, Other [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted		6
Guarantor Obligations, Current Carrying Value		2
Guarantee Obligations, LT		1.8
Guarantee Obligations, Current		$ 0.2	$ 0.2
Number of Existing Buildings Developed		2
Proceeds from Development-related Subsidies	$ 3.5
Number of Guarantees Related to Project Development		2

Note 5 - Credit Facility (Detai

Note 5 - Credit Facility (Details Textual) $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Feb. 28, 2015USD ($)

Oct. 31, 2012USD ($)

Nov. 30, 2015USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)

Jun. 30, 2016USD ($)

Revolving Credit Facility [Member]

Debt Instrument, Maturity Date

Oct. 16, 2017

Debt Instrument, Term

5 years

Line of Credit Facility, Maximum Borrowing Capacity

$ 200,000

Long-term Line of Credit

$ 59,000

Line of Credit Facility, Interest Rate During Period

4.20%

Feb. 2015 Amendment [Member] | Scenario, Forecast [Member]

Minimum EBITDA

$ 35,000

$ 40,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 130,000

$ 130,000

$ 120,000

Feb. 2015 Amendment [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

4.00%

Feb. 2015 Amendment [Member] | Base Rate [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

3.00%

Feb. 2015 Amendment [Member]

Minimum EBITDA

$ 45,000

$ 45,000

$ 40,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 140,000

Line of Credit Facility, Maximum Borrowing Capacity, Portion Reserved for Resolution of Regulatory Matters

$ 35,000

Maximum Debt to Consolidated EBITDA Ratio Through 9/30/16

2.75

Maximum Debt to Consolidated EBITDA Ratio After 9/30/16

2.5

Permitted Settlement Related to Regulatory Matters

$ 75,000

Permitted Exclusion from Computation of EBITDA

75,000

Maximum Reduction of Revolving Credit Facility

20,000

Limit Which Triggers Reduction in Revolving Credit Facility

70,000

October 2015 Amendment [Member] | Scenario, Forecast [Member] | Maximum [Member]

Maximum Debt to Consolidated EBITDA Ratio Through 9/30/16

2

October 2015 Amendment [Member] | Scenario, Forecast [Member]

Minimum EBITDA

$ 25,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 55,000

$ 65,000

Repayments of Debt

$ 30,000

October 2015 Amendment [Member]

Line of Credit Facility, Maximum Borrowing Capacity

75,000

Line of Credit Facility, Maximum Borrowing Capacity, Portion Reserved for Resolution of Regulatory Matters

35,000

Maximum Reduction of Revolving Credit Facility

20,000

Limit Which Triggers Reduction in Revolving Credit Facility

70,000

Repayments of Lines of Credit

35,000

Write off of Deferred Debt Issuance Cost

400

Costs Deferred in Year

$ 4,500

Letter of Credit [Member]

Line of Credit Facility, Maximum Borrowing Capacity

20,000

Swing Line Loans [Member]

Line of Credit Facility, Maximum Borrowing Capacity

10,000

Repayments of Lines of Credit

35,000

$ 10,000

Trailing 12 Month EBITDA

$ 53,700

Note 6 - Commitments and Cont26

Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2014USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Feb. 28, 2015USD ($)
Other Income [Member] | TouchNet [Member]
Gain (Loss) Related to Litigation Settlement		$ 1,100
TouchNet [Member]
Proceeds from Legal Settlements		1,100
Sales Allowance Services [Member]
Accrued Liabilities, Current		30,600		$ 30,600
Feb. 2015 Amendment [Member]
Permitted Settlement Related to Regulatory Matters							$ 75,000
Gain (Loss) Related to Litigation Settlement						$ 16,300
Sales Allowances, Services		21,900	$ 8,750		$ 8,750
Accrued Liabilities, Current		$ 50,423		50,423	$ 25,872
Potential Total Restitution				$ 70,000
Litigation Settlement, Amount	$ 15,000
Number of Complaints				2
Number of Patents Violated				2

Note 7 - Segments (Details Text

Note 7 - Segments (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Sales Returns and Allowances, Goods	$ 21,880		$ 21,880	$ 8,750
Number of Reportable Segments			3

Note 7 - Segment Reporting Info

Note 7 - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disbursements [Member]
Revenue	$ 6,314	$ 33,202	$ 71,050	$ 95,083
Depreciation and amortization	2,442	2,224	7,190	5,573
Income (loss) from operations	(22,324)	4,434	(14,868)	11,966
Payments [Member]
Revenue	23,789	22,889	61,921	57,455
Depreciation and amortization	2,311	2,413	6,901	6,793
Income (loss) from operations	3,795	3,566	7,491	4,868
Data Analytics [Member]
Revenue	4,379	3,684	12,618	10,520
Depreciation and amortization	810	599	2,338	1,757
Income (loss) from operations	526	844	1,738	1,730
Revenue	34,482	59,775	145,589	163,058
Depreciation and amortization	5,563	5,236	16,429	14,123
Income (loss) from operations	(18,003)	8,844	(5,639)	18,564
Interest income	23	20	63	73
Interest expense	(1,262)	(828)	(3,894)	(2,443)
Other income (loss)	77	(198)	1,357	1,561
Net income (loss) before income taxes	$ (19,165)	$ 7,838	$ (8,113)	$ 17,755

Note 8 - Restructuring Charge29

Note 8 - Restructuring Charge (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015
Scenario, Forecast [Member]
Severance Costs					$ 1,000
Restructuring Charges	$ 334		$ 574

Note 8 - Summary of Restructuri

Note 8 - Summary of Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
January 1, 2015 restructuring liability
Restructuring Charges	$ 334	$ 574
Amounts paid		(63)
September 30, 2015 restructuring liability	$ 511	$ 511

Note 9 - Subsequent Event (Deta

Note 9 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Data Analytics [Member] $ in Millions	Oct. 14, 2015USD ($)
Minimum [Member]
Working Capital Adjustment	$ 5
Maximum [Member]
Working Capital Adjustment	7
Disposal Group, Including Discontinued Operation, Consideration	$ 91