Higher One 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
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)		48,664,224
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 35,024	$ 26,868
Accounts receivable	6,610	5,052
Income receivable	6,546	9,227
Prepaid expenses and other current assets	6,186	8,059
Total current assets	54,366	49,206
Deferred costs	3,207	3,753
Fixed assets, net	40,512	42,288
Intangible assets, net	29,855	31,430
Goodwill	53,022	53,022
Loan receivable related to New Markets Tax Credit financing	7,633	7,633
Other assets	2,850	2,909
Restricted cash	2,729	2,729
Total assets	194,174	192,970
Current liabilities:
Accounts payable	2,743	3,040
Accrued expenses	18,548	19,675
Deferred revenue	16,118	17,145
Total current liabilities	37,409	39,860
Deferred revenue and other non-current liabilities	5,346	5,414
Loan payable and deferred contribution related to New Markets Tax Credit financing	8,483	8,561
Debt	29,000	29,000
Deferred tax liabilities	1,179	1,404
Total liabilities	81,417	84,239
Stockholders’ equity:
Common stock, $.001 par value; 200,000,000 shares authorized; 60,366,127 shares issued and 48,280,322 shares outstanding at March 31, 2016 and 59,921,503 shares issued and 48,008,477 shares outstanding at December 31, 2015	60	60
Additional paid-in capital	191,668	191,391
Treasury stock, 12,085,805 and 11,913,026 shares at March 31, 2016 and December 31, 2015, respectively	(137,899)	(137,899)
Accumulated other comprehensive loss	(113)	(113)
Retained earnings	59,041	55,292
Total stockholders’ equity	112,757	108,731
Total liabilities and stockholders’ equity	$ 194,174	$ 192,970

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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)	60,366,127	59,921,503
Common Stock, Shares Outstanding (in shares)	48,280,322	48,008,477
Treasury Stock, Shares (in shares)	12,085,805	11,913,026

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Account revenue	$ 30,704	$ 37,528
Payment transaction revenue	18,215	17,324
Higher education institution revenue	6,471	6,416
Other revenue	161	240
Revenue	55,551	61,508
Cost of revenue	25,931	27,747
Gross margin	29,620	33,761
Operating expenses:
General and administrative	17,327	17,541
Product development	1,757	1,405
Sales and marketing	2,787	$ 3,267
Costs related to planned disposal of disbursements business	421
Total operating expenses	22,292	$ 22,213
Income from continuing operations	7,328	11,548
Interest income	20	20
Interest expense	(603)	(1,144)
Other income	77	77
Net income before income taxes from continuing operations	6,822	10,501
Income tax expense from continuing operations	(3,053)	(4,335)
Income from continuing operations	$ 3,769	6,166
Discontinued operations:
Income from discontinued operations		$ 1,027
Loss on disposal	$ 32
Income tax (expense) benefit	12	$ (333)
Income (loss) from discontinued operations	(20)	694
Net income	$ 3,749	$ 6,860
Weighted average shares outstanding
Basic (in shares)	47,906,498	47,355,845
Diluted (in shares)	49,145,249	47,820,951
Earnings per share of common stock - basic
Continuing operations (in dollars per share)	$ 0.08	$ 0.13
Net income per share (in dollars per share)	0.08	0.14
Earnings per share of common stock - diluted
Continuing operations (in dollars per share)	0.08	0.13
Net income per share (in dollars per share)	$ 0.08	$ 0.14
Net income	$ 3,749	$ 6,860
Foreign currency translation adjustment
Comprehensive income	$ 3,749	$ 6,860

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance, shares (in shares) at Dec. 31, 2015	48,008,477					48,008,477
Balance at Dec. 31, 2015	$ 60	$ 191,391	$ (137,899)	$ (113)	$ 55,292	$ 108,731
Vesting of restricted stock, net of cancellations for tax withholding (in shares)	266,745
Vesting of restricted stock, net of cancellations for tax withholding		(727)				(727)
Stock-based compensation		1,136				1,136
Reversal of tax benefit related to options		(136)				(136)
Exercise of stock options (in shares)	5,100
Exercise of stock options		4				4
Net income					3,749	$ 3,749
Balance, shares (in shares) at Mar. 31, 2016	48,280,322					48,280,322
Balance at Mar. 31, 2016	$ 60	$ 191,668	$ (137,899)	$ (113)	$ 59,041	$ 112,757

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 3,749	$ 6,860
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,573	5,170
Amortization of deferred finance costs	270	$ 659
Loss on disposition of data analytics business	32
Stock-based compensation	1,126	$ 2,198
Deferred income taxes	(473)	(945)
Income tax impact related to exercise of stock options and tax payments related to the vesting of restricted stock units	(732)	(15)
Other non-cash income	(77)	(77)
Loss on disposal of fixed assets	47	10
Changes in operating assets and liabilities:
Accounts receivable	(1,558)	(3,104)
Income receivable	2,681	2,103
Deferred costs	(100)	(119)
Prepaid expenses and other current assets	1,873	3,014
Other assets	59	(639)
Accounts payable	(286)	259
Accrued expenses	(1,056)	2,860
Deferred revenue	(1,095)	(2,065)
Net cash provided by operating activities	9,033	16,169
Cash flows from investing activities
Purchases of fixed assets	(208)	(629)
Additions to internal use software	(677)	(1,354)
Net cash used in investing activities	$ (885)	(1,983)
Cash flows from financing activities
Repayments of line of credit		(35,000)
Payment of deferred financing costs		(4,456)
Excess tax benefit related to stock options	$ 4	15
Proceeds from exercise of stock options	4	215
Net cash provided by (used in) financing activities	$ 8	$ (39,226)
Effect of exchange rate changes on cash
Net change in cash and cash equivalents	$ 8,156	$ (25,040)
Cash and cash equivalents at beginning of period	26,868	40,022
Cash and cash equivalents at end of period	$ 35,024	$ 14,982

Note 1 - Nature of Business and

Note 1 - Nature of Business and Organization	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business and Organization Business Overview Higher One Holdings, Inc., or HOH, is a leading provider of technology and payment services to the higher education industry. HOH, through its subsidiaries, provides a comprehensive suite of disbursement and payment 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 99.995% 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 assets. Significant Transactions As further described in Note 3, on October 14, 2015, we entered into an Asset Purchase Agreement, the Campus Labs Asset Purchase Agreement, with CL NewCo, Inc., an affiliate of Leeds Equity Partners, for the sale of substantially all of the assets of our data analytics business. On November 25, 2015, we completed that sale pursuant to the terms of the Campus Labs Asset Purchase Agreement. The financial results of the data analytics business are reported as discontinued operations. On December 15, 2015, we entered into an Asset Purchase Agreement, the Disbursements Asset Purchase Agreement, with Customers Bank, or Bank, and Customers Bancorp, Inc., or Bancorp, and together with Bank, Buyer, under which Buyer agreed to purchase substantially all of the assets and assume certain of the liabilities of our refund disbursement business. Buyer is a current bank partner of Higher One. Under the terms of the Disbursements Asset Purchase Agreement, Buyer agreed to acquire the disbursement business for an aggregate purchase price of $37 million, payable as follows: $17 million on the closing date and $10 million on each of the first two anniversaries of such date. The Disbursements Asset Purchase Agreement also includes possible incentive payments during each of the three (3) years beginning in 2017; namely, in the event the annual gross revenue generated by the disbursement business exceeds $75 million, we will receive thirty-five percent of any such excess. In addition, concurrently with the closing, the parties will enter into a transition services agreement, the Transition Services Agreement, pursuant to which Higher One will provide certain transition services to Bank and Bank will provide certain services to Higher One from the date of the close through June 30, 2017. As consideration for these services, Customers will pay Higher One an additional $5 million in cash payable in equal installments over the term of the transition services. The Disbursements Asset Purchase Agreement includes customary representations, warranties, indemnities and covenants of the parties. The covenants include, among other things, a requirement that we will conduct the disbursement business in the ordinary course before the closing, and a requirement that Holdings will prepare and file a proxy statement with the Securities and Exchange Commission and seek stockholder approval of the transactions contemplated by the Disbursements Asset Purchase Agreement. On April 4, 2016, our stockholders authorized the sale of the disbursements business to Buyer. We are also obligated to provide certain consulting services to Buyer with respect to the disbursement business for a period of two years following the closing. In addition, we have agreed not to compete with Buyer in the full-service refund disbursement business, or to solicit Higher One employees offered employment by Buyer, for a period of four years following the closing. Under the terms of the Asset Purchase Agreement, we are prohibited from soliciting or encouraging proposals with respect to alternative business combinations that relate only to the disbursement business, but we may engage in discussions or negotiations relating to unsolicited proposals that may result in a superior proposal for such business. If the Disbursements Asset Purchase Agreement is terminated in connection with us entering into an alternative agreement, we would be required to pay a termination fee of $1.5 million to Buyer. The Disbursements Asset Purchase Agreement is subject to creditor approval, the receipt of certain required third party consents, and other customary closing conditions. The parties intend to close the transaction during the second quarter of 2016, but the Disbursements Asset Purchase Agreement may be terminated under certain specified circumstances, including if the transactions contemplated by the Disbursements Asset Purchase Agreement are not consummated by July 1, 2016. The results of the disbursements business are included in income from continuing operations for the three months ended March 31, 2016 and 2015.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015, and in the opinion of management, include all normal recurring adjustments that are necessary for the fair statement of our interim period results reported herein. The December 31, 2015 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 months ended March 31, 2016 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. Prior Period Reclassifications On November 25, 2015, we sold our data analytics business. The data analytics sale is reported as discontinued operations, which requires retrospective restatement of prior periods to classify the results of operations as discontinued operations. No data analytics assets or liabilities that were sold remain on the consolidated balance sheet as of March 31, 2016 or December 31, 2015. The financial results of the data analytics business is presented as “discontinued operations” on the consolidated statements of operations and comprehensive income for the three months ended March 31, 2016 and 2015. See Note 3 – Discontinued Operations for additional information. The notes to our consolidated financial statements relate to our continuing operations only, unless otherwise indicated. Reclassification of prior period amounts related to discontinued operations as a result of the sale of the data analytics business have been made to conform to the current period financial statement presentation. Basic and Diluted Net Income Available to Common Stockholders per Common Share Basic net income per common share excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income 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 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 2,775,633 and 5,063,524 were not included in the computation of diluted net income per common share for the three months ended March 31, 2016 and 2015, 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 Comprehensive net income includes net income, combined with any unrealized gains and losses not included in earnings. Comprehensive net income is reflected as a separate component of stockholders’ equity. Our comprehensive income consists of both net income and foreign currency translation adjustments and it is presented in the accompanying consolidated statements of operations and comprehensive income. 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. There were approximately $144.9 million and $129.9 million of such funds as of March 31, 2016 and December 31, 2015, respectively. These deposits are not included in the accompanying condensed consolidated balance sheets. Recent Accounting Pronouncements There were no accounting standards adopted during the three months ended March 31, 2016 which had a material impact on our consolidated financial position, results of operations or liquidity. In November 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March, 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting

Note 3 - Discontinued Operation

Note 3 - Discontinued Operations - Disposition of Data Analytics Business	3 Months Ended
	Mar. 31, 2016
Data Analytics [Member]
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	3. Discontinued Operations – Disposition of Data Analytics business On October 14, 2015, we entered into an Asset Purchase Agreement, the Campus Labs Asset Purchase Agreement, with CL NewCo, Inc., an affiliate of Leeds Equity Partners, for the sale of substantially all of the assets of our data analytics business . On November 25, 2015, we completed that sale pursuant to the terms of the Campus Labs Asset Purchase Agreement. Pursuant to the terms of the Campus Labs Asset Purchase Agreement, the parties agreed upon a purchase price of $91.0 million, subject to adjustment to reflect changes in certain working capital items prior to the closing. At the closing, the purchase price was reduced by $4.0 million to reflect estimated closing date net working capital. At the time of closing, (1) we received total cash consideration of approximately $55.2 million, (2) the buyer paid $30 million on our behalf to reduce the amount outstanding under our credit facility, and (3) the buyer deposited $1.9 million into an escrow account for potential indemnification claims and a future working capital adjustment. In April 2016, $0.5 million of the amount in escrow was released to the buyer to resolve the working capital adjustment. We have recorded the interest expense associated with the $30.0 million that was paid on our behalf to reduce the amount outstanding under our credit facility as an expense in discontinued operations for the three months ended March 31, 2015. We have not allocated any other interest expense to discontinued operations. The financial results of the data analytics business are reported as discontinued operations. No assets and liabilities of the data analytics business that were sold remain on the consolidated balance sheet as of March 31, 2016 or December 31, 2015. The following table presents the statements of operations for the discontinued operations of the data analytics business: For the Three Months Ended March 31, (in thousands) 201 6 201 5 Revenue $ — $ 4,010 Cost of revenue — 443 Gross margin — 3,567 Operating expenses General and administrative 32 1,042 Product development — 366 Sales and marketing — 896 Interest expense — 236 Income (loss) from discontinued operations before income tax (32 ) 1,027 Income tax expense (benefit) (12 ) 333 Income (loss) from discontinued operations, net of tax $ (20 ) $ 694 Depreciation and amortization expense of $0.7 million is included in income from discontinued operations during the three months ended March 31, 2015. Capital expenditures, including costs associated with developing internal use software, of $0.4 million were incurred related to the data analytics segment during the three months ended March 31, 2015.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4 . Fair Value Measurements We had no unrealized gains or losses from investments as of March 31, 2016 or December 31, 2015, and there is no 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 below) approximates fair value as a result of our amendments to the credit facility in November 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 March 31, 2016. 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. During the three months ended March 31, 2016, we issued 1,146,727 shares of cash-settled restricted stock units to members of management and the board of directors. The cash-settled restricted stock units granted to management vest over a two-year period, with half of the units vesting and settling on the first anniversary of the grant date and the remaining half vesting and settling on the second anniversary of the grant date. The cash-settled restricted stock units granted to members of the board of directors vest and settle when each respective board member no longer serves on our board of directors. The cash-settled restricted stock units are measured based on the closing price of our stock at the end of each reporting period and resulted in approximately $1.2 million of expense recorded during the three months ended March 31, 2016.

Note 5 - Real Estate Developmen

Note 5 - Real Estate Development Project	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Real Estate Development Project [Text Block]	5 . Real Estate Development Project In 2011 and 2012, we completed a project that developed two previously existing commercial buildings located in New Haven, Connecticut into our new corporate headquarters. In connection with this 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 March 31, 2016 and December 31, 2015, an aggregate liability of $3.4 million is recorded related to these guarantees. Of the $3.4 million, $3.2 million is recorded within deferred revenue and other non-current liabilities, as it would not be due until 2019, and the remainder is included in accrued expenses in our condensed consolidated balance sheet. In December 2011, we consummated a financing transaction related to the federal New Markets Tax Credit, or NMTC, program which provided funding for our real estate development project. The NMTC program is designed to encourage new or increased investments into operating businesses and real estate projects located in low-income communities. In connection with this transaction, HOI provided a loan of $7.6 million to an unrelated third party. We consider this loan to be a debt instrument held to maturity which is recorded at amortized cost and the value as of March 31, 2016 approximates fair value. The loan bears interest at 1.0% which is payable quarterly and matures in December 2041. Repayments on the loan commence in December 2019. Also in connection with this transaction, Real Estate LLC entered into a loan agreement and borrowed $7.6 million from an unrelated third party. Real Estate LLC’s loan bears interest at approximately 1.1% which is payable quarterly and matures in December 2041. Repayments on the loan commence in December 2019. This loan is secured by the real estate development project. In addition to the loan agreement, Real Estate Inc. admitted a new member into Real Estate LLC. The new member contributed $2.2 million of capital in exchange for a 2% interest in Real Estate LLC. We have presented this contribution on the consolidated balance sheet as a deferred contribution as a result of our expectation that we will re-acquire this interest in December 2018 through the exercise of a put option for a nominal price by the counterparty to this agreement or through a fair value call option that we can exercise. In connection with the NMTC transaction, we provided a guaranty related to our actions or inactions which cause either a NMTC disallowance or recapture event. In the event that we cause either a recapture or disallowance of the tax credits expected to be generated under this program, then 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 agreement. This guaranty remains in place through 2018. The maximum potential amount of future payments under this guaranty is approximately $6.0 million. We currently believe that the likelihood of us being required to make a payment under this guaranty is remote.

Note 6 - Credit Facility

Note 6 - Credit Facility	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	6 . Credit Facility In October 2012, HOI entered into a five-year, $200.0 million, senior secured revolving credit facility, or the Credit Facility. As a result of amendments we executed in 2015, the Credit Facility has a maximum capacity of $64.5 million as of March 31, 2016. The revolving credit facility capacity subsequently reduces to $54.5 million and $44.5 million as of June 30, 2016 and December 31, 2016, respectively. 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. As of March 31, 2016, there were $29.0 million in borrowings outstanding, at a weighted average interest rate of 4.4%, under 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. Acceleration of repayment of the Credit Facility could also occur upon a change of control or if we experience a material adverse change in our operations, condition or prospects. The Credit Facility, as amended, also contains certain financial covenants that require us to maintain EBITDA, as defined in the Credit Facility, on a consolidated basis for the prior four fiscal quarters of at least $25.0 million, a debt to EBITDA ratio of 2.00 to 1.00 or less, and a fixed charge coverage ratio of at least 1.25 to 1.00. We were in compliance with each of the applicable debt covenants in the Credit Facility, as amended, as of March 31, 2016. As of March 31, 2016, our trailing twelve month consolidated EBITDA (as defined in the Credit Facility) was $39.0 million.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	7 . 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. Department of Education In early 2014, the Department of Education formed a negotiated rulemaking committee to revise 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. Final rules relating to Title IV Cash Management were published in the Federal Register on October 30, 2015. The Final Rules included, among others, provisions related to (i) restrictions on the ability of higher education institutions and third party servicers like the Company to market financial products to students, including sending unsolicited debit cards to students, (ii) prohibitions on the assessment of certain types of account fees on student accountholders and (iii) requirements related to ATM access for student accountholders all of which become effective as of 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. 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 concerning OneAccounts. On December 23, 2015, the Board of Governors issued to HOI an Order to Cease and Desist and Order of Assessment of Civil Money Penalty Issued Upon Consent Pursuant to the Federal Deposit Insurance Act, as Amended (“Fed Order”), related to the Board of Governors matter discussed above. Pursuant to the terms of the Fed Order, HOI is required to, among other things: (1) continue to take all action necessary to correct all violations previously cited by the Board of Governors and prevent the recurrence of similar violations; (2) submit to the Philadelphia Reserve Bank an acceptable written plan to enhance the consumer compliance risk management program to ensure that the marketing, processing, and servicing of student financial aid-related deposit or loan products or services by Higher One comply with all consumer protection laws and regulations; (3) deposit $24.0 million into a qualified settlement fund for purposes of providing restitution of certain OneAccount fees to consumers, as provided by the Fed Order, and submit to the Philadelphia Reserve Bank an acceptable written plan to provide for the restitution; and (4) pay a civil money penalty of $2.2 million. On December 23, 2015, the FDIC issued to HOI a Consent Order, Order for Restitution and Order to Pay Civil Money Penalty (“FDIC Order”). Pursuant to the terms of the FDIC Order, HOI is required to, among other things: (1) continue to correct and eliminate all violations of law previously cited by the FDIC and prevent the recurrence of similar violations; (2) review its Compliance Management System as it relates to its student financial aid-related deposit or loan products and revise, develop and/or implement changes as necessary to ensure such products and services comply with all applicable consumer protection laws; (3) deposit $31.0 million into a segregated deposit account for the purpose of providing restitution of certain OneAccount fees to consumers, as provided by the FDIC Order; and submit to the Regional Director of the FDIC for non-objection a plan to provide restitution; and (4) pay a civil money penalty of $2.2 million. Concurrent to HOI entering this FDIC Order, the FDIC lifted a Consent Order issued in 2012. As a result of the FDIC Order and Fed Order, we recorded an allowance for customer restitution of approximately $46.3 million during the year ended December 31, 2015, representing the difference between the total amount of restitution of $55.0 million and the amount accrued as of December 31, 2014 of $8.75 million. In addition, we recorded expenses of approximately $6.0 million during the year ended December 31, 2015, representing the civil money penalty and our estimate of costs to administer the distribution of restitution funds. The total amount of restitution was deposited in a qualified settlement trust and the total civil money penalties were paid during the year ended December 31, 2015. In July 2014, we received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts (the “Massachusetts Attorney General”) 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, institutions 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 ED rules 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. 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 June 2, 2014, the court issued an order preliminarily approving the settlement, directing that notice of the settlement be sent to the class, setting relevant filing deadlines, and scheduling a final fairness hearing. On December 15, 2014, the Court granted final approval of the settlement and entered judgment. 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. During the three months ended March 31, 2016, we recorded a reduction of our general and administrative expenses of $0.7 million, reflecting amounts from the settlement that were returned to us as a reduction of the administrative costs of the settlement. 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 Labor Class Action On December 28, 2015, Patricia Hall, formerly an employee of Higher One Machines, Inc. filed a class action captioned Patricia Hall, individually, and on behalf of others similarly situated v. Higher One Machines, Inc., Higher One, Inc., and Higher One Holdings, Inc., No. 5:15-cv-00670-F Ms. Hall seeks to represent a nationwide class and a North Carolina class of current and former hourly home-based customer care agents who worked for Higher One, Inc. at any time from 2012 through 2015. Ms. Hall served Higher One, Inc. and the other named defendants with her complaint, but a response has not been filed at this time. Since the filing of the action, the parties have submitted the matter to private mediation. We have recorded an estimated loss of approximately $1.0 million related to this matter, which is included in general and administrative expenses during the three months ended March 31, 2016 and is recorded in accrued expenses as of March 31, 2016.

Note 8 - Restructuring

Note 8 - Restructuring	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	8 . Restructuring 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 business of servicing OneAccounts. In connection with this agreement, we reduced our employee workforce across our customer care department. We began the transition to the third-party service provider in July 2015 and the transition was substantially completed by the end of 2015. We recorded a restructuring charge totaling approximately $0.7 million during the year ended December 31, 2015, consisting of severance and other employee-related benefits. The restructuring liability is included in accrued expenses as of March 31, 2016 and will be paid during the three months ended June 30, 2016. The following table summarizes the activities associated with restructuring liabilities for the three months ended March 31, 2016. Severance and employee- related benefits December 31, 2015 restructuring liability $ 142 Amounts paid (42 ) March 31, 2016 restructuring liability $ 100

Note 9 - Segments

Note 9 - Segments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9 . Segments As a result of changes instituted by our chief operating decision maker (in our case, our chief executive officer) 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 began to disclose three reportable segments during 2015: disbursements, payments and data analytics. During the year ended December 31, 2015, we disposed of our data analytics segment and the results of that segment have been reflected in discontinued operations. The remaining reportable segments 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. We allocate all revenue and all operating expenses to these two 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 and liabilities 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. All of our material identifiable assets and substantially all of our clients and customers are located in the United States. A summary of our segments for the three months ended March 31, 2016 and 2015 is as follows (in thousands): Three Months Ended March 31, 2016 2015 Revenue Disbursements $ 32,145 $ 39,211 Payments 23,406 22,297 Total revenues $ 55,551 $ 61,508 Depreciation and amortization Disbursements $ 2,292 $ 2,161 Payments 2,281 2,296 Total depreciation and amortization $ 4,573 $ 4,457 Income from operations Disbursements $ 3,833 $ 8,527 Payments 3,495 3,021 Total income from continuing operations 7,328 11,548 Interest income 20 20 Interest expense (603 ) (1,144 ) Other income 77 77 Net income before income taxes from continuing operations $ 6,822 $ 10,501

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015, and in the opinion of management, include all normal recurring adjustments that are necessary for the fair statement of our interim period results reported herein. The December 31, 2015 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 months ended March 31, 2016 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.
Reclassification, Policy [Policy Text Block]	Prior Period Reclassifications On November 25, 2015, we sold our data analytics business. The data analytics sale is reported as discontinued operations, which requires retrospective restatement of prior periods to classify the results of operations as discontinued operations. No data analytics assets or liabilities that were sold remain on the consolidated balance sheet as of March 31, 2016 or December 31, 2015. The financial results of the data analytics business is presented as “discontinued operations” on the consolidated statements of operations and comprehensive income for the three months ended March 31, 2016 and 2015. See Note 3 – Discontinued Operations for additional information. The notes to our consolidated financial statements relate to our continuing operations only, unless otherwise indicated. Reclassification of prior period amounts related to discontinued operations as a result of the sale of the data analytics business have been made to conform to the current period financial statement presentation.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Net Income Available to Common Stockholders per Common Share Basic net income per common share excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income 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 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 2,775,633 and 5,063,524 were not included in the computation of diluted net income per common share for the three months ended March 31, 2016 and 2015, 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 Comprehensive net income includes net income, combined with any unrealized gains and losses not included in earnings. Comprehensive net income is reflected as a separate component of stockholders’ equity. Our comprehensive income consists of both net income and foreign currency translation adjustments and it is presented in the accompanying consolidated statements of operations and comprehensive income.
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. There were approximately $144.9 million and $129.9 million of such funds as of March 31, 2016 and December 31, 2015, respectively. These deposits 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 three months ended March 31, 2016 which had a material impact on our consolidated financial position, results of operations or liquidity. In November 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers In February 2016, the FASB issued ASU No. 2016-02, Leases, which will require, among other items, lessees to recognize most leases as assets and liabilities on the balance sheet. Qualitative and quantitative disclosures will be enhanced to better understand the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. In March, 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting

Note 3 - Discontinued Operati17

Note 3 - Discontinued Operations - Disposition of Data Analytics Business (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Table Text Block]	For the Three Months Ended March 31, (in thousands) 201 6 201 5 Revenue $ — $ 4,010 Cost of revenue — 443 Gross margin — 3,567 Operating expenses General and administrative 32 1,042 Product development — 366 Sales and marketing — 896 Interest expense — 236 Income (loss) from discontinued operations before income tax (32 ) 1,027 Income tax expense (benefit) (12 ) 333 Income (loss) from discontinued operations, net of tax $ (20 ) $ 694

Note 8 - Restructuring (Tables)

Note 8 - Restructuring (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Restructuring and Related Costs [Table Text Block]	Severance and employee- related benefits December 31, 2015 restructuring liability $ 142 Amounts paid (42 ) March 31, 2016 restructuring liability $ 100

Note 9 - Segments (Tables)

Note 9 - Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2016 2015 Revenue Disbursements $ 32,145 $ 39,211 Payments 23,406 22,297 Total revenues $ 55,551 $ 61,508 Depreciation and amortization Disbursements $ 2,292 $ 2,161 Payments 2,281 2,296 Total depreciation and amortization $ 4,573 $ 4,457 Income from operations Disbursements $ 3,833 $ 8,527 Payments 3,495 3,021 Total income from continuing operations 7,328 11,548 Interest income 20 20 Interest expense (603 ) (1,144 ) Other income 77 77 Net income before income taxes from continuing operations $ 6,822 $ 10,501

Note 1 - Nature of Business a20

Note 1 - Nature of Business and Organization (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2016
Real Estate Inc [Member]
Percentage Ownership Percentage In Real Estate LLC	98.00%
Disbursements [Member] | Scenario, Forecast [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 10	$ 10	$ 17
Number of Subsidiaries	2
Collective Ownership Percentage In HOFTPL	99.995%
Disposal Group, Including Discontinued Operation, Consideration	$ 37
Discontinued Operation, after Disposal, Revenue Threshold	$ 75
Discontinued Operation, Percentage of Excess Revenue Receivable	35.00%
Transition Services, Cash Receivables	$ 5
Termination Fee of Asset Purchase Agreement	$ 1.5

Note 2 - Significant Accounti21

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,063,524	2,775,633
Stock Compensation Plan [Member]
Funds Accepted on Behalf of Others	$ 144.9		$ 129.9

Note 3 - Discontinued Operati22

Note 3 - Discontinued Operations - Disposition of Data Analytics Business (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2015	Mar. 31, 2016	Nov. 25, 2015
Data Analytics [Member] | Cash Received [Member]
Disposal Group, Including Discontinued Operation, Consideration				$ 55.2
Data Analytics [Member] | Credit Facility Reduced [Member]
Disposal Group, Including Discontinued Operation, Consideration				30
Data Analytics [Member] | In Escrow [Member]
Disposal Group, Including Discontinued Operation, Consideration				1.9
Data Analytics [Member]
Disposal Group, Including Discontinued Operation, Consideration				91
Disposal Group, Including Discontinued Operation, Consideration Reduction				$ 4
Subsequent Event [Member]
Escrow Deposit Disbursements Related to Property Acquisition	$ 0.5
Disposal Group, Including Discontinued Operation, Consideration			$ 37
Depreciation and Amortization, Discontinued Operations		$ 0.7
Capital Expenditure, Discontinued Operations		$ 0.4

Note 3 - Statements of Operatio

Note 3 - Statements of Operations for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Data Analytics [Member]
Revenue		$ 4,010
Cost of revenue		443
Gross margin		3,567
General and administrative	$ 32	1,042
Product development		366
Sales and marketing		896
Income (loss) from discontinued operations before income tax	$ (32)	1,027
Income tax expense (benefit)	(12)	333
Income (loss) from discontinued operations, net of tax	$ (20)	694
Interest expense		236
Income tax expense (benefit)	$ (12)	333
Income (loss) from discontinued operations, net of tax	$ (20)	$ 694

Note 4 - Fair Value Measureme24

Note 4 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	1,146,727
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Allocated Share-based Compensation Expense	$ 1,200,000
Unrealized Gain (Loss) on Investments	$ 0	$ 0

Note 5 - Real Estate Developm25

Note 5 - Real Estate Development Project (Details Textual) $ in Millions	1 Months Ended
	Dec. 31, 2011USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Payment Guarantee [Member] | Deferred Revenue and Other Non-current Liabilities [Member]
Guarantor Obligations, Current Carrying Value		$ 3.2
Payment Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted		7
Guarantor Obligations, Current Carrying Value		3.4	$ 3.4
Guarantee Type, Other [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 6
Real Estate LLC [Member]
Proceeds from Other Debt	$ 7.6
Debt Instrument, Interest Rate, Stated Percentage	1.10%
Number of Existing Buildings Developed			2
Loans Receivable, Gross, Commercial, Real Estate	$ 7.6
Interest on Unrelated Party Note Receivable, Percentage	1.00%
Proceeds from Noncontrolling Interests	$ 2.2
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	2.00%
Term to Reacquire Real Estate Interest Sold	2018 years

Note 6 - Credit Facility (Detai

Note 6 - Credit Facility (Details Textual) $ in Millions	Oct. 16, 2012USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Revolving Credit Facility [Member] | Feb. 2015 Amendment [Member] | Scenario, Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 44.5	$ 54.5
Revolving Credit Facility [Member]
Debt Instrument, Term	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 200	$ 64.5
Long-term Line of Credit		$ 29
Line of Credit Facility, Interest Rate During Period		4.40%
Minimum EBITDA			$ 25
Minimum Fixed Charge Coverage Ratio			1.25
Maximum Debt to Consolidated EBITDA Ratio after 12/31/2015			2
Trailing 12 Month EBITDA		$ 39
Letter of Credit [Member]
Maximum Reduction of Revolving Credit Facility		20
Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10

Note 7 - Commitments and Cont27

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 23, 2015	Feb. 28, 2014	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014
Fed Order [Member]
Customer Restitution	$ 24,000
Civil Money Penalty	2,200
FDIC Order [Member]
Customer Restitution	31,000
Civil Money Penalty	$ 2,200
Customer Restitution [Member]
Customer Restitution				$ 55,000
Sales Returns and Allowances, Goods				46,300
Loss Contingency Accrual						$ 8,750
Other Nonrecurring Expense				$ 6,000
The 2013 Consumer Class Action [Member] | Selling, General and Administrative Expenses [Member]
Gain (Loss) Related to Litigation Settlement			$ 700
Labor Class Action [Member]
Loss Contingency, Estimate of Possible Loss			$ 1,000
Litigation Settlement, Amount		$ 15,000
Gain (Loss) Related to Litigation Settlement					$ 16,300

Note 8 - Restructuring (Details

Note 8 - Restructuring (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Restructuring Charges	$ 0.7

Note 8 - Summary of Restructuri

Note 8 - Summary of Restructuring Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Restructuring liability, Balance	$ 142
Amounts paid	(42)
Restructuring liability, Balance	$ 100

Note 9 - Segments (Details Text

Note 9 - Segments (Details Textual)	12 Months Ended
	Dec. 31, 2015
Number of Reportable Segments	3

Note 9 - Segment Reporting Info

Note 9 - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disbursements [Member]
Revenue	$ 32,145	$ 39,211
Depreciation and amortization	2,292	2,161
Income (loss) from operations	3,833	8,527
Payments [Member]
Revenue	23,406	22,297
Depreciation and amortization	2,281	2,296
Income (loss) from operations	3,495	3,021
Revenue	55,551	61,508
Depreciation and amortization	4,573	4,457
Income (loss) from operations	7,328	11,548
Interest income	20	20
Interest expense	(603)	(1,144)
Other income	77	77
Net income before income taxes from continuing operations	$ 6,822	$ 10,501