Patriot National 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PN
Entity Registrant Name	Patriot National, Inc.
Entity Central Index Key	1,619,917
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		27,050,694

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash	$ 15,209,000	$ 4,251,000
Equity and fixed income security investments	3,249,000	0
Total cash and investments	18,458,000	4,251,000
Restricted cash	16,289,000	6,923,000
Fee income receivable	13,372,000	1,942,000
Fee income receivable from related party	22,141,000	11,988,000
Net receivable from related parties	152,000	1,773,000
Deferred costs for initial public offering		2,682,000
Income taxes receivable	3,224,000
Other current assets	2,207,000	430,000
Total current assets	75,843,000	29,989,000
Fixed assets, net of depreciation	4,798,000	1,879,000
Deferred loan fees	2,343,000	5,911,000
Goodwill	119,408,000	61,493,000
Intangible assets	78,935,000	32,988,000
Other long term assets	11,557,000	9,842,000
Total Assets	292,884,000	142,102,000
Liabilities
Deferred claims administration services income	10,781,000	8,515,000
Net advanced claims reimbursements	7,040,000	6,803,000
Income taxes payable		11,548,000
Current earn-out payable	10,235,000
Accounts payable, accrued expenses and other liabilities	38,921,000	15,027,000
Deferred purchase consideration	16,831,000
Revolver borrowings outstanding	10,832,000
Current portion of notes payable	5,500,000	15,782,000
Current portion of capital lease obligation	2,409,000	2,332,000
Total current liabilities	102,549,000	60,007,000
Earn-out payable	1,827,000
Notes payable	102,375,000	95,039,000
Capital lease obligation	417,000	2,438,000
Warrant redemption liability		12,879,000
Total Liabilities	$ 207,168,000	$ 170,363,000
Equity (Deficit)
Preferred stock, $.001 par value; 100,000 shares authorized, no shares issued and outstanding as of September 30, 2015 and December 31, 2014
Common stock, $.001 par value; 1,000,000 shares authorized, 27,051 and 18,075 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	$ 21,000	$ 14,000
Additional paid in capital	113,867,000
Accumulated deficit	(27,938,000)	(27,930,000)
Total Patriot National, Inc. Stockholders' Equity (Deficit)	85,950,000	(27,916,000)
Less Non-controlling interest	(234,000)	(345,000)
Total Equity (Deficit)	85,716,000	(28,261,000)
Total Liabilities and Equity (Deficit)	$ 292,884,000	$ 142,102,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred Stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock, issued	27,051,000	18,075,000
Common Stock, outstanding	27,051,000	18,075,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Fee income		$ 34,759	$ 15,630	$ 80,060	$ 37,896
Fee income from related party		23,773	15,803	68,852	24,589
Total fee income and fee income from related party		58,532	31,433	148,912	62,485
Net investment income		49	76	85	496
Net realized (losses) gains on investments		(58)	13,960	(149)	14,038
Total Revenues		58,523	45,469	148,848	77,019
Expenses
Salaries and related expenses		21,549	9,726	53,782	17,907
Commission expense		8,173	5,891	25,556	9,491
Management fees to related party for administrative support services			861		5,390
Outsourced services		2,369	1,713	7,623	3,118
Allocation of marketing, underwriting and policy issuance costs from related party			333		1,872
Other operating expenses		11,974	4,538	25,259	7,801
Acquisition costs		1,453		4,372
Interest expense		806	2,836	2,525	5,427
Depreciation and amortization		4,380	1,652	10,075	3,699
Amortization of loan discounts and loan costs		62	650	206	1,295
Stock compensation expense		2,586		8,791
Costs from debt payoff	[1]			13,681
Decrease in fair value of warrant redemption liability			(8,760)	(1,385)	(2,257)
Gain on disposal of fixed assets		(7)		(7)
Total Expenses		53,345	19,440	150,478	53,743
Net Income before income tax expense		5,178	26,029	(1,630)	23,276
Income tax (benefit) expense		1,331	9,101	(1,733)	10,401
Net Income Including Non-Controlling Interest in Subsidiary		3,847	16,928	103	12,875
Net Income attributable to non-controlling interest in subsidiary		59	26	111	68
Net Income		$ 3,788	$ 16,902	$ (8)	$ 12,807
Earnings Per Common Share
Basic		$ 0.14	$ 1.03	$ 0	$ 0.85
Diluted		$ 0.14	$ 0.46	$ 0	$ 0.65
Weighted Average Common Shares Outstanding
Basic		26,802	16,368	26,006	14,981
Diluted		27,940	17,551	26,006	16,183
[1]	Costs from debt payoff include $4.3 million of early payment penalties and $9.3 million associated with the write-off of related deferred financing fees and original issue discounts.

Consolidated Statements of Ope5

Consolidated Statements of Operations (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Income Statement [Abstract]
Early payment penalties on repayment of debt	$ 4,300
Write-off of deferred financing and original issue discounts	$ 9,342

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net Income	$ 103	$ 12,875
Adjustments to reconcile net (loss) income to net cash from operating activities:
Net (Income) attributable to business generated by GUI, exclusive of depreciation expense		(2,252)
Depreciation and amortization	10,075	3,699
Amortization of loan discounts and loan costs	206	1,295
Decrease in fair value of warrant redemption liability	(1,385)	(2,257)
Stock compensation expense	8,791
Write-off of deferred financing and original issue discounts	9,342
Net realized losses (gains) on investments	149	(14,038)
Deferred income taxes		(482)
Provision for uncollectible fee income	351	100
Changes in certain assets and liabilities:
Fee income receivable	(8,212)	(719)
Fee income receivable from related party	(10,153)	(4,849)
Other current assets	(1,715)	(85)
Net payable to related parties	781	3,618
Deferred claims administration services income	539	569
Net advanced claims reimbursements	237	629
Income taxes payable	(14,081)	8,833
Accounts payable and accrued expenses	11,963	8,593
Net Cash Provided by Operating Activities	6,991	15,529
Investment Activities:
Net increase in restricted cash	(4,528)	(672)
Net increase in note receivable from related party		(492)
Purchase of equity securities	(3,662)	(3,914)
Proceeds from sale of equity securities	264	4,037
Purchase of fixed assets and other long-term assets	(4,565)	(437)
Acquisitions, net of $4,069 and $912 cash acquired in 2015 and 2014, respectively	(74,014)	(52,744)
Net Cash Used in Investment Activities	(86,505)	(54,222)
Financing Activities:
Proceeds from initial public offering, net	98,275
Proceeds from senior secured term loans, net of fees	107,497
Proceeds from notes payable, net of detachable common stock warrants and loan fees		55,290
Repayment of senior secured term loans	(2,125)
Payment of loan fees		(3,388)
Payment of costs for initial public offering	(2,479)
Revolver facility borrowings	51,900
Revolver facility repayments	(41,068)
Repayment of note payable	(119,573)	(6,656)
Repayment of capital lease obligation	(1,955)	(188)
Net Cash Provided by Financing Activities	90,472	45,058
Increase in cash	10,958	6,365
Cash, beginning of period	4,251	1,661
Cash, end of period	15,209	8,026
Net Loss Attributable to Business Generated by GUI, Exclusive of Depreciation Expense
GUI total net loss	(8)	12,807
Net Loss Attributable to Business Generated by GUI, Exclusive of Depreciation Expense		(2,252)
Non-Cash Capital Contribution Associated with Assets and Liabilities of GUI
Interest Paid	2,504	4,877
Income Taxes Paid	11,062	533
Non-Cash Stock Consideration Issued for the Acquisition of Global HR Research LLC	(6,503)
GUI
Adjustments to reconcile net (loss) income to net cash from operating activities:
Net (Income) attributable to business generated by GUI, exclusive of depreciation expense		(2,252)
Net Loss Attributable to Business Generated by GUI, Exclusive of Depreciation Expense
GUI total net loss		45
Depreciation expense		(2,297)
Net Loss Attributable to Business Generated by GUI, Exclusive of Depreciation Expense		(2,252)
Non-Cash Capital Contribution Associated with Assets and Liabilities of GUI
Fixed assets and other long term assets acquired from GUI		334
Elimination of balances payable to GUI		3,168
Change in capital lease obligation assumed from GUI		1,304
Note receivable transferred to GUI		(492)
Note payable associated with acquisition of assets and liabilities of GUI		(30,000)
Non-Cash Capital Contribution Associated with Assets and Liabilities		(25,686)
Non-Cash Financing Activities
Deemed dividend attributable to acquisition		(49,150)
Global HR Research LLC
Non-Cash Capital Contribution Associated with Assets and Liabilities of GUI
Non-Cash Stock Consideration Issued for the Acquisition of Global HR Research LLC	6,503
MPCS
Non-Cash Financing Activities
Deemed dividend attributable to acquisition	$ (750)
SPV2
Non-Cash Financing Activities
Deemed dividend attributable to acquisition		$ (6,750)

Combined Statements of Cash Flo

Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement Of Cash Flows [Abstract]
Cash acquired for acquisition	$ 4,069	$ 912

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (Deficit) (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	MPCS	Common Stock	Additional Paid In Capital	Additional Paid In CapitalMPCS	Accumulated Deficit	Non-Controlling Interest
Balance at Dec. 31, 2014	$ (28,261)		$ 14			$ (27,930)	$ (345)
Balance (in Shares) at Dec. 31, 2014			18,075
Issuance of common stock	97,831		$ 7	$ 97,824
Issuance of common stock, shares			7,350
Exercise of detachable common stock warrants, shares			965
Stock consideration issued for acquisitions	6,503			6,503
Stock consideration issued for acquisitions, shares			350
Restricted stock awards exercised			311
Stock compensation	8,791			8,791
Deemed dividend attributable to acquisition		$ (750)			$ (750)
Contribution of warrant redemption liability	1,499			1,499
Balance before Net Loss	85,613		$ 21	113,867		(27,930)	(345)
Balance before Net Loss, shares			27,051
Net (Loss) Income	103					(8)	111
Balance at Sep. 30, 2015	$ 85,716		$ 21	$ 113,867		$ (27,938)	$ (234)
Balance (in Shares) at Sep. 30, 2015			27,051

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Description of Business Patriot National, Inc. (“Patriot National” or the “Company”) is an independent national provider of comprehensive technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk, comply with complex regulations, and save time and money. We offer a full suite of end-to-end insurance related and specialty services that allow our clients to improve efficiencies and reduce expenses through our value-added processes. The core of our value proposition includes the benefit of a “one-stop” solution with our broad array of offered services, scalable state-of-the-art technology, and solutions to complex business and regulatory processes. Our goal is to be the preferred provider of mandatory employer services such as risk management services, health and welfare services, employee onboarding and compliance services. The Company offers two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration. We provide our services either on an individual basis, as bundles of two or more services tailored to a client’s specific needs or on a turnkey basis where we provide a comprehensive set of front-end and back-end services to a client. We also offer specialty services currently including technology outsourcing and other IT services, as well as employment pre-screening and background checks. As a service company, we do not assume any underwriting or insurance risk. Our revenue is primarily fee-based, most of which is contractually committed or highly recurring. Unlike our insurance and reinsurance carrier clients, we do not generate underwriting income or assume underwriting risk on workers’ compensation plans. Patriot National is headquartered in Ft. Lauderdale, Florida. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. Included for comparative purposes are our combined financial statements for the three and nine month periods ended September 30, 2014, which combined the financial activity of Patriot National with the results of an acquisition under common control. This acquisition was completed on August 6, 2014. The combined financial statements presented for the periods ended September 30, 2014 are the Statement of Operations and the Statement of Cash Flows. This acquisition is discussed fully in our annual report for the year ended December 31, 2014. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited combined financial statements for the year ended December 31, 2014 and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited combined financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. In the preparation of our unaudited consolidated financial statements as of September 30, 2015, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure therein. For Contego Services Group, LLC (“Contego Services Group”), the Company’s combined subsidiary that is 97% owned, and for DecisionUR, LLC (“DecisionUR”), the Company’s combined subsidiary that is 98.8% owned, the third party holdings of equity interests are referred to as non-controlling interest. The portion of the third party members’ equity (deficit) of Contego Services Group and DecisionUR are presented as non-controlling interest in the accompanying consolidated balance sheets as of September 30, 2015 and combined balance sheet as of December 31, 2014. The Company discloses the following three measures of net income (loss): (i) net income (loss), including non-controlling interest in subsidiary, (ii) net income (loss) attributable to non-controlling interest in subsidiary, and (iii) net income (loss).

Effect of Recently Issued Finan

Effect of Recently Issued Financial Accounting Standards	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Effect of Recently Issued Financial Accounting Standards	2. Effect of Recently Issued Financial Accounting Standards In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, an update to Accounting Standard Codification (“ASC”) Business Combinations In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The update requires retrospective application. ASU 2015-03 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. Early adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the financial impact of this standard. In August 2014, the FASB issued ASU ASC Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU Revenue from Contracts with Customers In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations”, regarding ASC Topic 205, Presentation of Financial Statements Property, Plant and Equipment

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	3. Business Combinations The Company completed seventeen acquisitions during the nine-month period ended September 30, 2015. We acquired substantially all of the net assets of the following companies in cash and stock transactions. These acquisitions have been accounted for using the acquisition method for recording business combinations, except for DecisionUR, as further discussed below. Name and Effective Date of Acquisition (In thousands): Cash Paid Stock Issued Accrued Liability Deferred Purchase Consideration Recorded Earnout Payable Maximum Potential Earnout Payable Total Recorded Purchase Price Phoenix Risk Management, Inc (January 31, 2015) $ 1,099 $ — $ — $ — $ 2,790 $ 3,000 $ 3,889 DecisionUR, LLC (February 5, 2015) 2,240 — 23 — — — 2,240 Capital & Guaranty, LLC (February 9, 2015) 175 — — — 175 175 350 TriGen Holding Group, Inc (March 31, 2015) 3,340 — 3,364 4,911 1,433 1,500 9,684 Hospitality Supportive Systems, LLC (April 1, 2015) 9,650 — — — — — 9,650 Selective Risk Management, LLC (April 1, 2015) 3,846 — — — — — 3,846 Vikaran Solutions, LLC (April 17, 2015) 8,500 — 152 — — — 8,500 Corporate Claims Management, Inc (April 24, 2015) 7,900 — 4,434 — 825 1,000 8,725 Candid Investigation Services, LLC (May 8, 2015) 1,033 — — — 367 450 1,400 Brandywine Insurance Advisors, LLC (May 22, 2015) 3,000 — — — 220 1,205 3,220 Infinity Insurance Solutions, LLC (June 1, 2015) 1,750 — 100 — 552 650 2,302 InsureLinx, Inc (June 12, 2015) 6,300 — 1,840 — — — 6,300 The Carman Corporation (June 15, 2015) 2,000 — — — — — 2,000 CWI Benefits, Inc (July 9, 2015) 2,750 — 2,061 — 3,400 4,675 6,150 Restaurant Coverage Associates, Inc (August 14, 2015) 750 — — — 1,725 1,825 2,475 Risk Control Associates, Inc (August 14, 2015) 250 — 650 — 575 675 825 Global HR Research LLC (August 21, 2015) 23,500 6,503 2,457 11,920 — — 41,923 Total $ 78,083 $ 6,503 $ 15,081 $ 16,831 $ 12,062 $ 15,155 $ 113,479 The Company acquired DecisionUR from Six Points Investment Partners, LLC, a company under common control. However, results of operations for DecisionUR are included from acquisition date, as its operations are immaterial with respect to the financial statements taken as a whole for all periods presented. The “maximum potential earnout payables” disclosed in the foregoing table represent the maximum amount of additional consideration that could be paid pursuant to the terms of the purchase agreement for the applicable acquisition. The “recorded earnout payables” disclosed in the foregoing table are primarily based upon the estimated future operating results of the acquired entities over a one- to three-year period subsequent to the acquisition date. The recorded earnout payables are measured at fair value as of the acquisition date and are included on that basis in the total recorded purchase price in the foregoing table. We will record subsequent changes in these estimated earnout obligations, including the accretion of discount, in our statement of operations when incurred. The fair value of these earnout obligations is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement, as discussed further in Note 11, Fair Value of Financial Assets and Liabilities The aggregate amount of maximum earnout obligations related to acquisitions made in 2015, as of September 30, 2015 was $15.2 million, of which $12.1 million was recorded in our consolidated balance sheet as of September 30, 2015, based on the aggregate estimated fair value of the expected future payments to be made. The purchase price for the Global HR Acquisition consists of (a) $24 million in cash, of which, $0.5 million is held in escrow, (b) 444,096 shares of our common stock (the “Stock Consideration”) of which 349,645 were issued and 94,451 are held in escrow, plus (c) certain deferred consideration payable, at our sole discretion, in either 618,478 shares of our common stock or $10,477,017 in cash (the “Deferred Consideration”). The Deferred Consideration is payable solely to In Touch Holdings LLC, one of the former principal stockholders of Global HR, on the earlier of (x) November 20, 2015, (y) the 21st day after the date we mail an information statement to the shareholders in connection with the Global HR Acquisition or (z) we file a registration statement with the SEC that is declared effective. As of the filing date, no decision has been made on the settlement of Deferred Consideration in cash or stock. If the revenues for Global HR for its fiscal year 2016 are less than $12.8 million, then In Touch Holdings LLC will forfeit and return 10% of its Stock Consideration and Deferred Stock Consideration to us. The deferred purchase consideration disclosed in the foregoing table represents non-contingent purchase consideration payable to sellers. These include $5.0 million payable to a seller of TriGen Holding Group, Inc. on the first anniversary of the effective date, and deferred stock consideration of $11.4 million and cash escrow amounts of $0.5 million to sellers of Global HR Research LLC payable on November 20, 2015, all recorded at fair value. The following is a summary of the aggregate estimated fair values of the net assets acquired at the date of each of the acquisitions made in the nine months ended September 30, 2015: In thousands Total Assets Acquired: Cash $ 4,069 Restricted cash 4,838 Accounts receivable 5,069 Fixed assets 2,002 Other assets 2,272 Goodwill 57,915 Intangible assets: Customer & carrier relationships 31,039 Service contracts 320 Non-compete agreements 4,739 Developed technology 13,268 Trade name portfolio 3,029 Total intangible assets 52,395 Total assets acquired 128,560 Liabilities assumed 15,081 Total net assets acquired $ 113,479 The net assets acquired are preliminary and subject to measurement period adjustments. In accordance with FASB ASC 350, Intangibles—Goodwill and Other, intangible assets, which are comprised of the estimated fair value of the service contracts acquired, customer and carrier relationships, non-compete agreements, developed technology and trade names are being amortized over the respective estimated life, ranging from two to ten years, in a manner that, in management’s opinion, reflects the pattern in which the intangible asset’s future economic benefits are expected to be realized. Intangible assets are tested for impairment at least annually (more frequently if certain indicators are present). In the event that management determines that the value of the intangible asset has become impaired, the company will incur an accounting charge for the amount of impairment during the fiscal quarter in which the determination is made. Provisional estimates of fair value and the allocation of the purchase price are established at the time of each acquisition and are subsequently reviewed within the first year of operations, the measurement period, following the acquisition date to determine the necessity for adjustments. The fair value of the tangible assets and liabilities for each applicable acquisition at the acquisition date approximated their carrying values. We estimate the fair value as the present value of the benefits anticipated from ownership of the subject customer list in excess of returns required on the investment in contributory assets necessary to realize those benefits. The rate used to discount the net benefits was based on a risk-adjusted rate that takes into consideration market-based rates of return and reflects the risk of the asset relative to the acquired business. These discount rates generally ranged from 17% to 30% for our 2015 acquisitions through September 30, 2015. The fair value of non-compete agreements was established using estimated financial projections for the acquired company based on market participant assumptions and various non-compete scenarios. Customer and carrier relationships, non-compete agreements and trade names related to our acquisitions are amortized using the straight-line method over their estimated useful lives (ten years for customer and carrier relationships, one to two years for non-compete agreements and five to seven years for trade names), while goodwill is not subject to amortization. We use the straight-line method to amortize these intangible assets because the pattern of their economic benefits cannot be reasonably determined with any certainty. We review all of our intangible assets for impairment periodically (at least annually) and whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. In reviewing intangible assets, if the fair value is less than the carrying amount of the respective (or underlying) asset, an indicator of impairment would exist, and further analysis would be required to determine whether or not a loss would need to be charged against current period earnings. Based on the results of impairment reviews during the nine-month periods ended September 30, 2015 and 2014, no impairments were required. Our consolidated financial statements for the nine months ended September 30, 2015 include the operations of the acquired entities from their respective acquisition dates, totaling $21.7 million of revenues and $2.1 million of net income. The following is a summary of the unaudited pro forma historical results, as if these entities and Patriot Care Management, Inc. (“Patriot Care Management”), which was acquired on August 6, 2014, had been acquired at January 1, 2014 (in thousands, except per share data): Nine Months Ended September 30, In thousands (except per share data) 2015 2014 Total revenues 174,376 141,658 Net (loss) income 1,107 14,508 Basic net (loss) income per share $ 0.04 $ 0.97 Diluted net (loss) income per share $ 0.04 $ 0.76 This unaudited supplemental pro forma financial information includes the results of operations of acquired businesses presented as if they had been combined as of January 1, 2014. The unaudited supplemental pro forma financial information has been provided for illustrative purposes only. The unaudited supplemental pro forma financial information does not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented, or of the results that may be achieved by the combined companies in the future. Future results may vary significantly from the results reflected in the following unaudited supplemental pro forma financial information because of future events and transactions, as well as other factors, many of which are beyond the Company’s control.

Equity and Fixed Income Securit

Equity and Fixed Income Security Investments	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Equity and Fixed Income Security Investments	4. Equity and Fixed Income Security Investments Equity and fixed income security investments are carried at fair value. We classify these investments as a trading portfolio with c As of September 30, 2015, our major classes of investments consisted of the following: September 30, 2015 In thousands Cost Basis Gains Losses Fair Value (Unaudited) Equity and Fixed Income Security Investments Common and preferred stocks $ 429 $ — $ (41 ) $ 388 Corporate notes and bonds 2,969 — (108 ) 2,861 Total $ 3,398 $ — $ (149 ) $ 3,249 There were no investments as of December 31, 2014.

Fixed Assets And Other Long Ter

Fixed Assets And Other Long Term Assets	9 Months Ended
	Sep. 30, 2015
Fixed Assets And Other Long Term Assets [Abstract]
Fixed Assets And Other Long Term Assets	5 . Fixed Assets and Other Long Term Assets Fixed Assets Fixed assets are stated at cost, less accumulated depreciation and amortization. Expenditures for computer equipment, software, and furniture and fixtures are capitalized and depreciated on a straight-line basis over a five, three, and seven year estimated useful lives, respectively. Expenditures for building are capitalized and depreciated on a straight-line basis over a thirty-nine year estimated useful life. Expenditures for leasehold improvements on office space and facilities are capitalized and amortized on a straight-line basis over the term of the lease. As of September 30, 2015 and December 31, 2014, our major classes of fixed assets consisted of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) Fixed Assets Computer equipment, software and furniture and fixtures $ 7,640 $ 5,722 Building 1,428 - Leasehold improvements 3,534 2,545 Total fixed assets 12,602 8,267 Less accumulated depreciation and amortization (7,804 ) (6,388 ) Fixed assets, net of accumulated depreciation and amortization $ 4,798 $ 1,879 Other Long Term Assets Other long term assets, which are solely comprised of capitalized policy and claims administration system development costs, are also stated at cost, net of accumulated depreciation. Expenditures for capitalized policy and claims administration system development costs are capitalized and depreciated on a straight line basis over a five-year estimated useful life. As of September 30, 2015 and December 31, 2014, other long term assets consisted of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) Other long term assets Capitalized policy and claims administration system development costs $ 17,016 $ 13,093 Less accumulated depreciation (5,459 ) (3,251 ) Other long term assets, net of accumulated depreciation $ 11,557 $ 9,842 We periodically review all fixed assets and other long term assets that have finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Upon sale or retirement, the cost and related accumulated depreciation and amortization of assets disposed of are removed from the accounts, and any resulting gain or loss is reflected in earnings.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	6 . Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of consideration paid over the fair value of net assets acquired. Goodwill is not amortized but is tested at least annually for impairment (or more frequently if certain indicators are present or management otherwise believes it is appropriate to do so). In the event that management determines that the value of goodwill has become impaired, we will record a charge for the amount of impairment during the fiscal quarter in which the determination is made. We determined that there was no impairment as of September 30, 2015. The Company acquired $57.9 million of goodwill during the nine-month period ended September 30, 2015 as a result of the seventeen acquisitions discussed in Note 3, Business Combinations In thousands Balance as of December 31, 2014 $ 61,493 Goodwill acquired 57,915 Balance as of September 30, 2015 $ 119,408 Intangible Assets Intangible assets that have finite lives are amortized over their useful lives. The company acquired $52.4 million of intangible assets during the nine-month period ended September 30, 2015 as a result of the seventeen acquisitions discussed in Note 3, Business Combinations September 30, 2015 December 31, 2014 In thousands Gross Asset Accumulated Amortization Net Asset Gross Asset Accumulated Amortization Net Asset (Unaudited) Intangible Assets Service contracts $ 35,120 $ (5,105 ) $ 30,015 $ 34,800 $ (1,812 ) $ 32,988 Customer and carrier relationships 31,039 (1,244 ) 29,795 — — — Non-compete agreements 4,739 (914 ) 3,825 — — — Developed technology 13,268 (894 ) 12,374 — — — Trade names 3,029 (103 ) 2,926 — — — Total $ 87,195 $ (8,260 ) $ 78,935 $ 34,800 $ (1,812 ) $ 32,988 The table below reflects the estimated amortization expense for the Company’s intangible assets for each of the next five years and thereafter: In thousands September 30, 2015 Amortization expense (Unaudited) 2015 (remaining three months) $ 3,286 2016 13,140 2017 11,625 2018 10,770 2019 10,770 Thereafter 29,344 Total $ 78,935

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	7 . Notes Payable and Lines of Credit As of September 30, 2015 and December 31, 2014, notes payable were comprised of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) BMO Senior Secured Term Loans $ 107,875 $ — PennantPark Loan Agreement — 63,285 UBS Credit Agreement — 56,288 Gross Notes Payable and Current Portion of Notes Payable 107,875 119,573 Less original issue discount — (3,085 ) Less value attributable to stock warrants — (5,667 ) Notes Payable and Current Portion of Notes Payable 107,875 110,821 Less current portion of notes payable (5,500 ) (15,782 ) Notes Payable $ 102,375 $ 95,039 Senior Secured Credit Facility On January 22, 2015, we entered into a Credit Agreement with BMO Harris Bank N.A., as administrative agent (the “Administrative Agent”), and the other lenders party thereto, which provides for a $40.0 million revolving credit facility and a $40.0 million term loan facility (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility has a maturity of five years, and borrowings thereunder bear interest, at our option, at LIBOR plus a margin ranging from 250 basis points to 325 basis points or at base rate plus a margin ranging from 150 basis points to 225 basis points. Margins on all loans and fees will be increased by 2% per annum during the existence of an event of default. The revolving credit facility includes borrowing capacity available for letters of credit and borrowings on same-day notice, referred to as swing line loans. At any time prior to maturity, we have the right to increase the size of the revolving credit facility or the term loan facility by an aggregate amount of up to $20.0 million, but in minimum increments of $5.0 million. As of June 30, 2015, we increased the term loan facility by $20.0 million through two $10.0 million incremental term loans. Additionally, on August 14, 2015, we entered into a second amendment to our Senior Secured Credit Facility (the “Second Amendment”) which provides for an additional $50.0 million of term loans plus the ability to increase the term loan by and additional $50.0 million under certain conditions. The Second Amendment also added a requirement that until we deliver a certificate certifying that (a) our total leverage ratio is equal to or less than 2.25 to 1.00 and (b) our Adjusted EBITDA for the twelve-months then ended is at least $70.0 million, the outstanding revolving loans (plus any swing line loans and the aggregate stated amount of all letters of credit) shall not exceed $30.0 million. All other material terms and conditions in the Senior Secured Credit Facility were unchanged by the Second Amendment. As of September 30, 2015, the outstanding balance under our Senior Secured Credit Facility was $118.7 million (comprised of $107.9 million outstanding under the term loan facility and $10.8 million outstanding under the revolving credit facility). Accordingly, we had $29.2 million available to borrow under the revolving credit facility. In addition to paying interest on outstanding principal under the Senior Secured Credit Facility, we are required to pay a commitment fee to the Administrative Agent for the ratable benefit of the lenders under the revolving credit facility in respect of the unutilized commitments thereunder, ranging from 35 basis points to 50 basis points, depending on specified leverage ratios. With respect to letters of credit, we are also required to pay a per annum participation fee equal to the applicable LIBOR margin on the face amount of each letter of credit as well as a fee equal to 0.125% on the face amount of each letter of credit issued (or the term of which is extended). This latter 0.125% fee is payable to the issuer of the letter of credit for its own account, along with any standard documentary and processing charges incurred in connection with any letter of credit. The term loan facility amortizes quarterly beginning the first full quarter after the closing date at a rate of 5% per annum of the original principal amount during the first two years, 7.5% per annum of the original principal amount during the third and fourth years and 10% per annum of the original principal amount during the fifth year, with the remainder due at maturity. Principal amounts outstanding under the revolving credit facility are due and payable in full at maturity. In the event of any sale or other disposition by us or our subsidiaries guaranteeing the Senior Secured Credit Facility (as described below) of any assets with certain exceptions, we are required to prepay all proceeds received from such a sale towards the remaining scheduled payments of the term loan facility. Additionally, all obligations under the Senior Secured Credit Facility (as described below) are guaranteed by all of our existing and future subsidiaries, other than foreign subsidiaries to the extent the assets of such foreign subsidiaries do not exceed 5% of our and our subsidiaries’ total assets on a consolidated basis, and secured by a first-priority perfected security interest in substantially all of our and our guaranteeing subsidiaries’ tangible and intangible assets, whether now owned or hereafter acquired, including a pledge of 100% of the stock of each guarantor. The Senior Secured Credit Facility contains certain covenants that, among other things and subject to significant exceptions, limit our ability and the ability of our restricted subsidiaries to engage in certain business and financing activities and that require us to maintain certain financial covenants, including requirements to maintain (i) a maximum total leverage ratio of total outstanding debt to adjusted EBITDA for the most recently-ended four fiscal quarters of no more than 300% and (ii) a minimum fixed charge coverage ratio of adjusted EBITDA to the sum of cash interest expense (which amount shall be calculated on an annualized basis for the three-, six-, and nine-month periods ended March 31, 2015, June 30, 2015 and September 30, 2015) plus income tax expense (or less any income tax benefits) plus capital expenditures plus dividends, share repurchases and other restricted payments plus regularly scheduled principal payments of debt for the same period of a least 150% for the most recently ended four quarters. The Senior Secured Credit Facility allows us to pay dividends in an amount up to 50% of our net income if certain other financial conditions are met. The Senior Secured Credit Facility contains other restrictive covenants, including those regarding: indebtedness (including capital leases) and guarantees; liens; operating leases; investments and acquisitions; loans and advances; mergers, consolidations and other fundamental changes; sales of assets; transactions with affiliates; no material changes in nature of business; dividends and distributions, stock repurchases, and other restricted payments; change in name, jurisdiction of organization or fiscal year; burdensome agreements; and capital expenditures. The Senior Secured Credit Facility also has events of default that may result in acceleration of the borrowings thereunder, including: (i) nonpayment of principal, interest, fees or other amounts (subject to customary grace periods for items other than principal); (ii) failure to perform or observe covenants set forth in the loan documentation (subject to customary grace periods for certain affirmative covenants); (iii) any representation or warranty proving to have been incorrect in any material respect when made; (iv) cross-default to other indebtedness and contingent obligations in an aggregate amount in excess of an amount to be agreed upon; (v) bankruptcy and insolvency defaults (with grace period for involuntary proceedings); (vi) inability to pay debts; (vii) monetary judgment defaults in excess of an agreed upon amount; (viii) ERISA defaults; (ix) change of control; (x) actual invalidity or unenforceability of any loan document, any security interest on any material portion of the collateral or asserted (by any loan party) invalidity or unenforceability of any security interest on any collateral; (xi) actual or asserted (by any loan party) invalidity or unenforceability of any guaranty; (xii) material unpaid, final judgments that have not been vacated, discharged, stayed or bonded pending appeal within a specified number of days after the entry thereof; and (xiii) any other event of default agreed to by us and the Administrative Agent. As of September 30, 2015, we were in compliance with the financial and other restrictive covenants under our outstanding material debt obligations, including our Senior Secured Credit Facility. Repayment of UBS Credit Agreement On August 6, 2014, in connection with the Patriot Care Management Acquisition, we and certain of our subsidiaries entered into a credit agreement with UBS Securities LLC (the “UBS Credit Agreement”), which provided for a five-year term loan facility in an aggregate principal amount of $57.0 million that would mature on August 6, 2019. The loan was secured by the common stock of Patriot Care Management and guaranteed by Guarantee Insurance Group and its wholly owned subsidiaries. Following our initial public offering (the “IPO”), on January 22, 2015 we prepaid all outstanding borrowings under the UBS Credit Agreement, including accrued interest and applicable prepayment premium. This instrument was repaid in full upon closing on the Senior Secured Credit Facility. Repayment of PennantPark Loan Agreement On August 6, 2014, in connection with the GUI Acquisition, we and certain of our subsidiaries, as borrowers, and certain of our other subsidiaries and certain affiliated entities, as guarantors, entered into a loan agreement with the PennantPark Entities as lenders (the “PennantPark Loan Agreement”). Following our IPO, we prepaid all outstanding borrowings under the PennantPark Loan Agreement, including accrued interest and applicable prepayment premium. This instrument was repaid in full on January 22, 2015 upon closing on the Senior Secured Credit Facility.

Capital Lease Obligations

Capital Lease Obligations	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Capital Lease Obligations	8 . Capital Lease Obligations Equipment subject to capital lease is comprised of capitalized policy and claims administration software development costs and related computer equipment. Monthly payments on the capital lease, which expires on December 3, 2016, were approximately $206,000 as of September 30, 2015. Payments may be adjusted in connection with a change in the interest rate swap rate quoted in the Bloomberg Swap Rate Report. The Company’s obligations for future payments on the capital lease as of September 30, 2015, based on the interest rate swap rate in effect on that date, are as follows: In thousands Principal Interest Total Payments on Capital Lease 2015 $ 397 $ 17 $ 414 2016 2,429 51 2,480 Total $ 2,826 $ 68 $ 2,894

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include detachable common stock warrants and stock-based awards of restricted shares and stock options, and contingent shares attributable to deferred purchase consideration. The components of basic and diluted EPS are as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands (except earnings per share) 2015 2014 2015 2014 Basic net earnings (loss) per share Net income (loss) available to common shareholders $ 3,788 $ 16,902 $ (8 ) $ 12,807 Weighted average number of common shares outstanding 26,802 16,368 26,006 14,981 Basic net earnings (loss) per share $ 0.14 $ 1.03 $ (0.00 ) $ 0.85 Diluted net earnings (loss) per share Net income (loss) available to common shareholders $ 3,788 $ 16,902 $ (8 ) $ 12,807 Adjustments to net income (loss) applicable to dilutive shares - (8,760 ) - (2,257 ) Net earnings (loss) attributable to diluted shares $ 3,788 $ 8,142 $ (8 ) $ 10,550 Weighted average number of common shares outstanding 26,802 16,368 26,006 14,981 Dilutive effect of warrants, options, and restricted shares using the treasury stock method 1,138 1,183 - 1,202 Weighted average number of common and common equivalent shares outstanding 27,940 17,551 26,006 16,183 Diluted net earnings (loss) per share $ 0.14 $ 0.46 $ (0.00 ) $ 0.65 Due to the net loss of $8,000 reported for the nine months ended September 30, 2015, weighted average outstanding detachable common stock warrants of 160,295, contingent shares attributable to deferred purchase consideration of 107,070, and restricted shares and stock options of 114,634 were not dilutive. As a result, basic and diluted earnings per share both reflect a net loss of $0.00 per share for the nine months then ended. Adjustments to net income (loss) attributable to dilutive shares for the three and nine months ended September 30, 2014 represent income generated from a decrease in the fair value of the warrants as reported on the statement of operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10 . Stock-Based Compensation Omnibus Incentive Plan On January 15, 2015, the Board of Directors approved the Patriot National 2014 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), subject to and with effect upon approval of such plan by the stockholders of the Company. The Compensation Committee of our Board of Directors determines the participants under the Omnibus Incentive Plan. The Omnibus Incentive Plan provides for non-qualified and incentive stock options, restricted stock and restricted stock units, any or all of which may be made contingent upon the achievement of performance criteria. Subject to the Omnibus Incentive Plan limits, the compensation committee has the discretionary authority to determine the size of an award and on May 11, 2015 delegated the authority to Steven Mariano, our President, to award the grants without the consent of the Compensation Committee. Shares of our common stock available for issuance under the Omnibus Incentive Plan include authorized and unissued shares of common stock or authorized and issued shares of common stock reacquired and held as treasury shares or otherwise, or a combination thereof. The number of available shares is reduced by the aggregate number of shares that become subject to outstanding awards granted under the Omnibus Incentive Plan. To the extent that shares subject to an outstanding award granted under either the Omnibus Incentive Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or by reason of the settlement of such award in cash, then such shares will again be available for grant under the Omnibus Incentive Plan. Shares withheld to satisfy tax withholding requirements upon the vesting of awards other than stock options will also be available for grant under the Omnibus Incentive Plan. Shares that are used to pay the exercise price of an option, shares delivered to or withheld by us to pay withholding taxes related to stock options, and shares that are purchased on the open market with the proceeds of an option exercise, may not again be made available for issuance. Stock Options In the nine months ended September 30 30, 2015, we issued stock options as incentive compensation for officers and certain key employees. The exercise price of each stock option is the closing market price of our common stock on the date of grant. The options will vest in three Nine Months Ended September 30, In thousands 2015 Expected dividend yield 0 % Risk-free interest rate (1) 0.49 % Expected volatility (2) 33.02 % Expected life in years (3) 3.0 (1) The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. (2) The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. (3) The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily on our historical data. For the nine months ended September 30, 2015 intrinsic value of these options was $1.9 million In thousands, except weighted-average price and remaining contractual term Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2014 — $ — Options granted 1,367 $ 14.40 Options exercised — $ — Options cancelled or forfeited (129 ) $ 14.33 Options outstanding at September 30, 2015 1,238 $ 14.39 9.4 $ 1,932 Options expected to vest at September 30, 2015 1,238 $ 14.39 9.4 $ 1,932 Options exercisable at September 30, 2015 — $ — — $ — As of September 30, 2015 $2.9 million Restricted Stock Awards In the nine months ended September 30, 2015, we issued 906,362 restricted shares as incentive compensation for officers, directors, and certain key employees. Subsequent to issuance, 22,059 restricted shares were forfeited and 310,652 were settled leaving 573,651 remaining restricted shares outstanding as of September 30, 2015. The fair value of outstanding restricted shares at September 30, 2015 was $8.3 million. Grants of restricted shares for the nine months ended September 30, 2015 were as follows: In thousands, except weighted-average fair value price Number of Shares Weighted-Average Grant-Date Fair Value Unvested restricted shares outstanding at December 31, 2014 — $ — Restricted shares granted 906 $ 14.32 Restricted shares vested (310 ) $ 14.00 Restricted shares forfeited (22 ) $ 14.00 Unvested restricted shares outstanding as of September 30, 2015 574 $ 14.51 As of September 30, 2015, we recognized $6.8 million of stock compensation expense associated with these restricted shares, and there was $5.9 million of total unrecognized stock compensation cost related to unvested restricted stock to be recognized over a period of 3 years. Restricted Stock Units During the nine months ended September 30, 2015, we issued 193,290 restricted stock units. Of those issued, 11,655 were subsequently forfeited, resulting in 181,635 restricted stock units outstanding as of September 30, 2015. The fair value of these awards at September 30, 2015 was $2.7 million. During the nine months ended September 30, 2015, we recognized $0.8 million of stock compensation expense associated with these restricted stock units. Unrecognized stock compensation expense associated with RSUs is $2.0 million and will be recognized over the remaining contractual lives of these awards, 3 years. In thousands, except weighted-average fair value price Number of Shares Weighted-Average Grant-Date Fair Value Unvested restricted stock units outstanding at December 31, 2014 — $ — Restricted stock units granted 193 $ 15.02 Restricted stock units vested — $ — Restricted stock units forfeited (11 ) $ 14.20 Unvested restricted stock units outstanding as of September 30, 2015 182 $ 15.06

Fair Value Measurement of Finan

Fair Value Measurement of Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Assets and Liabilities	11 . Fair Value Measurement of Financial Assets and Liabilities With respect to the Company’s financial assets and liabilities, which include short term investments, notes payable, capital lease obligation, earnout obligations of acquisitions and warrant redemption liability, the Company has adopted current accounting guidance which establishes the authoritative definition of fair value, establishes a framework for measuring fair value, creates a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. This guidance defines fair value as the price that would be paid to transfer the warrant redemption liability in an orderly transaction between market participants at the measurement date. As required under current accounting guidance, the Company has identified and disclosed its financial assets and liabilities in a fair value hierarchy, which consists of the following three levels: Definition Level 1 Observable unadjusted quoted prices in active markets for identical securities. Level 2 Observable inputs other than quoted prices in active markets for identical securities, (i) quoted prices in active markets for similar securities. (ii) quoted prices for identical or similar securities in markets that are not active. (iii) inputs other than quoted prices that are observable for the security (e.g., interest rates, yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, credit risks and default rates). (iv) inputs derived from or corroborated by observable market data by correlation or other means. Level 3 Unobservable inputs, including the reporting entity’s own data, as long as there is no The Company’s equity and fixed income security investments for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of September 30, 2015: Fair Value Measurement, Using September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Common and preferred stocks $ 388 $ — $ — $ 388 Corporate notes and bonds 2,861 — — 2,861 Total $ 3,249 $ — $ — $ 3,249 There were no equity and fixed income security investments as of December 31, 2014. The Company’s notes payable, capital lease obligation, earnout obligations of acquisitions and warrant redemption liability, for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of September 30, 2015 and December 31, 2014: Fair Value Measurement, Using September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Earnout payable on acquisitions $ — $ — $ 12,062 $ 12,062 Deferred purchase consideration — — 16,831 16,831 Warrant redemption liability — — — — Total $ — $ — $ 28,893 $ 28,893 Fair Value Measurement, Using December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Earnout payable on acquisitions $ — $ — $ — $ — Deferred purchase consideration — — — — Warrant redemption liability — — 12,879 12,879 Total $ — $ — $ 12,879 $ 12,879 The following is a reconciliation of the fair value of the Company’s financial liabilities that were measured using significant unobservable (Level 3) inputs: Nine Months Ended September 30, 2015 (in thousands) Earnout Payable Deferred Purchase Consideration Warrant Redemption Liability Total Fair value, January 1, 2015 $ — $ — $ 12,879 $ 12,879 Record present value earnout payable on acquisitions 19,163 — — 19,163 Earnout payments made (7,101 ) — — (7,101 ) Record deferred purchase consideration on acquisitions — 16,831 — 16,831 Exercise of warrants — — (9,995 ) (9,995 ) Decrease in fair value of common stock and warrant redemption liability — — (1,385 ) (1,385 ) Contribute remaining liability balance due to equity warrants — — (1,499 ) (1,499 ) Fair Value, September 30, 2015 $ 12,062 $ 16,831 $ — $ 28,893

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Fee income from related party represents fee income earned from Guarantee Insurance Company (“Guarantee Insurance”), a related party. Fee income from Guarantee Insurance for claims administration services is based on the net portion of claims expense retained by Guarantee Insurance pursuant to quota share reinsurance agreements between Guarantee Insurance, the third party insurance company customers of Patriot Underwriters, Inc. and the segregated portfolio cell reinsurers that assume business written by Guarantee Insurance. Certain fee income from third-party segregated portfolio cell reinsurers is remitted to the Company by Guarantee Insurance on behalf of the segregated portfolio cell reinsurers. Fee income from Guarantee Insurance for brokerage, underwriting and policyholder services represents fees for soliciting applications for workers’ compensation insurance for Guarantee Insurance, based on a percentage of premiums written or other amounts negotiated by the parties. Our prices by customer for our brokerage and policyholder services and claims administration services were unchanged for the nine-month period ended September 30, 2015 relative to the nine-month period ended September 30, 2014, and, accordingly, the net increase in fee income was solely related to changes in the volume of business we managed. Because fee income from related party for claims administration services is based on the net portion of claims expense retained by Guarantee Insurance, as described in Note 13, Concentration Fee income from related party for the three months ended September 30, 2015 was $23.8 million compared to $15.8 million for the three months ended September 30, 2014. For the nine months ended September 30, 2015, fee income from related party was $68.9 million compared to $24.6 million for the nine months ended September 30, 2014. Fee income receivable from related party was $22.1 million as of September 30, 2015, and$12.0 million at December 31, 2014. During the nine months ended September 30, 2014, the allocation of marketing, underwriting and policy issuance costs from related party in the accompanying combined statements of operations represents costs reimbursed to Guarantee Insurance Group for salaries and other costs incurred by Guarantee Insurance Group to provide its policyholder services. Management fees paid to related party for administrative support services in the accompanying combined statements of operations represent amounts paid to Guarantee Insurance Group for management oversight, legal, accounting, human resources and technology support services. Effective August 6, 2014, the management services agreement pursuant to which these fees were payable was terminated, and all costs associated with our operations began to be incurred directly by us. Accordingly, beginning August 6, 2014, such expenses, rather than being reflected in this item, are recorded in the line items to which they relate, which are primarily “salaries and salary related expenses,” “outsourced services” and “other operating expenses.” As of September 30, 2015, we had a net receivable from related parties of $0.2 million due to entities controlled by Mr. Mariano, our founder, Chairman, President and Chief Executive Officer. On April 17, 2015, the Company acquired Vikaran Solutions, LLC (“Vikaran”). Prior to acquisition, Mr. Mariano held a non-controlling, 45% interest in Vikaran. Upon closing, Mr. Mariano received proceeds of $3.8 million from the sale of Vikaran to Patriot National. On July 20, 2015, the Company entered into a membership interest purchase agreement with Global HR Research LLC, a Florida limited liability company (“Global HR”), In Touch Holdings LLC, a Florida limited liability company (“ITH”), the members of Global HR, and Brandon G. Phillips as the sellers’ representative, pursuant to which, subject to the satisfaction or waiver of certain conditions, the Company will acquire all of the outstanding membership interest of Global HR. The Global HR transaction closed on Augustst 21, 2015. One of the Company’s independent directors, Austin J. Shanfelter, indirectly controlled Global HR. Mr. Shanfelter owned 84% of the equity interests in ITH, which owned 75.5% of the equity interests of Global HR. On July 31, 2015, we entered into a Purchase Agreement by and among Patriot Technology Solutions, Inc. and PN India Holdings (a wholly owned subsidiary of Patriot Technology Solutions, Inc. and Mehta and Pazol Consulting Services Private Limited (“MPCS”). MPCS is an Indian company of computer programmers, solely focused on the development of Patriot’s WCE technology platform. Under the terms of the purchase agreement, PN India Holdings will acquire 100% of the capital stock of MPCS for the total purchase amount of $1.5 million. The three sellers of MPCS include Sandeep Mehta, a 49.99% holder, Steven J. Pazol, a 49.99% holder, and Satyapal Mehta a 0.02% holder. Steven J. Pazol’s interest is beneficially owned by Steve M. Mariano who previously purchased it in a prior transaction, making this a related party transaction. During the three months ended September 30, 2015, PN India Holdings executed the purchase of the interests held by Satyapal Mehta and Steven Mariano. Amounts paid to Steven Mariano totaled $0.7 million granting PN India Holdings a 51.1% ownership interest of MPCS, Ltd. The purchase of Steven Mariano’s interest in MPCS was recorded as a deemed dividend of a common control transaction, rather than a business combination. Although, MPCS was acquired from a party under common control, the results of operations for MPCS are included from acquisition date, as its operations are immaterial with respect to the financial statements taken as a whole for all periods presented. The remaining $0.7 million portion of the transaction is pending approval from the government of India. Upon approval, Patriot will acquire the remaining 49.9% interest in MPCS from Sandeep Mehta.

Concentration

Concentration	9 Months Ended
	Sep. 30, 2015
Risks And Uncertainties [Abstract]
Concentration	1 3 . Concentration For the three months ended September 30, 2015, approximately 66% of total combined fee income and fee income from related party was attributable to contracts with Guarantee Insurance, the Company’s largest customer and a related party, and approximately 6% was attributable to contracts with the Company’s second largest customer. For the three months ended September 30, 2014, approximately 76% of total combined fee income and fee income from related revenues was attributable to contracts with Guarantee Insurance, and approximately 10% and 7% were attributable to contracts with the Company’s second and third largest customers, respectively. For the nine months ended September 30, 2015, approximately 72% of total combined fee income and fee income from related party was attributable to contracts with Guarantee Insurance and approximately 8% was attributable to contracts with the Company’s second largest customer. For the nine months ended September 30, 2014, approximately 66% of total combined fee income and fee income from related revenues was attributable to contracts with Guarantee Insurance, and approximately 22% was attributable to contracts with the Company’s second largest customer. As of September 30, 2015, approximately 62% of combined fee income receivable and fee income receivable from related party was attributable to contracts with Guarantee Insurance and approximately 2% and 1% of combined fee income receivable and fee income receivable from related party were attributable to contracts with the Company’s second and third largest customers, respectively. As of December 31, 2014, approximately 86% of combined fee income receivable and fee income receivable from related party was attributable to contracts with Guarantee Insurance and approximately 8% and 2% of combined fee income receivable and fee income receivable from related party were attributable to contracts with the Company’s second and third largest customers, respectively. Because fee income from related party for claims administration services is based on the net portion of claims expense retained by Guarantee Insurance, the Company’s revenues attributable to contracts with Guarantee Insurance do not necessarily represent fee income from related party.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 4 . Commitments and Contingencies Contractual Obligations and Commitments In connection with the Senior Secured Credit Facility as described in Note 7, Notes Payable and Lines of Credit Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources. The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. The employment agreements contain clauses that become effective upon a change of control of the Company. Upon the occurrence of any of the defined events in the employment agreements, the Company would be obligated to pay certain amounts to the relevant employees. The Company maintains cash at various financial institutions, and, at times, balances may exceed federally insured limits. Management does not believe this results in any material effect on the Company’s financial position or results of operations. In the normal course of business, the Company may be party to various legal actions that management believes will not result in any material effect on the Company’s financial position or results of operations.

Warrant Redemption Liability

Warrant Redemption Liability	9 Months Ended
	Sep. 30, 2015
Warrants And Rights Note Disclosure [Abstract]
Warrant Redemption Liability	1 5 . Warrant Redemption Liability There was no warrant redemption liability as of September 30, 2015. Concurrent with our IPO and repayment of the PennantPark Loan Agreement on January 22, 2015, the PennantPark Entities exercised 965,700 of their 1,110,555 detachable common stock warrants for common stock at an exercise price of $2.67 per share. The PennantPark Entities waived their put right on the remaining 144,855 detachable common stock warrants. By eliminating the put right, the PennantPark Entities cannot require the Company to redeem the remaining detachable common stock warrants for cash, thereby eliminating the warrant redemption liability previously required. The remaining 144,855 detachable common stock warrants can be used to purchase shares of the Company’s common stock at an exercise price of $2.67 per share and expire on November 27, 2023. On November 27, 2013, the Company issued 626,295 detachable common stock warrants to new lenders to purchase shares of the Company’s common stock at an exercise price of $2.67 per share. The warrants expire on November 27, 2023. Prior to the exercise and removal of the put right, at the fifth anniversary date of the warrants and any time after the eighth anniversary date of the warrants, the warrant holders could have required the Company to redeem the warrants for cash, in an amount equal to the estimated fair value of the warrants, as determined by an independent appraisal, less the total exercise price of the redeemed warrants. The value of the warrants was recorded as a discount on the loan and a warrant liability on November 27, 2013. The discount on the loan was amortized as interest expense over the term of the loan. The Company attributed a value to these warrants of approximately $7.3 million as of December 31, 2014. On August 6, 2014, in connection with the additional tranche described in Note 7, Notes Payable and Lines of Credit

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	1 6 . Income Taxes The Company uses an estimated annual effective tax rate method of computing its interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rates. In these cases, the actual tax expense or benefit applicable to that item is treated discretely and is reported in the same period as the related item. For the nine-month period ended September 30, 2015, the tax effects of warrants were treated as a discrete item. The effective tax rate is based on forecasted annual pre-tax income, permanent differences and statutory tax rates. For the nine months ended September 30, 2015, the effective income tax rate was 44%. The main drivers of the difference in the effective tax rate from the statutory rate are warrants, success based fees, and meals and entertainment. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax in multiple states with heavy concentration in Florida, California, and Pennsylvania. The net deferred tax asset as of September 30, 2015 was $10.9 million before valuation allowance. A valuation allowance related to deferred tax assets is required when it is considered more likely than not that all or part of the benefit related to such assets will not be realized. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence in concluding that a full valuation allowance was necessary against its net deferred tax assets at September 30, 2015. At September 30, 2015 and December 31, 2014, the Company had no unrecognized tax benefits and no amounts recorded for uncertain tax positions.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On October 5, 2015 the Company publicly filed a registration statement on Form S-1 with the SEC relating to a proposed public offering by the Company and certain selling stockholders of $80.0 million of common stock. In response to market conditions, on October 20, 2015, the Company filed a Form RW with the SEC withdrawing the registration statement. On October 29, 2015, TriGen Insurance Solutions, Inc. (“TriGen”) entered into a Facilitation Agreement with The Carman Corporation, a Pennsylvania corporation (“Carman”), pursuant to which Carman will provide Trigen with certain market-finding and consulting activities for an upfront payment of $2.0 million. In conjunction with the Facilitation Agreement, TriGen also entered into a Managing Producer Agreement with AmTrust International Underwriters Limited (“AmTrust”) as of October 15, 2015 pursuant to which TriGen will provide a hospitality-focused insurance program for AmTrust.

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Description of Business	Description of Business Patriot National, Inc. (“Patriot National” or the “Company”) is an independent national provider of comprehensive technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk, comply with complex regulations, and save time and money. We offer a full suite of end-to-end insurance related and specialty services that allow our clients to improve efficiencies and reduce expenses through our value-added processes. The core of our value proposition includes the benefit of a “one-stop” solution with our broad array of offered services, scalable state-of-the-art technology, and solutions to complex business and regulatory processes. Our goal is to be the preferred provider of mandatory employer services such as risk management services, health and welfare services, employee onboarding and compliance services. The Company offers two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration. We provide our services either on an individual basis, as bundles of two or more services tailored to a client’s specific needs or on a turnkey basis where we provide a comprehensive set of front-end and back-end services to a client. We also offer specialty services currently including technology outsourcing and other IT services, as well as employment pre-screening and background checks. As a service company, we do not assume any underwriting or insurance risk. Our revenue is primarily fee-based, most of which is contractually committed or highly recurring. Unlike our insurance and reinsurance carrier clients, we do not generate underwriting income or assume underwriting risk on workers’ compensation plans. Patriot National is headquartered in Ft. Lauderdale, Florida.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. Included for comparative purposes are our combined financial statements for the three and nine month periods ended September 30, 2014, which combined the financial activity of Patriot National with the results of an acquisition under common control. This acquisition was completed on August 6, 2014. The combined financial statements presented for the periods ended September 30, 2014 are the Statement of Operations and the Statement of Cash Flows. This acquisition is discussed fully in our annual report for the year ended December 31, 2014. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited combined financial statements for the year ended December 31, 2014 and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited combined financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. In the preparation of our unaudited consolidated financial statements as of September 30, 2015, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure therein. For Contego Services Group, LLC (“Contego Services Group”), the Company’s combined subsidiary that is 97% owned, and for DecisionUR, LLC (“DecisionUR”), the Company’s combined subsidiary that is 98.8% owned, the third party holdings of equity interests are referred to as non-controlling interest. The portion of the third party members’ equity (deficit) of Contego Services Group and DecisionUR are presented as non-controlling interest in the accompanying consolidated balance sheets as of September 30, 2015 and combined balance sheet as of December 31, 2014. The Company discloses the following three measures of net income (loss): (i) net income (loss), including non-controlling interest in subsidiary, (ii) net income (loss) attributable to non-controlling interest in subsidiary, and (iii) net income (loss).

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of Purchase Prices of Businesses Acquired	These acquisitions have been accounted for using the acquisition method for recording business combinations, except for DecisionUR, as further discussed below. Name and Effective Date of Acquisition (In thousands): Cash Paid Stock Issued Accrued Liability Deferred Purchase Consideration Recorded Earnout Payable Maximum Potential Earnout Payable Total Recorded Purchase Price Phoenix Risk Management, Inc (January 31, 2015) $ 1,099 $ — $ — $ — $ 2,790 $ 3,000 $ 3,889 DecisionUR, LLC (February 5, 2015) 2,240 — 23 — — — 2,240 Capital & Guaranty, LLC (February 9, 2015) 175 — — — 175 175 350 TriGen Holding Group, Inc (March 31, 2015) 3,340 — 3,364 4,911 1,433 1,500 9,684 Hospitality Supportive Systems, LLC (April 1, 2015) 9,650 — — — — — 9,650 Selective Risk Management, LLC (April 1, 2015) 3,846 — — — — — 3,846 Vikaran Solutions, LLC (April 17, 2015) 8,500 — 152 — — — 8,500 Corporate Claims Management, Inc (April 24, 2015) 7,900 — 4,434 — 825 1,000 8,725 Candid Investigation Services, LLC (May 8, 2015) 1,033 — — — 367 450 1,400 Brandywine Insurance Advisors, LLC (May 22, 2015) 3,000 — — — 220 1,205 3,220 Infinity Insurance Solutions, LLC (June 1, 2015) 1,750 — 100 — 552 650 2,302 InsureLinx, Inc (June 12, 2015) 6,300 — 1,840 — — — 6,300 The Carman Corporation (June 15, 2015) 2,000 — — — — — 2,000 CWI Benefits, Inc (July 9, 2015) 2,750 — 2,061 — 3,400 4,675 6,150 Restaurant Coverage Associates, Inc (August 14, 2015) 750 — — — 1,725 1,825 2,475 Risk Control Associates, Inc (August 14, 2015) 250 — 650 — 575 675 825 Global HR Research LLC (August 21, 2015) 23,500 6,503 2,457 11,920 — — 41,923 Total $ 78,083 $ 6,503 $ 15,081 $ 16,831 $ 12,062 $ 15,155 $ 113,479
Aggregate Estimated Fair Values of the Net Assets Acquired	The following is a summary of the aggregate estimated fair values of the net assets acquired at the date of each of the acquisitions made in the nine months ended September 30, 2015: In thousands Total Assets Acquired: Cash $ 4,069 Restricted cash 4,838 Accounts receivable 5,069 Fixed assets 2,002 Other assets 2,272 Goodwill 57,915 Intangible assets: Customer & carrier relationships 31,039 Service contracts 320 Non-compete agreements 4,739 Developed technology 13,268 Trade name portfolio 3,029 Total intangible assets 52,395 Total assets acquired 128,560 Liabilities assumed 15,081 Total net assets acquired $ 113,479
Summary of Unaudited Pro Forma Historical Results	The following is a summary of the unaudited pro forma historical results, as if these entities and Patriot Care Management, Inc. (“Patriot Care Management”), which was acquired on August 6, 2014, had been acquired at January 1, 2014 (in thousands, except per share data): Nine Months Ended September 30, In thousands (except per share data) 2015 2014 Total revenues 174,376 141,658 Net (loss) income 1,107 14,508 Basic net (loss) income per share $ 0.04 $ 0.97 Diluted net (loss) income per share $ 0.04 $ 0.76

Equity and Fixed Income Secur28

Equity and Fixed Income Security Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Schedule of Major Classes of Investments	As of September 30, 2015, our major classes of investments consisted of the following: September 30, 2015 In thousands Cost Basis Gains Losses Fair Value (Unaudited) Equity and Fixed Income Security Investments Common and preferred stocks $ 429 $ — $ (41 ) $ 388 Corporate notes and bonds 2,969 — (108 ) 2,861 Total $ 3,398 $ — $ (149 ) $ 3,249

Fixed Assets And Other Long T29

Fixed Assets And Other Long Term Assets(Tables)	9 Months Ended
	Sep. 30, 2015
Fixed Assets And Other Long Term Assets [Abstract]
Major Classes of Fixed Assets	As of September 30, 2015 and December 31, 2014, our major classes of fixed assets consisted of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) Fixed Assets Computer equipment, software and furniture and fixtures $ 7,640 $ 5,722 Building 1,428 - Leasehold improvements 3,534 2,545 Total fixed assets 12,602 8,267 Less accumulated depreciation and amortization (7,804 ) (6,388 ) Fixed assets, net of accumulated depreciation and amortization $ 4,798 $ 1,879
Other Long Term Assets	As of September 30, 2015 and December 31, 2014, other long term assets consisted of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) Other long term assets Capitalized policy and claims administration system development costs $ 17,016 $ 13,093 Less accumulated depreciation (5,459 ) (3,251 ) Other long term assets, net of accumulated depreciation $ 11,557 $ 9,842

Goodwill and Other Intangible30

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	Changes in goodwill are summarized as follows: In thousands Balance as of December 31, 2014 $ 61,493 Goodwill acquired 57,915 Balance as of September 30, 2015 $ 119,408
Schedule of Intangible Assets Including Original Fair Values and Net Book Values	The intangible assets, their original fair values, and their net book values are detailed below as of the dates presented: September 30, 2015 December 31, 2014 In thousands Gross Asset Accumulated Amortization Net Asset Gross Asset Accumulated Amortization Net Asset (Unaudited) Intangible Assets Service contracts $ 35,120 $ (5,105 ) $ 30,015 $ 34,800 $ (1,812 ) $ 32,988 Customer and carrier relationships 31,039 (1,244 ) 29,795 — — — Non-compete agreements 4,739 (914 ) 3,825 — — — Developed technology 13,268 (894 ) 12,374 — — — Trade names 3,029 (103 ) 2,926 — — — Total $ 87,195 $ (8,260 ) $ 78,935 $ 34,800 $ (1,812 ) $ 32,988
Schedule of Estimated Future Amortization Expense of Intangible Assets	The table below reflects the estimated amortization expense for the Company’s intangible assets for each of the next five years and thereafter: In thousands September 30, 2015 Amortization expense (Unaudited) 2015 (remaining three months) $ 3,286 2016 13,140 2017 11,625 2018 10,770 2019 10,770 Thereafter 29,344 Total $ 78,935

Notes Payable and Lines of Cr31

Notes Payable and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	As of September 30, 2015 and December 31, 2014, notes payable were comprised of the following: In thousands September 30, 2015 December 31, 2014 (Unaudited) BMO Senior Secured Term Loans $ 107,875 $ — PennantPark Loan Agreement — 63,285 UBS Credit Agreement — 56,288 Gross Notes Payable and Current Portion of Notes Payable 107,875 119,573 Less original issue discount — (3,085 ) Less value attributable to stock warrants — (5,667 ) Notes Payable and Current Portion of Notes Payable 107,875 110,821 Less current portion of notes payable (5,500 ) (15,782 ) Notes Payable $ 102,375 $ 95,039

Capital Lease Obligations (Tabl

Capital Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2015
Capital Lease Obligations
Debt Instrument [Line Items]
Schedule of Future Payments on Capital Lease Obligations Based on Interest Rate Swap Rate	The Company’s obligations for future payments on the capital lease as of September 30, 2015, based on the interest rate swap rate in effect on that date, are as follows: In thousands Principal Interest Total Payments on Capital Lease 2015 $ 397 $ 17 $ 414 2016 2,429 51 2,480 Total $ 2,826 $ 68 $ 2,894

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Components of Basic and Diluted EPS	The components of basic and diluted EPS are as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands (except earnings per share) 2015 2014 2015 2014 Basic net earnings (loss) per share Net income (loss) available to common shareholders $ 3,788 $ 16,902 $ (8 ) $ 12,807 Weighted average number of common shares outstanding 26,802 16,368 26,006 14,981 Basic net earnings (loss) per share $ 0.14 $ 1.03 $ (0.00 ) $ 0.85 Diluted net earnings (loss) per share Net income (loss) available to common shareholders $ 3,788 $ 16,902 $ (8 ) $ 12,807 Adjustments to net income (loss) applicable to dilutive shares - (8,760 ) - (2,257 ) Net earnings (loss) attributable to diluted shares $ 3,788 $ 8,142 $ (8 ) $ 10,550 Weighted average number of common shares outstanding 26,802 16,368 26,006 14,981 Dilutive effect of warrants, options, and restricted shares using the treasury stock method 1,138 1,183 - 1,202 Weighted average number of common and common equivalent shares outstanding 27,940 17,551 26,006 16,183 Diluted net earnings (loss) per share $ 0.14 $ 0.46 $ (0.00 ) $ 0.65

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Significant Assumptions Used in Black-Scholes Model to Estimate Fair Value of Stock Options	The fair values of these stock options were estimated using the Black-Scholes valuation model with the following weighted-average assumptions: Nine Months Ended September 30, In thousands 2015 Expected dividend yield 0 % Risk-free interest rate (1) 0.49 % Expected volatility (2) 33.02 % Expected life in years (3) 3.0 (1) The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. (2) The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. (3) The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily on our historical data.
Summary of Stock Options Activity	For the nine months ended September 30, 2015 intrinsic value of these options was $1.9 million In thousands, except weighted-average price and remaining contractual term Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2014 — $ — Options granted 1,367 $ 14.40 Options exercised — $ — Options cancelled or forfeited (129 ) $ 14.33 Options outstanding at September 30, 2015 1,238 $ 14.39 9.4 $ 1,932 Options expected to vest at September 30, 2015 1,238 $ 14.39 9.4 $ 1,932 Options exercisable at September 30, 2015 — $ — — $ —
Summary of Grants of Restricted Shares	Grants of restricted shares for the nine months ended September 30, 2015 were as follows: In thousands, except weighted-average fair value price Number of Shares Weighted-Average Grant-Date Fair Value Unvested restricted shares outstanding at December 31, 2014 — $ — Restricted shares granted 906 $ 14.32 Restricted shares vested (310 ) $ 14.00 Restricted shares forfeited (22 ) $ 14.00 Unvested restricted shares outstanding as of September 30, 2015 574 $ 14.51
Restricted Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Grants of Restricted Shares	In thousands, except weighted-average fair value price Number of Shares Weighted-Average Grant-Date Fair Value Unvested restricted stock units outstanding at December 31, 2014 — $ — Restricted stock units granted 193 $ 15.02 Restricted stock units vested — $ — Restricted stock units forfeited (11 ) $ 14.20 Unvested restricted stock units outstanding as of September 30, 2015 182 $ 15.06

Fair Value Measurement of Fin35

Fair Value Measurement of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurement of Financial Liabilities	The Company’s equity and fixed income security investments for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of September 30, 2015: Fair Value Measurement, Using September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Common and preferred stocks $ 388 $ — $ — $ 388 Corporate notes and bonds 2,861 — — 2,861 Total $ 3,249 $ — $ — $ 3,249 The Company’s notes payable, capital lease obligation, earnout obligations of acquisitions and warrant redemption liability, for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of September 30, 2015 and December 31, 2014: Fair Value Measurement, Using September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Earnout payable on acquisitions $ — $ — $ 12,062 $ 12,062 Deferred purchase consideration — — 16,831 16,831 Warrant redemption liability — — — — Total $ — $ — $ 28,893 $ 28,893 Fair Value Measurement, Using December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Earnout payable on acquisitions $ — $ — $ — $ — Deferred purchase consideration — — — — Warrant redemption liability — — 12,879 12,879 Total $ — $ — $ 12,879 $ 12,879
Summary of Reconciliation of the Fair Value of Financial Liabilities	The following is a reconciliation of the fair value of the Company’s financial liabilities that were measured using significant unobservable (Level 3) inputs: Nine Months Ended September 30, 2015 (in thousands) Earnout Payable Deferred Purchase Consideration Warrant Redemption Liability Total Fair value, January 1, 2015 $ — $ — $ 12,879 $ 12,879 Record present value earnout payable on acquisitions 19,163 — — 19,163 Earnout payments made (7,101 ) — — (7,101 ) Record deferred purchase consideration on acquisitions — 16,831 — 16,831 Exercise of warrants — — (9,995 ) (9,995 ) Decrease in fair value of common stock and warrant redemption liability — — (1,385 ) (1,385 ) Contribute remaining liability balance due to equity warrants — — (1,499 ) (1,499 ) Fair Value, September 30, 2015 $ 12,062 $ 16,831 $ — $ 28,893

Description of Business and B36

Description of Business and Basis of Presentation - Additional Information (Details)	Sep. 30, 2015Services
Description Of Business And Basis Of Presentation [Line Items]
Number of services offered	2
Contego Services Group, LLC
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest percentage in the subsidiary	97.00%
DecisionUR, LLC
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest percentage in the subsidiary	98.80%

Business Combinations - Additio

Business Combinations - Additional Information (Details)	Aug. 21, 2015USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Business	Sep. 30, 2014USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number Of Businesses Acquired | Business				17
Business acquisition, contingent consideration liability		$ 12,100,000		$ 12,100,000
Business acquisition, cash paid				78,083,000
Total revenues		58,523,000	$ 45,469,000	148,848,000	$ 77,019,000
Business acquisition, deferred purchase consideration				16,831,000
Asset impairment charges				0	0
Net income or loss		$ 3,788,000	$ 16,902,000	(8,000)	$ 12,807,000
Global HR Research LLC
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 24,000,000			23,500,000
Business acquisition, amount held in escrow	$ 500,000
Business acquisition, stock consideration | shares	444,096
Business acquisition, number of shares issued | shares	349,645
Business acquisition, number of shares held in escrow | shares	94,451
Business acquisition, deferred purchase consideration, shares | shares	618,478
Business acquisition, deferred purchase consideration, cash	$ 10,477,017			$ 11,400,000
Business acquisition, deferred purchase consideration, description				The Deferred Consideration is payable solely to In Touch Holdings LLC, one of the former principal stockholders of Global HR, on the earlier of (x) November 20, 2015, (y) the 21st day after the date we mail an information statement to the shareholders in connection with the Global HR Acquisition or (z) we file a registration statement with the SEC that is declared effective. As of the filing date, no decision has been made on the settlement of Deferred Consideration in cash or stock. If the revenues for Global HR for its fiscal year 2016 are less than $12.8 million, then In Touch Holdings LLC will forfeit and return 10% of its Stock Consideration and Deferred Stock Consideration to us.
Business acquisition, deferred purchase consideration				$ 11,920,000
Business acquisition, deferred purchase consideration amount held in escrow				500,000
TriGen Holding Group, Inc
Business Acquisition [Line Items]
Business acquisition, cash paid				3,340,000
Business acquisition, deferred purchase consideration				4,911,000
Business Acquisition
Business Acquisition [Line Items]
Total revenues				21,700,000
Net income or loss				2,100,000
Fiscal year 2016 | Global HR Research LLC
Business Acquisition [Line Items]
Stock consideration and deferred stock consideration percentage						10.00%
Maximum
Business Acquisition [Line Items]
Business Combination Aggregate Earnout Obligation related to acquisitions				$ 15,200,000
Acquired finite lived intangible assets useful life				10 years
Discount rate				30.00%
Maximum | Customer & carrier relationships
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				10 years
Maximum | Non-compete agreements
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				2 years
Maximum | Trade Names
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				7 years
Maximum | Fiscal year 2016 | Global HR Research LLC
Business Acquisition [Line Items]
Total revenues						$ 12,800,000
Minimum
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				2 years
Discount rate				17.00%
Minimum | Non-compete agreements
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				1 year
Minimum | Trade Names
Business Acquisition [Line Items]
Acquired finite lived intangible assets useful life				5 years

Business Combinations - Summary

Business Combinations - Summary of Purchase Prices of Businesses Acquired (Details) - USD ($)	Aug. 21, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		$ 78,083,000
Business acquisition, stock issued		6,503,000
Business acquisition, accrued liability		15,081,000
Business acquisition, deferred purchase consideration		16,831,000
Business acquisition, recorded earnout payable		12,062,000
Business acquisition, maximum potential earnout payable		15,155,000
Business acquisition, total recorded purchase price		113,479,000
Phoenix Risk Management, Inc; January 31, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		1,099,000
Business acquisition, recorded earnout payable		2,790,000
Business acquisition, maximum potential earnout payable		3,000,000
Business acquisition, total recorded purchase price		3,889,000
DecisionUR, LLC; February 5, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		2,240,000
Business acquisition, accrued liability		23,000
Business acquisition, total recorded purchase price		2,240,000
Capital & Guaranty, LLC; February 9, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		175,000
Business acquisition, recorded earnout payable		175,000
Business acquisition, maximum potential earnout payable		175,000
Business acquisition, total recorded purchase price		350,000
TriGen Holding Group, Inc
Business Acquisition [Line Items]
Business acquisition, cash paid		3,340,000
Business acquisition, accrued liability		3,364,000
Business acquisition, deferred purchase consideration		4,911,000
Business acquisition, recorded earnout payable		1,433,000
Business acquisition, maximum potential earnout payable		1,500,000
Business acquisition, total recorded purchase price		9,684,000
Hospitality Supportive Systems, LLC; April 1, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		9,650,000
Business acquisition, total recorded purchase price		9,650,000
Selective Risk Management, LLC; April 1, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		3,846,000
Business acquisition, total recorded purchase price		3,846,000
Vikaran Solutions, LLC; April 17, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		8,500,000
Business acquisition, accrued liability		152,000
Business acquisition, total recorded purchase price		8,500,000
Corporate Claims Management, Inc; April 24, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		7,900,000
Business acquisition, accrued liability		4,434,000
Business acquisition, recorded earnout payable		825,000
Business acquisition, maximum potential earnout payable		1,000,000
Business acquisition, total recorded purchase price		8,725,000
Candid Investigation Services, LLC; May 8, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		1,033,000
Business acquisition, recorded earnout payable		367,000
Business acquisition, maximum potential earnout payable		450,000
Business acquisition, total recorded purchase price		1,400,000
Brandywine Insurance Advisors, LLC: May 22, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		3,000,000
Business acquisition, recorded earnout payable		220,000
Business acquisition, maximum potential earnout payable		1,205,000
Business acquisition, total recorded purchase price		3,220,000
Infinity Insurance Solutions, LLC; June 1, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		1,750,000
Business acquisition, accrued liability		100,000
Business acquisition, recorded earnout payable		552,000
Business acquisition, maximum potential earnout payable		650,000
Business acquisition, total recorded purchase price		2,302,000
InsureLinx, Inc; June 12, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		6,300,000
Business acquisition, accrued liability		1,840,000
Business acquisition, total recorded purchase price		6,300,000
The Carman Corporation; June 15, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		2,000,000
Business acquisition, total recorded purchase price		2,000,000
CWI Benefits, Inc; July 9, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		2,750,000
Business acquisition, accrued liability		2,061,000
Business acquisition, recorded earnout payable		3,400,000
Business acquisition, maximum potential earnout payable		4,675,000
Business acquisition, total recorded purchase price		6,150,000
Restaurant Coverage Associates, Inc; August 14, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		750,000
Business acquisition, recorded earnout payable		1,725,000
Business acquisition, maximum potential earnout payable		1,825,000
Business acquisition, total recorded purchase price		2,475,000
Risk Control Associates, Inc; August 14, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid		250,000
Business acquisition, accrued liability		650,000
Business acquisition, recorded earnout payable		575,000
Business acquisition, maximum potential earnout payable		675,000
Business acquisition, total recorded purchase price		825,000
Global HR Research LLC; August 21, 2015
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 24,000,000	23,500,000
Business acquisition, stock issued		6,503,000
Business acquisition, accrued liability		2,457,000
Business acquisition, deferred purchase consideration		11,920,000
Business acquisition, total recorded purchase price		$ 41,923,000

Business Combinations - Aggrega

Business Combinations - Aggregate Estimated Fair Values of the Net Assets Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets Acquired:
Goodwill	$ 119,408	$ 61,493
Business Acquisition
Assets Acquired:
Cash	4,069
Restricted cash	4,838
Accounts receivable	5,069
Fixed assets	2,002
Other assets	2,272
Goodwill	57,915
Intangible assets:
Total intangible assets	52,395
Total assets acquired	128,560
Liabilities assumed	15,081
Total net assets acquired	113,479
Business Acquisition | Customer & carrier relationships
Intangible assets:
Total intangible assets	31,039
Business Acquisition | Service contracts
Intangible assets:
Total intangible assets	320
Business Acquisition | Non-compete agreements
Intangible assets:
Total intangible assets	4,739
Business Acquisition | Developed technology
Intangible assets:
Total intangible assets	13,268
Business Acquisition | Trade name portfolio
Intangible assets:
Total intangible assets	$ 3,029

Business Combinations - Summa40

Business Combinations - Summary of Unaudited Pro Forma Historical Results (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Total revenues	$ 174,376	$ 141,658
Net (loss) income	$ 1,107	$ 14,508
Basic net (loss) income per share	$ 0.04	$ 0.97
Diluted net (loss) income per share	$ 0.04	$ 0.76

Equity and Fixed Income Secur41

Equity and Fixed Income Security Investments - Schedule of Major Classes of Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity and fixed income security investments, cost basis	$ 3,398,000
Equity and fixed income security investments, losses	(149,000)
Equity and fixed income security investments, fair value	3,249,000	$ 0
Common and preferred stocks
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity and fixed income security investments, cost basis	429,000
Equity and fixed income security investments, losses	(41,000)
Equity and fixed income security investments, fair value	388,000
Corporate notes and bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity and fixed income security investments, cost basis	2,969,000
Equity and fixed income security investments, losses	(108,000)
Equity and fixed income security investments, fair value	$ 2,861,000

Equity and Fixed Income Secur42

Equity and Fixed Income Security Investments - Additional Information (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Equity and fixed income security investments	$ 3,249,000	$ 0

Fixed Assets and Other Long T43

Fixed Assets and Other Long Term Assets - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Software
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	7 years
Building
Property Plant And Equipment [Line Items]
Estimated useful life	39 years
Capitalized Policy and Claims Administration System Development Costs
Property Plant And Equipment [Line Items]
Estimated useful life	5 years

Fixed Assets and Other Long T44

Fixed Assets and Other Long Term Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed Assets
Fixed assets	$ 12,602	$ 8,267
Less accumulated depreciation and amortization	(7,804)	(6,388)
Fixed assets, net of accumulated depreciation and amortization	4,798	1,879
Computer Equipment, Software and Furniture and Fixtures
Fixed Assets
Fixed assets	7,640	5,722
Building
Fixed Assets
Fixed assets	1,428
Leasehold Improvements
Fixed Assets
Fixed assets	$ 3,534	$ 2,545

Fixed Assets and Other Long T45

Fixed Assets and Other Long Term Assets - Other Long Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other long term assets
Capitalized policy and claims administration system development costs	$ 17,016	$ 13,093
Less accumulated depreciation	(5,459)	(3,251)
Other long term assets, net of accumulated depreciation	$ 11,557	$ 9,842

Goodwill and Other Intangible46

Goodwill and Other Intangible Assets - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015USD ($)Business
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0
Goodwill acquired in acquisition	$ 57,915,000
Number Of Businesses Acquired | Business	17
Intangible assets acquired in acquisition	$ 52,400,000

Goodwill and Other Intangible47

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance as of December 31, 2014	$ 61,493
Goodwill acquired	57,915
Balance as of September 30, 2015	$ 119,408

Goodwill and Other Intangible48

Goodwill and Other Intangible Assets - Schedule of Intangible Assets, their Original Fair Value, and their Net Book Values (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Gross asset	$ 87,195	$ 34,800
Accumulated amortization	(8,260)	(1,812)
Net asset	78,935	32,988
Service contracts
Finite Lived Intangible Assets [Line Items]
Gross asset	35,120	34,800
Accumulated amortization	(5,105)	(1,812)
Net asset	30,015	$ 32,988
Customer & carrier relationships
Finite Lived Intangible Assets [Line Items]
Gross asset	31,039
Accumulated amortization	(1,244)
Net asset	29,795
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Gross asset	4,739
Accumulated amortization	(914)
Net asset	3,825
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross asset	13,268
Accumulated amortization	(894)
Net asset	12,374
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross asset	3,029
Accumulated amortization	(103)
Net asset	$ 2,926

Goodwill and Other Intangible49

Goodwill and Other Intangible Assets - Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Amortization expense
2015 (remaining three months)	$ 3,286
2,016	13,140
2,017	11,625
2,018	10,770
2,019	10,770
Thereafter	29,344
Net asset	$ 78,935	$ 32,988

Notes Payable and Lines of Cr50

Notes Payable and Lines of Credit - Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Notes payable, Gross	$ 107,875	$ 119,573
Less original issue discount		(3,085)
Less value attributable to stock warrants		(5,667)
Notes Payable and Current Portion of Notes Payable	107,875	110,821
Less current portion of notes payable	(5,500)	(15,782)
Notes payable	102,375	95,039
BMO Senior Secured Term Loans
Debt Instrument [Line Items]
Notes payable, Gross	$ 107,875
PennantPark Loan Agreement
Debt Instrument [Line Items]
Notes payable, Gross		63,285
UBS Credit Agreement
Debt Instrument [Line Items]
Notes payable, Gross		$ 56,288

Notes Payable and Lines of Cr51

Notes Payable and Lines of Credit - Senior Secured Credit Facility - Additional Information (Details) - USD ($)	Aug. 14, 2015	Jan. 22, 2015	Sep. 30, 2015
Revolving Credit Facility
Debt Instrument [Line Items]
Amount borrowed under credit agreement		$ 40,000,000	$ 10,800,000
Increase in size of credit facility		20,000,000
Line of credit facility, available borrowing amount			$ 29,200,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee basis points			0.35%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Increase in size of credit facility		$ 5,000,000
Commitment fee basis points			0.50%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Amount borrowed under credit agreement			$ 118,700,000
Credit facility term			5 years
Increase in size of credit facility	$ 50,000,000
Increase in term loan facility	$ 50,000,000
Credit facility covenant terms	(a) our total leverage ratio is equal to or less than 2.25 to 1.00 and (b) our Adjusted EBITDA for the twelve-months then ended is at least $70.0 million, the outstanding revolving loans (plus any swing line loans and the aggregate stated amount of all letters of credit) shall not exceed $30.0 million.		(i) a maximum total leverage ratio of total outstanding debt to adjusted EBITDA for the most recently-ended four fiscal quarters of no more than 300% and (ii) a minimum fixed charge coverage ratio of adjusted EBITDA to the sum of cash interest expense (which amount shall be calculated on an annualized basis for the three-, six-, and nine-month periods ended March 31, 2015, June 30, 2015 and September 30, 2015) plus income tax expense (or less any income tax benefits) plus capital expenditures plus dividends, share repurchases and other restricted payments plus regularly scheduled principal payments of debt for the same period of a least 150% for the most recently ended four quarters.
Percentage of stock pledged			100.00%
Maximum leverage ratio of total outstanding debt to adjusted EBITDA			300.00%
Minimum fixed charge coverage ratio			150.00%
Dividends payable, maximum percentage of net income			50.00%
Senior Secured Credit Facility | Minimum
Debt Instrument [Line Items]
Debt covenant adjusted EBITDA	$ 70,000,000
Senior Secured Credit Facility | Maximum
Debt Instrument [Line Items]
Increase on margins on loans and fees, percentage		2.00%
Debt covenant total leverage ratio	225.00%
Debt covenant outstanding revolving loans	$ 30,000,000
Percentage of assets guaranteed			5.00%
Senior Secured Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Senior Secured Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Senior Secured Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Senior Secured Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Letter of Credit
Debt Instrument [Line Items]
Participation fee payable percentage			0.125%
BMO Term Loan
Debt Instrument [Line Items]
Amount borrowed under credit agreement		$ 40,000,000
Percentage of amortization of principal amount of term loan facility during first two years			5.00%
Percentage of amortization of principal amount of term loan facility during third and fourth year			7.50%
Percentage of amortization of principal amount of term loan facility during fifth year			10.00%
BMO Term Loan | Minimum
Debt Instrument [Line Items]
Increase in size of credit facility		5,000,000
Increase in term loan facility			$ 20,000,000
BMO Term Loan | Maximum
Debt Instrument [Line Items]
Increase in size of credit facility		$ 20,000,000
BMO Senior Secured Term Loans
Debt Instrument [Line Items]
Amount borrowed under credit agreement			$ 107,900,000

Notes Payable and Lines of Cr52

Notes Payable and Lines of Credit - UBS Credit Agreement - Additional Information (Details) - UBS Credit Agreement - USD ($) $ in Millions	Aug. 06, 2014	Sep. 30, 2015
Debt Instrument [Line Items]
Credit facility term	5 years
Aggregate principal amount	$ 57
Debt instrument maturity date		Aug. 6, 2019

Capital Lease Obligations - Add

Capital Lease Obligations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Leases [Abstract]
Expiration of monthly payments on capital lease	Dec. 3, 2016
Capital lease obligation monthly lease payments	$ 206,000

Capital Lease Obligations - Sch

Capital Lease Obligations - Schedule of Capital Lease Obligations for Future Payments Based on Interest Rate Swap Rate (Details) $ in Thousands	Sep. 30, 2015USD ($)
Principal
2,015	$ 397
2,016	2,429
Total	2,826
Interest
2,015	17
2,016	51
Total	68
Payments on Capital Lease
2,015	414
2,016	2,480
Total	$ 2,894

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic net earnings (loss) per share
Net income (loss) available to common shareholders	$ 3,788	$ 16,902	$ (8)	$ 12,807
Weighted average number of common shares outstanding	26,802	16,368	26,006	14,981
Basic net earnings (loss) per share	$ 0.14	$ 1.03	$ 0	$ 0.85
Diluted net earnings (loss) per share
Net income (loss) available to common shareholders	$ 3,788	$ 16,902	$ (8)	$ 12,807
Adjustments to net income (loss) applicable to dilutive shares		(8,760)	(1,385)	(2,257)
Net earnings (loss) attributable to diluted shares	$ 3,788	$ 8,142	$ (8)	$ 10,550
Weighted average number of common shares outstanding	26,802	16,368	26,006	14,981
Dilutive effect of warrants, options, and restricted shares using the treasury stock method	1,138	1,183		1,202
Weighted average number of common and common equivalent shares outstanding	27,940	17,551	26,006	16,183
Diluted net earnings (loss) per share	$ 0.14	$ 0.46	$ 0	$ 0.65

Earnings Per Share - Additional

Earnings Per Share - Additional Information (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
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income (loss) available to common shareholders	$ 3,788	$ 16,902	$ (8)	$ 12,807
Basic net loss per share	$ 0.14	$ 1.03	$ 0	$ 0.85
Diluted net loss per share	$ 0.14	$ 0.46	$ 0	$ 0.65
Common Stock Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average outstanding detachable shares not dilutive			160,295
Contingent Purchase Consideration
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average outstanding detachable shares not dilutive			107,070
Restricted Shares and Stock Options
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average outstanding detachable shares not dilutive			114,634

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)Installmentsshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option vesting installments | Installments		3
Number of stock options awarded		1,366,791
Number of stock options forfeited		129,013
Number of stock options outstanding	1,237,778	1,237,778
Aggregate intrinsic value of options outstanding | $	$ 1,932	$ 1,932
Stock compensation expense | $	2,586	$ 8,791
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award expiration period		10 years
Stock recognized compensation expense associated with these options | $	1,200	$ 1,200
Total unrecognized compensation cost related to unvested stock options | $	2,900	$ 2,900
Weighted average period of recognition for costs not yet recognized		3 years
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock recognized compensation expense associated with these options | $	6,800	$ 6,800
Total unrecognized compensation cost related to unvested stock options | $	$ 5,900	$ 5,900
Weighted average period of recognition for costs not yet recognized		3 years
Restricted shares granted		906,362
Restricted shares forfeited		22,059
Restricted shares vested		310,652
Unvested restricted shares outstanding at end of period	573,651	573,651
Restricted Stock Awards | Directors Officers and Key Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted		906,362
Restricted shares forfeited		22,059
Restricted shares vested		310,652
Unvested restricted shares outstanding at end of period	573,651	573,651
Unvested restricted shares outstanding , total fair value | $		$ 8,300
Restricted Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested stock options | $	$ 2,000	$ 2,000
Weighted average period of recognition for costs not yet recognized		3 years
Restricted shares granted		193,290
Restricted shares forfeited		11,655
Unvested restricted shares outstanding at end of period	181,635	181,635
Unvested restricted shares outstanding , total fair value | $		$ 2,700
Stock compensation expense | $		$ 800

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Significant Assumptions Used in Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted to Employees (Details)	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected dividend yield	0.00%
Risk-free interest rate	0.49%	[1]
Expected volatility	33.02%	[2]
Expected life in years	3 years	[3]
[1]	The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant.
[2]	The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data.
[3]	The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily on our historical data.

Stock - Based Compensation - Sc

Stock - Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Number of Shares
Number of shares , options granted | shares	1,366,791
Number of shares, options cancelled or forfeited | shares	(129,013)
Number of shares, options outstanding, ending balance | shares	1,237,778
Number of shares, options expected to vest at end of period | shares	1,238,000
Weighted Average Exercise Price Per Share
Weighted average exercise price, Granted	$ 14.40
Weighted average exercise price, Canceled or Forfeited	14.33
Weighted average exercise price, Outstanding at end of period	14.39
Weighted average exercise price, Expected to vest	$ 14.39
Weighted Average Remaining Contractual Term (In Years)
Weighted average remaining contractual term of Options Outstanding at end of period	9 years 4 months 24 days
Weighted average remaining contractual term of Options Expected to vest at end of period	9 years 4 months 24 days
Weighted average remaining contractual term of Options Exercisable at end of period	0 years
Aggregate Intrinsic Value
Aggregate intrinsic value of Options outstanding at September 30, 2015 | $	$ 1,932
Aggregate intrinsic value of Options Expected to vest at September 30, 2015 | $	$ 1,932

Stock-Based Compensation - Su60

Stock-Based Compensation - Summary of Grants of Restricted Shares (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock Awards
Number of Shares
Restricted shares granted | shares	906,362
Restricted shares vested | shares	(310,652)
Restricted shares forfeited | shares	(22,059)
Unvested restricted shares outstanding as of September 30, 2015 | shares	573,651
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant-Date Fair Value, Restricted shares granted	$ 14.32
Weighted-Average Grant-Date Fair Value, Restricted shares vested	14
Weighted-Average Grant-Date Fair Value, Restricted shares forfeited	14
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding as of September 30, 2015	$ 14.51
Restricted Stock Unit
Number of Shares
Restricted shares granted | shares	193,290
Restricted shares forfeited | shares	(11,655)
Unvested restricted shares outstanding as of September 30, 2015 | shares	181,635
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant-Date Fair Value, Restricted shares granted	$ 15.02
Weighted-Average Grant-Date Fair Value, Restricted shares forfeited	14.20
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding as of September 30, 2015	$ 15.06

Fair Value Measurement of Fin61

Fair Value Measurement of Financial Liabilities - Summary of Fair Value Measurement of Equity and fixed Income Security Investments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	$ 3,249,000	$ 0
Common and preferred stocks
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	388,000
Corporate notes and bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	2,861,000
Quoted Prices in Active Markets for Identical Securities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	3,249,000
Quoted Prices in Active Markets for Identical Securities (Level 1) | Common and preferred stocks
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	388,000
Quoted Prices in Active Markets for Identical Securities (Level 1) | Corporate notes and bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	$ 2,861,000

Fair Value Measurement of Fin62

Fair Value Measurement of Financial Liabilities - Additional Information (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Equity and fixed income security investments	$ 3,249,000	$ 0

Fair Value Measurement of Fin63

Fair Value Measurement of Financial Assets and Liabilities - Summary of Fair Value Measurement of Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout payable on acquisitions	$ 12,062
Deferred purchase consideration	16,831
Warrant redemption liability		$ 12,879
Total	28,893	12,879
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout payable on acquisitions	12,062
Deferred purchase consideration	16,831
Warrant redemption liability		12,879
Total	$ 28,893	$ 12,879

Fair Value Measurement of Fin64

Fair Value Measurement of Financial Assets and Liabilities - Summary of Reconciliation of the Fair Value of Financial Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	$ 12,879
Record present value earnout payable on acquisitions	19,163
Earnout payments made	(7,101)
Record deferred purchase consideration on acquisitions	16,831
Exercise of warrants	(9,995)
Decrease in fair value of common stock and warrant redemption liability	(1,385)
Contribute remaining liability balance due to equity warrants	(1,499)
Fair value, ending balance	28,893
Earnout Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Record present value earnout payable on acquisitions	19,163
Earnout payments made	(7,101)
Fair value, ending balance	12,062
Deferred Purchase Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Record deferred purchase consideration on acquisitions	16,831
Fair value, ending balance	16,831
Warrant Redemption Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	12,879
Exercise of warrants	(9,995)
Decrease in fair value of common stock and warrant redemption liability	(1,385)
Contribute remaining liability balance due to equity warrants	$ (1,499)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 17, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jul. 20, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Fee income from related party			$ 23,773	$ 15,803	$ 68,852	$ 24,589
Fee income receivable from related party			22,141		22,141			$ 11,988
Global HR Research LLC
Related Party Transaction [Line Items]
Percentage of equity interests owned							75.50%
Shanfelter | In Touch Holdings L L C
Related Party Transaction [Line Items]
Percentage of equity interests owned							84.00%
Entities controlled by Mr. Mariano
Related Party Transaction [Line Items]
Fee income receivable from related party			200		200
Mr. Mariano | Vikaran Solutions, LLC; April 17, 2015
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage		45.00%
Proceeds from sale of acquisition		$ 3,800
Guarantee Insurance
Related Party Transaction [Line Items]
Fee income from related party			23,800	$ 15,800	68,900	$ 24,600
Fee income receivable from related party			$ 22,100		$ 22,100			$ 12,000
MPCS
Related Party Transaction [Line Items]
Percentage of ownership interest by subsidiary	100.00%
Purchase consideration on acquisition of business	$ 1,500
MPCS | Subsidiary Issuer
Related Party Transaction [Line Items]
Percentage of ownership interest granted to subsidiary company			51.10%		51.10%
MPCS | Steven M Mariano
Related Party Transaction [Line Items]
Amount paid to beneficial owner on purchase of interest			$ 700
Remaining amount paid to beneficial owner on purchase of interest, upon approval					$ 700
MPCS | Sandeep Mehta
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage							49.99%
MPCS | Steven J. Pazol
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage							49.99%
MPCS | Satyapal Mehta
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage							0.02%

Concentration - Additional Info

Concentration - Additional Information (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fee income | Second Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.00%	10.00%	8.00%	22.00%
Fee income | Third Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage		7.00%
Fee income receivable | Second Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage			2.00%		8.00%
Fee income receivable | Third Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage			1.00%		2.00%
Guarantee Insurance | Fee income | Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage	66.00%	76.00%	72.00%	66.00%
Guarantee Insurance | Fee income receivable | Largest Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage			62.00%		86.00%

Warrant Redemption Liability -

Warrant Redemption Liability - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Jan. 22, 2015	Dec. 31, 2014	Aug. 06, 2014	Nov. 27, 2013
Class Of Warrant Or Right [Line Items]
Warrant redemption liability			$ 12,879,000
Warrants outstanding, value			(5,667,000)
Common Stock | Previous Lenders
Class Of Warrant Or Right [Line Items]
Warrant redemption liability	$ 0
Warrant exercised detachable common stock		965,700
Warrant issued detachable common stock		1,110,555
Exercise price of warrants		$ 2.67
Remaining detachable common stock warrants		144,855
Warrants expiration date	Nov. 27, 2023
Common Stock | New Lenders
Class Of Warrant Or Right [Line Items]
Warrant issued detachable common stock					626,295
Exercise price of warrants					$ 2.67
Warrants expiration date	Nov. 27, 2023
Warrants outstanding, value			7,300,000
Common Stock | Additional Tranche
Class Of Warrant Or Right [Line Items]
Warrant issued detachable common stock				484,260
Exercise price of warrants				$ 2.67
Warrants expiration date	Nov. 27, 2023
Warrants outstanding, value			$ 5,600,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	44.00%
Deferred Tax Assets, Gross	$ 10,900,000
Unrecognized tax benefits	0	$ 0
Uncertain tax positions	$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	Oct. 29, 2015	Oct. 05, 2015	Sep. 30, 2015
Subsequent Event [Line Items]
Issuance of common stock			$ 97,831
Subsequent Event | Proposed Public Offering
Subsequent Event [Line Items]
Issuance of common stock		$ 80,000
Subsequent Event | Facilitation Agreement
Subsequent Event [Line Items]
Trigen provide upfront payment to Carman	$ 2,000