RE/MAX (RMAX) 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	15-May-14	15-May-14
		Common Class A	Common Class B
Document Information [Line Items]	'	'	'
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Mar-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'
Trading Symbol	'RMAX	'	'
Entity Registrant Name	'RE/MAX Holdings, Inc.	'	'
Entity Central Index Key	'0001581091	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	11,607,971	1

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$97,169	$88,375
Escrow cash - restricted	849	710
Accounts and notes receivable, current portion, less allowances of $4,149 and $4,122, respectively	17,607	15,980
Accounts receivable from affiliates	15	5
Other current assets	3,767	5,010
Total current assets	119,407	110,080
Property and equipment, net of accumulated depreciation of $19,733 and $19,400, respectively	2,595	2,583
Franchise agreements, net of accumulated amortization of $77,155 and $73,764, respectively	85,680	89,071
Other intangible assets, net of accumulated amortization of $8,095 and $7,912, respectively	2,355	2,486
Goodwill	72,650	72,781
Deferred tax assets, net	67,389	67,791
Investments in equity method investees	3,426	3,642
Debt issuance costs, net	2,277	2,353
Other assets	1,948	2,036
Total assets	357,727	352,823
Current liabilities:	'	'
Accounts payable	1,924	731
Accounts payable to affiliates	1,055	1,017
Escrow liabilities	849	710
Accrued liabilities	7,729	9,344
Income taxes and tax distributions payable	5,412	3,000
Dividends and other distributions payable	1,834	0
Deferred revenue and deposits	16,348	15,821
Current portion of debt	16,927	17,300
Current portion of payable to related parties pursuant to tax receivable agreements	902	902
Other current liabilities	205	206
Total current liabilities	53,185	49,031
Debt, net of current portion	210,915	211,104
Payable to related parties pursuant to tax receivable agreements, net of current portion	67,938	67,938
Deferred revenue, net of current portion	117	234
Deferred tax liabilities, net	194	195
Other liabilities, net of current portion	8,785	8,782
Total liabilities	341,134	337,284
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Additional paid-in capital	239,344	239,086
Retained earnings	3,189	1,506
Accumulated other comprehensive income	1,194	1,371
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	243,728	241,964
Non-controlling interest	-227,135	-226,425
Total stockholders' equity	16,593	15,539
Total liabilities and stockholders' equity	357,727	352,823
Common Class A	'	'
Stockholders' equity:	'	'
Common stock	1	1
Total stockholders' equity	1	1
Common Class B	'	'
Stockholders' equity:	'	'
Common stock	'	'
Total stockholders' equity	'	'

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Allowance for accounts receivable	$4,149	$4,122
Accumulated depreciation, property and equipment	19,733	19,400
Accumulated amortization, intangible assets	8,095	7,912
Franchise Agreements	'	'
Accumulated amortization, intangible assets	$77,155	$73,764
Common Class A	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	11,607,971	11,607,971
Common stock, shares outstanding	11,607,971	11,607,971
Common Class B	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income and Comprehensive Income (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Revenue:	'		'
Continuing franchise fees	$17,704		$15,105
Annual dues	7,506		7,553
Broker fees	5,558		4,673
Franchise sales and other franchise revenue	7,909		8,153
Brokerage revenue	3,203		3,591
Total revenue	41,880	[1]	39,075	[1]
Operating expenses:	'		'
Selling, operating and administrative expenses	25,287		25,991
Depreciation and amortization	3,938		3,725
Gain on sale or disposition of assets, net	-1		-1
Total operating expenses	29,224		29,715
Operating income	12,656		9,360
Other expenses, net:	'		'
Interest expense	-2,466		-3,514
Interest income	81		74
Foreign currency transaction losses	-529		-71
Loss on early extinguishment of debt	0		-134
Equity in (losses) earnings of investees	-59		146
Total other expenses, net	-2,973		-3,499
Income before provision for income taxes	9,683		5,861
Provision for income taxes	-1,885		-454
Net income	7,798		5,407
Less: net income attributable to non-controlling interest	5,390		5,407
Net income attributable to RE/MAX Holdings, Inc.	2,408		0
Comprehensive income:	'		'
Net income	7,798		5,407
Change in cumulative translation adjustment	-177		-108
Other comprehensive loss	-177		-108
Comprehensive income	7,621		5,299
Less: comprehensive income attributable to non-controlling interest	5,283		5,299
Comprehensive income attributable to RE/MAX Holdings, Inc.	$2,338		$0
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock	'		'
Basic	$0.21		'
Diluted	$0.20		'
Weighted average shares of Class A common stock outstanding	'		'
Basic	11,607,971		'
Diluted	12,254,474		'
Cash dividends declared per share of Class A common stock	$0.06		$0
[1]	(a) Transactions between the Real Estate Franchise Services and the Brokerage and Other reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany amounts paid from the Companybs brokerage services business of $422,000 and $353,000 for the three months ended MarchB 31, 2014 and 2013, respectively. Such amounts are eliminated through the Brokerage and Other reportable segment.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Stockholder's Equity (USD $)	Total	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income	Non-controlling Interest	Common Class A	Common Class B
In Thousands, except Share data
Beginning balance, Value at Dec. 31, 2013	$15,539	$239,086	$1,506	$1,371	($226,425)	$1	'
Beginning balance, Shares at Dec. 31, 2013	'	'	'	'	'	11,607,971	1
Net income	7,798	'	2,408	'	5,390	'	'
Distributions payable to non-controlling unitholders	-6,100	'	'	'	-6,100	'	'
Share-based compensation	258	258	'	'	'	'	'
Dividends payable to Class A common stockholders	-725	'	-725	'	'	'	'
Change in accumulated other comprehensive income	-177	'	'	-177	'	'	'
Ending balance, Value at Mar. 31, 2014	$16,593	$239,344	$3,189	$1,194	($227,135)	$1	'
Ending balance, Shares at Mar. 31, 2014	'	'	'	'	'	11,607,971	1

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$7,798	$5,407
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	3,938	3,725
Bad debt expense	201	189
Loss on early extinguishment of debt	0	134
Equity-based compensation	258	380
Non-cash interest expense	89	288
Other	650	387
Changes in operating assets and liabilities:	'	'
Accounts and notes receivable	-1,898	-1,420
Advances to affiliates	72	-108
Other current and noncurrent assets	1,304	659
Other current and noncurrent liabilities	-333	141
Deferred revenue	416	-675
Net cash provided by operating activities	12,495	9,107
Cash flows from investing activities:	'	'
Purchases of property, equipment and software	-452	-142
Capitalization of trademark costs	-25	-46
Net cash used in investing activities	-477	-188
Cash flows from financing activities:	'	'
Payments on debt	-575	-8,650
Distributions to non-controlling unitholders	-2,552	-10
Payments on capital lease obligations	-54	-73
Deferred offering costs	0	-584
Net cash used in financing activities	-3,181	-9,317
Effect of exchange rate changes on cash	-43	34
Net increase (decrease) in cash and cash equivalents	8,794	-364
Cash and cash equivalents, beginning of year	88,375	68,501
Cash and cash equivalents, end of period	97,169	68,137
Supplemental disclosures of cash flow information:	'	'
Cash paid for interest	2,324	3,210
Cash paid for income taxes	1,097	832
Schedule of non-cash investing and financing activities:	'	'
Capital leases for property and equipment	18	73
Distributions payable to non-controlling unitholders	6,100	0
Dividends payable to Class A common stockholders	$725	$0

Business_and_Organization

Business and Organization	3 Months Ended
	Mar. 31, 2014
Business and Organization	'
	1. Business and Organization
	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”), which were subsequently contributed to RMCO, LLC and subsidiaries (“RMCO”), and the remaining proceeds were used to purchase common membership units in RMCO. After the completion of the IPO and as of March 31, 2014, RE/MAX Holdings owns 39.56% 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, and because RE/MAX Holdings and RMCO are entities under common control, such consolidation has been reflected for all periods presented. RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as “the Company.”
	The Company is one of the world’s leading franchisors of residential and commercial real estate brokerage services throughout the United States (“U.S.”) and globally. The Company also operates real estate brokerages in the U.S. The Company’s revenue is derived from continuing franchise fees, annual dues from agents, broker fees, 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). A franchise grants the broker-owner a license to use the RE/MAX brand, trademark, promotional and operating materials and concepts.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
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 the Company and its majority-owned 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 March 31, 2014 and December 31, 2013, the results of its operations and cash flows for the three months ended March 31, 2014 and 2013, and changes in its stockholders’ equity for the three months ended March 31, 2014. Interim results may not be indicative of full year performance.
	Use of Estimates
	The preparation of 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 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 accounts and notes receivable, the determination of the estimated lives of intangible assets, 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
	On October 7, 2013, RE/MAX Holdings completed its IPO and now holds a 39.56% economic interest in RMCO, but as managing member controls the operations, management and activities of RMCO. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest on its Condensed Consolidated Balance Sheets.
	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. There were no significant new accounting pronouncements that the Company adopted during the three months ended March 31, 2014.
	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, 2013. The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, it is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Noncontrolling_Interest

Non-controlling Interest	3 Months Ended
	Mar. 31, 2014
Non-controlling Interest	'
	3. Non-controlling Interest
	The Company is the sole managing member of RMCO. As a result, the Company operates and controls all of the management, business and affairs of RMCO while owning a 39.56% minority economic interest in RMCO. Therefore, beginning on October 7, 2013, the Company began to consolidate the financial results of RMCO and its subsidiaries and recorded a non-controlling interest for the remaining 60.44% economic interest in RMCO held by RIHI, Inc. (“RIHI”). The Company’s only sources of cash flow from operations are distributions from RMCO and management fees received pursuant to the management services agreement between the Company and RMCO. Net income attributable to the non-controlling interest on the Condensed Consolidated Statements of Income and Comprehensive Income represents the portion of earnings attributable to the economic interest in RMCO held by the non-controlling unitholders. As of October 7, 2013, the non-controlling interest represented the carryover basis of RIHI’s capital account in RMCO. Prospectively, the non-controlling interest on the accompanying Condensed Consolidated Balance Sheets has been adjusted to reflect the distributions to and the income allocated to the non-controlling unitholders. The ownership of the common units in RMCO is summarized as follows:
		Non-controlling unitholders ownership of common units in RMCO			RE/MAX Holdings outstanding Class A common stock (equal to RE/MAX Holdings common units in RMCO)			Total
	As of March 31, 2014 and December 31, 2013		17,734,600			11,607,971			29,342,571
			60.44	%		39.56	%		100	%
	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 “New RMCO, LLC Agreement”), RMCO is required to distribute cash, generally, on a pro rata basis, to its members to the extent necessary to cover the members’ tax liabilities, if any, with respect to their share of RMCO earnings. RMCO makes such tax distributions to its members based on an estimated tax rate which is based on the terms of the New RMCO, LLC Agreement. Upon completion of its tax returns with respect to the prior year, RMCO may make true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year. Distributions for taxes to RMCO’s non-controlling unitholders were also required, but calculated differently, in accordance with the Third Amended and Restated RMCO Limited Liability Company Agreement (the “Old RMCO, LLC Agreement”).  Distributions for taxes paid to non-controlling unitholders during the three months ended March 31, 2014 and 2013 were $2,552,000 and $0, respectively.
	Other Distributions
	Cash distributions are also made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the New RMCO, LLC Agreement.  Future cash distributions will be made to non-controlling unitholders pro rata on a quarterly basis equal to the anticipated dividend payments to the holders of the Company’s Class A common stock. The Company made a distribution of $1,108,000 to non-controlling unitholders on April 17, 2014.  On May 8, 2014, the Company declared a distribution to non-controlling unitholders of $1,108,000, which is payable on June 5, 2014. Cash distributions were also required to be made to non-controlling unitholders in an amount equal to the lesser of (1) the amount of excess cash flow payment required to be paid as a mandatory prepayment pursuant to the Company’s previous senior secured credit facility and (2) $8,000,000 in accordance with the Old RMCO, LLC Agreement. No other distributions were paid to non-controlling unitholders during the three months ended March 31, 2014 and 2013.
	Payments Pursuant to the Tax Receivable Agreements
	As of March 31, 2014, the Company recorded a liability of $68,840,000, representing the payments due to RMCO’s historical owners RIHI and Weston Presidio V., L.P. (“Weston Presidio”) under the TRAs (see current and non-current portion of “Payable to related parties pursuant to tax receivable agreements” on the Company’s accompanying Condensed Consolidated Balance Sheets).
	Within the next 12 month period, the Company expects to pay $902,000 of the total amount of the estimated TRA liability. No amounts were paid pursuant to the terms of the TRAs during the three months ended March 31, 2014.
	Payments are anticipated to be made under the TRAs indefinitely, with the first potential payment becoming due on the original due date of RE/MAX Holdings’ initial federal income tax return. The payments are to be made in accordance with the terms of the TRAs. The timing of the payments is subject to certain contingencies including RE/MAX Holdings having sufficient taxable income to utilize all of the tax benefits defined in the TRAs.
	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 tax provision or the allocation of taxes. In general, items of income, gain, loss and deduction are allocated on the basis of the members’ ownership interests pursuant to the New RMCO, LLC Agreement after taking into consideration all relevant sections of the Internal Revenue Code.

Earnings_Per_Share_and_Dividen

Earnings Per Share and Dividends	3 Months Ended
	Mar. 31, 2014
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 shares and per share information):
		Three months ended
		March 31, 2014
	Numerator
	Net income attributable to RE/MAX Holdings, Inc.	$	2,408
	Denominator for basic net income per share of Class A
	common stock
	Weighted average shares of Class A common stock		11,607,971
	outstanding
	Denominator for diluted net income per share of Class A
	common stock
	Weighted average shares of Class A common stock		11,607,971
	outstanding
	Add dilutive effect of the following:
	Stock options		602,217
	Restricted stock units		44,286
	Weighted average shares of Class A common stock		12,254,474
	outstanding, diluted
	Earnings per share of Class A common stock
	Net income attributable to RE/MAX Holdings, Inc.	$	0.21
	per share of Class A common stock, basic
	Net income attributable to RE/MAX Holdings, Inc.	$	0.2
	per share of Class A common stock, diluted
	EPS information is not applicable for reporting periods prior to the completion of the IPO which became effective on October 7, 2013. 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 Declared
	During the first quarter of 2014, the Company’s Board of Directors declared a quarterly dividend of $0.0625 per share on outstanding shares of Class A common stock, which was paid on April 18, 2014.  No dividends were declared or paid during the three months ended March 31, 2013. On May 8, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.0625 per share on all outstanding shares of Class A common stock, which is payable on June 5, 2014 to shareholders of record at the close of business on May 22, 2014.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2014
Acquisitions	'
	5. Acquisitions
	Acquisition of HBN and Tails
	In connection with the IPO effective October 7, 2013, RE/MAX Holdings acquired the net assets, excluding cash, of HBN and Tails for consideration paid of $7,130,000 and $20,175,000, respectively and contributed the assets to RMCO in order to expand RMCO’s owned and operated regional franchising operations in the Southwest and Central Atlantic regions of the U.S. HBN and Tails were owned in part by related parties, but were not under common control with RE/MAX Holdings and RMCO. As a result, the assets acquired constitute businesses that were accounted for using the fair value acquisition method, and the total purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the total purchase price over the fair value of the identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized for HBN and Tails is attributable to expected synergies and projected long term revenue growth and relates entirely to the Company’s Real Estate Franchise Services reportable segment.
	Unaudited Pro Forma Financial Information
	The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisitions of HBN and Tails had occurred on January 1, 2013. The historical financial information has been adjusted to give effect to events that are (1) directly attributed to the acquisition, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Such items include additional amortization expense associated with the valuation of the acquired franchise agreement. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future.
		Three months ended March 31, 2013
		(unaudited)
		(in thousands)
	Total revenue	$	40,883
	Net income		6,290

Intangible_Assets_and_Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2014
Intangible Assets and Goodwill	'
	6.  Intangible Assets and Goodwill
	The following table provides the components of the Company’s intangible assets (in thousands):
		Initial Weighted			31-Mar-14							31-Dec-13
		Average
		Amortization
		Period			Initial Cost		Accumulated Amortization			Net		Initial Cost		Accumulated Amortization			Net
		(in years)								Balance							Balance
	Franchise agreements		12		$	162,835	$	(77,155	)	$	85,680	$	162,835	$	(73,764	)	$	89,071
	Other intangible assets:
	Software		4.2		$	7,491	$	(6,772	)	$	719	$	7,463	$	(6,633	)	$	830
	Trademarks		14.9			2,959		(1,323	)		1,636		2,935		(1,279	)		1,656
	Total other intangible assets				$	10,450	$	(8,095	)	$	2,355	$	10,398	$	(7,912	)	$	2,486
	Amortization expense for the three months ended March 31, 2014 and 2013 was $3,576,000 and $3,328,000, respectively.
	The estimated future amortization of intangible assets, other than goodwill, is as follows (in thousands):
	Year ending December 31:
	Remainder of 2014	$	10,654
	2015		14,022
	2016		13,782
	2017		9,877
	2018		6,269
	Thereafter		33,431
		$	88,035
	Amounts recorded as goodwill in the Company’s accompanying Condensed Consolidated Balance Sheets are attributable to the Company’s Real Estate Franchise Services reportable segment. During 2013, the Company performed its annual assessment of goodwill and the fair value of the Company’s reporting units significantly exceeded the carrying value and no interim indicators of impairment have been identified. The following table presents changes to goodwill for the three months ended March 31, 2014 (in thousands):
	Balance, January 1, 2014	$	72,781
	Effect of changes in foreign currency exchange rates		(131	)
	Balance, March 31, 2014	$	72,650

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2014
Accrued Liabilities	'
	7. Accrued Liabilities
	Accrued liabilities consist of the following (in thousands):
		March 31,		December 31,
		2014		2013
	Accrued payroll and related employee costs	$	3,586	$	4,746
	Accrued property taxes		731		1,159
	Accrued professional fees		844		573
	Lease-related accruals		747		853
	Other		1,821		2,013
		$	7,729	$	9,344

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
	8. Debt
	Debt consists of the following (in thousands):
		March 31,			December 31,
		2014			2013
	2013 Senior Secured Credit Facility, principal of $575	$	227,842		$	228,404
	payable quarterly, matures in July 2020, net of
	unamortized discount of $433 and $446 as of
	March 31, 2014 and December 31, 2013,
	respectively
	Less current portion		(16,927	)		(17,300	)
		$	210,915		$	211,104
	Maturities of debt are as follows (in thousands):
	As of March 31:
	Remainder of 2014	$	16,352
	2015		2,300
	2016		2,300
	2017		2,300
	2018		2,300
	Thereafter		202,723
		$	228,275
	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.” In connection therewith, proceeds received were used to re-pay existing indebtedness pursuant to the Company’s previous 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 these term loans were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes. Interest rates with respect to the term and revolving loans 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% 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 plus 1%, plus a maximum applicable margin of 2%.  The applicable margin is subject to quarterly adjustments beginning in the first quarter of 2014 based on the Company’s total leverage ratio as defined in the 2013 Senior Secured Credit Facility.
	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 payment of $14,627,000 on April 9, 2014. Mandatory principal payments of $575,000 are due quarterly until the facility matures on July 31, 2020. During the three months ended March 31, 2013, the Company made a mandatory principal excess cash flow prepayment of $8,000,000 in accordance with the Company’s previous credit facility. The Company accounted for this mandatory principal prepayment as an early extinguishment of debt and recorded a loss during the three month period ended March 31, 2013 of approximately $134,000 related to unamortized debt discount and issuance costs. The Company may make optional prepayments of the term loan at any time; however, no such optional prepayments were made during the three months ended March 31, 2014 or 2013.
	The estimated fair value of the Company’s debt as of March 31, 2014 and December 31, 2013 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 its 2013 Senior Secured Credit Facility as Level 2 of the fair value hierarchy. The carrying amounts of the Company’s 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 carrying value of the Senior Secured Credit Facility was $227,842,000 and $228,404,000 as of March 31, 2014 and December 31, 2013, respectively. The fair value of the 2013 Senior Secured Credit Facility was $228,275,000 and $229,422,000 as of March 31, 2014 and December 31, 2013, respectively.
	The Company had no borrowings drawn on the revolving loan facility during the three months ended March 31, 2014 or 2013 and had $10,000,000 available under the revolving loan facility as of March 31, 2014. 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	3 Months Ended
	Mar. 31, 2014
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 and Comprehensive Income for the three months ended March 31, 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. Prior to October 7, 2013, the Company had not been subject to U.S. federal income taxes as RMCO is organized as a limited liability company; however, RMCO was, and continues to be, subject to certain other foreign, state and local taxes. The provision for income taxes for the three months ended March 31, 2013 represents foreign income taxes of certain foreign corporate subsidiaries.
	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 March 31, 2014, the Company does not believe it has any significant uncertain tax positions.

EquityBased_Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2014
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 RE/MAX Holdings and RMCO.
	For the three months ended March 31, 2014, the Company recognized equity-based compensation expense of $258,000 resulting from restricted stock units that were granted on the IPO date in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.  For the three months ended March 31, 2013, the Company recognized equity-based compensation expense of $380,000 related to 31,500 RMCO Class B common unit options that were granted to certain employees on November 15, 2012. On October 1, 2013 and in connection with the IPO, the Class B common unit options were split 25 for 1 and then substituted for 787,500 options to acquire shares of RE/MAX Holdings’ Class A common stock.
	The following table summarizes equity-based compensation activity for the three months ended March 31, 2014:
		Restricted Stock Units			Options
	Balance as of January 1, 2014		241,854			787,500
	Granted		-			-
	Exercised		-			-
	Forfeited		(3,184	)		-
	Balance as of March 31, 2014		238,670			787,500
	Vested		107,971			787,500
	Unvested		130,699			-
	At March 31, 2014, there were 1,642,282 additional shares available for the Company to grant under the 2013 Incentive Plan.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	11. Commitments and Contingencies
	Commitments
	The Company leases offices and equipment under noncancelable operating leases, subject to certain provisions for renewal options and escalation clauses.
	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. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined that it does not have material exposure, or it is unable to develop a range of reasonably possible losses.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2014
Guarantees	'
	12. Guarantees
	In May 2013, 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, in which the Company has a 50% interest. The term of the line-of-credit agreement is twelve months and the total amount of advances requested and unpaid principal balance cannot exceed $12,500,000. The line of credit bears interest at 0.5% over the financial institution’s base rate with a floor of 4%. The Company had entered into a similar guarantee during May 2012, which expired as of May 2013. The outstanding balance on the line of credit was approximately $4,180,000 and $4,256,000 as of March 31, 2014 and December 31, 2013, respectively. The Company did not incur any payments under this guarantee in the three months ended March 31, 2014, or in any prior periods, and does not anticipate that it will incur any payments through the duration of the guarantee.

RelatedParty_Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2014
Related-Party Transactions	'
	13.  Related-Party Transactions
	The Company’s real estate brokerage operations pay advertising fees to regional and international advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI as trustee for RE/MAX agents. This stockholder 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 each of the three months ended March 31, 2014 and 2013, the Company’s real estate brokerage operations paid $283,000 to these advertising funds. These payments are included in “Selling, operating and administrative” expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.
	Prior to October 7, 2013, the Company’s real estate brokerage operations in the Washington, DC area 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 5, Acquisitions, a portion of the proceeds raised during the IPO was used to purchase certain assets of Tails. For the three months ended March 31, 2013, the real estate brokerage operations expensed $71,000 in fees to Tails. These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The Company’s owned real estate brokerage operations in the Washington, DC area recorded a payable to Tails’ affiliated regional advertising fund. As of March 31, 2014 and December 31, 2013, the amount of the payable was $988,000 and $945,000, respectively and is included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets.
	The Company receives continuing franchise fees, broker fees, franchise sales and other franchise revenue from regional franchisors. Several of the Company’s officers and stockholders of RIHI were also stockholders and officers of two of these regional franchisors, HBN and Tails. The business assets of HBN and Tails were acquired by RE/MAX Holdings on October 7, 2013 as described in Note 5, Acquisitions. During the three months ended March 31, 2013, the Company received $803,000 in revenue from these entities. These amounts are included in continuing franchise fees, broker fees and franchise sales and other franchise revenue in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.
	The Company’s majority stockholders have made and continue to make a golf course they own available to the Company for business purposes. During the three months ended March 31, 2014 and 2013, 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 as it allows these companies to share its leased office space. During the three months ended March 31, 2014 and 2013, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $562,000 and $769,000, respectively. In these cases, the Company bills affiliated companies for their actual or pro rata share of such expenses. Such amounts are generally paid within 30 days and no such amounts were outstanding at March 31, 2014 or December 31, 2013.
	The activity in the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consist of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Accounts receivable from affiliates:
	RE/MAX of Texas Advertising Fund	$	(1	)	$	(6	)
	International Advertising Fund		(1	)		(10	)
	Other		17			21
	Total accounts receivable from affiliates		15			5
	Accounts payable to affiliates:
	Other	$	(1,055	)	$	(1,017	)
	Total accounts payable to affiliates		(1,055	)		(1,017	)
	Net accounts payable to affiliates	$	(1,040	)	$	(1,012	)

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Information	'
	14.  Segment Information
	The Company has two reportable segments: Real Estate Franchise Services and Brokerage and Other. 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 certain other non-cash and non-recurring cash charges (“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 the summary of significant accounting policies.
	Adjusted EBITDA for the reportable segments excludes depreciation, amortization, interest expense, net and the provision for income taxes and is then adjusted for certain other non-cash and non-recurring cash charges. 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 losses (gains) on the sale or disposition of assets and sublease activity, losses on the early extinguishment of debt, equity-based compensation, non-cash straight-line rent expense, salaries paid to David and Gail Liniger that the Company discontinued subsequent to the IPO, professional fees and non-recurring expenses incurred in connection with the IPO and acquisition integration costs. The Company’s Real Estate Franchise Services segment comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX® brand name. All of the Company’s brokerage offices in its Real Estate Franchise Services segment are franchised. The Company’s Brokerage and Other reportable segment includes the Company’s brokerage services business, the elimination of intersegment revenue and other consolidation entries as well as corporate-wide professional services expenses.
	The following tables present the results of the Company’s reportable segments for the three months ended March 31, 2014 and 2013, respectively:
		Revenue (a)
		Three months ended March 31,
		2014			2013
		(in thousands)
	Real Estate Franchise Services	$	39,099		$	35,650
	Brokerage and Other		2,781			3,425
	Total segment reporting revenues	$	41,880		$	39,075
	(a)	Transactions between the Real Estate Franchise Services and the Brokerage and Other reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany amounts paid from the Company’s brokerage services business of $422,000 and $353,000 for the three months ended March 31, 2014 and 2013, respectively. Such amounts are eliminated through the Brokerage and Other reportable segment.
		Adjusted EBITDA
		Three months ended March 31,
		2014			2013
		(in thousands)
	Real Estate Franchise Services	$	18,675		$	16,246
	Brokerage and Other		(2,424	)		(813	)
	Total segment reporting adjusted EBITDA	$	16,251		$	15,433
	A reconciliation of the Company’s Adjusted EBITDA for its reportable segments to the Company’s consolidated balances is as follows:
		Three months ended March 31,
		2014			2013
		(in thousands)
	Segment Adjusted EBITDA	$	16,251		$	15,433
	Less:
	Depreciation and amortization		3,938			3,725
	Interest expense, net		2,385			3,440
	Gain on sale or disposition of assets and sublease		(178	)		(143	)
	Loss on early extinguishment of debt		-			134
	Equity-based compensation		258			380
	Non-cash straight-line rent expense		147			339
	Chairman executive compensation		-			750
	Acquisition integration costs		18			-
	Public offering related expenses		-			947
	Income before provision for income taxes		9,683			5,861
	Provision for income taxes		1,885			454
	Net income	$	7,798		$	5,407
	Changes in Reportable Segments
	As a result of changes in management’s process to assess performance and allocate resources, the Company implemented a new segment structure beginning in the second quarter of 2014.  The changes in the Company’s segment structure relate to certain corporate-wide professional services expenses, which were previously reflected in the Brokerage and Other reportable segment and, beginning in the second quarter of 2014, are being reflected in the Real Estate Franchise Services reportable segment.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
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 the Company and its majority-owned 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 March 31, 2014 and December 31, 2013, the results of its operations and cash flows for the three months ended March 31, 2014 and 2013, and changes in its stockholders’ equity for the three months ended March 31, 2014. Interim results may not be indicative of full year performance.
Use of Estimates	'
	Use of Estimates
	The preparation of 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 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 accounts and notes receivable, the determination of the estimated lives of intangible assets, 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
	On October 7, 2013, RE/MAX Holdings completed its IPO and now holds a 39.56% economic interest in RMCO, but as managing member controls the operations, management and activities of RMCO. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest on its Condensed Consolidated Balance Sheets.
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. There were no significant new accounting pronouncements that the Company adopted during the three months ended March 31, 2014.
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, 2013. The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, it is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Noncontrolling_Interest_Tables

Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Ownership of the Common Units	'
	The ownership of the common units in RMCO is summarized as follows:
		Non-controlling unitholders ownership of common units in RMCO			RE/MAX Holdings outstanding Class A common stock (equal to RE/MAX Holdings common units in RMCO)			Total
	As of March 31, 2014 and December 31, 2013		17,734,600			11,607,971			29,342,571
			60.44	%		39.56	%		100	%

Earnings_Per_Share_and_Dividen1

Earnings Per Share and Dividends (Tables)	3 Months Ended
	Mar. 31, 2014
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 shares and per share information):
		Three months ended
		March 31, 2014
	Numerator
	Net income attributable to RE/MAX Holdings, Inc.	$	2,408
	Denominator for basic net income per share of Class A
	common stock
	Weighted average shares of Class A common stock		11,607,971
	outstanding
	Denominator for diluted net income per share of Class A
	common stock
	Weighted average shares of Class A common stock		11,607,971
	outstanding
	Add dilutive effect of the following:
	Stock options		602,217
	Restricted stock units		44,286
	Weighted average shares of Class A common stock		12,254,474
	outstanding, diluted
	Earnings per share of Class A common stock
	Net income attributable to RE/MAX Holdings, Inc.	$	0.21
	per share of Class A common stock, basic
	Net income attributable to RE/MAX Holdings, Inc.	$	0.2
	per share of Class A common stock, diluted

Acquisitions_Tables

Acquisitions (Tables) (HBN and Tails)	3 Months Ended
	Mar. 31, 2014
HBN and Tails	'
Summary of Unaudited Pro Forma Information	'
	The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisitions of HBN and Tails had occurred on January 1, 2013. The historical financial information has been adjusted to give effect to events that are (1) directly attributed to the acquisition, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Such items include additional amortization expense associated with the valuation of the acquired franchise agreement. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future.
		Three months ended March 31, 2013
		(unaudited)
		(in thousands)
	Total revenue	$	40,883
	Net income		6,290

Intangible_Assets_and_Goodwill1

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2014
Components of Company's Intangible Assets	'
	The following table provides the components of the Company’s intangible assets (in thousands):
		Initial Weighted			31-Mar-14							31-Dec-13
		Average
		Amortization
		Period			Initial Cost		Accumulated Amortization			Net		Initial Cost		Accumulated Amortization			Net
		(in years)								Balance							Balance
	Franchise agreements		12		$	162,835	$	(77,155	)	$	85,680	$	162,835	$	(73,764	)	$	89,071
	Other intangible assets:
	Software		4.2		$	7,491	$	(6,772	)	$	719	$	7,463	$	(6,633	)	$	830
	Trademarks		14.9			2,959		(1,323	)		1,636		2,935		(1,279	)		1,656
	Total other intangible assets				$	10,450	$	(8,095	)	$	2,355	$	10,398	$	(7,912	)	$	2,486
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 2014	$	10,654
	2015		14,022
	2016		13,782
	2017		9,877
	2018		6,269
	Thereafter		33,431
		$	88,035
Schedule of Changes in Goodwill	'
	Amounts recorded as goodwill in the Company’s accompanying Condensed Consolidated Balance Sheets are attributable to the Company’s Real Estate Franchise Services reportable segment. During 2013, the Company performed its annual assessment of goodwill and the fair value of the Company’s reporting units significantly exceeded the carrying value and no interim indicators of impairment have been identified. The following table presents changes to goodwill for the three months ended March 31, 2014 (in thousands):
	Balance, January 1, 2014	$	72,781
	Effect of changes in foreign currency exchange rates		(131	)
	Balance, March 31, 2014	$	72,650

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Accrued Liabilities	'
	Accrued liabilities consist of the following (in thousands):
		March 31,		December 31,
		2014		2013
	Accrued payroll and related employee costs	$	3,586	$	4,746
	Accrued property taxes		731		1,159
	Accrued professional fees		844		573
	Lease-related accruals		747		853
	Other		1,821		2,013
		$	7,729	$	9,344

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Debt	'
	Debt consists of the following (in thousands):
		March 31,			December 31,
		2014			2013
	2013 Senior Secured Credit Facility, principal of $575	$	227,842		$	228,404
	payable quarterly, matures in July 2020, net of
	unamortized discount of $433 and $446 as of
	March 31, 2014 and December 31, 2013,
	respectively
	Less current portion		(16,927	)		(17,300	)
		$	210,915		$	211,104
Schedule of Maturities of Debt	'
	Maturities of debt are as follows (in thousands):
	As of March 31:
	Remainder of 2014	$	16,352
	2015		2,300
	2016		2,300
	2017		2,300
	2018		2,300
	Thereafter		202,723
		$	228,275

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Equity-Based Compensation Activity	'
	The following table summarizes equity-based compensation activity for the three months ended March 31, 2014:
		Restricted Stock Units			Options
	Balance as of January 1, 2014		241,854			787,500
	Granted		-			-
	Exercised		-			-
	Forfeited		(3,184	)		-
	Balance as of March 31, 2014		238,670			787,500
	Vested		107,971			787,500
	Unvested		130,699			-

RelatedParty_Transactions_Tabl

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Related Party Transactions	'
	The Company also provides services to certain affiliated entities such as accounting, legal, marketing, technology, human resources and public relations as it allows these companies to share its leased office space. During the three months ended March 31, 2014 and 2013, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $562,000 and $769,000, respectively. In these cases, the Company bills affiliated companies for their actual or pro rata share of such expenses. Such amounts are generally paid within 30 days and no such amounts were outstanding at March 31, 2014 or December 31, 2013.
	The activity in the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consist of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Accounts receivable from affiliates:
	RE/MAX of Texas Advertising Fund	$	(1	)	$	(6	)
	International Advertising Fund		(1	)		(10	)
	Other		17			21
	Total accounts receivable from affiliates		15			5
	Accounts payable to affiliates:
	Other	$	(1,055	)	$	(1,017	)
	Total accounts payable to affiliates		(1,055	)		(1,017	)
	Net accounts payable to affiliates	$	(1,040	)	$	(1,012	)

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Company's Reportable Segments Revenue and Adjusted EBITDA	'
	The following tables present the results of the Company’s reportable segments for the three months ended March 31, 2014 and 2013, respectively:
		Revenue (a)
		Three months ended March 31,
		2014			2013
		(in thousands)
	Real Estate Franchise Services	$	39,099		$	35,650
	Brokerage and Other		2,781			3,425
	Total segment reporting revenues	$	41,880		$	39,075
	(a)	Transactions between the Real Estate Franchise Services and the Brokerage and Other reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany amounts paid from the Company’s brokerage services business of $422,000 and $353,000 for the three months ended March 31, 2014 and 2013, respectively. Such amounts are eliminated through the Brokerage and Other reportable segment.
		Adjusted EBITDA
		Three months ended March 31,
		2014			2013
		(in thousands)
	Real Estate Franchise Services	$	18,675		$	16,246
	Brokerage and Other		(2,424	)		(813	)
	Total segment reporting adjusted EBITDA	$	16,251		$	15,433
Segment Adjusted EBITDA to Net Income	'
	A reconciliation of the Company’s Adjusted EBITDA for its reportable segments to the Company’s consolidated balances is as follows:
		Three months ended March 31,
		2014			2013
		(in thousands)
	Segment Adjusted EBITDA	$	16,251		$	15,433
	Less:
	Depreciation and amortization		3,938			3,725
	Interest expense, net		2,385			3,440
	Gain on sale or disposition of assets and sublease		(178	)		(143	)
	Loss on early extinguishment of debt		-			134
	Equity-based compensation		258			380
	Non-cash straight-line rent expense		147			339
	Chairman executive compensation		-			750
	Acquisition integration costs		18			-
	Public offering related expenses		-			947
	Income before provision for income taxes		9,683			5,861
	Provision for income taxes		1,885			454
	Net income	$	7,798		$	5,407

Business_and_Organization_Addi

Business and Organization - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Oct. 07, 2013
Minority Interest [Line Items]	'	'	'
Percentage of common membership units in subsidiaries	39.56%	'	'
Common Class A	'	'	'
Minority Interest [Line Items]	'	'	'
Common stock, shares issued	11,607,971	11,607,971	11,500,000
Common stock at public offering price per share	'	'	$22

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2014
Significant Accounting Policies [Line Items]	'
Percentage of common membership units in subsidiaries	39.56%

Noncontrolling_Interest_Additi

Non-controlling Interest - Additional Information (Detail) (USD $)	3 Months Ended				3 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Apr. 17, 2014	8-May-14
				Non-controlling Interest	Non Controlling Unitholders Agreement	Non Controlling Unitholders Agreement	Non Controlling Unitholders Agreement	Non Controlling Unitholders Agreement
							Subsequent Event	Subsequent Event
Minority Interest [Line Items]	'	'	'	'	'	'	'	'
Percentage of common membership units in subsidiaries	39.56%	'	'	'	'	'	'	'
Total percentage of common stock units	'	'	'	60.44%	'	'	'	'
Distributions paid to non-controlling unitholders	$2,552,000	$10,000	'	'	$2,552,000	$0	$1,108,000	'
Distributions declared to non-controlling unitholders	'	'	'	'	'	'	'	1,108,000
Distributions to noncontrolling unitholders description	'	'	'	'	'Cash distributions were also required to be made to non-controlling unitholders in an amount equal to the lesser of (1) the amount of excess cash flow payment required to be paid as a mandatory prepayment pursuant to the Companybs previous senior secured credit facility and (2) $8,000,000 in accordance with the Old RMCO, LLC Agreement.	'	'	'
Principal excess cash flow prepayments	'	8,000,000	'	'	'	8,000,000	'	'
Tax benefit from tax receivable agreements	68,840,000	'	'	'	'	'	'	'
Current portion of payable to related parties pursuant to tax receivable agreements	$902,000	'	$902,000	'	'	'	'	'

Noncontrolling_Interest_Summar

Non-controlling Interest - Summary of Ownership of the Common Units (Detail)	Mar. 31, 2014
Minority Interest [Line Items]	'
Total percentage of common stock units	39.56%
Total number of common stock units	29,342,571
Total percentage of common stock units	100.00%
Non-controlling Interest	'
Minority Interest [Line Items]	'
Total number of common stock units	17,734,600
Total percentage of common stock units	60.44%
RE/MAX Holdings outstanding Class A common stock (equal to RE/MAX Holdings common units in RMCO)	'
Minority Interest [Line Items]	'
Total number of common stock units	11,607,971
Total percentage of common stock units	39.56%

Earnings_Per_Share_and_Dividen2

Earnings Per Share and Dividends - Reconciliation of Numerator and Denominator used in Basic and Diluted EPS Calculations (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator	'	'
Net income attributable to RE/MAX Holdings, Inc.	$2,408	$0
Denominator for basic net income per share of Class A common stock	'	'
Weighted average shares of Class A common stock outstanding	11,607,971	'
Denominator for diluted net income per share of Class A common stock	'	'
Weighted average shares of Class A common stock outstanding, diluted	12,254,474	'
Earnings per share of Class A common stock	'	'
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$0.21	'
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$0.20	'
Stock options	'	'
Denominator for diluted net income per share of Class A common stock	'	'
Weighted average shares of Class A common stock outstanding, diluted	602,217	'
Restricted stock units	'	'
Denominator for diluted net income per share of Class A common stock	'	'
Weighted average shares of Class A common stock outstanding, diluted	44,286	'

Earnings_Per_Share_and_Dividen3

Earnings Per Share and Dividends - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	8-May-14
			Subsequent Event
Dividends Payable [Line Items]	'	'	'
Distributions declared per Class A common stock	$0.06	$0	$0.06
Distributions declared per Class A common stock, payable date	'	'	5-Jun-14
Distributions declared per Class A common stock, record date	'	'	22-May-14

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	1 Months Ended
	Oct. 07, 2013
HBN	'
Business Acquisition [Line Items]	'
Purchase consideration	$7,130,000
Business acquisition date	7-Oct-13
Tails Inc.	'
Business Acquisition [Line Items]	'
Purchase consideration	$20,175,000
Business acquisition date	7-Oct-13

Acquisitions_Summary_of_Unaudi

Acquisitions - Summary of Unaudited Pro Forma Information (Detail) (HBN and Tails, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
HBN and Tails	'
Business Acquisition Pro Forma Information [Line Items]	'
Total revenue	$40,883
Net income	$6,290

Intangible_Assets_and_Goodwill2

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite Lived Intangible Assets [Line Items]	'	'
Initial Cost	$10,450	$10,398
Accumulated Amortization	-8,095	-7,912
Net Balance	2,355	2,486
Net Balance	85,680	89,071
Software	'	'
Finite Lived Intangible Assets [Line Items]	'	'
Initial Weighted Average Amortization Period (in years)	'4 years 2 months 12 days	'
Initial Cost	7,491	7,463
Accumulated Amortization	-6,772	-6,633
Net Balance	719	830
Trademarks	'	'
Finite Lived Intangible Assets [Line Items]	'	'
Initial Weighted Average Amortization Period (in years)	'14 years 10 months 24 days	'
Initial Cost	2,959	2,935
Accumulated Amortization	-1,323	-1,279
Net Balance	1,636	1,656
Franchise Agreements	'	'
Finite Lived Intangible Assets [Line Items]	'	'
Initial Weighted Average Amortization Period (in years)	'12 years	'
Initial Cost	162,835	162,835
Accumulated Amortization	-77,155	-73,764
Net Balance	$85,680	$89,071

Intangible_Assets_and_Goodwill3

Intangible Assets and Goodwill - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Finite Lived Intangible Assets [Line Items]	'	'
Amortization expense	$3,576,000	$3,328,000

Intangible_Assets_and_Goodwill4

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other than Goodwill (Detail) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Schedule Of Estimated Future Amortization Expense [Line Items]	'
Remainder of 2014	$10,654
2015	14,022
2016	13,782
2017	9,877
2018	6,269
Thereafter	33,431
Net Balance	$88,035

Intangible_Assets_and_Goodwill5

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Goodwill [Line Items]	'
Beginning Balance	$72,781
Effect of changes in foreign currency exchange rates	-131
Ending Balance	$72,650

Accrued_Liabilities_Schedule_o

Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Current Liabilities [Line Items]	'	'
Accrued payroll and related employee costs	$3,586	$4,746
Accrued property taxes	731	1,159
Accrued professional fees	844	573
Lease-related accruals	747	853
Other	1,821	2,013
Accrued liabilities	$7,729	$9,344

Debt_Schedule_of_Debt_Detail

Debt - Schedule of Debt (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
2013 Senior Secured Credit Facility, principal of $575 payable quarterly, matures in July 2020, net of unamortized discount of $433 and $446 as of March 31, 2014 and December 31, 2013, respectively	$227,842	$228,404
Less current portion	-16,927	-17,300
Debt, net of current portion	$210,915	$211,104

Debt_Schedule_of_Debt_Parenthe

Debt - Schedule of Debt (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Principal payments are due on quarterly	$575,000	'
2013 Senior Secured Credit Facility	'	'
Debt Instrument [Line Items]	'	'
Principal payments are due on quarterly	575,000	'
Credit Facility, maturity	31-Jul-20	'
Credit Facility, unamortized discount	$433,000	$446,000

Debt_Schedule_of_Maturities_of

Debt - Schedule of Maturities of Debt (Detail) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'
Remainder of 2014	$16,352
2015	2,300
2016	2,300
2017	2,300
2018	2,300
Thereafter	202,723
Maturities of debt	$228,275

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)

1 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Apr. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jul. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Mar. 31, 2013

2013 Senior Secured Credit Facility

2013 Senior Secured Credit Facility

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

2013 Term Loan Facility

2013 Term Loan Facility

2013 Revolving Loan Facility

2013 Revolving Loan Facility

LIBOR

ABR

Federal Funds Rate Plus

Eurodollar Rate Plus

2013 Credit Facility

2013 Senior Secured Credit Facility

2013 Senior Secured Credit Facility

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, borrowing capacity

'

$12,500,000

'

'

'

'

'

'

'

$230,000,000

$10,000,000

'

'

'

'

'

'

Interest rate terms

'

'

'

'

'

'

'

'

'Interest rates with respect to the term and revolving loans are based, at the Companybs option, on (a) adjusted LIBOR, provided that LIBOR shall be no less than 1% plus a maximum applicable margin of 3% 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.bs prime rate; (2) the Federal Funds Effective Rate plus 0.5% or (3) calculated Eurodollar Rate plus 1%, plus a maximum applicable margin of 2%. The applicable margin is subject to quarterly adjustments beginning in the first quarter of 2014 based on the Companybs total leverage ratio as defined in the 2013 Senior Secured Credit Facility.

'

'

'

'

'

'

'

'

Interest rate

'

0.50%

'

'

'

'

'

'

'

'

'

'

'

2.00%

0.50%

1.00%

'

Applicable margin

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

2.00%

'

Loss on early extinguishment of debt

'

0

-134,000

'

'

'

'

'

'

'

'

'

'

'

'

'

134,000

Excess cash flow payment

14,627,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal payments are due on quarterly

'

575,000

'

'

575,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date

'

31-Jul-20

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal excess cash flow prepayments

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit Facility

'

227,842,000

'

228,404,000

227,842,000

228,404,000

'

'

'

'

'

'

'

'

'

'

'

Credit Facility, fair value

'

'

'

'

'

'

228,275,000

229,422,000

'

'

'

'

'

'

'

'

'

Revolving loan facility commitment fee on average daily amount of unused portion

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

'

'

Outstanding balance of line of credit

'

4,180,000

'

4,256,000

'

'

'

'

'

'

0

0

'

'

'

'

'

Line of Credit Facility, Remaining Borrowing Capacity

'

'

'

'

'

'

'

'

'

'

$10,000,000

'

'

'

'

'

'

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (Minimum)	3 Months Ended
	Mar. 31, 2014
Minimum	'
Income Tax Disclosure [Line Items]	'
Percentage of recognized income tax positions	50.00%

EquityBased_Compensation_Addit

Equity-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended			1 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Oct. 01, 2013	Nov. 15, 2012
			Common Class B	Common Class A	Board Of Managers Options
					Common Class B
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'
Equity-based compensation	$258	$380	'	'	'
Options granted	'	'	'	787,500	31,500
Stock split	'	'	25	'	'
Additional shares available	1,642,282	'	'	'	'

Summary_of_EquityBased_Compens

Summary of Equity-Based Compensation Activity (Detail)	3 Months Ended
	Mar. 31, 2014
Restricted stock units	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Balance as of January 1, 2014	241,854
Granted	'
Exercised	'
Forfeited	-3,184
Balance as of March 31, 2014	238,670
Vested	107,971
Unvested	130,699
Stock options	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Balance as of January 1, 2014	787,500
Options granted	'
Exercised	'
Balance as of March 31, 2014	787,500
Vested	787,500

Guarantees_Additional_Informat

Guarantees - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	31-May-13
Guarantee Obligations [Line Items]	'	'	'
Equity method investment, ownership percentage	'	'	50.00%
Term of line-of-credit agreement	'12 months	'	'
Maximum amount of advances requested and unpaid principal balance	$12,500,000	'	'
Interest rate	0.50%	'	'
Line of credit base interest with floor rate	4.00%	'	'
Outstanding balance of line of credit	$4,180,000	$4,256,000	'

RelatedParty_Transactions_Addi

Related-Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Accounts payable to affiliates	$1,040,000	'	$1,012,000
Franchise revenue	'	803,000	'
Amounts allocated for services rendered and rent for office space	562,000	769,000	'
Advertising Fund	'	'	'
Related Party Transaction [Line Items]	'	'	'
Related party transactions expenses	283,000	283,000	'
Tails Inc	'	'	'
Related Party Transaction [Line Items]	'	'	'
Related party transactions expenses	'	71,000	'
Accounts payable to affiliates	$988,000	'	$945,000

RelatedParty_Transactions_Deta

Related-Party Transactions (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounts receivable from affiliates:	'	'
Accounts receivable from affiliates	$15,000	$5,000
Accounts payable to affiliates:	'	'
Total accounts payable to affiliates	-1,055,000	-1,017,000
Net accounts payable to affiliates	-1,040,000	-1,012,000
Re Max Of Texas Advertising Fund	'	'
Accounts receivable from affiliates:	'	'
Accounts receivable from affiliates	-1,000	-6,000
International Advertising Fund	'	'
Accounts receivable from affiliates:	'	'
Accounts receivable from affiliates	-1,000	-10,000
Other Affiliates	'	'
Accounts receivable from affiliates:	'	'
Accounts receivable from affiliates	17,000	21,000
Accounts payable to affiliates:	'	'
Total accounts payable to affiliates	($1,055,000)	($1,017,000)

Segment_information_Additional

Segment information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
	Segment
Sales Information [Line Items]	'
Number of reportable segments	2

Segment_information_Reportable

Segment information - Reportable Segments Revenue and Adjusted EBITDA (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Sales Information [Line Items]	'		'
Total segment reporting revenues	$41,880,000	[1]	$39,075,000	[1]
Total segment reporting adjusted EBITDA	16,251,000		15,433,000
Operating Segments | Real Estate Franchise Services	'		'
Sales Information [Line Items]	'		'
Total segment reporting revenues	39,099,000	[1]	35,650,000	[1]
Total segment reporting adjusted EBITDA	18,675,000		16,246,000
Operating Segments | Brokerage and Other	'		'
Sales Information [Line Items]	'		'
Total segment reporting revenues	2,781,000	[1]	3,425,000	[1]
Total segment reporting adjusted EBITDA	($2,424,000)		($813,000)
[1]	(a) Transactions between the Real Estate Franchise Services and the Brokerage and Other reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany amounts paid from the Companybs brokerage services business of $422,000 and $353,000 for the three months ended MarchB 31, 2014 and 2013, respectively. Such amounts are eliminated through the Brokerage and Other reportable segment.

Segment_information_Reportable1

Segment information - Reportable Segments Revenue and Adjusted EBITDA (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Sales Information [Line Items]	'		'
Total segment reporting revenues	$41,880,000	[1]	$39,075,000	[1]
Brokerage and Other | Intersegment Eliminations	'		'
Sales Information [Line Items]	'		'
Total segment reporting revenues	($422,000)		($353,000)
[1]	(a) Transactions between the Real Estate Franchise Services and the Brokerage and Other reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany amounts paid from the Companybs brokerage services business of $422,000 and $353,000 for the three months ended MarchB 31, 2014 and 2013, respectively. Such amounts are eliminated through the Brokerage and Other reportable segment.

Segment_information_Segment_Ad

Segment information - Segment Adjusted EBITDA to Net Income (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]	'	'
Total segment reporting adjusted EBITDA	$16,251,000	$15,433,000
Depreciation and amortization	3,938,000	3,725,000
Interest expense, net	2,385,000	3,440,000
Gain on sale or disposition of assets and sublease	-178,000	-143,000
Loss on early extinguishment of debt	0	134,000
Equity-based compensation	258,000	380,000
Non-cash straight-line rent expense	147,000	339,000
Acquisition integration costs	18,000	'
Public offering related expenses	'	947,000
Income before provision for income taxes	9,683,000	5,861,000
Provision for income taxes	1,885,000	454,000
Net income	7,798,000	5,407,000
Board of Directors Chairman	'	'
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]	'	'
Chairman executive compensation	'	$750,000