Patriot National 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 13, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		26,831,182

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash	$ 11,774,000	$ 8,372,000
Equity and fixed income security investments	48,826,000	31,293,000
Total cash and investments	11,774,000	11,545,000
Restricted cash	19,786,000	16,055,000
Fee income receivable	9,877,000	8,159,000
Fee income receivable from related party	20,618,000	27,036,000
Net receivable from related parties	414,000	499,000
Other current assets	2,761,000	2,046,000
Total current assets	65,230,000	65,340,000
Fixed assets, net	5,224,000	5,092,000
Goodwill	122,465,000	118,141,000
Intangible assets	82,374,000	75,681,000
Forward purchase asset	48,826,000	28,120,000
Advance on facilitation agreement	2,000,000	2,000,000
Other long term assets	11,329,000	11,428,000
Total Assets	337,448,000	305,802,000
Liabilities
Deferred claims administration services income	9,608,000	10,639,000
Net advanced claims reimbursements	3,014,000	1,835,000
Income taxes payable	2,323,000	2,996,000
Current earn-out payable	8,082,000	10,556,000
Accounts payable, accrued expenses and other liabilities	36,961,000	32,809,000
Deferred purchase consideration	1,672,000	6,128,000
Revolver borrowings outstanding	29,932,000	18,032,000
Current portion of notes payable	5,500,000	5,500,000
Current portion of capital lease obligation	1,632,000	2,232,000
Total current liabilities	98,724,000	90,727,000
Earn-out payable	6,837,000	1,827,000
Notes payable, net of deferred loan fees	97,370,000	98,648,000
Warrant redemption liability	48,826,000	28,120,000
Total Liabilities	$ 251,757,000	$ 219,322,000
Equity
Preferred stock, $.001 par value; 100,000 shares authorized, no shares issued and outstanding as of March 31, 2016 and December 31, 2015
Common stock, $.001 par value; 1,000,000 shares authorized, 28,207 issued and 27,215 outstanding as of March 31, 2016 and 28,105 issued and outstanding as of December 31, 2015	$ 21,000	$ 21,000
Treasury stock	(5,651,000)
Additional paid in capital	121,423,000	119,999,000
Accumulated deficit	(29,904,000)	(33,305,000)
Total Patriot National, Inc. Stockholders' Equity	85,889,000	86,715,000
Less Non-controlling interest	(198,000)	(235,000)
Total Equity	85,691,000	86,480,000
Total Liabilities and Equity	337,448,000	305,802,000
Quoted Prices in Active Markets for Identical Securities (Level 1)
Current Assets
Equity and fixed income security investments	$ 0	$ 3,173,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	28,207,000	28,105,000
Common Stock, outstanding	27,215,000	28,105,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues
Fee income		$ 40,417	$ 18,369
Fee income from related party		24,450	24,623
Total fee income and fee income from related party		64,867	42,992
Net investment income		35	1
Net realized losses on investments		(295)
Total Revenues		64,607	42,993
Expenses
Salaries and related expenses		23,640	14,468
Commission expense		13,136	8,889
Outsourced services		3,570	2,462
Other operating expenses		9,797	6,331
Acquisition costs		614	604
Interest expense		1,412	1,258
Depreciation and amortization		4,717	2,303
Stock compensation expense		1,424	2,535
Decrease in fair value of warrant redemption liability			(1,385)
Costs related to extinguishment of debt	[1]		13,681
Total Expenses		58,310	51,146
Net Income (Loss) before income tax expense		6,297	(8,153)
Income tax expense (benefit)		2,859	(3,352)
Net Income (Loss) Including Non-Controlling Interest in Subsidiary		3,438	(4,801)
Net Income attributable to non-controlling interest in subsidiary		37	15
Net Income (Loss)		$ 3,401	$ (4,816)
Earnings Per Common Share
Basic		$ 0.12	$ (0.19)
Diluted		$ 0.12	$ (0.19)
Weighted Average Common Shares Outstanding
Basic		27,407	25,163
Diluted		28,037	25,163
[1]	Costs related to extinguishment of debt 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	3 Months Ended
	Mar. 31, 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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net Income (Loss)	$ 3,438	$ (4,801)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	4,717	2,303
Amortization of loan costs in interest expense	152	85
Decrease in fair value of warrant redemption liability		(1,385)
Stock compensation expense	1,424	2,535
Write-off of deferred financing and original issue discounts		9,342
Net realized losses (gains) on investments	295
Provision for uncollectible fee income	146	150
Changes in certain assets and liabilities:
Fee income receivable	(383)	(521)
Fee income receivable from related party	6,418	(1,752)
Other current assets	(721)	(592)
Net payable to related parties	85	1,747
Deferred claims administration services income	(1,031)	(210)
Net advanced claims reimbursements	1,179	625
Income taxes payable	(673)	(14,948)
Accounts payable and accrued expenses	3,608	8,359
Net Cash Provided by Operating Activities	18,654	937
Investment Activities:
Net increase in restricted cash	(3,731)	(4,854)
Purchase of equity securities	(300)
Proceeds from sale of equity securities	3,178
Purchase of fixed assets and other long-term assets	(1,224)	(1,429)
Acquisitions, net of $28 and $73 cash acquired in 2016 and 2015, respectively	(7,873)	(6,681)
Net Cash Used in Investment Activities	(9,950)	(12,964)
Financing Activities:
Proceeds from initial public offering, net		98,275
Proceeds from senior secured term loans, net of fees		38,891
Repayment of senior secured term loans	(1,375)
Payment of loan fees	(49)
Payment of costs for initial public offering		(2,479)
Revolver facility borrowings	11,900	4,750
Payment of acquisition earn-outs	(9,527)
Repurchase of common stock	(5,651)
Repayment of note payable		(119,573)
Repayment of capital lease obligation	(600)	(783)
Net Cash (Used in) Provided by Financing Activities	(5,302)	19,081
Increase in cash	3,402	7,054
Cash, beginning of period	8,372	4,251
Cash, end of period	11,774	11,305
Supplemental Cash Flow Data
Interest Paid	1,235	1,155
Income Taxes Paid	$ 3,532	$ 11,596

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Cash Flows [Abstract]
Cash acquired for acquisition	$ 28	$ 73

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (Deficit) (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid In Capital	Accumulated Deficit	Non-Controlling Interest
Balance at Dec. 31, 2015	$ 86,480	$ 21		$ 119,999	$ (33,305)	$ (235)
Balance (in Shares) at Dec. 31, 2015		28,105,000
Repurchase of common stock	$ (5,651)		$ (5,651)
Repurchase of common stock, shares	(992,182)	(992,000)
Non-cash stock compensation	$ 1,424			1,424
Restricted stock awards issued, net of forfeitures, shares		102,000
Balance before Net Income	82,253	$ 21	(5,651)	121,423	(33,305)	(235)
Balance before Net Income, shares		27,215,000
Net Income	3,438				3,401	37
Balance at Mar. 31, 2016	$ 85,691	$ 21	$ (5,651)	$ 121,423	$ (29,904)	$ (198)
Balance (in Shares) at Mar. 31, 2016		27,215,000

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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 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 support for complex business and regulatory processes. We principally offer 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. 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 consolidated financial statements for the three month period ended March 31, 2015. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2015 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 consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015. In the preparation of our unaudited consolidated financial statements as of March 31, 2016, 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 the Company’s two consolidated subsidiaries, Contego Services Group, LLC (“Contego Services Group”) that is 97% owned, and DecisionUR, LLC (“DecisionUR”) that is 98.8% owned, the third party equity interests are referred to as non-controlling interests. The portion of the third party members’ equity (deficit) of Contego Services Group and DecisionUR are presented as non-controlling interests in the accompanying consolidated balance sheets as of March 30, 2016 and consolidated balance sheet as of December 31, 2015. 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	3 Months Ended
	Mar. 31, 2016
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 March 2016, the Financial Accounting Standards Board (“FASB”) Compensation – Stock Compensation In February 2016, the FASB issued ASU 2016-02, intended to improve financial reporting about leasing transactions. ASU 2016-02 affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. ASU 2016-02 will require organizations that lease assets—referred to as “lessees”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP—which requires only capital leases to be recognized on the balance sheet—ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, ASU 2016-02 will take effect for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all organizations. The company is currently reviewing the impact that implementing this guidance will have. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated standard is effective for us beginning on January 1, 2017 with early application permitted as of the beginning of any interim or annual reporting period. We adopted the new guidance in 2016, which did not have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, an update to ASC Business Combinations We adopted the new guidance in 2016, which did not have a material impact on our consolidated financial statements. 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

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Business Combinations	3. Business Combinations Effective January 28, 2016, the Company acquired substantially all of the assets of Mid Atlantic Insurance Services, Inc. for approximately $15.7 million. The total purchase price was comprised of the following consideration (in thousands): Name and Effective Date of Acquisition (In thousands): Cash Paid Stock Issued Accrued Liability Recorded Earnout Payable Maximum Potential Earnout Payable Total Recorded Purchase Price Mid Atlantic Insurance Services, Inc (January 28, 2016) $ 7,901 $ — $ 926 $ 7,750 $ 8,500 $ 15,651 The “maximum potential earnout payable” 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 payable” disclosed in the foregoing table are primarily based upon the estimated future operating results of the acquired entities over a five-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 the fair value of these estimated earnout obligations 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 as of March 31, 2016 was $17.5 million, of which $14.9 million was recorded in our consolidated balance sheet as of March 31, 2016, based on the aggregate estimated fair value of the expected future payments to be made. In addition, the aggregate amount of deferred purchase consideration recorded on our balance sheet as of March 31, 2016 was $1.7 million. The preliminary estimated fair value of the net assets of MidAtlantic Insurance Services, inc. acquired at the date of acquisition is as follows: In thousands Total Assets Acquired: Cash $ 28 Accounts receivable 1,481 Fixed assets 50 Goodwill 4,893 Intangible assets: Customer & carrier relationships 9,205 Non-compete agreements 120 Trade name portfolio 800 Total intangible assets 10,125 Total assets acquired 16,577 Liabilities assumed 926 Total net assets acquired $ 15,651 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 acquisitions through March 31, 2016. 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 three-month periods ended March 31, 2016 and 2015, no impairments were required. Our consolidated financial statements for the three months ended March 31, 2016 include the operations of Mid Atlantic, the acquired entity, from its respective acquisition date, totaling $1.0 million of revenues and $0.1 million of net loss. The following is a summary of the unaudited pro forma historical results, as if this entity and the entities acquired in 2015 had been acquired at January 1, 2015 (in thousands, except per share data): Three Months Ended March 31, In thousands (except per share data) 2016 2015 Total revenues 65,142 58,752 Net (loss) income 3,403 (4,216 ) Basic net (loss) income per share $ 0.12 $ (0.17 ) Diluted net (loss) income per share $ 0.12 $ (0.17 ) 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, 2015. 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	3 Months Ended
	Mar. 31, 2016
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 December 31, 2015 the fair value of our investments was $3.2 million. There were no investments held as of March 31, 2016.

Fixed Assets And Other Long Ter

Fixed Assets And Other Long Term Assets	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015, our major classes of fixed assets consisted of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) Fixed Assets Computer equipment, software and furniture and fixtures $ 8,634 $ 8,124 Building 1,428 1,428 Leasehold improvements 3,786 3,733 Total fixed assets 13,848 13,285 Less accumulated depreciation and amortization (8,624 ) (8,193 ) Fixed assets, net of accumulated depreciation and amortization $ 5,224 $ 5,092 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 March 31, 2016 and December 31, 2015, other long term assets consisted of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) Other long term assets Capitalized policy and claims administration system development costs $ 18,445 $ 17,712 Less accumulated depreciation (7,116 ) (6,284 ) Other long term assets, net of accumulated depreciation $ 11,329 $ 11,428 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016. The Company acquired $4.9 million of goodwill during the three-month period ended March 31, 2016 as a result of the acquisition discussed in Note 3, Business Combinations In thousands Balance as of December 31, 2015 $ 118,141 Goodwill acquired 4,893 Acquisition adjustments (569 ) Balance as of March 31, 2016 $ 122,465 Intangible Assets Intangible assets that have finite lives are amortized over their useful lives. The company acquired $10.1 million of intangible assets during the three-month period ended March 31, 2016 as a result of the acquisition discussed in Note 3, Business Combinations March 31, 2016 December 31, 2015 In thousands Gross Asset Accumulated Amortization Net Asset Gross Asset Accumulated Amortization Net Asset (Unaudited) Intangible Assets Service contracts $ 35,120 $ (7,303 ) $ 27,817 $ 35,120 $ (6,204 ) $ 28,916 Customer and carrier relationships 40,243 (2,887 ) 37,356 31,039 (1,947 ) 29,092 Non-compete agreements 4,859 (2,108 ) 2,751 4,739 (1,505 ) 3,234 Developed technology 13,268 (2,308 ) 10,960 13,268 (1,647 ) 11,621 Trade names 3,829 (339 ) 3,490 3,029 (211 ) 2,818 Total $ 97,319 $ (14,945 ) $ 82,374 $ 87,195 $ (11,514 ) $ 75,681 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 March 31, 2016 Amortization expense (Unaudited) 2016 (remaining nine months) $ 10,547 2017 12,554 2018 11,629 2019 11,629 2020 9,985 Thereafter 26,030 Total $ 82,374

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	7. Notes Payable and Lines of Credit As of March 31, 2016 and December 31, 2015, notes payable were comprised of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) BMO Senior Secured Term Loans $ 105,125 $ 106,500 Less current portion of notes payable (5,500 ) (5,500 ) Less deferred loan fees (2,255 ) (2,352 ) Notes Payable $ 97,370 $ 98,648 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 an 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. On December 23, 2015 we entered into a third amendment, which permits Patriot to exercise the provisions of the Rescission and Exchange Agreement for the private placement of company stock and warrants, and related Back-to-Back Agreement with the selling shareholder, as described in Note 12, Related Party Transactions. On March 3, 2016, we entered into a fourth amendment, which permits Patriot to repurchase shares of its outstanding common stock pursuant to certain volume and timing limitations. All other material terms and conditions in the Senior Secured Credit Facility were unchanged by the amendments. As of March 31, 2016, the outstanding balance under our Senior Secured Credit Facility was $135.0 million (comprised of $105.1 million outstanding under the term loan facility and $29.9 million outstanding under the revolving credit facility). Accordingly, we had $10.1 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 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 March 31, 2016, we were in compliance with the financial and other restrictive covenants under our outstanding material debt obligations, including our Senior Secured Credit Facility.

Capital Lease Obligations

Capital Lease Obligations	3 Months Ended
	Mar. 31, 2016
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 $0.2 million as of March 31, 2016. 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 March 31, 2016, based on the interest rate swap rate in effect on that date, are as follows: In thousands Principal Interest Total 2016 1,632 30 1,662

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, In thousands (except earnings per share) 2016 2015 Basic net earnings (loss) per share Net income (loss) available to common shareholders $ 3,401 $ (4,816 ) Weighted average number of common shares outstanding 27,407 25,163 Basic net earnings (loss) per share $ 0.12 $ (0.19 ) Diluted net earnings (loss) per share Net income (loss) available to common shareholders $ 3,401 $ (4,816 ) Adjustments to net income (loss) applicable to dilutive shares — — Net earnings (loss) attributable to diluted shares $ 3,401 $ (4,816 ) Weighted average number of common shares outstanding 27,407 25,163 Dilutive effect of warrants, options, and restricted shares using the treasury stock method 630 — Weighted average number of common and common equivalent shares outstanding 28,037 25,163 Diluted net earnings (loss) per share $ 0.12 $ (0.19 ) For the three months ended March 31, 2016 there were 1.2 million weighted average stock options and 0.2 million weighted average restricted shares that were not dilutive. Additionally, there was no impact from the Series B warrants to basic or diluted earnings per share for the three months ended March 31, 2016. Effective on April 7, 2016 the Series B warrants were fixed at 4.9 million shares. The Series B warrants will be included in the computation of both basic and diluted earnings per share from April 7, 2016 until the warrant shares are settled in accordance with ASC 260. The Series A warrant shares are included in diluted earnings per share using the treasury stock method for the three months ended March 31, 2016. Due to the net loss of $4.8 million reported for the three months ended March 31, 2015, weighted average outstanding detachable common stock warrants representing 229,267 shares of common stock and restricted shares representing 46,372 shares of common stock were not dilutive. As a result, basic and diluted earnings per share both reflect a net loss of $0.19 per share for the three months then ended.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016, 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 Three Months Ended March 31, In thousands 2016 2015 Expected dividend yield 0 % 0 % Risk-free interest rate (1) 0.49 % 0.49 % Expected volatility (2) 33.02 % 33.02 % Expected life in years (3) 3.0 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 three months ended March 31, 2016 intrinsic value of these options was $0 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, 2015 1,205 $ 14.41 9.2 $ — Options granted 68 $ 6.45 9.8 $ — Options exercised — $ — Options cancelled or forfeited (97 ) $ 14.37 Options outstanding at March 31, 2016 1,176 $ 13.92 8.9 $ — Options expected to vest at March 31, 2016 839 $ 14.00 8.9 $ — Options exercisable at March 31, 2016 337 $ 13.71 8.8 $ — For the three months ended March 31, 2016 , we recognized $0.3 million of stock compensation expense associated with these options, and there was $1.6 million of total unrecognized stock compensation cost related to unvested stock options that is expected to be recognized over a period of approximately 2.4 years. Restricted Stock Awards In the three months ended March 31, 2016, we issued 101,352 restricted shares as incentive compensation for officers, directors, and certain key employees, 32,707 restricted shares were forfeited and 64,415 were settled leaving 558,445 remaining restricted shares outstanding as of March 31, 2016. The fair value of outstanding restricted shares at March 31, 2016 was $4.3 million. Grants of restricted shares for the three months ended March 31, 2016 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, 2015 554 $ 14.63 Restricted shares granted 101 $ 6.16 Restricted shares vested (64 ) $ 14.00 Restricted shares forfeited (33 ) $ 14.47 Unvested restricted shares outstanding as of March 31, 2016 558 $ 12.98 As of March 31, 2016, we recognized $0.9 million of stock compensation expense associated with these restricted shares, and there was $3.2 million of total unrecognized stock compensation cost related to unvested restricted stock to be recognized over a period of approximately 2.4 years. Restricted Stock Units During the three months ended March 31, 2016, we issued 9,240 restricted stock units, 12,108 were forfeited, 34,206 vested, resulting in 131,856 restricted stock units outstanding as of March 31, 2016. The fair value of these awards at March 31, 2016 was $1.0 million. During the three months ended March 31, 2016, we recognized $0.2 million of stock compensation expense associated with these restricted stock units. Unrecognized stock compensation expense associated with RSUs is $1.0 million and will be recognized over the remaining contractual lives of these awards, approximately 2.1 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, 2015 169 $ 15.03 Restricted stock units granted 9 $ 5.86 Restricted stock units vested (34 ) $ 14.17 Restricted stock units forfeited (12 ) $ 15.12 Unvested restricted stock units outstanding as of March 31, 2016 132 $ 14.60

Fair Value Measurement of Finan

Fair Value Measurement of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
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 and forward purchase assets for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of March 31, 2016: Fair Value Measurement, Using March 31, 2016 (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 $ — $ — $ — $ — Corporate notes and bonds — — — — Forward purchase asset — — 48,826 48,826 Total $ — $ — $ 48,826 $ 48,826 Fair Value Measurement, Using December 31, 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 $ 384 $ — $ — $ 384 Corporate notes and bonds 2,789 — — 2,789 Forward purchase asset — — 28,120 28,120 Total $ 3,173 $ — $ 28,120 $ 31,293 The following is a reconciliation of the fair value of the Company’s financial assets that were measured using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2016 (in thousands) Forward Purchase Asset Total Fair value, January 1, 2016 $ 28,120 $ 28,120 Increase in fair value of forward purchase asset 20,706 20,706 Fair Value, March 31, 2016 $ 48,826 $ 48,826 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 March 31, 2016 and December 31, 2015: Fair Value Measurement, Using March 31, 2016 (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 $ — $ — $ 14,919 $ 14,919 Deferred purchase consideration — — 1,672 1,672 Warrant redemption liability — — 48,826 48,826 Total $ — $ — $ 65,417 $ 65,417 Fair Value Measurement, Using December 31, 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 $ — $ — $ 12,383 $ 12,383 Deferred purchase consideration — — 6,128 6,128 Warrant redemption liability — — 28,120 28,120 Total $ — $ — $ 46,631 $ 46,631 The following is a reconciliation of the fair value of the Company’s financial liabilities that were measured using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2016 (in thousands) Earnout Payable Deferred Purchase Consideration Warrant Redemption Liability Total Fair value, January 1, 2016 $ 12,383 $ 6,128 $ 28,120 $ 46,631 Record present value earnout payable on acquisitions 7,750 — — 7,750 Earnout payments made (5,214 ) — — (5,214 ) Deferred purchase payments made — (4,350 ) — (4,350 ) Acquisition adjustment to purchase price — (150 ) — (150 ) Amortize present value discount on deferred purchase consideration — 44 — 44 Increase in fair value of warrant redemption liability — — 20,706 20,706 Fair Value, March 31, 2016 $ 14,919 $ 1,672 $ 48,826 $ 65,417

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Relationship and Transactions with Guarantee Insurance Group and Guarantee Insurance As of May 11, 2016 Steven M. Mariano, our founder, Chief Executive Officer and Chairman, beneficially owned 54.5% of the outstanding shares of our common stock and substantially all of the outstanding equity of Guarantee Insurance Group. As a result, our transactions with Guarantee Insurance Group and its subsidiaries, including Guarantee Insurance and GUI, are related party transactions. Service Fees Received from Guarantee Insurance We provide brokerage and policyholder services and claims administration services to Guarantee Insurance pursuant to the Services Agreements and the Program Administrator Agreement. We have been providing a full range of brokerage and policyholder services to Guarantee Insurance pursuant to the Program Administrator Agreement since August 6, 2014. Pursuant to the Services Agreements, we provide our services in connection with claims arising out of insurance policies held or underwritten by Guarantee Insurance. The Services Agreements have various terms and expiration dates ranging from 2018 to 2022, unless otherwise extended or earlier terminated as provided therein. The fees we receive are based, depending on the service provided, upon a percentage of reference premium, flat monthly fees, hourly fees or the savings we achieve, among others. Pursuant to Program Administrator Agreement, we act as Guarantee Insurance’s exclusive general agent for the purpose of underwriting, issuing and delivering insurance contracts in connection with Guarantee Insurance’s workers’ compensation insurance program. The agreement with Guarantee Insurance remains in effect until terminated by either party upon 180 days’ prior written notice to the other party for cause. Guarantee Insurance may also terminate the agreement, in whole or in part, immediately upon written notice to us in the event of our insolvency or bankruptcy, systematic risk-binding that is not in compliance with the applicable underwriting guidelines or procedures and the occurrence of certain other events. The fees we receive are based upon premiums written for each account bound with Guarantee Insurance. A portion of the fees that we receive from Guarantee Insurance pursuant to the Services Agreements and the Program Administrator Agreement are for Guarantee Insurance’s account (which we recognize as “fee income from related party”) and a portion of the fees are for the account of reinsurance captive entities to which Guarantee Insurance has ceded a portion of its written risk (which we recognize as “fee income”). See “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Principal Components of Financial Statements—Revenue.” As a result, a substantial portion of fee income we recognize from non-related parties is nevertheless derived from our relationship with Guarantee Insurance. For the three months ended March 31, 2016, we recognized $40.0 million in total fee income and fee income from related party derived from our contracts and relationships with Guarantee Insurance, and our fee income from related party was $24.5 million. Our total fee income and fee income from related party pursuant to contracts with Guarantee Insurance and our fee income from related party constituted 62% and 38%, respectively, of our total fee income and fee income from related party for the three months ended March 31, 2016. Our prices by customer for our brokerage and policyholder services and claims administration services were unchanged for the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and 2015 was $24.5 million and $24.6 million, respectively. Fee income receivable from related party was $20.6 million as of March 31, 2016 and $27.0 million as of December 31, 2015. During the three months ended March 31, 2016, Patriot completed and amended agreements between its operating subsidiaries and Guarantee Insurance Company in the normal course of business. These include an agreement and subsequent amendments to the agreement effective January 1, 2016 between Guarantee and Patriot Underwriters regarding rates for agent commission expense. Additionally, Patriot National, Inc. executed an agreement on January 15, 2016 with Guarantee Insurance Group for legal advisory services, for which Patriot received fees of $0.8 million. Loan Arrangements and Receivable from Affiliates As of March 31, 2016, we had a net receivable from related parties of $0.4 million due from entities controlled by Mr. Mariano, our founder, Chairman, President and Chief Executive Officer. As of December 31, 2015, we had a net receivable from related parties amount of approximately $0.5 million due from entities controlled by Mr. Mariano. In addition, on December 23, 2015, we and Steven M. Mariano amended the Stock Back-to-Back Agreement, pursuant to which, upon the exercise of the New Warrants, we would purchase a number of shares of our common stock owned by Steven M. Mariano equal to 100% of the shares to be issued in connection with the exercise by the PIPE investors of the New Warrants. See Item 7, “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Recent Events.” Statement of Policy Regarding Transactions with Related Persons Our board of directors has adopted a written Related Person Transaction Policy to assist it in reviewing, approving and ratifying transactions with related persons and to assist us in the preparation of related disclosures required by the SEC. This Related Person Transaction Policy supplements our other policies that may apply to transactions with related persons, such as the Corporate Governance Guidelines of our board of directors and our Code of Business Conduct and Ethics. The Related Person Transaction Policy provides that all transactions with related persons covered by the policy must be reviewed and approved and ratified by the Audit Committee or disinterested members of the board of directors and that any employment relationship or transaction involving an executive officer and any related compensation must be approved or recommended for the approval of the board of directors by the Compensation Committee. In reviewing transactions with related persons, the Audit Committee or disinterested members of the board of directors will consider all relevant facts and circumstances, including, without limitation: — the nature of the related person’s interest in the transaction; — the material terms of the transaction; — the importance of the transaction both to the Company and to the related person; — whether the transaction would likely impair the judgment of a director or executive officer to act in the best interest of the Company; — whether the value and the terms of the transaction are substantially similar as compared to those of similar transactions previously entered into by the Company with non-related persons, if any; and — any other matters that management or the Audit Committee or disinterested directors, as applicable, deem appropriate. The Audit Committee or disinterested members of the board of directors, as applicable, will not approve or ratify any related person transaction unless it shall have determined in good faith that, upon consideration of all relevant information, the related person transaction is in, or is not inconsistent with, the best interests of the Company. The Audit Committee or the disinterested members of the board of directors, as applicable, may also conclude, upon review of all relevant information, that the transaction does not constitute a related person transaction and thus that no further review is required under this policy. Generally, the Related Person Transaction Policy applies to any current or proposed transaction in which: — the Company was or is to be a participant; — the amount involved exceeds $120,000; and any related person (i.e., a director, director nominee, executive officer, greater than 5% beneficial owner and any immediate family member of such person) had or will have a direct or indirect material interest.

Concentration

Concentration	3 Months Ended
	Mar. 31, 2016
Risks And Uncertainties [Abstract]
Concentration	13. Concentration For the three months ended March 31, 2016, approximately 62% 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 5% was attributable to contracts with the Company’s second largest customer. For the three months ended March 31, 2015, approximately 83% of total combined fee income and fee income from related revenues was attributable to contracts with Guarantee Insurance, and approximately 10% were attributable to contracts with the Company’s second largest customer. As of March 31, 2016, approximately 68% of combined fee income receivable and fee income receivable from related party was attributable to contracts with Guarantee Insurance and approximately 2% of combined fee income receivable and fee income receivable from related party were attributable to contracts with the Company’s second largest customer. As of December 31, 2015, approximately 77% of combined fee income receivable and fee income receivable from related party was attributable to contracts with Guarantee Insurance and approximately 3% of combined fee income receivable and fee income receivable from related party was attributable to contracts with the Company’s second largest customer. 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	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. 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	3 Months Ended
	Mar. 31, 2016
Warrants And Rights Note Disclosure [Abstract]
Warrant Redemption Liability	15. Warrant Redemption Liability The estimated fair value of the redeemable warrants is reflected as warrant redemption liability in the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, and the change in the liability is reflected as an increase (decrease) in fair value of warrant redemption liability in the accompanying consolidated statements of operations. In estimating the value of the redeemable warrants and common stock, giving consideration to all valuation approaches and methods in its analysis and ultimately relying on a variety of established appraisal methods and techniques, applying a Monte Carlo simulation of estimated value, the guideline public company method in combination with the discounted future returns method and, as appropriate, the option pricing model using Black Scholes. Various valuation indications are weighted using the Probability-Weighted Expected Return Method (PWERM) in accordance with the AICPA’s Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation As of March 31, 2016, the estimated fair value of Series A and Series B warrant redemption liabilities was $48.8 million. We estimated the fair value of New Series A Warrants as of March 31, 2016. The payoff structure of New Series A Warrants can be replicated by purchasing (i) 0.15 units of Common Stock and (ii) 0.85 units of call option on Common Stock at an adjusted strike price (dollar strike price divided by 85%). The value of call option was estimated using Black Scholes. The estimated fair value of the New Series B Warrants was determined as the closing share price at March 31, 2016 less the exercise price of $0.01. On December 13, 2015 we entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Steven M. Mariano, our President and Chief Executive Officer, and the PIPE investors pursuant to which the PIPE investors purchased (i) 2,500,000 shares of our common stock from Steven M. Mariano, for an aggregate purchase price of approximately $30 million, and (ii) 666,666 shares of our common stock, warrants to purchase up to an aggregate of 2,083,333 shares of our common stock (the “Old Series A Warrants”) and prepaid warrants for 1,000,000 shares of our common stock (the “Old Series B Warrants” and, together with the Old Series A Warrants, the “Old Warrants”), for an aggregate purchase price of approximately $20 million. In addition, we entered into an agreement (the “Stock Back-to-Back Agreement”) with Steven M. Mariano, pursuant to which, upon the exercise of the Old Warrants, we would purchase a number of shares of our common stock owned by Steven M. Mariano equal to 60% of the shares to be issued in connection with the exercise by the PIPE investors of the Old Warrants. On December 23, 2015 we entered into several rescission and exchange agreements (collectively, the “Exchange Agreement”) with Steven M. Mariano and the PIPE investors pursuant to which (i) we and the PIPE investors rescinded the sale and purchase of 666,666 shares of our common stock and prepaid warrants for 1,000,000 shares of our common stock and (ii) we exchanged the Old Series A Warrant for new warrants to purchase up to an aggregate of 3,250,000 shares of our common stock (the “New Series A Warrants”), and the Old Series B Warrant for new prepaid warrants to purchase a number of shares that the holder could purchase at a price equal to 90% of the lowest 10-day volume-weighted average stock price during the period commencing on February 1, 2016 through and including the Adjustment Time (as defined in the New Series B Warrants, which we expect to end at 9:00 A.M. on the tenth trading day after the filing of this Annual Report on Form 10-K) less the number of shares such holder purchased, in each case subject to adjustments and limitations pursuant to their terms. Based on the 10-day volume-weighted average stock price during the period commencing on February 1, 2016 through March 17, 2016 of $4.51, we estimate that 4,889,165 shares of our common stock would be issuable upon exercise of the New Series B Warrants. In addition, we and Steven M. Mariano amended the Stock Back-to-Back Agreement, pursuant to which, upon the exercise of the New Warrants, we would purchase a number of shares of our common stock owned by Steven M. Mariano equal to 100% of the shares to be issued in connection with the exercise by the PIPE investors of the New Warrants, resulting in no dilution for our existing shareholders. The New Series A Warrants are exercisable at an exercise price of the lesser of (i) $10.00 and (ii) 85% of the market price of the shares (as defined in the New Warrants), from July 1, 2016 to December 31, 2020. The New Series B Warrants are exercisable at an exercise price of $0.01 from December 16, 2015 to December 31, 2020. The exercise price of the New Warrants is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. In addition, On

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	16. 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. The effective tax rate is based on forecasted annual pre-tax income, permanent differences and statutory tax rates. For the three months ended March 31, 2016, the effective income tax rate was 45%. The main driver of the difference in the effective tax rate from the statutory rate is the increase in valuation allowance for acquired deferred tax assets. 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 March 31, 2016 was $12.1 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 March 31, 2016. At March 31, 2016 and December 31, 2015, the Company had no unrecognized tax benefits and no amounts recorded for uncertain tax positions.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On March 3, 2016, the Board of Directors approved a $15 million stock repurchase program. Under the new Repurchase Program, the Company may repurchase up to a maximum of $15 million of its common stock. Pursuant to the Fourth Amendment to the BMO Credit Facility, the Company may purchase no more than 1,000,000 shares in any calendar month. For the three months ended March 31, 2016, the Company purchased 992,182 shares for a purchase price of $5.7 million in the open market. Total purchases under the plan as of May 11, 2016 were 1,360,457 shares for a purchase price of $8.7 million in the open market. As of May 11, 2016, 1,360,457 of the repurchased shares have been retired and none remain as treasury shares. On April 13, 2016, Hudson Bay Master Fund Ltd. (“Hudson Bay”) filed suit in the US District Court for the Southern District of New York against the Company, Steven M. Mariano, our Chairman and Chief Executive Officer, and American Stock Transfer Company, LLC as a nominal Defendant. Hudson Bay alleges that the Company and Mr. Mariano are in breach of various contracts regarding delivery of price adjustment warrants, and that Mr. Mariano interfered with those same contracts between the Company and Hudson Bay. Hudson Bay seeks specific performance of the contracts, monetary damages, and attorney’s fees. On April 14, 2016, CVI Investments Inc.(“CVI”), also filed suit against the Company in the same court. The CVI suit makes similar allegations of breach of contract regarding the price adjustment warrants. The CVI suit similarly seeks specific performance of the contracts, monetary damages, and attorney’s fees, as well as injunctive relief. The Company has filed answers in both actions denying the allegations and asserting defenses. The Company has been indemnified for any losses related to the warrant agreements by Mr. Mariano.

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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 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 support for complex business and regulatory processes. We principally offer 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. 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 consolidated financial statements for the three month period ended March 31, 2015. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2015 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 consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015. In the preparation of our unaudited consolidated financial statements as of March 31, 2016, 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 the Company’s two consolidated subsidiaries, Contego Services Group, LLC (“Contego Services Group”) that is 97% owned, and DecisionUR, LLC (“DecisionUR”) that is 98.8% owned, the third party equity interests are referred to as non-controlling interests. The portion of the third party members’ equity (deficit) of Contego Services Group and DecisionUR are presented as non-controlling interests in the accompanying consolidated balance sheets as of March 30, 2016 and consolidated balance sheet as of December 31, 2015. 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)	3 Months Ended
	Mar. 31, 2016
Business Acquisition [Line Items]
Summary of Purchase Prices of Businesses Acquired	The total purchase price was comprised of the following consideration (in thousands): Name and Effective Date of Acquisition (In thousands): Cash Paid Stock Issued Accrued Liability Recorded Earnout Payable Maximum Potential Earnout Payable Total Recorded Purchase Price Mid Atlantic Insurance Services, Inc (January 28, 2016) $ 7,901 $ — $ 926 $ 7,750 $ 8,500 $ 15,651
Summary of Unaudited Pro Forma Historical Results	The following is a summary of the unaudited pro forma historical results, as if this entity and the entities acquired in 2015 had been acquired at January 1, 2015 (in thousands, except per share data): Three Months Ended March 31, In thousands (except per share data) 2016 2015 Total revenues 65,142 58,752 Net (loss) income 3,403 (4,216 ) Basic net (loss) income per share $ 0.12 $ (0.17 ) Diluted net (loss) income per share $ 0.12 $ (0.17 )
Mid Atlantic Insurance Services, Inc.
Business Acquisition [Line Items]
Preliminary Estimated Fair Value of the Net Assets Acquired	The preliminary estimated fair value of the net assets of MidAtlantic Insurance Services, inc. acquired at the date of acquisition is as follows: In thousands Total Assets Acquired: Cash $ 28 Accounts receivable 1,481 Fixed assets 50 Goodwill 4,893 Intangible assets: Customer & carrier relationships 9,205 Non-compete agreements 120 Trade name portfolio 800 Total intangible assets 10,125 Total assets acquired 16,577 Liabilities assumed 926 Total net assets acquired $ 15,651

Fixed Assets And Other Long T28

Fixed Assets And Other Long Term Assets(Tables)	3 Months Ended
	Mar. 31, 2016
Fixed Assets And Other Long Term Assets [Abstract]
Major Classes of Fixed Assets	As of March 31, 2016 and December 31, 2015, our major classes of fixed assets consisted of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) Fixed Assets Computer equipment, software and furniture and fixtures $ 8,634 $ 8,124 Building 1,428 1,428 Leasehold improvements 3,786 3,733 Total fixed assets 13,848 13,285 Less accumulated depreciation and amortization (8,624 ) (8,193 ) Fixed assets, net of accumulated depreciation and amortization $ 5,224 $ 5,092
Other Long Term Assets	As of March 31, 2016 and December 31, 2015, other long term assets consisted of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) Other long term assets Capitalized policy and claims administration system development costs $ 18,445 $ 17,712 Less accumulated depreciation (7,116 ) (6,284 ) Other long term assets, net of accumulated depreciation $ 11,329 $ 11,428

Goodwill and Other Intangible29

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 118,141 Goodwill acquired 4,893 Acquisition adjustments (569 ) Balance as of March 31, 2016 $ 122,465
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: March 31, 2016 December 31, 2015 In thousands Gross Asset Accumulated Amortization Net Asset Gross Asset Accumulated Amortization Net Asset (Unaudited) Intangible Assets Service contracts $ 35,120 $ (7,303 ) $ 27,817 $ 35,120 $ (6,204 ) $ 28,916 Customer and carrier relationships 40,243 (2,887 ) 37,356 31,039 (1,947 ) 29,092 Non-compete agreements 4,859 (2,108 ) 2,751 4,739 (1,505 ) 3,234 Developed technology 13,268 (2,308 ) 10,960 13,268 (1,647 ) 11,621 Trade names 3,829 (339 ) 3,490 3,029 (211 ) 2,818 Total $ 97,319 $ (14,945 ) $ 82,374 $ 87,195 $ (11,514 ) $ 75,681
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 March 31, 2016 Amortization expense (Unaudited) 2016 (remaining nine months) $ 10,547 2017 12,554 2018 11,629 2019 11,629 2020 9,985 Thereafter 26,030 Total $ 82,374

Notes Payable and Lines of Cr30

Notes Payable and Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	As of March 31, 2016 and December 31, 2015, notes payable were comprised of the following: In thousands March 31, 2016 December 31, 2015 (Unaudited) BMO Senior Secured Term Loans $ 105,125 $ 106,500 Less current portion of notes payable (5,500 ) (5,500 ) Less deferred loan fees (2,255 ) (2,352 ) Notes Payable $ 97,370 $ 98,648

Capital Lease Obligations (Tabl

Capital Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, based on the interest rate swap rate in effect on that date, are as follows: In thousands Principal Interest Total 2016 1,632 30 1,662

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Components of Basic and Diluted EPS	The components of basic and diluted EPS are as follows: Three Months Ended March 31, In thousands (except earnings per share) 2016 2015 Basic net earnings (loss) per share Net income (loss) available to common shareholders $ 3,401 $ (4,816 ) Weighted average number of common shares outstanding 27,407 25,163 Basic net earnings (loss) per share $ 0.12 $ (0.19 ) Diluted net earnings (loss) per share Net income (loss) available to common shareholders $ 3,401 $ (4,816 ) Adjustments to net income (loss) applicable to dilutive shares — — Net earnings (loss) attributable to diluted shares $ 3,401 $ (4,816 ) Weighted average number of common shares outstanding 27,407 25,163 Dilutive effect of warrants, options, and restricted shares using the treasury stock method 630 — Weighted average number of common and common equivalent shares outstanding 28,037 25,163 Diluted net earnings (loss) per share $ 0.12 $ (0.19 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, In thousands 2016 2015 Expected dividend yield 0 % 0 % Risk-free interest rate (1) 0.49 % 0.49 % Expected volatility (2) 33.02 % 33.02 % Expected life in years (3) 3.0 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 three months ended March 31, 2016 intrinsic value of these options was $0 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, 2015 1,205 $ 14.41 9.2 $ — Options granted 68 $ 6.45 9.8 $ — Options exercised — $ — Options cancelled or forfeited (97 ) $ 14.37 Options outstanding at March 31, 2016 1,176 $ 13.92 8.9 $ — Options expected to vest at March 31, 2016 839 $ 14.00 8.9 $ — Options exercisable at March 31, 2016 337 $ 13.71 8.8 $ —
Summary of Grants of Restricted Shares	Grants of restricted shares for the three months ended March 31, 2016 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, 2015 554 $ 14.63 Restricted shares granted 101 $ 6.16 Restricted shares vested (64 ) $ 14.00 Restricted shares forfeited (33 ) $ 14.47 Unvested restricted shares outstanding as of March 31, 2016 558 $ 12.98
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, 2015 169 $ 15.03 Restricted stock units granted 9 $ 5.86 Restricted stock units vested (34 ) $ 14.17 Restricted stock units forfeited (12 ) $ 15.12 Unvested restricted stock units outstanding as of March 31, 2016 132 $ 14.60

Fair Value Measurement of Fin34

Fair Value Measurement of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurement of Equity and fixed Income Security Investments	The Company’s equity and fixed income security investments and forward purchase assets for which carrying values were equal to fair values, classified by level within the fair value hierarchy, were as follows as of March 31, 2016: Fair Value Measurement, Using March 31, 2016 (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 $ — $ — $ — $ — Corporate notes and bonds — — — — Forward purchase asset — — 48,826 48,826 Total $ — $ — $ 48,826 $ 48,826 Fair Value Measurement, Using December 31, 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 $ 384 $ — $ — $ 384 Corporate notes and bonds 2,789 — — 2,789 Forward purchase asset — — 28,120 28,120 Total $ 3,173 $ — $ 28,120 $ 31,293 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 March 31, 2016 and December 31, 2015: Fair Value Measurement, Using March 31, 2016 (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 $ — $ — $ 14,919 $ 14,919 Deferred purchase consideration — — 1,672 1,672 Warrant redemption liability — — 48,826 48,826 Total $ — $ — $ 65,417 $ 65,417 Fair Value Measurement, Using December 31, 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 $ — $ — $ 12,383 $ 12,383 Deferred purchase consideration — — 6,128 6,128 Warrant redemption liability — — 28,120 28,120 Total $ — $ — $ 46,631 $ 46,631
Summary of Reconciliation of the Fair Value of Financial Assets	The following is a reconciliation of the fair value of the Company’s financial assets that were measured using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2016 (in thousands) Forward Purchase Asset Total Fair value, January 1, 2016 $ 28,120 $ 28,120 Increase in fair value of forward purchase asset 20,706 20,706 Fair Value, March 31, 2016 $ 48,826 $ 48,826
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: Three Months Ended March 31, 2016 (in thousands) Earnout Payable Deferred Purchase Consideration Warrant Redemption Liability Total Fair value, January 1, 2016 $ 12,383 $ 6,128 $ 28,120 $ 46,631 Record present value earnout payable on acquisitions 7,750 — — 7,750 Earnout payments made (5,214 ) — — (5,214 ) Deferred purchase payments made — (4,350 ) — (4,350 ) Acquisition adjustment to purchase price — (150 ) — (150 ) Amortize present value discount on deferred purchase consideration — 44 — 44 Increase in fair value of warrant redemption liability — — 20,706 20,706 Fair Value, March 31, 2016 $ 14,919 $ 1,672 $ 48,826 $ 65,417

Description of Business and B35

Description of Business and Basis of Presentation - Additional Information (Details)	Mar. 31, 2016Services
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) - USD ($)	Jan. 28, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Business acquisition, maximum potential earnout payable		$ 17,500,000
Business acquisition, earnout payable		14,900,000
Deferred purchase consideration		1,672,000		$ 6,128,000
Asset impairment charges		$ 0	$ 0
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
Maximum
Business Acquisition [Line Items]
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
Mid Atlantic Insurance Services, Inc.
Business Acquisition [Line Items]
Total purchase price	$ 15,651,000
Business acquisition, maximum potential earnout payable	$ 8,500,000
Total Revenue		$ 1,000,000
Net income or loss		$ 100,000

Business Combinations - Summary

Business Combinations - Summary of Purchase Prices of Businesses Acquired (Details) - USD ($)	Jan. 28, 2016	Mar. 31, 2016
Business Acquisition [Line Items]
Business acquisition, maximum potential earnout payable		$ 17,500,000
Mid Atlantic Insurance Services, Inc.
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 7,901,000
Business acquisition, accrued liability	926,000
Business acquisition, recorded earnout payable	7,750,000
Business acquisition, maximum potential earnout payable	8,500,000
Business acquisition, total recorded purchase price	$ 15,651,000

Business Combinations - Estimat

Business Combinations - Estimated Fair Value of the Net Assets Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets Acquired:
Goodwill	$ 122,465	$ 118,141
Mid Atlantic Insurance Services, Inc.
Assets Acquired:
Cash	28
Accounts receivable	1,481
Fixed assets	50
Goodwill	4,893
Intangible assets:
Total intangible assets	10,125
Total assets acquired	16,577
Liabilities assumed	926
Total net assets acquired	15,651
Mid Atlantic Insurance Services, Inc. | Customer & carrier relationships
Intangible assets:
Total intangible assets	9,205
Mid Atlantic Insurance Services, Inc. | Non-compete agreements
Intangible assets:
Total intangible assets	120
Mid Atlantic Insurance Services, Inc. | Trade name portfolio
Intangible assets:
Total intangible assets	$ 800

Business Combinations - Summa39

Business Combinations - Summary of Unaudited Pro Forma Historical Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Total revenues	$ 65,142	$ 58,752
Net (loss) income	$ 3,403	$ (4,216)
Basic net (loss) income per share	$ 0.12	$ (0.17)
Diluted net (loss) income per share	$ 0.12	$ (0.17)

Equity and Fixed Income Secur40

Equity and Fixed Income Security Investments - Additional Information (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity and fixed income security investments	$ 48,826,000	$ 31,293,000
Fair Value Investments
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity and fixed income security investments	$ 0	$ 3,173,000

Fixed Assets and Other Long T41

Fixed Assets and Other Long Term Assets - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016
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 T42

Fixed Assets and Other Long Term Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed Assets
Fixed assets	$ 13,848	$ 13,285
Less accumulated depreciation and amortization	(8,624)	(8,193)
Fixed assets, net of accumulated depreciation and amortization	5,224	5,092
Computer Equipment, Software and Furniture and Fixtures
Fixed Assets
Fixed assets	8,634	8,124
Building
Fixed Assets
Fixed assets	1,428	1,428
Leasehold Improvements
Fixed Assets
Fixed assets	$ 3,786	$ 3,733

Fixed Assets and Other Long T43

Fixed Assets and Other Long Term Assets - Other Long Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other long term assets
Capitalized policy and claims administration system development costs	$ 18,445	$ 17,712
Less accumulated depreciation	(7,116)	(6,284)
Other long term assets, net of accumulated depreciation	$ 11,329	$ 11,428

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0
Goodwill acquired in acquisition	4,893,000
Intangible assets acquired in acquisition	$ 10,100,000

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance as of December 31, 2015	$ 118,141
Goodwill acquired	4,893
Acquisition adjustments	(569)
Balance as of March 31, 2016	$ 122,465

Goodwill and Other Intangible46

Goodwill and Other Intangible Assets - Schedule of Intangible Assets, their Original Fair Value, and their Net Book Values (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
Gross asset	$ 97,319	$ 87,195
Accumulated amortization	(14,945)	(11,514)
Net asset	82,374	75,681
Service contracts
Finite Lived Intangible Assets [Line Items]
Gross asset	35,120	35,120
Accumulated amortization	(7,303)	(6,204)
Net asset	27,817	28,916
Customer & carrier relationships
Finite Lived Intangible Assets [Line Items]
Gross asset	40,243	31,039
Accumulated amortization	(2,887)	(1,947)
Net asset	37,356	29,092
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Gross asset	4,859	4,739
Accumulated amortization	(2,108)	(1,505)
Net asset	2,751	3,234
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross asset	13,268	13,268
Accumulated amortization	(2,308)	(1,647)
Net asset	10,960	11,621
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross asset	3,829	3,029
Accumulated amortization	(339)	(211)
Net asset	$ 3,490	$ 2,818

Goodwill and Other Intangible47

Goodwill and Other Intangible Assets - Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortization expense
2016 (remaining nine months)	$ 10,547
2,017	12,554
2,018	11,629
2,019	11,629
2,020	9,985
Thereafter	26,030
Net asset	$ 82,374	$ 75,681

Notes Payable and Lines of Cr48

Notes Payable and Lines of Credit - Notes Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less current portion of notes payable	$ (5,500)	$ (5,500)
Less deferred loan fees	(2,255)	(2,352)
Notes Payable	97,370	98,648
BMO Senior Secured Term Loans
Debt Instrument [Line Items]
Notes payable, Gross	$ 105,125	$ 106,500

Notes Payable and Lines of Cr49

Notes Payable and Lines of Credit - Senior Secured Credit Facility - Additional Information (Details) - USD ($)	Aug. 14, 2015	Jan. 22, 2015	Mar. 31, 2016
Revolving Credit Facility
Debt Instrument [Line Items]
Amount borrowed under credit agreement		$ 40,000,000	$ 29,900,000
Increase in size of credit facility		20,000,000
Line of credit facility, available borrowing amount			$ 10,100,000
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			$ 135,000,000
Credit facility term			5 years
Credit facility covenant terms			(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 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 | Maximum
Debt Instrument [Line Items]
Increase on margins on loans and fees, percentage		2.00%
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%
Senior Secured Credit Facility Second Amendment
Debt Instrument [Line Items]
Increase in size of credit facility	$ 50,000,000
Increase in term loan facility	50,000,000
Debt covenant adjusted EBITDA	70,000,000
Debt covenant outstanding revolving loans	$ 30,000,000
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.
Senior Secured Credit Facility Second Amendment | Maximum
Debt Instrument [Line Items]
Debt covenant total leverage ratio	225.00%
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			$ 105,100,000

Capital Lease Obligations - Add

Capital Lease Obligations - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Leases [Abstract]
Expiration of monthly payments on capital lease	Dec. 3, 2016
Capital lease obligation monthly lease payments	$ 0.2

Capital Lease Obligations - Sch

Capital Lease Obligations - Schedule of Capital Lease Obligations for Future Payments Based on Interest Rate Swap Rate (Details) $ in Thousands	Mar. 31, 2016USD ($)
Principal
2,016	$ 1,632
Interest
2,016	30
Payments on Capital Lease
2,016	$ 1,662

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
	Mar. 31, 2016	Mar. 31, 2015
Basic net earnings (loss) per share
Net income (loss) available to common shareholders	$ 3,401	$ (4,816)
Weighted average number of common shares outstanding	27,407	25,163
Basic net earnings (loss) per share	$ 0.12	$ (0.19)
Diluted net earnings (loss) per share
Net income (loss) available to common shareholders	$ 3,401	$ (4,816)
Net earnings (loss) attributable to diluted shares	$ 3,401	$ (4,816)
Weighted average number of common shares outstanding	27,407	25,163
Dilutive effect of warrants, options, and restricted shares using the treasury stock method	630
Weighted average number of common and common equivalent shares outstanding	28,037	25,163
Diluted net earnings (loss) per share	$ 0.12	$ (0.19)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 07, 2016
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net loss	$ 3,401	$ (4,816)
Basic net earnings (loss) per share	$ 0.12	$ (0.19)
Series B Warrants | Subsequent Event
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of warrants fixed			4,900,000
Weighted Average | Stock Options
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of shares not dilutive	1,200,000
Weighted Average | Restricted Shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of shares not dilutive	200,000
Weighted Average | Common Stock Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of shares not dilutive		229,267
Weighted Average | Restricted Shares and Stock Options
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of shares not dilutive		46,372

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)Installmentsshares	Mar. 31, 2015USD ($)	Dec. 31, 2015shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option vesting installments | Installments	3
Number of stock options awarded	68,533
Number of stock options forfeited	96,405
Number of stock options outstanding	1,176,837		1,205,000
Aggregate intrinsic value of options outstanding | $	$ 0
Share based compensation | $	$ 1,424,000	$ 2,535,000
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 | $	$ 300,000
Total unrecognized compensation cost related to unvested stock options | $	$ 1,600,000
Weighted average period of recognition for costs not yet recognized	2 years 4 months 24 days
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock recognized compensation expense associated with these options | $	$ 900,000
Total unrecognized compensation cost related to unvested stock options | $	$ 3,200,000
Weighted average period of recognition for costs not yet recognized	2 years 4 months 24 days
Restricted shares granted	101
Restricted shares forfeited	33
Restricted shares vested	64
Unvested restricted shares outstanding at end of period	558		554,000
Restricted Stock Awards | Directors Officers and Key Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted	101,352
Restricted shares forfeited	32,707
Restricted shares vested	64,415
Unvested restricted shares outstanding at end of period	558,445
Unvested restricted shares outstanding , total fair value | $	$ 4,300,000
Restricted Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested stock options | $	$ 1,000,000
Weighted average period of recognition for costs not yet recognized	2 years 1 month 6 days
Restricted shares granted	9,240
Restricted shares forfeited	12,108
Restricted shares vested	34,206
Unvested restricted shares outstanding at end of period	131,856		169,000
Unvested restricted shares outstanding , total fair value | $	$ 1,000,000
Share based compensation | $	$ 200,000

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)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected dividend yield		0.00%	0.00%
Risk-free interest rate	[1]	0.49%	0.49%
Expected volatility	[2]	33.02%	33.02%
Expected life in years	[3]	3 years	3 years
[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) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of Shares
Number of shares, options outstanding at beginning of period	1,205,000
Number of stock options awarded	68,533
Number of shares, options cancelled or forfeited	(96,405)
Number of shares, options outstanding, ending balance	1,176,837	1,205,000
Number of shares, options expected to vest at end of period	839,000
Number of shares, options exercisable at end of period	337,000
Weighted Average Exercise Price Per Share
Weighted average exercise price, Outstanding at beginning of period	$ 14.41
Weighted average exercise price, Granted	6.45
Weighted average exercise price, Canceled or Forfeited	14.37
Weighted average exercise price, Outstanding at end of period	13.92	$ 14.41
Weighted average exercise price, Expected to vest	14
Weighted average exercise price, Exercisable at end of period	$ 13.71
Weighted Average Remaining Contractual Term (In Years)
Weighted average remaining contractual term of Options Outstanding at beginning of period	8 years 10 months 24 days	9 years 2 months 12 days
Weighted-Average Remaining Contractual Term options granted	9 years 9 months 18 days
Weighted average remaining contractual term of Options Expected to vest at end of period	8 years 10 months 24 days
Weighted average remaining contractual term of Options Exercisable at end of period	8 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value of Options outstanding at March 31, 2016	$ 0

Stock-Based Compensation - Su57

Stock-Based Compensation - Summary of Grants of Restricted Shares (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Stock Awards
Number of Shares
Unvested restricted shares outstanding at December 31, 2015 | shares	554,000
Restricted shares granted | shares	101
Restricted shares vested | shares	(64)
Restricted shares forfeited | shares	(33)
Unvested restricted shares outstanding as of March 31, 2016 | shares	558
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding at December 31, 2015 | $ / shares	$ 14.63
Weighted-Average Grant-Date Fair Value, Restricted shares granted | $ / shares	6.16
Weighted-Average Grant-Date Fair Value, Restricted shares vested | $ / shares	14
Weighted-Average Grant-Date Fair Value, Restricted shares forfeited | $ / shares	14.47
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding as of March 31, 2016 | $ / shares	$ 12.98
Restricted Stock Unit
Number of Shares
Unvested restricted shares outstanding at December 31, 2015 | shares	169,000
Restricted shares granted | shares	9,240
Restricted shares vested | shares	(34,206)
Restricted shares forfeited | shares	(12,108)
Unvested restricted shares outstanding as of March 31, 2016 | shares	131,856
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding at December 31, 2015 | $ / shares	$ 15.03
Weighted-Average Grant-Date Fair Value, Restricted shares granted | $ / shares	5.86
Weighted-Average Grant-Date Fair Value, Restricted shares vested | $ / shares	14.17
Weighted-Average Grant-Date Fair Value, Restricted shares forfeited | $ / shares	15.12
Weighted-Average Grant-Date Fair Value, Unvested restricted shares outstanding as of March 31, 2016 | $ / shares	$ 14.60

Fair Value Measurement of Fin58

Fair Value Measurement of Financial Assets and Liabilities - Summary of Fair Value Measurement of Equity and fixed Income Security Investments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	$ 48,826,000	$ 31,293,000
Common and preferred stocks
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments		384,000
Corporate notes and bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments		2,789,000
Forward Purchase Asset
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	48,826,000	28,120,000
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	0	3,173,000
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		384,000
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		2,789,000
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	48,826,000	28,120,000
Significant Unobservable Inputs (Level 3) | Forward Purchase Asset
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and fixed income security investments	$ 48,826,000	$ 28,120,000

Fair Value Measurement of Fin59

Fair Value Measurement of Financial Assets and Liabilities - Summary of Reconciliation of the Fair Value of Financial Assets (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	$ 28,120
Increase in fair value of forward purchase asset	20,706
Fair value, ending balance	48,826
Forward Purchase Asset
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	28,120
Increase in fair value of forward purchase asset	20,706
Fair value, ending balance	$ 48,826

Fair Value Measurement of Fin60

Fair Value Measurement of Financial Assets and Liabilities - Summary of Fair Value Measurement of Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout payable on acquisitions	$ 14,919	$ 12,383
Deferred purchase consideration	1,672	6,128
Warrant redemption liability	48,826	28,120
Total	65,417	46,631
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout payable on acquisitions	14,919	12,383
Deferred purchase consideration	1,672	6,128
Warrant redemption liability	48,826	28,120
Total	$ 65,417	$ 46,631

Fair Value Measurement of Fin61

Fair Value Measurement of Financial Assets and Liabilities - Summary of Reconciliation of the Fair Value of Financial Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	$ 46,631
Record present value earnout payable on acquisitions	7,750
Earnout payments made	(5,214)
Deferred purchase payments made	(4,350)
Acquisition adjustment to purchase price	(150)
Amortize present value discount on deferred purchase consideration	44
Increase in fair value of warrant redemption liability	20,706
Fair value, ending balance	65,417
Earnout Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	12,383
Record present value earnout payable on acquisitions	7,750
Earnout payments made	(5,214)
Fair value, ending balance	14,919
Deferred Purchase Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	6,128
Deferred purchase payments made	(4,350)
Acquisition adjustment to purchase price	(150)
Amortize present value discount on deferred purchase consideration	44
Fair value, ending balance	1,672
Warrant Redemption Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, beginning balance	28,120
Increase in fair value of warrant redemption liability	20,706
Fair value, ending balance	$ 48,826

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May. 11, 2016	Jan. 15, 2016	Dec. 23, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Total fee income and fee income from related party				$ 64,867,000	$ 42,992,000
Fee income from related party				24,450,000	24,623,000
Fee income receivable from related party				20,618,000		$ 27,036,000
Number of shares of common stock purchased on proportion of shares issued upon exercise of warrants			100.00%
Entities controlled by Mr. Mariano
Related Party Transaction [Line Items]
Fee income receivable from related party				400,000		500,000
Related Person Transaction Policy | Minimum
Related Party Transaction [Line Items]
Related party transaction amount				$ 120,000
Percentage of ownership interest				5.00%
GUI
Related Party Transaction [Line Items]
Services agreement expiration start year				2,018
Services agreement expiration end year				2,022
Total fee income and fee income from related party				$ 40,000,000
Fee income from related party				24,500,000	$ 24,600,000
Fee income receivable from related party				$ 20,600,000		$ 27,000,000
Patriot fees received		$ 800,000
GUI | Customer Concentration Risk | Fee income
Related Party Transaction [Line Items]
Concentration risk, percentage				62.00%
GUI | Customer Concentration Risk | Fee income from related party
Related Party Transaction [Line Items]
Concentration risk, percentage				38.00%
GUI | Steven M Mariano | Scenario, Forecast
Related Party Transaction [Line Items]
Percentage of beneficially owned of outstanding common stock	54.50%

Concentration - Additional Info

Concentration - Additional Information (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fee income | Second Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	10.00%
Fee income receivable | Second Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%	3.00%
GUI | Fee income
Concentration Risk [Line Items]
Concentration risk, percentage	62.00%
GUI | Fee income | Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	62.00%	83.00%
GUI | Fee income receivable | Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	68.00%	77.00%

Warrant Redemption Liability -

Warrant Redemption Liability - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 23, 2015	Dec. 13, 2015	Mar. 31, 2016	Dec. 31, 2015
Class Of Warrant Or Right [Line Items]
Warrant redemption liability			$ 48,826	$ 28,120
Number of shares of common stock purchased on proportion of shares issued upon exercise of warrants	100.00%
Securities Purchase Agreement
Class Of Warrant Or Right [Line Items]
Issuance of common stock, shares		666,666
Stock Back-to-Back Agreement
Class Of Warrant Or Right [Line Items]
Number of shares of common stock purchased on proportion of shares issued upon exercise of warrants		60.00%
Exchange Agreement
Class Of Warrant Or Right [Line Items]
Number of shares of common stock purchased on proportion of shares issued upon exercise of warrants	100.00%
Shares of Common Stock Rescinded from Sale and Purchase	666,666
Mr. Mariano | Securities Purchase Agreement
Class Of Warrant Or Right [Line Items]
Issuance of common stock, shares		2,500,000
Issuance of common stock		$ 30,000
Series A Warrants
Class Of Warrant Or Right [Line Items]
Warrant redemption liability			48,800
Series B Warrants
Class Of Warrant Or Right [Line Items]
Warrant redemption liability			$ 48,800
New Series A Warrants
Class Of Warrant Or Right [Line Items]
Common stock at an adjusted strike price			0.15
Call option on common stock at an adjusted strike price			0.85
Date from which warrants exercisable, start date			Jul. 1, 2016
Date from which warrants exercisable, end date			Dec. 31, 2020
New Series A Warrants | Exchange Agreement | Maximum
Class Of Warrant Or Right [Line Items]
Warrants to purchase shares of common stock	3,250,000
New Series B Warrants
Class Of Warrant Or Right [Line Items]
Exercise price of warrants	$ 0.01		$ 0.01
Date from which warrants exercisable, start date			Dec. 16, 2015
Date from which warrants exercisable, end date			Dec. 31, 2020
New Series B Warrants | Exchange Agreement
Class Of Warrant Or Right [Line Items]
Exercise price of warrants	$ 4.51
Warrants to purchase shares of common stock	4,889,165
Percentage of lowest ten day volume weighted average stock price	90.00%
Exchange agreements, commencement date	Feb. 1, 2016
Exchange agreements, end date	Mar. 17, 2016
Old Series A Warrants | Securities Purchase Agreement | Maximum
Class Of Warrant Or Right [Line Items]
Warrants to purchase shares of common stock		2,083,333
Old Series B Warrants | Securities Purchase Agreement
Class Of Warrant Or Right [Line Items]
Prepaid warrants to purchase shares of common stock		1,000,000
Old Warrants | Securities Purchase Agreement
Class Of Warrant Or Right [Line Items]
Aggregate purchase price of warrants		$ 20,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	45.00%
Valuation allowance	$ 12,100,000
Unrecognized tax benefits	0	$ 0
Uncertain tax positions	$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	May. 11, 2016	Mar. 31, 2016	Mar. 03, 2016
Subsequent Event [Line Items]
Common stock approved under share repurchase program			$ 15,000,000
Repurchase of common stock, shares		992,182
Repurchase of common stock, purchase price		$ 5.7
Subsequent Event
Subsequent Event [Line Items]
Repurchase of common stock, purchase price	$ 8.7
Repurchase and retired common stock, shares	1,360,457
Repurchase shares retired	1,360,457
Treasury Shares	0
Maximum
Subsequent Event [Line Items]
Common stock approved under share repurchase program			$ 15,000,000
BMO Credit Facility | Maximum
Subsequent Event [Line Items]
Common stock purchase under share repurchase program		1,000,000
Hudson Bay Master Fund Ltd
Subsequent Event [Line Items]
Low suit filling date		Apr. 13, 2016
CVI Investments Inc
Subsequent Event [Line Items]
Low suit filling date		Apr. 14, 2016