Higher One 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Higher One Holdings, Inc.	'
Entity Central Index Key	'0001486800	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Public Float	'	$414.30
Entity Common Stock, Shares Outstanding	47,209,882	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$10,951	$6,268
Investments in marketable securities	248	247
Accounts receivable	10,996	8,747
Income receivable	9,543	6,680
Deferred tax assets	504	5,895
Prepaid expenses and other current assets	4,132	7,725
Restricted cash	250	250
Total current assets	36,624	35,812
Deferred costs	5,139	4,373
Fixed assets, net	49,359	49,888
Intangible assets, net	58,913	59,834
Goodwill	67,403	67,403
Loan receivable related to New Markets Tax Credit financing	7,633	7,633
Other assets	4,938	4,940
Restricted cash	2,475	2,500
Total assets	232,484	232,383
Current liabilities:	'	'
Accounts payable	2,938	3,787
Accrued expenses	17,006	30,322
Contingent consideration, current portion	0	0
Deferred tax liabilities	0	0
Deferred revenue	20,815	22,392
Total current liabilities	40,759	56,501
Deferred revenue and other non-current liabilities	2,304	2,342
Loan payable and deferred contribution related to New Markets Tax Credit financing	9,103	9,181
Debt	94,000	89,000
Contingent consideration, non-current portion	0	0
Deferred tax liabilities	2,016	2,393
Total liabilities	148,182	159,417
Commitments and contingencies (Note 7)	'	'
Stockholders' equity:	'	'
Common stock, $.001 par value; 200,000,000 shares authorized; 59,122,908 shares issued and 47,209,882 shares outstanding at March 31, 2014; 59,028,810 shares issued and 47,115,784 shares outstanding at December 31, 2013	60	60
Additional paid-in capital	182,965	181,339
Treasury stock, 11,913,026 shares at March 31, 2014 and December 31, 2013	-137,899	-137,899
Retained earnings	39,176	29,466
Total stockholders' equity	84,302	72,966
Total liabilities and stockholders' equity	$232,484	$232,383

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Stockholders' equity:	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	59,122,908	59,028,810
Common stock, shares outstanding (in shares)	47,209,882	47,115,784
Treasury stock (in shares)	11,913,026	11,913,026

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue:	'	'
Account revenue	$41,662	$43,363
Payment transaction revenue	14,620	6,701
Higher education institution revenue	9,979	7,141
Other revenue	295	175
Revenue	66,556	57,380
Cost of revenue	27,594	22,300
Gross margin	38,962	35,080
Operating expenses:	'	'
General and administrative	15,711	13,089
Product development	2,192	1,895
Sales and marketing	4,474	3,207
Gain (Loss) Related to Litigation Settlement	0	0
Merger and acquisition related	0	546
Total operating expenses	22,377	18,737
Income from operations	16,585	16,343
Interest income	19	19
Interest expense	-823	-629
Other income	78	77
Net income before income taxes	15,859	15,810
Income tax expense	6,149	6,008
Net income	9,710	9,802
Net income available to common stockholders:	'	'
Basic	9,710	9,802
Diluted	$9,710	$9,802
Weighted average shares outstanding:	'	'
Basic (in shares)	47,082,397	46,268,310
Diluted (in shares)	48,340,468	48,303,907
Net income available to common stockholders per common share:	'	'
Basic (in dollars per share)	$0.21	$0.21
Diluted (in dollars per share)	$0.20	$0.20

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2013	$60	$181,339	($137,899)	$29,466	$72,966
Balance (in shares) at Dec. 31, 2013	47,115,784	'	'	'	47,115,784
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Stock-based compensation	0	1,604	0	0	1,604
Stock Issued During Period, Value, Restricted Stock Award, Gross	0	0	0	0	0
Stock Issued During Period, Shares, Restricted Stock Award, Gross	62,522	'	'	'	'
Tax benefit related to options	0	3	0	0	3
Repurchase of common stock	0	0	0	0	0
Repurchase of common stock (in shares)	0	'	'	'	'
Exercise of stock options	0	19	0	0	19
Exercise of stock options (in shares)	31,576	'	'	'	'
Net income	0	0	0	9,710	9,710
Balance at Mar. 31, 2014	$60	$182,965	($137,899)	$39,176	$84,302
Balance (in shares) at Mar. 31, 2014	47,209,882	'	'	'	47,209,882

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities	'	'
Net income	$9,710	$9,802
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	4,455	3,111
Amortization of deferred finance costs	123	111
Non-cash fair value adjustment of contingent consideration	0	89
Stock-based compensation	1,558	1,485
Deferred income taxes	5,014	-856
Income tax benefit related to exercise of stock options	-3	-148
Other income	-78	-77
Loss on disposal of fixed assets	32	8
Changes in operating assets and liabilities:	'	'
Accounts receivable	-2,249	-1,689
Income receivable	-2,863	551
Deferred costs	-1,354	-184
Prepaid expenses and other current assets	126	4,763
Other assets	-26	-92
Accounts payable	-849	-532
Accrued expenses	-13,391	5,954
Deferred revenue	-1,615	238
Net cash provided by operating activities	-1,410	22,534
Cash flows from investing activities	'	'
Purchases of available for sale investment securities	0	0
Proceeds from sales and maturities of available for sale investment securities	0	0
Purchases of fixed assets, net of changes in payables of ($153) and ($11,799), respectively	-1,157	-1,259
Payments to Acquire Businesses, Gross	0	0
Additions to internal use software	-1,265	-631
Proceeds from development related subsidies	3,468	0
Amount Received from Restricted Cash	25	0
Deposits to Restricted Cash	0	0
Net cash used in investing activities	1,071	-1,890
Cash flows from financing activities	'	'
Proceeds from line of credit	15,000	3,000
Repayments of line of credit	-10,000	-20,000
Tax benefit related to stock options	3	148
Proceeds from exercise of stock options	19	224
Purchases of common stock	0	-5,996
Net cash used in financing activities	5,022	-22,624
Net change in cash and cash equivalents	4,683	-1,980
Cash and cash equivalents at beginning of period	6,268	13,031
Cash and cash equivalents at end of period	$10,951	$11,051

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from investing activities	'	'
Purchases of fixed assets, changes in construction payables	$0	($153)

Nature_of_Business_and_Organiz

Nature of Business and Organization	3 Months Ended
	Mar. 31, 2014
Nature of Business and Organization [Abstract]	'
Nature of Business and Organization	'
	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% 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.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Significant Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	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, 2013, 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, 2013 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.  As described in “Note 7 - Business Combinations,” we have revised the comparative balance sheet as of December 31, 2013 to include the effect of a measurement period adjustment.  Due to seasonal fluctuations and other factors, the results of operations for the three months ended March 31, 2014 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.
	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 4,175,053 and 3,607,322 were not included in the computation of diluted net income per common share for the three months ended March 31, 2014 and 2013, 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
	There are no comprehensive income items other than net income. 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.
	Restricted Cash and 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 payor. There were approximately $234.1 million and $199.1 million of such funds as of March 31, 2014 and December 31, 2013, 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 2013 or during the three months ended March 31, 2014 which had a material impact on our consolidated financial position, results of operations or liquidity.  There are no new accounting standards issued but not yet effective which we expect to have a material impact on our consolidated financial position, results of operations, liquidity or disclosure.

Investments_in_Marketable_Secu

Investments in Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Investments in Marketable Securities and Fair Value Measurements [Abstract]	'
Investments in Marketable Securities and Fair Value Measurements	'
	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 as of either March 31, 2014 and December 31, 2013:
			Total		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Unobservable Inputs
					(Level 1)		(Level 2)		(Level 3)
	Fair values at March 31, 2014
	Assets:
	Certificate of deposit		$	248	$	–	$	248	$	–
	Fair values at December 31, 2013
	Assets:
	Certificate of deposit		$	247	$	–	$	247	$	–
	There was no activity in the fair value of the measurements using unobservable inputs (Level 3 Assets) during the three months ended March 31, 2014.
	Our contingently returnable escrow receivable is valued using probability-weighted, future possible expected outcomes.  The unobservable input utilized in the determination of this receivable is our estimation of which clients subject to the escrow agreement will assign their contracts to us.  During the three months ended March 31, 2014, the contingently returnable escrow receivable was reduced as a result of a measurement period adjustment, which had the effect of reducing the amount recorded as of both March 31, 2014 and December 31, 2013. The range of amounts which we may receive from escrow is between $0 and $4.1 million as of March 31, 2014.  All amounts are expected to be distributed out of escrow by June 2014. The contingently returnable escrow receivable is included in prepaid expenses and other current assets in the condensed consolidated balance sheet.  Refer to “Note 7 - Business Combinations” for additional information related to the escrow arrangement.
	We had no unrealized gains or losses from investments as of March 31, 2014 or December 31, 2013 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 approximates fair value because of the short-term nature of these instruments. The carrying amount of our debt outstanding under our credit facility approximates fair value. Our loan receivable related to 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 New Markets Tax Credit financing approximates fair value as of March 31, 2014.  Our loan payable and loan receivable related to 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.

Real_Estate_Development_Projec

Real Estate Development Project	3 Months Ended
	Mar. 31, 2014
Real Estate Development Project [Abstract]	'
Real Estate Development Project	'
	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 three months ended March 31, 2014, we received a payment of $3.5 million associated with state historic tax credits which were generated by the project.  This amount had been recorded within prepaid expenses and other current assets, along with an offsetting reduction to our fixed assets, in our condensed consolidated balance sheet as of December 31, 2013.
	We have provided two guarantees related to this real estate development project. We provided a guaranty to the State of Connecticut Department of Economic and Community Development related to our obligation to repay the amounts which were granted to us if we fail to meet certain criteria. The maximum potential amount of future payments of this guaranty is approximately $5.9 million.  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 either 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 of this guaranty is approximately $6.0 million. We currently believe that the requirement to make a payment under either of the guaranties described above is remote and we have thus not recorded any liability on our condensed consolidated balance sheet in connection with these guaranties.
	In connection with the real estate project described above, during 2013, we made an investment in FC Winchester Lofts Master Tenant, LLC, or the Master Tenant, which will maintain and operate a residential development project which is adjacent to our corporate headquarters. Although we contributed capital to the project, the power to direct the economically significant activities of the project is held by the other member of the Master Tenant, as such we are not the primary beneficiary of the Master Tenant.  For example, the other member has the right to manage the operations of the development once the development is completed.  Additionally, we do not have exposure to loss in excess of the amounts we contribute to the Master Tenant. Accordingly, our investment in the Master Tenant is accounted for as an equity method investment. The equity investment totaled $3.9 million during the year ended December 31, 2013 and is included within other assets on the accompanying balance sheet as of March 31, 2014 and December 31, 2013.  We expect to make additional investments during 2014 as construction is completed.  The total amount expected to be invested during 2014 is approximately $8.8 million.  As a result of our equity investment in the residential development, we will receive the pass-through of federal historic tax credits generated by the residential development and the right to receive certain cash flows generated from the project.  The federal historic tax credits are expected to be approximately $11.2 million and are expected to reduce our federal income taxes payable during the years ending December 31, 2014 and 2015.

Credit_Facility

Credit Facility	3 Months Ended
	Mar. 31, 2014
Credit Facility [Abstract]	'
Credit Facility	'
	5.	Credit Facility
	On October 16, 2012, HOI entered into a five-year, $200.0 million, senior secured revolving credit facility, or the Credit Facility. As of March 31, 2014, there were $94.0 million in borrowings outstanding, at a weighted average interest rate of 2.2%, under the Credit Facility. We are in compliance with all of the applicable affirmative, negative and financial covenants of the Credit Facility. The amount available to be drawn under the Credit Facility may be increased by an additional $100.0 million upon our request and the agreement of the lenders party to the Credit Facility.  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.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	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.
	As previously disclosed, the Federal Reserve Bank of Chicago notified us and a former bank partner of potential violations of the Federal Trade Commission Act relating to marketing and disclosure practices related to the OneAccount during the period it was offered by such former bank partner.  On May 9, 2014, the Board of Governors of the Federal Reserve System, or the Board of Governors, advised us of its determination to seek an administrative order against us with respect to asserted violations of the Federal Trade Commission Act relating 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.  We are in discussions with the Board of Governors in this matter.  Any administrative order arising out of this matter is likely to include demands for material customer restitution, material civil money penalties, and changes to certain of our business practices and could have a material adverse effect on our business, financial condition and results of operations.  Although the ultimate amount of restitution or civil money penalties are subject to many uncertainties and therefore are impossible to predict, it is also possible the amounts could reach levels that would cause an event of default under our Credit Facility. While we believe that it is probable that we will have a loss related to this regulatory matter, in view of the inherent difficulty of predicting the outcome of regulatory matters, we cannot predict what the eventual outcome of this pending matter will be, what the timing of the ultimate resolution of this matter will be or the potential range of loss associated with this matter.  We are currently unable to estimate a range of loss associated with this matter because it is in an early stage.
	HOI and HOH are defendants in a series of putative class action lawsuits filed in 2012: Ashley Parker, et al. v. Higher One Holdings, Inc. et al., filed on July 3, 2012 in the United States District Court for the Northern District of Mississippi, Eastern Division; Jeanette Price et al. v. Higher One Holdings, Inc. et al., filed on July 27, 2012 in the United States District Court for the District of Connecticut; John Brandon Kent et al. v. Higher One Holdings, Inc. et al., filed on August 17, 2012 in the United States District Court for the Middle District of Alabama, Northern Division; Jonathan Lanham et al. v. Higher One Holdings, Inc. et al., filed on October 2, 2012 in the United States District Court for the Western District of Kentucky, Louisville Division; Aisha DeClue et al. v. Higher One, Inc., et al., filed on November 5, 2012 in the St. Louis County Circuit Court of Missouri; and Jill Massey et al. v. Higher One Holdings, Inc. et al., filed on November 6, 2012 in the United States District Court for the Southern District of Illinois, East Saint Louis Division. 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 have filed a consolidated amended complaint in the MDL that generally alleges, 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. On April 22, 2013, we filed a motion to dismiss the case, which the court denied as moot on March 11, 2014 in light of the parties’ settlement, discussed below.
	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 February 14, 2014, plaintiffs asked the court to preliminarily approve the settlement. The court must approve the settlement before it becomes final and binding. There is no assurance that the court will approve the settlement. During the year ended December 31, 2013, we recorded an accrual for an estimated charge of $16.3 million to reflect our current estimate of the resolution, inclusive of additional legal and other administrative costs, based on the agreement in principle.  While this estimate is consistent with our view of the current exposure based on the signed settlement agreement, the actual loss or range of such loss could vary materially from the current estimate if the settlement is not finalized and approved.
	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 2 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. The parties are currently in the discovery stage of the proceeding. We intend to pursue the matter vigorously. There can be no assurances of our success in these proceedings.
	In accordance with applicable accounting guidance, we establish a liability for these matters if and when they were to present loss contingencies that were both probable and reasonably estimable.

Business_Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Business Combinations	'
	7.	Business Combinations
	On May 7, 2013, we entered into an Asset Purchase Agreement with Sallie Mae, Inc., or Sallie Mae, to purchase substantially all of the assets of Sallie Mae’s Campus Solutions business, or Campus Solutions, for consideration of approximately $47.3 million in cash, $5.2 million of which was deposited into escrow and will be released to Sallie Mae or us depending on the assignment of certain client contracts.  As of March 31, 2014, $4.1 million of the escrow remained undistributed.
	During the three months ended March 31, 2014, we recorded a measurement period adjustment which resulted in a change in the fair values attributed to the contingently returnable escrow receivable, intangible assets and goodwill. We have revised the comparative balance sheet as of December 31, 2013 to include the effect of the measurement period adjustment as if the accounting had been completed on the acquisition date. The fair value of the contingently returnable escrow receivable was reduced by $3.2 million and the fair value of intangible assets and goodwill were increased by $2.3 million and $0.9 million, respectively. The fair value of the contingently returnable escrow receivable decreased as a result of additional client contracts which were assigned to us, compared to our earlier assessments.  The remaining disclosures related to the acquisition of Campus Solutions have been updated to reflect this measurement period adjustment.  There were no changes to goodwill during the three months ended March 31, 2014, other than the change related to the measurement period adjustment described above.
	Under the acquisition method of accounting, the total fair value of consideration transferred was allocated to Campus Solutions’ net tangible and intangible assets based on their estimated fair values as of May 7, 2013. The preliminary allocation of fair value of consideration transferred was allocated as follows (in thousands):
	Assets acquired:		7-May-13
	Accounts receivable		$	770
	Contingently returnable escrow receivable			136
	Fixed assets			92
	Intangible assets			25,850
	Goodwill			20,402
	Total assets acquired and fair value of consideration transferred		$	47,250
	The preliminary purchase price allocations for the Campus Solutions acquisition were based upon a preliminary valuation and our estimates and assumptions for this acquisition is subject to change as we obtain additional information for our estimates during the measurement period. The primary areas of those purchase price allocations that are not yet finalized relate to the contingently returnable escrow receivable and residual goodwill.
	The following methods and inputs were utilized to determine fair value for the respective items:
	Item	Valuation technique	Inputs
	Contingently returnable escrow receivable	Probability-weighted future possible outcomes	Estimate of the contracts that will be assigned to us and the amount to be paid from escrow to us for each such contract
	Completed technology	Income approach – relief from royalty	Estimated future revenue attributable to technology completed as of the acquisition date, royalty rate and discount rate
	Customer relationships	Income approach – excess earnings	Estimated future revenues attributable to existing higher education institution clients as of the acquisition date, estimated income associated with such revenue, royalty rate and discount rate
	The acquired intangible assets will be amortized each year based on a straight-line method over the estimated useful life of the asset (in thousands).
			Weighted-average amortization period (in years)		Amount
	Customer relationships			11	$	23,130
	Completed technology			3		2,720
				10	$	25,850
	Goodwill represents the excess of the fair value of consideration transferred for an acquired business over the fair value of the net tangible and intangible assets acquired. Goodwill exists in the transaction as a result of value beyond that of the tangible and other intangible assets, attributable to synergies that exist in the combined business, including a planned migration to a single technology platform. Goodwill of $16.8 million is deductible for tax purposes.  The amount of goodwill which is deductible for tax purposes will change upon the distribution of amounts out of escrow.
	The Campus Solutions business does not constitute a separate operating segment. Our strategy is to integrate the Campus Solutions business into our existing business. We have also concluded that our operating segment is a single reporting unit. Our single operating segment does not have any components that constitute a separate business for which discrete information will be available. We plan to operate the combined enterprise as one integrated business. Accordingly, the goodwill arising from the acquisition was assigned to our single operating segment and single reporting unit.
	We reported revenues totaling approximately $6.1 million from the Campus Solutions acquisition during the three months ended March 31, 2014.
	The pro forma financial information for the three months ended March 31, 2013 is provided for illustrative purposes only and assumes that the acquisition of the Campus Solutions business occurred on January 1, 2013. This pro forma financial information (in thousands, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. The pro forma financial information for the period presented also includes amortization expense from acquired intangible assets, adjustments to interest expense, interest income and related tax effects.
			Three Months Ended
			March 31,
	in thousands (other than per share information)		2013
	Revenues		$	64,562
	Net income		$	7,960
	Basic earnings per share		$	0.17
	Basic weighted average number of common shares outstanding			46,268
	Diluted earnings per share		$	0.16
	Diluted weighted average number of common and common equivalent shares outstanding			48,304

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Significant Accounting Policies [Abstract]	'
Basis of Presentation and Consolidation	'
	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, 2013, 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, 2013 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.  As described in “Note 7 - Business Combinations,” we have revised the comparative balance sheet as of December 31, 2013 to include the effect of a measurement period adjustment.  Due to seasonal fluctuations and other factors, the results of operations for the three months ended March 31, 2014 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.
Basic and Diluted Net Income Available to Common Stockholders per Common Share	'
	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 4,175,053 and 3,607,322 were not included in the computation of diluted net income per common share for the three months ended March 31, 2014 and 2013, 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 Income
	There are no comprehensive income items other than net income. 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]	'
	Restricted Cash and 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 payor. There were approximately $234.1 million and $199.1 million of such funds as of March 31, 2014 and December 31, 2013, respectively. These deposits are not our funds and therefore are not included in the accompanying condensed consolidated balance sheets.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	There were no accounting standards adopted during 2013 or during the three months ended March 31, 2014 which had a material impact on our consolidated financial position, results of operations or liquidity.  There are no new accounting standards issued but not yet effective which we expect to have a material impact on our consolidated financial position, results of operations, liquidity or disclosure.

Investments_in_Marketable_Secu1

Investments in Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in Marketable Securities and Fair Value Measurements [Abstract]	'
Fair value by balance sheet grouping	'
	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 as of either March 31, 2014 and December 31, 2013:
		Total		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	Fair values at March 31, 2014
	Assets:
	Certificate of deposit	$	248	$	–	$	248	$	–
	Fair values at December 31, 2013
	Assets:
	Certificate of deposit	$	247	$	–	$	247	$	–

Business_Combinations_Tables

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Schedule of Goodwill [Table Text Block]	'
	Goodwill represents the excess of the fair value of consideration transferred for an acquired business over the fair value of the net tangible and intangible assets acquired. Goodwill exists in the transaction as a result of value beyond that of the tangible and other intangible assets, attributable to synergies that exist in the combined business, including a planned migration to a single technology platform. Goodwill of $16.8 million is deductible for tax purposes.  The amount of goodwill which is deductible for tax purposes will change upon the distribution of amounts out of escrow.
	The Campus Solutions business does not constitute a separate operating segment. Our strategy is to integrate the Campus Solutions business into our existing business. We have also concluded that our operating segment is a single reporting unit. Our single operating segment does not have any components that constitute a separate business for which discrete information will be available. We plan to operate the combined enterprise as one integrated business. Accordingly, the goodwill arising from the acquisition was assigned to our single operating segment and single reporting unit.
Allocation of Fair Value of Consideration Transferred	'
	Under the acquisition method of accounting, the total fair value of consideration transferred was allocated to Campus Solutions’ net tangible and intangible assets based on their estimated fair values as of May 7, 2013. The preliminary allocation of fair value of consideration transferred was allocated as follows (in thousands):
	Assets acquired:		7-May-13
	Accounts receivable		$	770
	Contingently returnable escrow receivable			136
	Fixed assets			92
	Intangible assets			25,850
	Goodwill			20,402
	Total assets acquired and fair value of consideration transferred		$	47,250
Methods and Input Utilized to Determine Fair Value	'
	The preliminary purchase price allocations for the Campus Solutions acquisition were based upon a preliminary valuation and our estimates and assumptions for this acquisition is subject to change as we obtain additional information for our estimates during the measurement period. The primary areas of those purchase price allocations that are not yet finalized relate to the contingently returnable escrow receivable and residual goodwill.
	The following methods and inputs were utilized to determine fair value for the respective items:
	Item	Valuation technique	Inputs
	Contingently returnable escrow receivable	Probability-weighted future possible outcomes	Estimate of the contracts that will be assigned to us and the amount to be paid from escrow to us for each such contract
	Completed technology	Income approach – relief from royalty	Estimated future revenue attributable to technology completed as of the acquisition date, royalty rate and discount rate
	Customer relationships	Income approach – excess earnings	Estimated future revenues attributable to existing higher education institution clients as of the acquisition date, estimated income associated with such revenue, royalty rate and discount rate
Schedule of Acquired Finite Lived Intangible Assets	'
	The acquired intangible assets will be amortized each year based on a straight-line method over the estimated useful life of the asset (in thousands).
			Weighted-average amortization period (in years)		Amount
	Customer relationships			11	$	23,130
	Completed technology			3		2,720
				10	$	25,850
Proforma Financial Information	'
	We reported revenues totaling approximately $6.1 million from the Campus Solutions acquisition during the three months ended March 31, 2014.
	The pro forma financial information for the three months ended March 31, 2013 is provided for illustrative purposes only and assumes that the acquisition of the Campus Solutions business occurred on January 1, 2013. This pro forma financial information (in thousands, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. The pro forma financial information for the period presented also includes amortization expense from acquired intangible assets, adjustments to interest expense, interest income and related tax effects.
			Three Months Ended
			March 31,
	in thousands (other than per share information)		2013
	Revenues		$	64,562
	Net income		$	7,960
	Basic earnings per share		$	0.17
	Basic weighted average number of common shares outstanding			46,268
	Diluted earnings per share		$	0.16
	Diluted weighted average number of common and common equivalent shares outstanding			48,304

Nature_of_Business_and_Organiz1

Nature of Business and Organization (Details)	3 Months Ended
	Mar. 31, 2014
	Subsidiary
Nature of Business and Organization [Abstract]	'
Number of subsidiaries	2
Collective ownership held by two subsidiaries (in hundredths)	99.00%
Ownership percentage of subsidiary (in hundredths)	98.00%

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Significant Accounting Policies [Abstract]	'	'	'
Funds accepted on behalf of others	$234,100,000	'	$199,100,000
Deposits to Restricted Cash	$0	$0	'
Stock options	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'
Shares excluded from calculation of earnings per share (in shares)	4,175,053	3,607,322	'

Investments_in_Marketable_Secu2

Investments in Marketable Securities and Fair Value Measurements (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
		Recurring [Member]	Recurring [Member]	Recurring [Member]	Recurring [Member]	Recurring [Member]	Recurring [Member]	Recurring [Member]	Recurring [Member]
				Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Significant Other Observable Inputs (Level 2) [Member]	Significant Other Observable Inputs (Level 2) [Member]	Unobservable Inputs (Level 3) [Member]	Unobservable Inputs (Level 3) [Member]
Asset [Abstract]	'	'	'	'	'	'	'	'	'
Certificate of deposit	'	$248,000	$247,000	$0	$0	$248,000	$247,000	$0	$0
Contingently Returnable Escrow Receivable, Fair Value Disclosure	'	0	0	0	0	0	0	0	0
Assets, Fair Value Disclosure, Total	'	248,000	247,000	0	0	248,000	247,000	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'	'	'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance	0	'	'	'	'	'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	'	'	'	'	'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance	0	'	'	'	'	'	'	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'	'	'	'	'	'
Beginning Balance	0	'	'	'	'	'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0	'	'	'	'	'	'	'	'
Ending Balance	0	'	'	'	'	'	'	'	'
Business Acquisition, Contingent Consideration [Line Items]	'	'	'	'	'	'	'	'	'
Business Combination, Contingent Receivable Arrangements, Range of Outcomes, Value, High	4,100,000	'	'	'	'	'	'	'	'
Business Combination, Contingent Receivable Arrangements, Range of Outcomes, Value, Low	$0	'	'	'	'	'	'	'	'

Real_Estate_Development_Projec1

Real Estate Development Project (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
	Guarantee
	Building
Real Estate Development Project [Abstract]	'	'	'	'
Proceeds From Development Related Subsidies	$3,468,000	$0	'	'
Number of existing buildings to develop	2	'	'	'
Number of guarantees related to project development	2	'	'	'
Guarantor Obligations [Line Items]	'	'	'	'
Payments to Acquire Equity Method Investments	'	'	'	3,900,000
Amount to be invested in Real Estate in 2014	'	'	8,800,000	'
Federal Historic Tax Credits We Expect to Receive	'	'	11,200,000	'
Department of Economic and Community Development [Member]	'	'	'	'
Guarantor Obligations [Line Items]	'	'	'	'
Maximum guaranty amount	5,900,000	'	'	'
Tax Credits [Member]	'	'	'	'
Guarantor Obligations [Line Items]	'	'	'	'
Maximum guaranty amount	$6,000,000	'	'	'

Credit_Facility_Details

Credit Facility (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Revolving credit facility [Member]	'
Line of Credit Facility [Line Items]	'
Term of credit facility	'5 years
Maximum borrowing capacity under credit facility	$200
Line of Credit Facility, Amount Outstanding	94
Interest rate during period (in hundredths)	2.20%
Additional borrowing capacity under credit facility	100
Debt Instrument, Maturity Date	16-Oct-17
Letter of credit [Member]	'
Line of Credit Facility [Line Items]	'
Maximum amount permitted for issuance	20
Swing line loans [Member]	'
Line of Credit Facility [Line Items]	'
Maximum amount permitted for issuance	$10

Capital_Stock_Details

Capital Stock (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Capital Stock [Abstract]	'
Treasury stock value	$0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Complaint
	Patent
Commitments and Contingencies [Abstract]	'	'	'
Gain (Loss) Related to Litigation Settlement	$0	$0	$16,300
Settlement Amount	$15,000	'	'
Number Of Complaints	2	'	'
Number of patents violated	2	'	'

Business_Combinations_Details

Business Combinations (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	7-May-13
Business Acquisition, Cost of Acquired Entity [Abstract]	'	'	'	'
Business Combination, Contingent Receivable Arrangements, Range of Outcomes, Value, High	$4,100,000	'	'	'
Goodwill [Roll Forward]	'	'	'	'
Goodwill deductible for tax purposes	16,800,000	'	'	'
Goodwill	67,403,000	'	'	'
Goodwill, Acquired During Period	0	'	'	'
Goodwill	67,403,000	'	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	6,100,000	'	'	'
Revenues	'	'	64,562,000	'
Net income	'	'	7,960,000	'
Basic earnings per share (in dollars per share)	'	'	$0.17	'
Basic weighted average number of common shares outstanding (in shares)	'	'	46,268,310	'
Diluted earnings per share (in dollars per share)	'	'	$0.16	'
Diluted weighted average number of common and common equivalent shares outstanding (in shares)	'	'	48,303,907	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Weighted-average amortization period (in years)	'	'10 years	'	'
Amount	'	'	'	25,850,000
Customer Relationships [Member]	'	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Weighted-average amortization period (in years)	'	'11 years	'	'
Amount	'	'	'	23,130,000
Developed Technology Rights [Member]	'	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Weighted-average amortization period (in years)	'	'3 years	'	'
Amount	'	'	'	2,720,000
Campus Solutions Member [Member]	'	'	'	'
Business Acquisition, Cost of Acquired Entity [Abstract]	'	'	'	'
Business Acquisition, Cost of Acquired Entity, Cash Paid	'	'	'	47,300,000
Contingently Returnable Escrow Receivable, Fair Value Disclosure	'	'	'	136,000
Deposit into Escrow	'	'	'	5,200,000
Decrease in Fair Value of Contingently Returnable Escrow Receivable	3,164,000	'	'	'
Increase to Fair Value of Intangible Assets due to reduction of contingently returnable escrow	2,310,000	'	'	'
Increase to Fair Value of Goodwill due to reduction of contingently returnable escrow	854,000	'	'	'
Business Acquisition, Purchase Price Allocation, Assets Acquired [Abstract]	'	'	'	'
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables	'	'	'	770,000
Contingently Returnable Escrow Receivable, Fair Value Disclosure	'	'	'	136,000
Fixed assets	'	'	'	92,000
Intangible assets	'	'	'	25,850,000
Goodwill	'	'	'	20,402,000
Total assets acquired	'	'	'	$47,250,000