RE/MAX (RMAX) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Line Items]
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Central Index Key	1,581,091
Document Period End Date	Sep. 30, 2015
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	rmax
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Class A common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,339,639
Class B common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 95,370,000	$ 107,199,000
Escrow cash - restricted	78,000	693,000
Accounts and notes receivable, current portion, less allowances of $4,836 and $4,495, respectively	17,948,000	16,641,000
Accounts receivable from affiliates	26,000	231,000
Income taxes receivable	321,000	765,000
Other current assets	4,424,000	5,237,000
Total current assets	118,167,000	130,766,000
Property and equipment, net of accumulated depreciation of $17,483 and $19,993, respectively	2,561,000	2,661,000
Goodwill	71,976,000	72,463,000
Deferred tax assets, net	64,729,000	66,903,000
Investments in equity method investees	3,852,000	3,693,000
Debt issuance costs, net	1,604,000	1,896,000
Other assets	1,932,000	1,715,000
Total assets	334,385,000	358,327,000
Current liabilities:
Accounts payable	421,000	561,000
Accounts payable to affiliates	1,172,000	1,114,000
Escrow liabilities	78,000	693,000
Accrued liabilities	10,765,000	9,380,000
Income taxes payable	150,000	189,000
Deferred revenue and deposits	18,294,000	17,142,000
Current portion of debt	13,362,000	9,460,000
Current portion of payable pursuant to tax receivable agreements	3,914,000	3,914,000
Other current liabilities	338,000	211,000
Total current liabilities	48,494,000	42,664,000
Debt, net of current portion	189,003,000	202,213,000
Payable pursuant to tax receivable agreements, net of current portion	63,504,000	63,504,000
Deferred tax liabilities, net	173,000	190,000
Other liabilities, net of current portion	10,431,000	10,473,000
Total liabilities	$ 311,605,000	$ 319,044,000
Commitments and contingencies (note 12)
Stockholders' equity:
Additional paid-in capital	$ 247,303,000	$ 241,882,000
Retained earnings	2,061,000	12,041,000
Accumulated other comprehensive (loss) income	(45,000)	886,000
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	249,320,000	254,810,000
Non-controlling interest	(226,540,000)	(215,527,000)
Total stockholders' equity	22,780,000	39,283,000
Total liabilities and stockholders' equity	334,385,000	358,327,000
Class A common stock
Stockholders' equity:
Common stock	1,000	1,000
Franchise agreements
Current assets:
Intangible assets , net	65,331,000	75,505,000
Other intangible assets
Current assets:
Intangible assets , net	$ 4,233,000	$ 2,725,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts and notes receivable, current portion, allowances	$ 4,836	$ 4,495
Property and equipment, accumulated depreciation	17,483	19,993
Franchise agreements
Franchise agreements and other intangible assets, accumulated depreciation	97,430	87,330
Other intangible assets
Franchise agreements and other intangible assets, accumulated depreciation	$ 8,867	$ 8,550
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	12,336,639	11,768,041
Common stock, shares outstanding	12,339,639	11,768,041
Class B common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Continuing franchise fees	$ 18,905	$ 18,523	$ 54,833	$ 54,251
Annual dues	8,010	7,697	23,687	22,846
Broker fees	9,321	8,279	24,988	21,853
Franchise sales and other franchise revenue	5,624	5,472	19,535	17,935
Brokerage revenue	3,250	4,269	10,551	11,534
Total revenue	45,110	44,240	133,594	128,419
Operating expenses:
Selling, operating and administrative expenses	20,724	20,559	65,525	65,321
Depreciation and amortization	3,765	3,767	11,384	11,517
Loss (gain) on sale or disposition of assets, net	9		(606)	(1)
Total operating expenses	24,498	24,326	76,303	76,837
Operating income	20,612	19,914	57,291	51,582
Other expenses, net:
Interest expense	(2,338)	(2,255)	(7,448)	(7,007)
Interest income	36	58	136	205
Foreign currency transaction (losses)	(201)	(811)	(1,585)	(504)
Loss on early extinguishment of debt			(94)	(178)
Equity in earnings of investees	361	265	963	394
Total other expenses, net	(2,142)	(2,743)	(8,028)	(7,090)
Income before provision for income taxes	18,470	17,171	49,263	44,492
Provision for income taxes	(3,277)	(3,116)	(8,882)	(8,130)
Net income (loss)	15,193	14,055	40,381	36,362
Less: net income attributable to non-controlling interest	10,396	9,780	27,907	25,299
Net income attributable to RE/MAX Holdings, Inc.	$ 4,797	$ 4,275	$ 12,474	$ 11,063
Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share
Basic	$ 0.39	$ 0.37	$ 1.03	$ 0.95
Diluted	$ 0.39	$ 0.35	$ 1.01	$ 0.90
Weighted average shares outstanding
Basic	12,333,690	11,579,669	12,127,548	11,593,738
Diluted	12,420,748	12,229,010	12,315,663	12,235,160
Cash dividends declared per share	$ 0.1250	$ 0.0625	$ 1.8750	$ 0.1875

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 15,193	$ 14,055	$ 40,381	$ 36,362
Change in cumulative translation adjustment	(580)	(245)	(1,038)	(236)
Other comprehensive (loss), net of tax	(580)	(245)	(1,038)	(236)
Comprehensive income	14,613	13,810	39,343	36,126
Less: comprehensive income attributable to non-controlling interest	9,988	9,632	27,800	25,156
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 4,625	$ 4,178	$ 11,543	$ 10,970

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Additional paid-in capitalClass A common stock	Additional paid-in capital	Common StockClass A common stock	Common StockClass B common stock	Retained earningsClass A common stock	Retained earnings	Accumulated other comprehensive (loss) income	Non-controlling interest	Class A common stock	Class B common stock	Total
Beginning balance, Value at Dec. 31, 2014		$ 241,882	$ 1			$ 12,041	$ 886	$ (215,527)			$ 39,283
Beginning balance, Shares at Dec. 31, 2014			11,768,041	1					11,768,041	1
Net income						12,474		27,907			40,381
Distributions paid to non-controlling unitholders								(38,813)			(38,813)
Equity-based compensation expense		1,098									1,098
Dividends to Class A common stockholders					$ 22,454				$ 22,454
Change in accumulated other comprehensive (loss) income							(931)	(107)			(1,038)
Issuance of Class A common stock, equity-based compensation plans	$ 1,912								$ 1,912
Issuance of Class A common stock, equity-based compensation plans, shares			571,598
Excess tax benefit realized on exercise of stock options and delivery of vested restricted stock units		2,411									2,411
Ending balance, Value at Sep. 30, 2015		$ 247,303	$ 1			$ 2,061	$ (45)	$ (226,540)			$ 22,780
Ending balance, Shares at Sep. 30, 2015			12,339,639	1					12,339,639	1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 40,381	$ 36,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,384	11,517
Bad debt expense	555	289
Loss (gain) on sale or disposition of assets, net	(606)	(1)
Loss on early extinguishment of debt	94	178
Equity-based compensation expense	1,098	532
Non-cash interest expense	324	273
Deferred income tax expense and other	1,831	1,322
Changes in operating assets and liabilities:
Accounts and notes receivable, current portion	(2,113)	(1,991)
Advances from/to affiliates	302	34
Other current and noncurrent assets	1,565	1,394
Other current and noncurrent liabilities	1,411	(2,136)
Deferred revenue and deposits current portion	1,315	1,225
Net cash provided by operating activities	57,541	48,998
Cash flows from investing activities:
Purchase of property, equipment and software	(2,066)	(1,017)
Proceeds from sale of property and equipment	17	2
Capitalization of trademark costs	(61)	(91)
Disposition	20
Cost to sell assets	(71)
Net cash used in investing activities	(2,161)	(1,106)
Cash flows from financing activities:
Payments on debt	(8,880)	(16,278)
Capitalized debt amendment costs	(555)
Distributions to non-controlling unitholders	(38,813)	(18,881)
Dividends paid to Class A common stockholders	(22,454)	(2,173)
Payments on capital lease obligations	(237)	(156)
Proceeds from exercise of stock options	2,032	54
Excess tax benefit realized on exercise of stock options and delivery of vested restricted stock units	2,411	179
Cancellation of vested restricted stock units for required tax withholding	(120)	(818)
Net cash used in financing activities	(66,616)	(38,073)
Effect of exchange rate changes on cash	(593)	(66)
Net (decrease) increase in cash and cash equivalents	(11,829)	9,753
Cash and cash equivalents, beginning of year	107,199	88,375
Cash and cash equivalents, end of period	95,370	98,128
Supplemental disclosures of cash flow information:
Cash paid for interest and for debt amendment costs	7,126	6,692
Cash paid for income taxes	4,052	6,824
Schedule of non-cash investing and financing activities:
Note receivable received as consideration for sale of brokerage operations assets	430
Capital leases for property and equipment	412	18
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software	$ 381	$ 155

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2015
Business and Organization
Business and Organization	1. Business and Organizat ion RE/MAX Holdings, Inc. (“RE/MAX Holdings”) was formed as a Delaware corporation on June 25, 2013 and was capitalized on July 8, 2013. On October 7, 2013, RE/MAX Holdings completed an initial public offering (the “IPO”) of 11,500,000 shares of Class A common stock at a public offering price of $22.00 per share. A portion of the proceeds received by RE/MAX Holdings from the IPO was used to acquire the net business assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in the Southwest and Central Atlantic regions of the United States (“U.S.”), respectively, which were subsequently contributed to RMCO, LLC and its consolidated subsidiaries (“RMCO”), and the remaining proceeds were used to purchase common membership units in RMCO. After completion of the IPO, RE/MAX Holdings owned 39.56% of the common membership units in RMCO. As of September 30, 2015, RE/MAX Holdings owns 41.03% of the common membership units in RMCO. RE/MAX Holdings’ only business is to act as the sole manager of RMCO and, in that capacity, RE/MAX Holdings operates and controls all of the business and affairs of RMCO. As a result, RE/MAX Holdings consolidates the financial position and results of operations of RMCO. RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.” The Company is one of the leading franchisors of residential and commercial real estate brokerage services throughout the U.S. and globally. The Company also operates a small number of real estate brokerage offices in the U.S. The Company’s revenue is derived from continuing franchise fees (which consist of fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of agents in the respective franchise region or franchisee’s office), annual dues from agents, broker fees (which consist of fees paid by regional franchise owners and franchisees for real estate commissions paid by customers when an agent sells a home), franchise sales and other franchise revenue (which consist of fees from initial sales and renewals of franchises, regional franchise fees, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs) and brokerage revenue (which consists of fees assessed by the Company’s owned brokerages for services provided to their affiliated real estate agents). The Company, as a franchisor, grants each broker-owner a license to use the RE/MAX brand, trademark, promotional and operating materials and concepts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and comprise the condensed consolidated financial statements of the Company and have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2015 and December 31, 2014, the results of its operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014, changes in its stockholders’ equity for the nine months ended September 30, 2015 and results of its cash flows for the nine months ended September 30, 2015 and 2014. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, equity-based compensation, the estimates of the fair value of reporting units used in the annual assessment of goodwill, the fair value of assets acquired and the amounts payable pursuant to the terms of the Tax Receivable Agreements (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest . Actual results could differ from those estimates. Principles of Consolidation RE/MAX Holdings holds an approximate 40% economic interest in RMCO, but as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement-Period Adjustments , which eliminates the requirement for an entity to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is completed. ASU 2015-16 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements , which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The standard permits the use of either the retrospective or prospective transition method. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is expected to impact the presentation of certain financial statement line items within the Company’s consolidated balance sheets and related disclosures, but will not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of the guidance in ASU 2014-09 by one year. ASU 2014-09 is now effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also provides guidance on the financial statement presentation and disclosures of discontinued operations. ASU 2014-08 became effective prospectively for the Company on January 1, 2015 and a sale that occurred during the second quarter of 2015 did not qualify as a discontinued operation. See Note 5, Dispositions , for additional information. Critical Accounting Judgments and Estimates There have been no changes in the Company’s critical accounting judgments and estimates from those that were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company believes that the disclosures herein are adequate so that the information presented is not misleading.

Non-controlling Interest

Non-controlling Interest	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest
Non-controlling Interest	3. Non-controlling Interest RE/MAX Holdings is the sole managing member of RMCO and subsequent to the IPO, began to operate and control all of the business affairs of RMCO. As a result, RE/MAX Holdings began to consolidate RMCO on October 7, 2013. RE/MAX Holdings owns a 41.03% and 39.89% minority economic interest in RMCO as of September 30, 2015 and December 31, 2014, respectively, and records a non-controlling interest for the remaining 58.97% and 60.11% economic interest in RMCO held by RIHI, Inc. (“RIHI”) as of September 30, 2015 and December 31, 2014, respectively. RE/MAX Holdings’ minority economic interest in RMCO increased due to the increase in common units which were issued concurrently with the issuance of shares of Class A common stock during the nine months ended September 30, 2015 upon the exercise of 564,443 stock options, the vesting of 5,154 restricted stock units and the grant of 2,001 shares, net of shares withheld and cancelled to cover the Company’s minimum statutory tax withholding obligation. See Note 10, Equity-Based Compensation, for further details. RE/MAX Holdings’ only sources of cash flow from operations are distributions from RMCO and management fees received pursuant to the management services agreement between RE/MAX Holdings and RMCO. “Net income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income represents the portion of earnings attributable to the economic interest in RMCO held by the non-controlling unitholders. As of October 7, 2013, “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets represented the carryover basis of RIHI’s capital account in RMCO. Prospectively, the non-controlling interest has been adjusted to reflect tax and other cash distributions made to, and the income allocated to, the non-controlling unitholders. The ownership of the common units in RMCO is summarized as follows: September 30, December 31, 2015 2014 Shares Ownership % Shares Ownership % Non-controlling unitholders ownership of common units in RMCO % % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) % % Total common units in RMCO % % The aforementioned ownership percentages are used to calculate the net income attributable to RE/MAX Holdings. A reconciliation from “Income before provision for income taxes” to “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except percentages): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income before provision for income taxes $ $ $ $ Weighted average ownership percentage of controlling interest % % % % Income before provision for income taxes attributable to RE/MAX Holdings, Inc. Provision for income taxes attributable to RE/MAX Holdings, Inc. Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) $ $ $ $ Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) Provision for income taxes $ $ $ $ (a) The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ approximate 40% share of the taxes imposed directly on RE/MAX, LLC, a wholly-owned subsidiary of RMCO, related to tax liabilities in certain foreign jurisdictions of $346,000 and $395,000 for the three months ended September 30, 2015 and 2014, respectively, and $924,000 and $1,049,000 for the nine months ended September 30, 2015 and 2014, respectively. (b) The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. Distributions and Other Payments to Non-controlling Unitholders Distributions for Taxes As a limited liability company (treated as a partnership for income tax purposes), RMCO does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the Fourth Amended and Restated RMCO Limited Liability Company Agreement (the “RMCO, LLC Agreement”), RMCO is generally required to distribute cash on a pro rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities. RMCO makes such tax distributions to its members based on an estimated tax rate stipulated in the RMCO, LLC Agreement. During the nine months ended September 30, 2015, the amount of other discretionary distributions RMCO made to non-controlling unitholders was sufficient to cover such member’s estimated tax liabilities. Distributions for taxes paid to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement were $15,557,000 during the nine months ended September 30, 2014, and are recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows. Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year. Other Discretionary Distributions Discretionary cash distributions may also be made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the RMCO, LLC Agreement. The Company expects that future cash distributions will be made to non-controlling unitholders pro rata on a quarterly basis equal to the anticipated dividend payments to the stockholders of the Company’s Class A common stock, or otherwise on a discretionary basis as determined to be necessary or appropriate by the Company. The Company made other distributions to non-controlling unitholders of $38,813,000 during the nine months ended September 30, 2015, which is recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows. Of this amount, $33,253,000 related to dividend distributions as discussed in Note 4, Earnings Per Share and Dividends , and $5,560,000 was a discretionary distribution paid in connection with the terms of the RMCO, LLC Agreement. During the nine months ended September 30, 2014, the Company made other distributions to non-controlling unitholders of $3,325,000 . On November 4, 2015, the Company declared a distribution to non-controlling unitholders of $2,217,000 , which is payable on November 27, 2015. No other distributions were paid to non-controlling unitholders during the nine months ended September 30, 2015 and 2014. Payments Pursuant to the Tax Receivable Agreements At the time of the IPO, RE/MAX Holdings entered into separate TRAs with RMCO’s historical owners, RIHI and Weston Presidio V., L.P. (“Weston Presidio”). During the second quarter of 2015, Weston Presidio assigned, transferred and conveyed to Oberndorf Investments LLC (“Oberndorf”) all of its rights, title and interest in and to, and all of its liabilities and obligations under, the TRA dated as of October 7, 2013 by and between RE/MAX Holdings and Weston Presidio. In connection therewith, the Company entered into a joinder to the TRA on May 29, 2015 with Western Presidio and Oberndorf (the “Joinder Agreement”). Neither the assignment and transfer nor the Joinder Agreement impacted the financial position, results of operations or cash flows of the Company. As of September 30, 2015, the Company reflected a liability of $67,418,000 , representing the payments due to RIHI and Oberndorf, under the terms of the TRAs (see current and non-current portion of “Payable pursuant to tax receivable agreements” in the accompanying Condensed Consolidated Balance Sheets). As of September 30, 2015, the Company estimates that amounts payable pursuant to the TRAs within the next 12 month period will be approximately $3,914,000 . To determine the current amount of the payments due to RIHI and Oberndorf, the Company estimated the amount of taxable income that RE/MAX Holdings generated during 2014 and the amount of the specified deductions subject to the TRAs which were realized by RE/MAX Holdings in its 2014 federal and state tax returns. This amount was then used as a basis for determining the Company’s increase in estimated tax cash savings as a result of such deductions on which a current TRA obligation became due (i.e. payable within 12 months of the Company’s year-end). These calculations are performed pursuant to the terms of the TRAs. No amounts were paid pursuant to the terms of the TRAs during the nine months ended September 30, 2015 or 2014. The timing and amount of the payments to be made under the TRAs are subject to certain contingencies, including RE/MAX Holdings having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. If the Company elects to terminate the TRAs early, the Company would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRAs, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. Obligations pursuant to the TRAs are obligations of RE/MAX Holdings. They do not impact the non-controlling interest. These obligations are not income tax obligations and have no impact on the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. In general, items of income, gain, loss and deduction are allocated on the basis of the members’ ownership interests pursuant to the RMCO, LLC Agreement after taking into consideration all relevant sections of the Internal Revenue Code.

Earnings Per Share and Dividend

Earnings Per Share and Dividends	9 Months Ended
	Sep. 30, 2015
Earnings Per Share and Dividends
Earnings Per Share and Dividends	4. Earnings Per Share and Dividends Earnings Per Share Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options and restricted stock units. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Add dilutive effect of the following: Stock options Restricted stock units Weighted average shares of Class A common stock outstanding, diluted Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ $ $ $ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ $ $ $ The one share of Class B common stock outstanding does not share in the earnings of RE/MAX Holdings and is therefore not a participating security. Accordingly, basic and diluted net income per share of Class B common stock has not been presented. Dividends The Company’s Board of Directors declared quarterly dividends of $0.125 per share on all outstanding shares of Class A common stock in the first, second and third quarters of 2015, or $4,571,000 in total dividends. Of this amount, $1,500,000 was paid on April 8, 2015, $1,529,000 was paid on June 4, 2015 and $1,542,000 was paid on September 3, 2015. The Company made corresponding distributions to non-controlling unitholders of $2,217,000 on each of April 8, 2015, June 4, 2015 and September 3, 2015. Additionally, during the nine months ended September 30, 2015, the Company’s Board of Directors declared a special dividend of $1.50 per share on all outstanding shares of Class A common stock, or $17,883,000 in total dividends, which along with a corresponding distribution to non-controlling unitholders of $26,602,000 , was paid on April 8, 2015. The Company’s Board of Directors declared quarterly dividends of $0.0625 per share on all outstanding shares of Class A common stock in the first, second and third quarters of 2014, or $2,173,000 in total dividends. Of this amount, $725,000 was paid on April 18, 2014 and $724,000 was paid on each of June 5, 2014 and September 3, 2014. The Company made corresponding distributions to non-controlling unitholders of $1,108,000 on each of April 18, 2014, June 5, 2014 and September 3, 2014. On November 4, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.125 per share on all outstanding shares of Class A common stock, which is payable on November 27, 2015 to shareholders of record at the close of business on November 13, 2015.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2015
Dispositions
Dispositions	5. Dispositions Disposition of RE/MAX Caribbean Islands, Inc. On December 31, 2014, the Company sold substantially all of the assets of its owned and operated regional franchising operations located in the Caribbean and Central America for a net sales price of approximately $100,000 . In connection with the sale of the assets, the Company entered into separate regional franchise agreements effective January 1, 2015 with a term of 20 years with the purchasers, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. Disposition of RB2B, LLC d/b/a RE/MAX 100 On April 10, 2015, the Company sold certain operating assets and liabilities related to six owned brokerage offices located in the U.S., of RB2B, LLC d/b/a RE/MAX 100 (“RE/MAX 100”), a wholly owned subsidiary of the Company, for a sales price of $450,000 . The Company recognized a gain on the sale of the assets and the liabilities transferred of $615,000 during the second quarter of 2015, which is reflected in “Gain on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. The financial position and results of operations of RE/MAX 100 were entirely attributable to the Company’s Brokerages reportable segment.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2015
Intangible Assets and Goodwill
Intangible Assets and Goodwill	6. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands): Initial Weighted September 30, 2015 December 31, 2014 Average Initial Accumulated Net Initial Accumulated Net Amortization Cost Amortization Balance Cost Amortization Balance Franchise agreements $ $ $ $ $ $ Other intangible assets: Software (a) $ $ $ $ $ $ Trademarks Total other intangible assets $ $ $ $ $ $ (a) As of September 30, 2015 and December 31, 2014, capitalized software development costs of $2,392,000 and $857,000 , respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization. Amortization expense for the three months ended September 30 , 2015 and 2014 was $3,510,000 and $3,518,000 , respectively. Amortization expense for the nine months ended September 30 , 2015 and 2014 was $10,608,000 and $10,656,000 , respectively. The estimated future amortization of intangible assets, other than goodwill, is as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $ The Company performs its annual impairment analysis of goodwill as of August 31 each year or more often if there are indicators of impairment present. The Company tests each reporting unit for goodwill impairment. Reporting units are driven by the level at which management reviews operating results and are one level below the operating segment. The Company’s impairment assessment begins with a qualitative assessment to determine if it is more likely than not that a reporting unit’s fair value is less than the carrying amount. The initial qualitative assessment includes comparing the overall financial performance of the reporting units against the planned results as well as other factors which might indicate that the reporting unit’s value has declined since the last assessment date. If it is determined in the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the standard two-step quantitative impairment test is performed. The first step of the quantitative impairment test consists of comparing the estimated fair value of each reporting unit with its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying value, then it is not considered impaired and no further analysis is required. If the first step of the quantitative impairment test indicates that the estimated fair value of a reporting unit is less than its carrying value, then impairment potentially exists and the second step of the quantitative impairment test is performed to measure the amount of goodwill impairment. Goodwill impairment exists when the estimated implied fair value of a reporting unit’s goodwill is less than its carrying value. The Company performed the qualitative impairment assessment for all of its reporting units by evaluating, among other things, market and general economic conditions, entity-specific events, events affecting a reporting unit and the Company’s results of operations and key performance measures. The Company concluded subsequent to the completion of the qualitative impairment assessment that the fair value of each of the Company’s reporting units significantly exceed their respective carrying values. As a result, the Company did not perform the quantitative test, and no indicators of impairment existed. Amounts recorded as goodwill in the accompanying Condensed Consolidated Balance Sheets are attributable to the Company’s Real Estate Franchise Services reportable segment. The following table presents changes to goodwill for the nine months ended September 30, 2015 (in thousands): Balance, January 1, 2015 $ Effect of changes in foreign currency exchange rates Balance, September 30, 2015 $

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2015
Accrued Liabilities
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2015 2014 Accrued payroll and related employee costs $ $ Accrued property taxes Accrued professional fees Lease-related accruals Other $ $

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt
Debt	8. Debt Debt consists of the following (in thousands): September 30, December 31, 2015 2014 2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $789 and $360 as of September 30, 2015 and December 31, 2014, respectively $ $ Less current portion $ $ Maturities of debt are as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $ On July 31, 2013, the Company entered into a new credit agreement with several lenders and administered by a bank, referred to herein as the “2013 Senior Secured Credit Facility.” The 2013 Senior Secured Credit Facility consists of a $230,000,000 term loan facility and a $10,000,000 revolving loan facility. The proceeds provided by the term loan facility were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes. On March 11, 2015, the 2013 Senior Secured Credit Facility was amended, providing for an increase to the maximum applicable margin for both London Interbank Offered Rate (“LIBOR”) and Alternate Base Rate (“ABR”) loans by 0.25% , and a modification of certain liquidity covenants in order to increase the amounts the Company may distribute in the form of dividends to its non-controlling unitholders and stockholders of its Class A common stock, referred to herein as the “First Amendment.” Interest rates with respect to the amended term loan facility and revolving loan facility are based, at the Company’s option, on (a) adjusted LIBOR, provided that LIBOR shall be no less than 1% plus a maximum applicable margin of 3.25% or (b) ABR, provided that ABR shall be no less than 2% , which is equal to the greater of (1) JPMorgan Chase Bank, N.A.’s prime rate; (2) the Federal Funds Effective Rate plus 0.5% or (3) calculated Eurodollar Rate for a one month interest period plus 1% , plus a maximum applicable margin of 2.25% . The applicable margin is subject to quarterly adjustments based on the Company’s total leverage ratio as defined in the 2013 Senior Secured Credit Facility. In connection with the First Amendment, the Company incurred costs of $1,086,000 , of which $555,000 was recorded as an unamortized debt discount and are being amortized over the remaining term of the 2013 Senior Secured Credit Facility and the remaining $531,000 was expensed as incurred. The Company is required to make principal payments out of excess cash flow, as defined in the 2013 Senior Secured Credit Facility, as well as from the proceeds of certain asset sales, proceeds from the issuance of indebtedness and from insurance recoveries. The Company made an excess cash flow prepayment of $7,320,000 on March 26, 2015. As of September 30, 2015, mandatory principal payments of approximately $520,000 are due quarterly until the facility matures on July 31, 2020 and will be reduced pro rata by the amount of any excess cash flow principal prepayments made. During the nine months ended September 30, 2014, the Company made an excess cash flow prepayment of $14,627,000 . The Company accounted for the mandatory principal excess cash flow prepayments as early extinguishments of debt and recorded a loss of $94,000 and $178,000 during the nine months ended September 30, 2015 and 2014, respectively, related to unamortized debt discount and issuance costs. The Company may make optional prepayments on the term loan facility at any time; however, no such optional prepayments were made during the nine months ended September 30, 2015 or 2014. The estimated fair value of the Company’s debt as of September 30, 2015 and December 31, 2014 represents the amount that would be paid to transfer or redeem the debt in an orderly transaction between market participants at those dates and maximizes the use of observable inputs. The fair value of the Company’s debt was estimated using a market approach based on the amount at the measurement date that the Company would pay to enter into the identical liability, since quoted prices for the Company’s debt instruments are not available. As a result, the Company has classified the fair value of the 2013 Senior Secured Credit Facility as Level 2 of the fair value hierarchy. The carrying amounts of the 2013 Senior Secured Credit Facility are included in the accompanying Condensed Consolidated Balance Sheets in “Current portion of debt” and “Debt, net of current portion.” The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, 2015 2014 Carrying amounts Estimated fair value Carrying amounts Estimated fair value 2013 Senior Secured Credit Facility $ $ $ $ The Company had no borrowings drawn on the revolving loan facility during the nine months ended September 30, 2015 or 2014 and had $10,000,000 available under the revolving loan facility as of September 30, 2015. The Company must pay a quarterly commitment fee equal to 0.5% on the average daily amount of the unused portion of the revolving loan facility.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes
Income Taxes	9. Income Taxes RE/MAX Holdings is subject to U.S. federal and state income taxation on its allocable portion of the income of RMCO. The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014 is based on an estimate of the Company’s annualized effective income tax rate. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as a series of limited liability companies which are not themselves subject to federal income tax. Accordingly, the portion of the Company’s subsidiaries earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. The “Provision for income taxes” is comprised of a provision for income taxes attributable to RE/MAX Holdings and to entities other than RE/MAX Holdings. The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes and RE/MAX Holdings’ approximate 40% share of taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions. The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2015, the Company does not believe it has any significant uncertain tax positions.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2015
Equity-Based Compensation
Equity-Based Compensation	10. Equity-Based Compensation On September 30, 2013, the Company’s Board of Directors adopted the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) that provides for the grant of incentive stock options to the Company’s employees, and for the grant of shares of RE/MAX Holdings’ Class A common stock, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and any combination thereof to employees, directors and consultants of the Company. On June 24, 2015, RE/MAX Holdings granted 2,941 shares of RE/MAX Holdings’ Class A common stock to an employee at a grant-date fair value of $34.01 . Of this amount, 940 shares were withheld and cancelled with an estimated value of $32,000 to cover the Company’s minimum statutory tax withholding obligation. On March 11, 2015, RE/MAX Holdings granted an aggregate of 74,893 restricted stock units at a value of $32.45 per unit to certain employees, which vest over a three -year period beginning on April 1, 2016, and an aggregate of 10,787 restricted stock units at a value of $32.45 per unit to its directors, excluding David Liniger, the Company’s Chief Executive Officer, Chairman and Co-Founder, and Gail Liniger, the Company’s Vice Chair and Co-Founder, which vest on April 1, 2016. The grant-date fair value of $32.45 per unit equaled the closing price of RE/MAX Holdings’ Class A common stock on March 11, 2015. For the three and nine months ended September 30, 2015, the Company recognized equity-based compensation expense of $430,000 and $1,098,000 , respectively, in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income resulting from the shares of RE/MAX Holdings’ Class A common stock granted on June 24, 2015 and restricted stock units that were granted on March 11, 2015 and October 7, 2013. For the three and nine months ended September 30, 2014, the Company recognized equity-based compensation expense of $200,000 and $532,000 , respectively, in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income resulting from restricted stock units that were granted on October 7, 2013. The following table summarizes equity-based compensation activity related to restricted stock units and stock options as of and for the nine months ended September 30, 2015: Restricted Stock Stock Units Options Balance, January 1, 2015 Granted — Exercised (a) — Forfeited — Delivered and exchanged for shares of Class A common stock (b) — Cancelled (c) — Balance, September 30, 2015 As of September 30, 2015 Vested — Unvested — (a) Cash received from stock option exercises for the nine months ended September 30, 2015 was $2,032,000 . The Company recorded a corporate income tax benefit relating to the options exercised and restricted stock units delivered during the nine months ended September 30, 2015 of $2,411,000 in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity. (a) In connection with a retirement agreement entered into with the Company’s former President as described in Note 11, Leadership Changes and Restructuring Activities , 7,576 unvested restricted stock units granted in October 2013 vested in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $109,000 and $216,000 was recognized during the three and nine months ended September 30, 2015, respectively. (b) Of the 7,576 restricted stock units vested during the three and nine months ended September 30, 2015, 2,422 shares were withheld and cancelled with an estimated value of $88,000 to cover the Company’s minimum statutory tax withholding obligation. At September 30, 2015, there were 1,930,704 additional shares available for the Company to grant under the 2013 Incentive Plan.

Leadership Changes and Restruct

Leadership Changes and Restructuring Activities	9 Months Ended
	Sep. 30, 2015
Leadership Changes and Restructuring Activities
Leadership Changes and Restructuring Activities	11. Leadership Changes and Restructuring Activities The Company’s former Chief Executive Officer retired on December 31, 2014 and pursuant to the terms of the Separation and Release of Claims Agreement (the “Separation Agreement”), the Company is required to provide severance and other related benefits over a 36 month period, beginning on December 31, 2014. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Separation Agreement, with a corresponding charge of $3,545,000 in 2014. As of September 30, 2015 and December 31, 2014, the short-ter m portion of the liability was $829,000 and $500,000 , respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. As of September 30, 2015 and December 31, 2014, the long-ter m portion of the liability was $980,000 and $1,488,000 , respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. In addition, on May 4, 2015, the Company’s former President entered into a retirement agreement with the Company (the “Retirement Agreement”) pursuant to which he retired on August 19, 2015. Subject to the terms of the Retirement Agreement, the Company is required to provide retirement benefits over a 24 month period, beginning on September 1, 2015. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Retirement Agreement, with a corresponding charge to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The Company incurred a total cost of $877,000 , including $216,000 of equity-based compensation expense, during the nine months ended September 30, 2015. Of the total cost incurred, $443,000 was recorded during the three months ended September 30, 2015. As of September 30, 2015, the short-term portion of the liability was $248,000 and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and the long-term portion of the liability was $237,000 and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. The Company’s total severance and other related expenses were $503,000 and $1,542,000 during the three and nine months ended September 30, 2015, respectively, which is included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In addition, management of the Company approved and implemented a restructuring plan during the fourth quarter of 2014 designed to improve operating efficiencies, which reduced the Company’s overall headcount at its corporate headquarters (the “Restructuring Plan”). In connection with the Restructuring Plan, the Company incurred $1,303,000 of expenses in 2014 related to severance and outplacement services provided to certain former employees of the Company. The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs, which are entirely attributable to the Company’s Real Estate Franchise Services reportable segment, from January 1, 2015 to September 30, 2015 (in thousands): Balance, January 1, 2015 $ Additional severance and other related expenses Accretion Cash payments Non-cash adjustment (a) Balance, September 30, 2015 $ (a) Non-cash adjustment represents the non-cash equity-based compensation expense recorded during the nine months ended September 30, 2015 for the accelerated vesting of certain restricted stock units in August 2015 pursuant to the terms of the Retirement Agreement. See also Note 10, Equity-Based Compensation .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure
Commitments and Contingencies	12. Commitments and Contingencies Commitments The Company leases offices and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses. Contingencies In connection with the sale of RE/MAX 100 on April 10, 2015 as described in Note 5, Dispositions , the Company entered into an Assignment and Assumption of Leases Agreement (the “Assignment Agreement”) pursuant to which the Company assigned its obligations under and rights, title and interest in six leases to the purchaser. For certain leases, the Company remains secondarily liable for future lease payments over approximately the next 3 1 month period under the respective lease agreements and accordingly, as of September 30, 2015, the Company has outstanding lease guarantees of $1,272,000 . This amount represents the present value of the maximum potential liability of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreement govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. As of September 30, 2015, the likelihood of default by the purchaser on the Assignment Agreement was deemed to be less than probable and as such, the Company did not record a liability in the accompanying Condensed Consolidated Balance Sheets nor a related charge in the accompanying Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2015. Litigation The Company is subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries and any insurance recoveries are recorded in “Accounts and notes receivable, current portion” in the accompanying Condensed Consolidated Balance Sheets with a corresponding reduction to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In connection with the Company’s acquisition of the net assets of HBN on October 7, 2013, several shareholders of HBN dissented from the transaction alleging the Company purchased the net assets of HBN below fair value and demanded payment for their shares in excess of consideration paid. Pursuant to the dissenters’ rights statute in the State of Colorado, on February 11, 2014, HBN petitioned the District Court of Denver County, Colorado (the “Court”) to determine the fair value of HBN. A trial occurred between April 14, 2015 and April 17, 2015. HBN vigorously defended its position that the consideration paid for the net assets of HBN materially approximated fair value. To date, the Court has not rendered a decision. However, based upon the results of trial testimonies, plaintiff’s and defendants’ expert valuation reports prepared in connection with the case, and the contents of post-trial briefs that have been delivered, the Company determined that the potential impact to the Company’s financial position and results of operations could range from $115,00 0 t o approximately $2,656,000 . Since no amount within the range of potential impact is a better estimate than any other amount, the Company recorded an accrual and corresponding charge of $89,000 in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income during the nine months ended September 30, 2015 in addition to the previously recorded amount of $26,000 , which was based on pre-trial estimates. Except for the ongoing litigation concerning the acquisition of the net assets of HBN, management of the Company believes other such litigation matters involving a reasonably possible chance of loss will not, individually or in the aggregate, result in a material adverse effect on the Company's financial condition, results of operations and cash flows.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2015
Guarantees
Guarantees	13. Guarantees In May 2015, the Company entered into a guarantee of the full and prompt payment and performance when due of all obligations due to a financial institution under a commercial line-of-credit agreement and note entered into by the Company’s equity-method investee, a residential mortgage operation in which the Company has a 50% interest. The term of the line-of-credit agreement is 13 months and the total amount of advances requested and unpaid principal balance cannot exceed $15,000,000 . The line of credit bears interest at the financial institution’s base rate. The Company had entered into a similar guarantee during May 2014, which expired as of May 2015. The outstanding balance on the li ne of credit was approximately $9,502,000 and $4,548,000 as of September 30, 2015 and December 31, 2014, respectively. The Company did not incur any payments under this guarantee during the nine months ended September 30, 2015, or in any prior periods, and does not anticipate that it will incur any payments through the duration of the guarantee.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions
Related-Party Transactions	14. Related-Party Transactions The Company’s real estate brokerage operations pay advertising fees to regional and national advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI, who is also the Company’s Chief Executive Officer, Chairman and Co-Founder, as trustee for RE/MAX agents. This individual does not receive any compensation from these corporations, as all funds received by the corporations are required to be spent on advertising for the respective regions. During the three months ended September 30, 2015 and 2014, the Company’s real es tate brokerage operations paid $210,000 and $291,000 , respectively, to these advertising funds. During the nine months ended September 30, 2015 and 2014, the Company’s real es tate brokerage operations paid $705,000 and $862,000 , respectively, to these advertising funds. These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. Prior to October 7, 2013, RE/MAX 100 paid regional continuing franchise fees, broker fees and franchise sales revenue, as do all other RE/MAX franchisees in the Central Atlantic region, to Tails. Several of the Company’s officers and stockholders of RIHI were also stockholders and officers of Tails, and as such, prior to October 7, 2013, Tails was a related party to the Company. As described in Note 1, Business and Organization , a portion of the proceeds raised during the IPO was used to purchase certain assets of Tails. In addition, RE/MAX 100 recorded a payable to Tails’ affiliated regional advertising fund. As of September 30, 2015 and December 31, 2014, the amount of the payable was $1,102,000 and $1,031,000 , respectively, and is included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets. The majority stockholders of RIHI, including the Company’s current Chief Executive Officer, have made and continue to make a golf course they own available to the Company for business purposes. During the nine months ended September 30, 2015 and 2014, the Company used the golf course for business purposes at no charge. The Company also provides services to certain affiliated entities, such as accounting, legal, marketing, technology, human resources and public relations services, and it allows these companies to share its leased office space. During the three months ended September 30, 2015 and 2014, the total amounts allocated for services rendered and rent for office space provided on beha lf of affiliated entities were $446,000 and $549,000 , respectively. During the nine months ended September 30, 2015 and 2014, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1,293,000 and $1,661,000 , respectively. Such amounts are generally paid within 30 days and no such amounts were outstanding at September 30, 2015 or December 31, 2014. The components of the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consists of the following (in thousands): September 30, December 31, 2015 2014 Accounts receivable from affiliates: RE/MAX of Texas Advertising Fund $ $ Other Total accounts receivable from affiliates Accounts payable to affiliates: Central Atlantic Region Advertising Fund Other Total accounts payable to affiliates Net accounts payable to affiliates $ $

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting
Segment Information	15. Segment Information The Company has two reportable segments: Real Estate Franchise Services and Brokerages. Management evaluates the operating results of its reportable segments based upon revenue and adjusted earnings before interest, the provision for income taxes, depreciation and amortization and other non-cash and non-recurring cash charges or other items (“Adjusted EBITDA”). The Company’s presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies. The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies . Adjusted EBITDA for the reportable segments excludes depreciation, amortization, interest expense, interest income and the provision for income taxes and is then adjusted for other non-cash and non-recurring cash charges or other items. Adjusted EBITDA for the reportable segments is also a key factor that is used by the Company’s internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of management for purposes of annual and other incentive compensation plans. The additional items that are adjusted to determine Adjusted EBITDA for the reportable segments include loss or gain on the sale or disposition of assets and sublease, loss on early extinguishment of debt, non-cash straight-line rent expense, non-recurring severance and other related expenses and acquisition integration and professional fees expense. The Company’s Real Estate Franchise Services reportable segment comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from the Company’s owned brokerages and the Company’s corporate-wide professional services expenses. All of the Company’s brokerage offices in its Real Estate Franchise Services reportable segment are franchised. The Company’s Brokerages reportable segment includes the Company’s brokerage services business, intersegment expenses and reflects the elimination of all intersegment revenue and expenses and other consolidation entries. The following tables present the revenue and Adjusted EBITDA results of the Company’s reportable segments for the three and nine months ended September 30, 2015 and 2014: Revenue (a) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services $ $ $ $ Brokerages Consolidated revenue $ $ $ $ (a) Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $485,000 for the three months ended September 30, 2015 and 2014, respectively, and $1,154,000 and $1,369,000 for the nine months ended September 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment. Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense — Adjusted EBITDA $ $ $ $ Brokerages: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income — — — — Provision for income taxes EBITDA Loss (gain) on sale or disposition of assets and sublease Non-cash straight-line rent expense Adjusted EBITDA $ $ $ $ Consolidated: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense — Adjusted EBITDA $ $ $ $

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and comprise the condensed consolidated financial statements of the Company and have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2015 and December 31, 2014, the results of its operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014, changes in its stockholders’ equity for the nine months ended September 30, 2015 and results of its cash flows for the nine months ended September 30, 2015 and 2014. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, equity-based compensation, the estimates of the fair value of reporting units used in the annual assessment of goodwill, the fair value of assets acquired and the amounts payable pursuant to the terms of the Tax Receivable Agreements (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest . Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation RE/MAX Holdings holds an approximate 40% economic interest in RMCO, but as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement-Period Adjustments , which eliminates the requirement for an entity to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is completed. ASU 2015-16 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements , which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The standard permits the use of either the retrospective or prospective transition method. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is expected to impact the presentation of certain financial statement line items within the Company’s consolidated balance sheets and related disclosures, but will not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of the guidance in ASU 2014-09 by one year. ASU 2014-09 is now effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also provides guidance on the financial statement presentation and disclosures of discontinued operations. ASU 2014-08 became effective prospectively for the Company on January 1, 2015 and a sale that occurred during the second quarter of 2015 did not qualify as a discontinued operation. See Note 5, Dispositions , for additional information.
Critical Accounting Judgments and Estimates	Critical Accounting Judgments and Estimates There have been no changes in the Company’s critical accounting judgments and estimates from those that were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company believes that the disclosures herein are adequate so that the information presented is not misleading.

Non-controlling Interest (Table

Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest
Summary of Ownership of the Common Units	September 30, December 31, 2015 2014 Shares Ownership % Shares Ownership % Non-controlling unitholders ownership of common units in RMCO % % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) % % Total common units in RMCO % %
Summary of Reconciliation from Income Before Provision for Income Taxes to Net Income	The aforementioned ownership percentages are used to calculate the net income attributable to RE/MAX Holdings. A reconciliation from “Income before provision for income taxes” to “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except percentages): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income before provision for income taxes $ $ $ $ Weighted average ownership percentage of controlling interest % % % % Income before provision for income taxes attributable to RE/MAX Holdings, Inc. Provision for income taxes attributable to RE/MAX Holdings, Inc. Net income attributable to RE/MAX Holdings, Inc. $ $ $ $
Summary of Reconciliation of Provision for Income Taxes	A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) $ $ $ $ Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) Provision for income taxes $ $ $ $ (a) The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ approximate 40% share of the taxes imposed directly on RE/MAX, LLC, a wholly-owned subsidiary of RMCO, related to tax liabilities in certain foreign jurisdictions of $346,000 and $395,000 for the three months ended September 30, 2015 and 2014, respectively, and $924,000 and $1,049,000 for the nine months ended September 30, 2015 and 2014, respectively. (b) The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest.

Earnings Per Share and Divide25

Earnings Per Share and Dividends (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share and Dividends
Reconciliation of Numerator and Denominator used in Basic and Diluted EPS Calculations	The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Add dilutive effect of the following: Stock options Restricted stock units Weighted average shares of Class A common stock outstanding, diluted Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ $ $ $ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ $ $ $

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Intangible Assets and Goodwill
Schedule of components of intangible assets	The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands): Initial Weighted September 30, 2015 December 31, 2014 Average Initial Accumulated Net Initial Accumulated Net Amortization Cost Amortization Balance Cost Amortization Balance Franchise agreements $ $ $ $ $ $ Other intangible assets: Software (a) $ $ $ $ $ $ Trademarks Total other intangible assets $ $ $ $ $ $ (a) As of September 30, 2015 and December 31, 2014, capitalized software development costs of $2,392,000 and $857,000 , respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization.
Schedule of estimated future amortization of intangible assets, other than goodwill	The estimated future amortization of intangible assets, other than goodwill, is as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $
Schedule of changes to goodwill	The following table presents changes to goodwill for the nine months ended September 30, 2015 (in thousands): Balance, January 1, 2015 $ Effect of changes in foreign currency exchange rates Balance, September 30, 2015 $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Accrued Liabilities
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, 2015 2014 Accrued payroll and related employee costs $ $ Accrued property taxes Accrued professional fees Lease-related accruals Other $ $

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt
Schedule of debt	Debt consists of the following (in thousands): September 30, December 31, 2015 2014 2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $789 and $360 as of September 30, 2015 and December 31, 2014, respectively $ $ Less current portion $ $
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $
Summary of carrying value and fair value of debt	The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, 2015 2014 Carrying amounts Estimated fair value Carrying amounts Estimated fair value 2013 Senior Secured Credit Facility $ $ $ $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Equity-Based Compensation
Summary of Equity-Based Compensation Activity	The following table summarizes equity-based compensation activity related to restricted stock units and stock options as of and for the nine months ended September 30, 2015: Restricted Stock Stock Units Options Balance, January 1, 2015 Granted — Exercised (a) — Forfeited — Delivered and exchanged for shares of Class A common stock (b) — Cancelled (c) — Balance, September 30, 2015 As of September 30, 2015 Vested — Unvested — (a) Cash received from stock option exercises for the nine months ended September 30, 2015 was $2,032,000 . The Company recorded a corporate income tax benefit relating to the options exercised and restricted stock units delivered during the nine months ended September 30, 2015 of $2,411,000 in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity. (a) In connection with a retirement agreement entered into with the Company’s former President as described in Note 11, Leadership Changes and Restructuring Activities , 7,576 unvested restricted stock units granted in October 2013 vested in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $109,000 and $216,000 was recognized during the three and nine months ended September 30, 2015, respectively. (b) Of the 7,576 restricted stock units vested during the three and nine months ended September 30, 2015, 2,422 shares were withheld and cancelled with an estimated value of $88,000 to cover the Company’s minimum statutory tax withholding obligation.

Leadership Changes and Restru30

Leadership Changes and Restructuring Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Leadership Changes and Restructuring Activities
Summary of Estimated Fair Value Liability Established for the Aforementioned Severance and Other Related Costs	The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs, which are entirely attributable to the Company’s Real Estate Franchise Services reportable segment, from January 1, 2015 to September 30, 2015 (in thousands): Balance, January 1, 2015 $ Additional severance and other related expenses Accretion Cash payments Non-cash adjustment (a) Balance, September 30, 2015 $ (a) Non-cash adjustment represents the non-cash equity-based compensation expense recorded during the nine months ended September 30, 2015 for the accelerated vesting of certain restricted stock units in August 2015 pursuant to the terms of the Retirement Agreement. See also Note 10, Equity-Based Compensation .

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions
Table of the Company’s accounts receivable from affiliates and accounts payable to affiliates	The components of the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consists of the following (in thousands): September 30, December 31, 2015 2014 Accounts receivable from affiliates: RE/MAX of Texas Advertising Fund $ $ Other Total accounts receivable from affiliates Accounts payable to affiliates: Central Atlantic Region Advertising Fund Other Total accounts payable to affiliates Net accounts payable to affiliates $ $

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting
Schedule of Revenue of the Company's Reportable Segments	Revenue (a) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services $ $ $ $ Brokerages Consolidated revenue $ $ $ $ (a) Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $485,000 for the three months ended September 30, 2015 and 2014, respectively, and $1,154,000 and $1,369,000 for the nine months ended September 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment.
Schedule of Adjusted EBITDA of the Company's Reportable Segments	Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense — Adjusted EBITDA $ $ $ $ Brokerages: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income — — — — Provision for income taxes EBITDA Loss (gain) on sale or disposition of assets and sublease Non-cash straight-line rent expense Adjusted EBITDA $ $ $ $ Consolidated: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense — Adjusted EBITDA $ $ $ $

Business and Organization (Deta

Business and Organization (Detail) - $ / shares	Oct. 07, 2013	Sep. 30, 2015
RMCO, LLC
IPO of RE/Max and ownership of RMCO
Minority economic interest in RMCO (as a percent)	39.56%	41.03%
Class A common stock | IPO
IPO of RE/Max and ownership of RMCO
Common stock issued at initial public offering	11,500,000
Common stock at public offering price per share	$ 22

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details)	Sep. 30, 2015	Oct. 07, 2013
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)	41.03%	39.56%

Non-controlling Interest - Narr

Non-controlling Interest - Narrative (Details) - USD ($)	Nov. 04, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Exercise of stock options, Shares		564,443
Other distributions, non-controlling unitholders		$ 38,813,000	$ 3,325,000
Other distributions, non-controlling unitholders, dividends		33,253,000
Other distributions, non-controlling unitholders, discretionary		5,560,000
Distributions for taxes, non-controlling unitholders			15,557,000
Liability representing the payments due pursuant to tax receivable agreements		67,418,000
Current portion of payable pursuant to tax receivable agreements		3,914,000		$ 3,914,000
Amounts paid pursuant to Tax Receivable Agreements (TRAs)		$ 0	$ 0
Quarterly distribution | Subsequent Event
Significant Accounting Policies [Line Items]
Distributions declared to non-controlling unitholders	$ 2,217,000
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)		41.03%		39.89%
Non-controlling unitholders ownership of common units in RMCO as a percentage		58.97%		60.11%
RMCO, LLC | RIHI Member
Significant Accounting Policies [Line Items]
Non-controlling unitholders ownership of common units in RMCO as a percentage		58.97%		60.11%
Class A common stock
Significant Accounting Policies [Line Items]
Exercise of stock options, Shares		564,443
Stock granted, net, shares		2,001
Class A common stock | Restricted stock
Significant Accounting Policies [Line Items]
Restricted stock, vested		5,154

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Sep. 30, 2015	Dec. 31, 2014
Shares [Abstract]
Non-controlling unitholders ownership of common units in RMCO	17,734,600	17,734,600
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	12,339,639	11,768,041
Total number of common stock units	30,074,239	29,502,641
Ownership Percentage [Abstract]
Non-controlling unitholders ownership of common units in RMCO as a percentage	58.97%	60.11%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	41.03%	39.89%
Total percentage of common stock units	100.00%	100.00%

Non-controlling Interest - Net

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Noncontrolling Interest
Income before provision for income taxes	$ 18,470	$ 17,171	$ 49,263	$ 44,492
Weighted average ownership percentage of controlling interest	41.02%	39.50%	40.61%	39.53%
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 7,576	$ 6,783	$ 20,006	$ 17,588
Provision for income taxes attributable to RE/MAX Holdings, Inc.	(2,779)	(2,508)	(7,532)	(6,525)
Net income attributable to RE/MAX Holdings, Inc.	$ 4,797	$ 4,275	$ 12,474	$ 11,063

Non-controlling Interest - Prov

Non-controlling Interest - Provision for income taxes reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Minority Interest [Line Items]
Provision for income taxes attributable to RE/MAX Holdings, Inc.	$ (2,779,000)	$ (2,508,000)	$ (7,532,000)	$ (6,525,000)
Provision for income taxes attributable to noncontrolling interest	(498,000)	(608,000)	(1,350,000)	(1,605,000)
Provision for income tax expense	(3,277,000)	(3,116,000)	(8,882,000)	(8,130,000)
Certain foreign jurisdictions
Minority Interest [Line Items]
Provision for income tax expense	$ (346,000)	$ (395,000)	$ (924,000)	$ (1,049,000)
RE/MAX, LLC
Minority Interest [Line Items]
Controlling interest ownership percentage			40.00%

Earnings Per Share and Divide39

Earnings Per Share and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 4,797	$ 4,275	$ 12,474	$ 11,063
Class A common stock
Denominator for basic net income per share of Class A common stock
Weighted average shares outstanding, basic	12,333,690	11,579,669	12,127,548	11,593,738
Denominator for diluted net income per share of Class A common stock
Basic	12,333,690	11,579,669	12,127,548	11,593,738
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	12,420,748	12,229,010	12,315,663	12,235,160
Net income attributable to RE/MAX Holdings, Inc. per share
Basic	$ 0.39	$ 0.37	$ 1.03	$ 0.95
Diluted	$ 0.39	$ 0.35	$ 1.01	$ 0.90
Employee Stock Option | Class A common stock
Add dilutive effect of the following:
Dilutive effect	51,171	590,285	163,777	590,736
Restricted Stock Units (RSUs) | Class A common stock
Add dilutive effect of the following:
Dilutive effect	35,887	59,056	24,338	50,686

Earnings Per Share and Divide40

Earnings Per Share and Dividends (Details 2) - USD ($)	Nov. 04, 2015	Sep. 03, 2015	Jun. 04, 2015	Apr. 08, 2015	Sep. 03, 2014	Jun. 05, 2014	Apr. 18, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders										$ 22,454,000
Cash dividends declared per share								$ 0.1250	$ 0.0625	$ 1.8750	$ 0.1875
Quarterly dividend | Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 1,542,000	$ 1,529,000	$ 1,500,000	$ 724,000	$ 724,000	$ 725,000			$ 4,571,000	$ 2,173,000
Cash dividends declared per share	$ 0.125									$ 0.125	$ 0.0625
Distributions declared to non-controlling unitholders		$ 2,217,000	$ 2,217,000	$ 2,217,000	$ 1,108,000	$ 1,108,000	$ 1,108,000
Special dividend | Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders										$ 17,883,000
Cash dividends declared per share										$ 1.50
Distributions declared to non-controlling unitholders										$ 26,602,000
Subsequent Event | Quarterly distribution
Dividends Payable [Line Items]
Distributions declared to non-controlling unitholders	$ 2,217,000

Dispositions - Additional Infor

Dispositions - Additional Information (Details)	Apr. 10, 2015USD ($)facility	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Dispositions
Gain on sale or disposition of assets		$ (9,000)		$ 606,000	$ 1,000
RE/MAX Caribbean Islands, Inc.
Dispositions
Term of regional franchise agreements						20 years
RE/MAX Caribbean Islands, Inc. | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions
Sales price						$ 100,000
RE/MAX 100 | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions
Sales price	$ 450,000
Number of Company-owned brokerage offices sold (in offices) | facility	6
Gain on sale or disposition of assets			$ 615,000

Intangible Assets and Goodwil42

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 162,761,000	$ 162,835,000
Accumulated Amortization	(97,430,000)	(87,330,000)
Net Balance	$ 65,331,000	75,505,000
Franchise agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	12 years
Other intangible assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 13,100,000	11,275,000
Accumulated Amortization	(8,867,000)	(8,550,000)
Net Balance	$ 4,233,000	2,725,000
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	6 years 8 months 12 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 10,125,000	8,356,000
Accumulated Amortization	(7,309,000)	(7,126,000)
Net Balance	$ 2,816,000	1,230,000
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	4 years 6 months
Software Development
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 2,392,000	857,000
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,975,000	2,919,000
Accumulated Amortization	(1,558,000)	(1,424,000)
Net Balance	$ 1,417,000	$ 1,495,000
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	14 years 7 months 6 days

Intangible Assets and Goodwil43

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets and Goodwill
Amortization expense	$ 3,510,000	$ 3,518,000	$ 10,608,000	$ 10,656,000

Intangible Assets and Goodwil44

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2015	$ 3,473
2,016	14,276
2,017	10,438
2,018	6,821
2,019	6,811
Thereafter	27,745
Net Balance	$ 69,564

Intangible Assets and Goodwil45

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Changes to goodwill
Beginning Balance	$ 72,463
Effect of changes in foreign currency exchange rates	(487)
Ending Balance	$ 71,976

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrued payroll and related employee costs	$ 7,018	$ 4,519
Accrued property taxes	1,205	1,622
Accrued professional fees	654	947
Lease-related accruals	493	773
Other	1,395	1,519
Accrued liabilities	$ 10,765	$ 9,380

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Less current portion	$ (13,362)	$ (9,460)
Debt, net of current portion	189,003	202,213
2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $864 and $360 as of March 31, 2015 and December 31, 2014, respectively	$ 202,365	$ 211,673

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - 2013 Senior Secured Credit Facility - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount	$ 789,000	$ 360,000
Term loan facility
Debt Instrument [Line Items]
Principal payments are due on quarterly	$ 520,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Debt
Remainder of 2015	$ 520
2,016	2,080
2,017	2,080
2,018	2,080
2,019	2,080
Thereafter	194,314
Total debt	$ 203,154

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Mar. 26, 2015	Mar. 11, 2015	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Debt amendment costs			$ 555,000
Loss on early extinguishment of debt			94,000	$ 178,000
2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount			789,000	360,000
2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount			555,000
Debt amendment costs			1,086,000
Debt Instrument, expense incurred			531,000
Term loan facility | 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			230,000,000
Loss on early extinguishment of debt			94,000	178,000
Excess cash flow payment	$ 7,320,000			14,627,000
Mandatory principal payments			520,000
Revolving loan facility | 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			10,000,000
Borrowings drawn during the period			0	$ 0
Available borrowings under the facility			$ 10,000,000
Revolving loan facility commitment fee on average daily amount of unused portion			0.50%
LIBOR loans | 2013 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate floor			1.00%
LIBOR loans | 2013 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.25%
LIBOR loans | 2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Increase to the maximum applicable margin		0.25%
ABR loans | 2013 Senior Secured Credit Facility | Alternative Base Rate
Debt Instrument [Line Items]
Variable interest rate floor			2.00%
ABR loans | 2013 Senior Secured Credit Facility | Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
ABR loans | 2013 Senior Secured Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
ABR loans | 2013 Senior Secured Credit Facility | Eurodollar rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%

Debt - Schedule of Senior Secur

Debt - Schedule of Senior Secured Credit Facility (Detail) - 2013 Senior Secured Credit Facility - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 202,365	$ 211,673
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	202,365	211,673
Level 2 | Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 203,663	$ 208,853

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015
RE/MAX, LLC
Minority Interest [Line Items]
Controlling interest ownership percentage	40.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	Jun. 24, 2015	Mar. 11, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A common stock
Equity-based compensation
Shares granted to employee, gross	$ 2,941
Shares withheld from grants to employee					940
Estimated value of withheld shares					$ 32,000
Restricted stock units granted, value per unit (in dollars per share)	$ 34.01
Closing price of RE/MAX Holdings’ common stock (in dollars per share)		$ 32.45
Restricted Stock Units (RSUs)
Equity-based compensation
Estimated value of withheld shares					88,000
Equity-based compensation (in dollars)			$ 430,000	$ 200,000	$ 1,098,000	$ 532,000
Restricted Stock Units (RSUs) | Employees
Equity-based compensation
Restricted stock units granted (in shares)		74,893
Restricted stock units granted, value per unit (in dollars per share)		$ 32.45
Vesting Period		3 years
Restricted Stock Units (RSUs) | Directors
Equity-based compensation
Restricted stock units granted (in shares)		10,787
Restricted stock units granted, value per unit (in dollars per share)		$ 32.45

Equity-Based Compensation (De54

Equity-Based Compensation (Details 2)	9 Months Ended
	Sep. 30, 2015shares
Stock Options
Options, Balance as of January 1, 2015	652,500
Options, Exercised	(564,443)
Options, Balance as of September 30, 2015	88,057
Options, Vested	88,057
Restricted Stock Units (RSUs)
Restricted Stock Units
Restricted Stock Units, Balance as of January 1, 2015	40,472
Restricted Stock Units, Granted	85,680
Restricted Stock Units, Forfeited	(6,588)
Restricted Stock Units, Delivered and exchanged for shares of Class A common stock	(5,154)
Restricted Stock Units, Cancelled	(2,422)
Restricted Stock Units, Balance as of September 30, 2015	111,988
Restricted Stock Units, Unvested	111,988

Equity-Based Compensation (De55

Equity-Based Compensation (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity-based compensation
Cash received related to exercise of stock options			$ 2,032,000	$ 54,000
Excess tax benefit realized on exercise of stock options and delivery of vested restricted stock units			$ 2,411,000
Additional shares available to grant under plan (in shares)	1,930,704		1,930,704
Restricted Stock Units (RSUs)
Equity-based compensation
Excess tax benefit realized on exercise of stock options and delivery of vested restricted stock units			$ 2,411,000
Restricted Stock Units, Unvested	111,988		111,988
Equity-based compensation (in dollars)	$ 430,000	$ 200,000	$ 1,098,000	$ 532,000
Estimated value of withheld shares			$ 88,000
President Emeritus [Member] | Restricted Stock Units (RSUs)
Equity-based compensation
Restricted Stock Units, Unvested	7,576		7,576
Equity-based compensation (in dollars)	$ 109,000		$ 216,000

Leadership Changes and Restru56

Leadership Changes and Restructuring Activities (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Former Chief Executive Officer Member | Separation Agreement
Severance, separation and restructuring
Benefit period		36 months
Restructuring and related cost, cost incurred during end of year	$ 503,000	$ 1,542,000	$ 3,545,000
Severance and other reserve, short-term portion	829,000	829,000	500,000
Severance and other reserve, long-term portion	980,000	980,000	1,488,000
Severance and other related expenses	503,000	$ 1,542,000	$ 3,545,000
President Emeritus [Member] | Retirement Agreement
Severance, separation and restructuring
Benefit period		24 months
Restructuring and related cost, cost incurred during end of year	443,000
Restructuring and related total cost excepted to incur	877,000	$ 877,000
Equity-based compensation liability	216,000	216,000
Severance and other reserve, short-term portion	248,000	248,000
Severance and other reserve, long-term portion	237,000	$ 237,000
Severance and other related expenses	$ 443,000

Leadership Changes and Restru57

Leadership Changes and Restructuring Activities (Details 2) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Restructuring Cost and Reserve [Line Items]
Additional severance and other related charges	$ 443	$ 1,482
Non-cash adjustment		(1,098)	$ (532)
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Balance, January 1, 2015		2,408
Additional severance and other related charges		1,542
Accretion		61
Cash payments		(1,337)
Non-cash adjustment		(216)
Balance, September 30, 2015	$ 2,458	$ 2,458

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2015USD ($)item	Dec. 31, 2014USD ($)	Oct. 07, 2013USD ($)
Loss Contingencies [Line Items]
Impact to financial position and results of operations, minimum			$ 115,000
HBN liability accrual, impact to financial position and results of operations	$ 89,000	$ 26,000
HBN
Loss Contingencies [Line Items]
Impact to financial position and results of operations, maximum			$ 2,656,000
Assignment Agreement
Loss Contingencies [Line Items]
Number of leases assigned to purchaser | item	6
Period over which company remains secondarily liable	P31M
Outstanding lease guarantee	$ 1,272,000

Guarantees (Details)

Guarantees (Details) - Residential mortgage operation - USD ($)	1 Months Ended
	May. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Guarantee Obligations [Line Items]
Equity method investment, ownership percentage		50.00%
Company guarantee of full and prompt payment
Guarantee Obligations [Line Items]
Term of line-of-credit agreement	13 months
Maximum total amount of advances requested and unpaid principle balance	$ 15,000,000
Outstanding balance of line of credit		$ 9,502,000	$ 4,548,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related party balances and activity
Accounts payable to affiliates	$ 1,172,000		$ 1,172,000		$ 1,114,000
Accounts receivable from affiliates	26,000		26,000		231,000
Advertising Funds
Related party balances and activity
Related party transactions expenses	210,000	$ 291,000	705,000	$ 862,000
Other affiliates
Related party balances and activity
Accounts payable to affiliates	70,000		70,000		83,000
Accounts receivable from affiliates	10,000		10,000		(15,000)
Other affiliates | Services rendered and rent for office space provided
Related party balances and activity
Amounts allocated for services rendered and rent for office space	446,000	$ 549,000	$ 1,293,000	$ 1,661,000
Affiliates payment to Company, general time period			30 days
Tails Inc.
Related party balances and activity
Accounts payable to affiliates	$ 1,102,000		$ 1,102,000		$ 1,031,000

Related-Party Transactions (D61

Related-Party Transactions (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts receivable from affiliates:
Accounts receivable from affiliates	$ 26	$ 231
Accounts payable to affiliates:
Accounts payable to affiliates	(1,172)	(1,114)
Net accounts payable to affiliates	(1,146)	(883)
Re Max Of Texas Advertising Fund
Accounts receivable from affiliates:
Accounts receivable from affiliates	16	246
Central Atlantic Region Advertising Fund [Member]
Accounts payable to affiliates:
Accounts payable to affiliates	(1,102)	(1,031)
Other affiliates
Accounts receivable from affiliates:
Accounts receivable from affiliates	10	(15)
Accounts payable to affiliates:
Accounts payable to affiliates	$ (70)	$ (83)

Segment information (Details)

Segment information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Consolidated revenue	$ 45,110,000	$ 44,240,000	$ 133,594,000	$ 128,419,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Consolidated revenue	361,000	485,000	1,154,000	1,369,000
Real Estate Franchise Services
Segment Reporting Information [Line Items]
Consolidated revenue	42,221,000	40,456,000	124,197,000	118,254,000
Brokerages
Segment Reporting Information [Line Items]
Consolidated revenue	$ 2,889,000	$ 3,784,000	$ 9,397,000	$ 10,165,000

Segment information (Details 2)

Segment information (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net income	$ 15,193	$ 14,055	$ 40,381	$ 36,362
Depreciation and amortization	3,765	3,767	11,384	11,517
Interest expense	2,338	2,255	7,448	7,007
Interest income	(36)	(58)	(136)	(205)
Provision for income taxes	3,277	3,116	8,882	8,130
EBITDA	24,537	23,135	67,959	62,811
(Gain) loss on sale or disposition of assets and sublease	(66)	(52)	(773)	(277)
Loss on early extinguishment of debt			94	178
Non-cash straight-line rent expense	201	197	681	614
Non-recurring severance and other related expenses	443		1,482
Acquisition integration and professional fees expense		87	77	150
Adjusted EBITDA	25,115	23,367	69,520	63,476
Real Estate Franchise Services
Segment Reporting Information [Line Items]
Net income	14,682	13,459	38,576	36,017
Depreciation and amortization	3,694	3,695	11,159	11,305
Interest expense	2,328	2,252	7,413	6,997
Interest income	(36)	(58)	(136)	(205)
Provision for income taxes	3,182	3,014	8,553	8,070
EBITDA	23,850	22,362	65,565	62,184
(Gain) loss on sale or disposition of assets and sublease	(88)	(87)	(259)	(369)
Loss on early extinguishment of debt			94	178
Non-cash straight-line rent expense	224	271	736	773
Non-recurring severance and other related expenses	443		1,482
Acquisition integration and professional fees expense		87	77	150
Adjusted EBITDA	24,429	22,633	67,695	62,916
Brokerages
Segment Reporting Information [Line Items]
Net income	511	596	1,805	345
Depreciation and amortization	71	72	225	212
Interest expense	10	3	35	10
Provision for income taxes	95	102	329	60
EBITDA	687	773	2,394	627
(Gain) loss on sale or disposition of assets and sublease	22	35	(514)	92
Non-cash straight-line rent expense	(23)	(74)	(55)	(159)
Adjusted EBITDA	$ 686	$ 734	$ 1,825	$ 560