Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | National Research Corporation | |
Entity Central Index Key | 70,487 | |
Trading Symbol | nrci | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 20,942,785 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,540,244 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 31,628 | $ 33,021 |
Trade accounts receivable, less allowance for doubtful accounts of $182 and $169 in 2017 and 2016, respectively | 13,138 | 10,864 |
Unbilled revenue | 1,644 | 1,546 |
Prepaid expenses | 3,378 | 1,585 |
Income tax receivable | 1,172 | 14 |
Other current assets | 23 | 35 |
Total current assets | 50,983 | 47,065 |
Property and equipment, net | 12,138 | 11,806 |
Intangible assets, net | 2,830 | 3,124 |
Goodwill | 57,942 | 57,861 |
Other | 683 | 768 |
Total assets | 124,576 | 120,624 |
Current liabilities: | ||
Current portion of notes payable | 2,107 | 2,683 |
Accounts payable | 883 | 765 |
Accrued wages, bonus and profit sharing | 4,076 | 4,543 |
Accrued expenses | 2,730 | 3,069 |
Current portion of capital lease obligations | 102 | 82 |
Income taxes payable | 662 | |
Dividends payable | 4,218 | 4,213 |
Deferred revenue | 16,735 | 15,497 |
Total current liabilities | 30,851 | 31,514 |
Notes payable, net of current portion | 857 | |
Deferred income taxes | 5,057 | 4,670 |
Other long term liabilities | 838 | 777 |
Total liabilities | 36,746 | 37,818 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 2,000,000 shares, none issued | 0 | 0 |
Additional paid-in capital | 49,620 | 46,725 |
Retained earnings | 75,343 | 71,507 |
Accumulated other comprehensive loss | (2,127) | (2,626) |
Treasury stock, at cost; 4,855,667 Class A shares, 777,412 Class B shares in 2017 and 4,765,691 Class A shares, 768,944 Class B shares in 2016 | (35,036) | (32,830) |
Total shareholders’ equity | 87,830 | 82,806 |
Total liabilities and shareholders’ equity | 124,576 | 120,624 |
Common Class A [Member] | ||
Shareholders’ equity: | ||
Common stock, value | 26 | 26 |
Common Class B [Member] | ||
Shareholders’ equity: | ||
Common stock, value | $ 4 | $ 4 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 182 | $ 169 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 25,796,457 | 25,656,760 |
Common stock, shares outstanding (in shares) | 20,940,790 | 20,891,069 |
Treasury stock, shares (in shares) | 4,855,667 | 4,765,691 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 4,317,656 | 4,308,875 |
Common stock, shares outstanding (in shares) | 3,540,244 | 3,539,931 |
Treasury stock, shares (in shares) | 777,412 | 768,944 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 28,435 | $ 26,114 | $ 58,710 | $ 53,984 |
Operating expenses: | ||||
Direct | 11,939 | 10,734 | 24,439 | 22,273 |
Selling, general and administrative | 6,905 | 7,270 | 13,591 | 14,627 |
Depreciation and amortization | 1,139 | 1,092 | 2,244 | 2,060 |
Total operating expenses | 19,983 | 19,096 | 40,274 | 38,960 |
Operating income | 8,452 | 7,018 | 18,436 | 15,024 |
Other income (expense): | ||||
Interest income | 15 | 11 | 29 | 22 |
Interest expense | (23) | (36) | (50) | (121) |
Other, net | 27 | 43 | 35 | 118 |
Total other income (expense) | 19 | 18 | 14 | 19 |
Income before income taxes | 8,471 | 7,036 | 18,450 | 15,043 |
Provision for income taxes | 2,719 | 2,478 | 6,178 | 4,978 |
Net income | 5,752 | 4,558 | 12,272 | 10,065 |
Common Class A [Member] | ||||
Other income (expense): | ||||
Net income | $ 2,855 | $ 2,260 | $ 6,088 | $ 4,994 |
Basic Earnings Per Share: | ||||
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.29 | $ 0.24 |
Diluted Earnings Per Share: | ||||
Diluted earnings per share (in dollars per share) | 0.13 | 0.11 | 0.28 | 0.24 |
Dividends Per Share of Common Stock: | ||||
Dividends per share (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 |
Weighted average shares and share equivalents outstanding: | ||||
Weighted average shares and share equivalents outstanding, basic (in shares) | 20,752 | 20,711 | 20,745 | 20,711 |
Weighted average shares and share equivalents outstanding, diluted (in shares) | 21,525 | 20,992 | 21,404 | 21,002 |
Common Class B [Member] | ||||
Other income (expense): | ||||
Net income | $ 2,897 | $ 2,298 | $ 6,184 | $ 5,071 |
Basic Earnings Per Share: | ||||
Basic earnings per share (in dollars per share) | $ 0.82 | $ 0.65 | $ 1.75 | $ 1.44 |
Diluted Earnings Per Share: | ||||
Diluted earnings per share (in dollars per share) | 0.80 | 0.64 | 1.71 | 1.41 |
Dividends Per Share of Common Stock: | ||||
Dividends per share (in dollars per share) | $ 0.60 | $ 0.48 | $ 1.20 | $ 0.96 |
Weighted average shares and share equivalents outstanding: | ||||
Weighted average shares and share equivalents outstanding, basic (in shares) | 3,514 | 3,508 | 3,514 | 3,498 |
Weighted average shares and share equivalents outstanding, diluted (in shares) | 3,591 | 3,565 | 3,584 | 3,557 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 5,752 | $ 4,558 | $ 12,272 | $ 10,065 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 381 | 5 | 499 | 878 |
Other comprehensive income | 381 | 5 | 499 | 878 |
Comprehensive Income | $ 6,133 | $ 4,563 | $ 12,771 | $ 10,943 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 12,272 | $ 10,065 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,244 | 2,060 |
Deferred income taxes | 386 | 926 |
Reserve for uncertain tax positions | 73 | (84) |
Non-cash share-based compensation expense | 792 | 1,081 |
Net changes in assets and liabilities: | ||
Trade accounts receivable | (2,217) | (1,225) |
Unbilled revenue | (82) | (356) |
Prepaid expenses | (1,696) | (637) |
Accounts payable | 222 | 74 |
Accrued expenses, wages, bonuses and profit sharing | (750) | (627) |
Income taxes receivable and payable | (1,818) | (1,271) |
Deferred revenue | 1,194 | 1,219 |
Net cash provided by operating activities | 10,620 | 11,225 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,390) | (2,217) |
Net cash used in investing activities | (2,390) | (2,217) |
Cash flows from financing activities: | ||
Payments on notes payable | (1,433) | (1,192) |
Payments on capital lease obligations | (53) | (46) |
Cash paid for non-controlling interest | (2,000) | |
Proceeds from exercise of stock options | 547 | |
Payment of employee payroll tax withholdings on share-based awards exercised | (105) | (147) |
Payment of dividends on common stock | (8,431) | (21,809) |
Net cash used in financing activities | (10,022) | (24,647) |
Effect of exchange rate changes on cash | 399 | 686 |
Change in cash and cash equivalents | (1,393) | (14,953) |
Cash and cash equivalents at beginning of period | 33,021 | 42,145 |
Cash and cash equivalents at end of period | 31,628 | 27,192 |
Supplemental disclosure of cash paid for: | ||
Interest, net of capitalized amounts | 44 | 118 |
Income taxes | 7,539 | 5,484 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Capital lease obligations originated for property and equipment | 64 | 109 |
Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans | $ 2,101 | $ 162 |
Note 1 - Basis of Consolidation
Note 1 - Basis of Consolidation and Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. BASIS OF CONSOLIDATION AND PRESENTATION National Research Corporation, doing business as NRC Health (“NRC Health,” the “Company,” “we,” “our,” “us” or similar terms), is a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers and other healthcare organizations in the United States and Canada. The Company ’s solutions enable its clients to understand the voice of the customer with greater clarity, immediacy and depth. The Company ’s six one six The condensed consolidated balance sheet of the Company at December 31, 2016, ’s audited consolidated balance sheet as of that date. All other financial statements contained herein are unaudited and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) the Company considers necessary for a fair presentation of financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States. Information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in the Company ’s Form 10 December 31, 2016, March 3, 2017. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, National Research Corporation Canada, doing business as NRC Health Canada. The condensed consolidated statement of income for the three and six June 30, 2016 March 2016 June 30, 2016, The functional currency of the Company ’s foreign subsidiary, National Research Corporation Canada, doing business as NRC Health Canada, is the subsidiary’s local currency. The Company translates the assets and liabilities of its foreign subsidiary at the period-end rate of exchange and its foreign subsidiary’s income statement balances at the average rate prevailing during the period. The Company records the resulting translation adjustment in accumulated other comprehensive loss, a component of shareholders’ equity. Since the undistributed earnings of the Company’s foreign subsidiary are considered to be indefinitely reinvested, no Reclassifications Reclassifications have been made from noncurrent deferred income taxes to other noncurrent liabilities in the 2016 2017 no Fair Value Measurements The Company ’s valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The inputs are then classified into the following hierarchy: ( 1 1 2 2 1 not 3 3 Commercial paper and Eurodollar deposits are included in cash equivalents and are valued at amortized cost, which approximates fair value due to their short-term nature. Eurodollar deposits are United States dollars deposited in a foreign bank branch of a United States bank and have daily liquidity. Both of these are included as a Level 2 The following details the Company ’s financial assets and liabilities within the fair value hierarchy at June 30, 2017 December 31, 2016: Fair Values Measured on a Recurring Basis Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2017 Money Market Funds $ 12,078 $ -- $ -- $ 12,078 Commercial Paper -- 9,096 -- 9,096 Eurodollar Deposit s -- 10,000 -- 10,000 Total $ 12,078 $ 19,096 $ -- $ 31,174 As of December 31, 2016 Money Market Funds $ 11,200 $ -- $ -- $ 11,200 Commercial Paper -- 21,450 -- 21,450 Total $ 11,200 $ 21,450 $ -- $ 32,650 The Company ’s long-term debt is recorded at historical cost. The following are the carrying amounts and estimated fair values, using a Level 2 June 30 , 2017 December 31, 2016 (In thousands) Total carrying amounts of long-term debt $ 2,107 $ 3,540 Estimated fair value of long-term debt $ 2,102 $ 3,533 The Company believes that the carrying amounts of trade accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments. All non-financial assets that are not June 30, 2017, December 31, 2016, no |
Note 2 - Income Taxes
Note 2 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 2. INCOME TAXES The effective tax rate for the three June 30, 2017 32.1% 35.2% 2016. six June 30, 2017 33.5% 33.1% 2016. three June 30, 2017 $323,000 six June 30, 2017 2017 $38,000, 2016, $48,000. |
Note 3 - Notes Payable
Note 3 - Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . NOTES PAYABLE The Company ’s term note is payable in monthly installments of $212,468. 3.12%. June 30, 2017 $2.1 T he Company also has a revolving credit note which was amended and extended effective June 30, 2017 June 30, 2018. $12.0 three 1 2.1% one 2 2.1% one two three 3 one twelve June 30, 2017 not $12.0 The term note and revolving credit note are secured by certain of the Company ’s assets, including the Company’s land, building, trade accounts receivable and intangible assets. The term note and revolving credit note contain various restrictions and covenants applicable to the Company, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions on the ability of the Company to consolidate or merge, create liens, incur additional indebtedness or dispose of assets. As of June 30, 2017, |
Note 4 - Share-based Compensati
Note 4 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. SHARE-BASED COMPENSATION The Company measures and recognizes compensation expense for all share-based payments based on the grant-date fair value of those awards. All of the Company ’s existing stock option awards and unvested stock awards have been determined to be equity-classified awards. The Company ’s 2001 1,800,000 300,000 one five five ten The Company ’s 2004 “2004 3,000,000 500,000 2004 not 36,000 6,000 one ten three The Company ’s 2006 1,800,000 300,000 may five ten The Company granted options to purchase 299,917 49,986 six June 30, 2017. 2017 2016 Class A Class B Class A Class B Expected dividend yield at date of grant 2.46 to 2.87% 7.99 to 8.10% 2.96 to 3.02% 6.67 to 8.12% Expected stock price volatility 32.20 to 32.62% 26.47 to 27.18% 31.33 to 34.61% 27.64 to 31.77% Risk-free interest rate 2.08 to 2.33% 2.08 to 2.33% 1.36 to 2.12% 1.36 to 2.12% Expected life of options (in years) 6 to 8 6 to 8 6 to 8 6 to 8 The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical monthly price changes of the Company ’s common stock based on the expected life of the options at the date of grant. The expected life of options is the average number of years the Company estimates that options will be outstanding. The Company considers groups of associates that have similar historical exercise behavior separately for valuation purposes. The following table summarizes stock option activity under the Company ’s 2001 2006 2004 three June 30, 2017: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Class A Outstanding at December 31, 2016 1,705,483 $ 12.31 Granted 299,917 $ 22.13 Exercised (159,011 ) $ 11.07 $ 1,754 Forfeited (24,982 ) $ 17.03 Outstanding at June 30, 2017 1,821,407 $ 13.97 6.24 $ 23,544 Exercisable at June 30, 2017 1,313,134 $ 12.03 5.23 $ 19,523 Class B Outstanding at December 31, 2016 250,493 $ 29.70 Granted 49,986 $ 42.90 Exercised (12,000 ) $ 28.41 $ 142 Forfeited (4,163 ) $ 37.30 Outstanding at June 30, 2017 284,316 $ 31.96 6.48 $ 4,486 Exercisable at June 30, 2017 200,550 $ 29.06 5.49 $ 3,747 As of June 30, 2017, $2.0 $239,000 2.33 2.48 The following table summarizes information for the six June 30, 2017 2001 2006 : Class A Shares Outstanding Class A Weighted Average Grant Date Fair Value Per Share Class B Shares Outstanding Class B Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2016 174,487 $ 13.93 29,081 $ 37.21 Granted -- -- -- -- Vested -- -- -- -- Forfeited (19,314 ) $ 14.27 (3,219 ) $ 34.69 Outstanding at June 30, 2017 155,173 $ 13.89 25,862 $ 37.53 As of June 30, 2017, $1.2 2.59 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL AND OTHER INTANGIBLE ASSETS The following represents a summary of changes in the Company ’s carrying amount of goodwill for the six June 30, 2017: (In thousands) Balance as of December 31, 2016 $ 57,861 Foreign currency translation 81 Balance as of June 30, 2017 $ 57,942 Intangible assets consisted of the following: June 30 , 2017 December 31, 2016 (In thousands) Non-amortizing other intangible assets: Trade name $ 1,191 $ 1,191 Amortizing other intangible assets: Customer related 9,339 9,331 Technology 1,110 1,110 Trade name 1,572 1,572 Total other intangible assets 13,212 13,204 Accumulated amortization (10,382 ) (10,080 ) Other intangible assets, net $ 2,830 $ 3,124 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY AND EQUIPMENT June 30, 2017 December 31, 2016 (In thousands) Property and equipment $ 40,209 $ 37,890 Accumulated depreciation (28,071 ) (26,084 ) Property and equipment, net $ 12,138 $ 11,806 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. EARNINGS PER SHARE Net income per share of class A common stock and class B common stock is computed using the two Diluted net income per share is computed using the weighted-average number of common shares and, if dilutive, the potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method. The liquidation rights and the rights upon the consummation of an extraordinary transaction are the same for the holders of class A common stock and class B common stock. Other than share distributions and liquidation rights, the amount of any dividend or other distribution payable on each share of class A common stock will be equal to one sixth 1/6 th ) of the amount of any such dividend or other distribution payable on each share of class B common stock. As a result, the undistributed earnings for each period are allocated based on the contractual participation rights of the class A and class B common stock as if the earnings for the period had been distributed. For the three June 30, 2017 , the Company excluded 17,473 three June 30, 2016, 798,421 46,813 three June 30, 2017, 104,835 three June 30, 2016, 66,428 34,830 For the Three Months Ended June 30, 2017 For the Three Months Ended June 30, 2016 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 2,855 $ 2,897 $ 2,260 $ 2,298 Allocation of distributed and undistributed income to unvested restricted stock shareholders (22 ) (22 ) (19 ) (20 ) Net income attributable to common shareholders $ 2,833 $ 2,875 $ 2,241 $ 2,278 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,752 3,514 20,711 3,508 Net income per share – basic $ 0.14 $ 0.82 $ 0.11 $ 0.65 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 2,833 $ 2,875 $ 2,241 $ 2,278 Denominator for net income per share - diluted: Weighted average common shares outstanding – basic 20,752 3,514 20,711 3,508 Weighted average effect of dilutive securities – stock options 773 77 281 57 Denominator for diluted earnings per share – adjusted weighted average shares 21,525 3,591 20,992 3,565 Net income per share – diluted $ 0.13 $ 0.80 $ 0.11 $ 0.64 For the six June 30, 2017 2016, 52,707 550,561 38,784 38,407 six June 30, 2017 2016, 115,908 260,868 19,318 34,333 For the Six Months Ended June 30, 2017 For the Six Months Ended June 30, 2016 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 6,088 $ 6,184 $ 4,994 $ 5,071 Allocation of distributed and undistributed income to unvested restricted stock shareholders (48 ) (49 ) (43 ) (44 ) Net income attributable to common shareholders $ 6,040 $ 6,135 $ 4,951 $ 5,027 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,745 3,514 20,711 3,498 Net income per share – basic $ 0.29 $ 1.75 $ 0.24 $ 1.44 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 6,040 $ 6,135 $ 4,951 $ 5,027 Denominator for net income per share - diluted: Weighted average common shares outstanding – basic 20,745 3,514 20,711 3,498 Weighted average effect of dilutive securities – stock options 659 70 291 59 Denominator for diluted earnings per share – adjusted weighted average shares 21,404 3,584 21,002 3,557 Net income per share – diluted $ 0.28 $ 1.71 $ 0.24 $ 1.41 |
Note 8 - Related Party
Note 8 - Related Party | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8. RELATED PARTY A director of the Company serves as an officer of Ameritas Life Insurance Corp. (“Ameritas”). In connection with the Company’s regular assessment of its insurance-based associate benefits, which is conducted by an independent insurance broker, and the costs associated therewith, the Company purchases dental and vision insurance for certain of its associates from Ameritas. The total value of these purchases was $62,000 $57,000 three June 30, 2017 2016, $120,000 $115,000 six June 30, 2017 2016, Mr. Hays, the Chief Executive Officer, majority shareholder and director of the Company, is an owner of 14% The Company, directly or indirectly through its former subsidiary Customer-Connect LLC, purchased certain services from Nebraska Global, primarily consisting of software development services. The total value of these purchases were $204,000 $420,000 three six June 30, 2016, no 2017. |
Note 9 - Recent Accounting Pron
Note 9 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 9. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 2014 09 December 15, 2017, December 15, 2016. may 2014 09 first second 2017, January 1, 2018 In February 2016, 2016 02, Leases (Topic 842 twelve December 15, 2018, not In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019 not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight January 1, 2018 January 1, 2018 not In October 2016, 2016 16, Intra-Entity Transfers of Asset Other Than Inventory 2016 16” 2016 16 December 15, 2017. 2016 16 2016 16 not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18” 2016 18 not 2016 18 December 15, 2017. not 2016 18 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2017 04” 2 may 1 may not 1 2017 04 December 15, 2019. The Company does not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications Reclassifications have been made from noncurrent deferred income taxes to other noncurrent liabilities in the 2016 2017 no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company ’s valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The inputs are then classified into the following hierarchy: ( 1 1 2 2 1 not 3 3 Commercial paper and Eurodollar deposits are included in cash equivalents and are valued at amortized cost, which approximates fair value due to their short-term nature. Eurodollar deposits are United States dollars deposited in a foreign bank branch of a United States bank and have daily liquidity. Both of these are included as a Level 2 The following details the Company ’s financial assets and liabilities within the fair value hierarchy at June 30, 2017 December 31, 2016: Fair Values Measured on a Recurring Basis Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2017 Money Market Funds $ 12,078 $ -- $ -- $ 12,078 Commercial Paper -- 9,096 -- 9,096 Eurodollar Deposit s -- 10,000 -- 10,000 Total $ 12,078 $ 19,096 $ -- $ 31,174 As of December 31, 2016 Money Market Funds $ 11,200 $ -- $ -- $ 11,200 Commercial Paper -- 21,450 -- 21,450 Total $ 11,200 $ 21,450 $ -- $ 32,650 The Company ’s long-term debt is recorded at historical cost. The following are the carrying amounts and estimated fair values, using a Level 2 June 30 , 2017 December 31, 2016 (In thousands) Total carrying amounts of long-term debt $ 2,107 $ 3,540 Estimated fair value of long-term debt $ 2,102 $ 3,533 The Company believes that the carrying amounts of trade accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments. All non-financial assets that are not June 30, 2017, December 31, 2016, no |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 2014 09 December 15, 2017, December 15, 2016. may 2014 09 first second 2017, January 1, 2018 In February 2016, 2016 02, Leases (Topic 842 twelve December 15, 2018, not In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019 not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight January 1, 2018 January 1, 2018 not In October 2016, 2016 16, Intra-Entity Transfers of Asset Other Than Inventory 2016 16” 2016 16 December 15, 2017. 2016 16 2016 16 not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18” 2016 18 not 2016 18 December 15, 2017. not 2016 18 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2017 04” 2 may 1 may not 1 2017 04 December 15, 2019. The Company does not |
Note 1 - Basis of Consolidati17
Note 1 - Basis of Consolidation and Presentation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30 , 2017 December 31, 2016 (In thousands) Total carrying amounts of long-term debt $ 2,107 $ 3,540 Estimated fair value of long-term debt $ 2,102 $ 3,533 |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2017 Money Market Funds $ 12,078 $ -- $ -- $ 12,078 Commercial Paper -- 9,096 -- 9,096 Eurodollar Deposit s -- 10,000 -- 10,000 Total $ 12,078 $ 19,096 $ -- $ 31,174 As of December 31, 2016 Money Market Funds $ 11,200 $ -- $ -- $ 11,200 Commercial Paper -- 21,450 -- 21,450 Total $ 11,200 $ 21,450 $ -- $ 32,650 |
Note 4 - Share-based Compensa18
Note 4 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Class A Class B Class A Class B Expected dividend yield at date of grant 2.46 to 2.87% 7.99 to 8.10% 2.96 to 3.02% 6.67 to 8.12% Expected stock price volatility 32.20 to 32.62% 26.47 to 27.18% 31.33 to 34.61% 27.64 to 31.77% Risk-free interest rate 2.08 to 2.33% 2.08 to 2.33% 1.36 to 2.12% 1.36 to 2.12% Expected life of options (in years) 6 to 8 6 to 8 6 to 8 6 to 8 |
Share-based Compensation, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Class A Outstanding at December 31, 2016 1,705,483 $ 12.31 Granted 299,917 $ 22.13 Exercised (159,011 ) $ 11.07 $ 1,754 Forfeited (24,982 ) $ 17.03 Outstanding at June 30, 2017 1,821,407 $ 13.97 6.24 $ 23,544 Exercisable at June 30, 2017 1,313,134 $ 12.03 5.23 $ 19,523 Class B Outstanding at December 31, 2016 250,493 $ 29.70 Granted 49,986 $ 42.90 Exercised (12,000 ) $ 28.41 $ 142 Forfeited (4,163 ) $ 37.30 Outstanding at June 30, 2017 284,316 $ 31.96 6.48 $ 4,486 Exercisable at June 30, 2017 200,550 $ 29.06 5.49 $ 3,747 |
Schedule of Nonvested Share Activity [Table Text Block] | Class A Shares Outstanding Class A Weighted Average Grant Date Fair Value Per Share Class B Shares Outstanding Class B Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2016 174,487 $ 13.93 29,081 $ 37.21 Granted -- -- -- -- Vested -- -- -- -- Forfeited (19,314 ) $ 14.27 (3,219 ) $ 34.69 Outstanding at June 30, 2017 155,173 $ 13.89 25,862 $ 37.53 |
Note 5 - Goodwill and Other I19
Note 5 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Balance as of December 31, 2016 $ 57,861 Foreign currency translation 81 Balance as of June 30, 2017 $ 57,942 |
Schedule of Intangible Assets [Table Text Block] | June 30 , 2017 December 31, 2016 (In thousands) Non-amortizing other intangible assets: Trade name $ 1,191 $ 1,191 Amortizing other intangible assets: Customer related 9,339 9,331 Technology 1,110 1,110 Trade name 1,572 1,572 Total other intangible assets 13,212 13,204 Accumulated amortization (10,382 ) (10,080 ) Other intangible assets, net $ 2,830 $ 3,124 |
Note 6 - Property and Equipme20
Note 6 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2017 December 31, 2016 (In thousands) Property and equipment $ 40,209 $ 37,890 Accumulated depreciation (28,071 ) (26,084 ) Property and equipment, net $ 12,138 $ 11,806 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, 2017 For the Three Months Ended June 30, 2016 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 2,855 $ 2,897 $ 2,260 $ 2,298 Allocation of distributed and undistributed income to unvested restricted stock shareholders (22 ) (22 ) (19 ) (20 ) Net income attributable to common shareholders $ 2,833 $ 2,875 $ 2,241 $ 2,278 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,752 3,514 20,711 3,508 Net income per share – basic $ 0.14 $ 0.82 $ 0.11 $ 0.65 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 2,833 $ 2,875 $ 2,241 $ 2,278 Denominator for net income per share - diluted: Weighted average common shares outstanding – basic 20,752 3,514 20,711 3,508 Weighted average effect of dilutive securities – stock options 773 77 281 57 Denominator for diluted earnings per share – adjusted weighted average shares 21,525 3,591 20,992 3,565 Net income per share – diluted $ 0.13 $ 0.80 $ 0.11 $ 0.64 For the Six Months Ended June 30, 2017 For the Six Months Ended June 30, 2016 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 6,088 $ 6,184 $ 4,994 $ 5,071 Allocation of distributed and undistributed income to unvested restricted stock shareholders (48 ) (49 ) (43 ) (44 ) Net income attributable to common shareholders $ 6,040 $ 6,135 $ 4,951 $ 5,027 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,745 3,514 20,711 3,498 Net income per share – basic $ 0.29 $ 1.75 $ 0.24 $ 1.44 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 6,040 $ 6,135 $ 4,951 $ 5,027 Denominator for net income per share - diluted: Weighted average common shares outstanding – basic 20,745 3,514 20,711 3,498 Weighted average effect of dilutive securities – stock options 659 70 291 59 Denominator for diluted earnings per share – adjusted weighted average shares 21,404 3,584 21,002 3,557 Net income per share – diluted $ 0.28 $ 1.71 $ 0.24 $ 1.41 |
Note 1 - Basis of Consolidati22
Note 1 - Basis of Consolidation and Presentation (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Operating Segments | 6 | |
Number of Reportable Segments | 1 | |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Note 1 - Basis of Consolidati23
Note 1 - Basis of Consolidation and Presentation - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets, fair value | $ 31,174 | $ 32,650 |
Money Market Funds [Member] | ||
Assets, fair value | 12,078 | 11,200 |
Commercial Paper [Member] | ||
Assets, fair value | 9,096 | 21,450 |
Eurodollar Deposits [Member] | ||
Assets, fair value | 10,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 12,078 | 11,200 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets, fair value | 12,078 | 11,200 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Eurodollar Deposits [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 19,096 | 21,450 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets, fair value | 9,096 | 21,450 |
Fair Value, Inputs, Level 2 [Member] | Eurodollar Deposits [Member] | ||
Assets, fair value | 10,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Eurodollar Deposits [Member] | ||
Assets, fair value |
Note 1 - Basis of Consolidati24
Note 1 - Basis of Consolidation and Presentation - Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total carrying amounts of long-term debt | $ 2,107 | $ 3,540 |
Estimated fair value of long-term debt | $ 2,102 | $ 3,533 |
Note 2 - Income Taxes (Details
Note 2 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 32.10% | 35.20% | 33.50% | 33.10% |
Increase (Decrease) in Income Tax Expense from Exercise of Options and Dividends Paid to Non-vested Shareholders | $ (323,000) | |||
Increase (Decrease) in Income Tax Expense from Change in State Tax Incentives | $ 38,000 | |||
Increase (Decrease) in Income Tax Expense from Adjustments Related to Federal Tax Examinations | $ (48,000) |
Note 3 - Notes Payable (Details
Note 3 - Notes Payable (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Long-term Debt | $ 2,107,000 | $ 3,540,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 12,000,000 | |
Long-term Line of Credit | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,000,000 | |
Revolving Credit Facility [Member] | One Month LIBOR [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | |
Revolving Credit Facility [Member] | One, Two, or Three Month LIBOR [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | |
Term Note [Member] | ||
Debt Instrument, Periodic Payment | $ 212,468 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.12% |
Note 4 - Share-based Compensa27
Note 4 - Share-based Compensation (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Common Class A Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 299,917 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 2,000,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 120 days |
Common Class B Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 49,986 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 239,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 175 days |
The 2001 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
The 2001 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Minimum [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Maximum [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
The 2006 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
The 2006 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 299,917 |
Common Class A [Member] | The 2001 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 |
Common Class A [Member] | Director Plan 2004 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 |
Common Class A [Member] | Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted at Annual Meeting | 36,000 |
Common Class A [Member] | The 2006 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 |
Common Class B [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 49,986 |
Common Class B [Member] | The 2001 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 |
Common Class B [Member] | Director Plan 2004 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |
Common Class B [Member] | Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted at Annual Meeting | 6,000 |
Common Class B [Member] | The 2006 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 |
Nonvested Stock [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1,200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 215 days |
Note 4 - Share-based Compensa28
Note 4 - Share-based Compensation - Stock Options Valuation Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Common Class A [Member] | Minimum [Member] | ||
Expected dividend yield at date of grant | 2.46% | 2.96% |
Expected stock price volatility | 32.20% | 31.33% |
Risk-free interest rate | 2.08% | 1.36% |
Expected life of options (in years) (Year) | 6 years | 6 years |
Common Class A [Member] | Maximum [Member] | ||
Expected dividend yield at date of grant | 2.87% | 3.02% |
Expected stock price volatility | 32.62% | 34.61% |
Risk-free interest rate | 2.33% | 2.12% |
Expected life of options (in years) (Year) | 8 years | 8 years |
Common Class B [Member] | Minimum [Member] | ||
Expected dividend yield at date of grant | 7.99% | 6.67% |
Expected stock price volatility | 26.47% | 27.64% |
Risk-free interest rate | 2.08% | 1.36% |
Expected life of options (in years) (Year) | 6 years | 6 years |
Common Class B [Member] | Maximum [Member] | ||
Expected dividend yield at date of grant | 8.10% | 8.12% |
Expected stock price volatility | 27.18% | 31.77% |
Risk-free interest rate | 2.33% | 2.12% |
Expected life of options (in years) (Year) | 8 years | 8 years |
Note 4 - Share-based Compensa29
Note 4 - Share-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Common Class A [Member] | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.97 |
Outstanding, weighted average remaining contractual term (Year) | 6 years 87 days |
Outstanding, aggregate intrinsic value | $ | $ 23,544 |
Exercisable, number of options (in shares) | shares | 1,313,134 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 12.03 |
Exercisable, weighted average remaining contractual term (Year) | 5 years 83 days |
Exercisable, aggregate intrinsic value | $ | $ 19,523 |
Outstanding, number of options (in shares) | shares | 1,705,483 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.31 |
Granted, number of options (in shares) | shares | 299,917 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 22.13 |
Exercised, number of options (in shares) | shares | (159,011) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.07 |
Exercised, aggregate intrinsic value | $ | $ 1,754 |
Forfeited, number of options (in shares) | shares | (24,982) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 17.03 |
Outstanding, number of options (in shares) | shares | 1,821,407 |
Common Class B [Member] | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 31.96 |
Outstanding, weighted average remaining contractual term (Year) | 6 years 175 days |
Outstanding, aggregate intrinsic value | $ | $ 4,486 |
Exercisable, number of options (in shares) | shares | 200,550 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 29.06 |
Exercisable, weighted average remaining contractual term (Year) | 5 years 178 days |
Exercisable, aggregate intrinsic value | $ | $ 3,747 |
Outstanding, number of options (in shares) | shares | 250,493 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 29.70 |
Granted, number of options (in shares) | shares | 49,986 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 42.90 |
Exercised, number of options (in shares) | shares | (12,000) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 28.41 |
Exercised, aggregate intrinsic value | $ | $ 142 |
Forfeited, number of options (in shares) | shares | (4,163) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 37.30 |
Outstanding, number of options (in shares) | shares | 284,316 |
Note 4 - Share-based Compensa30
Note 4 - Share-based Compensation - Non-vested Stock (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Common Class A [Member] | |
Outstanding (in dollars per share) | $ / shares | $ 13.93 |
Outstanding (in shares) | shares | 174,487 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Outstanding (in dollars per share) | $ / shares | $ 13.89 |
Forfeited (in shares) | shares | (19,314) |
Forfeited (in dollars per share) | $ / shares | $ 14.27 |
Outstanding (in shares) | shares | 155,173 |
Common Class B [Member] | |
Outstanding (in dollars per share) | $ / shares | $ 37.21 |
Outstanding (in shares) | shares | 29,081 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Outstanding (in dollars per share) | $ / shares | $ 37.53 |
Forfeited (in shares) | shares | (3,219) |
Forfeited (in dollars per share) | $ / shares | $ 34.69 |
Outstanding (in shares) | shares | 25,862 |
Note 5 - Goodwill and Other I31
Note 5 - Goodwill and Other Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Balance, beginning of period | $ 57,861 |
Foreign currency translation | 81 |
Balance, end of period | $ 57,942 |
Note 5 - Goodwill and Other I32
Note 5 - Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total other intangible assets | $ 13,212 | $ 13,204 |
Accumulated amortization | (10,382) | (10,080) |
Other intangible assets, net | 2,830 | 3,124 |
Customer Relationships [Member] | ||
Intangible assets | 9,339 | 9,331 |
Technology-Based Intangible Assets [Member] | ||
Intangible assets | 1,110 | 1,110 |
Trade Names [Member] | ||
Intangible assets | 1,572 | 1,572 |
Trade Names 1 [Member] | ||
Trade name | $ 1,191 | $ 1,191 |
Note 6 - Property and Equipme33
Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property and equipment | $ 40,209 | $ 37,890 |
Accumulated depreciation | (28,071) | (26,084) |
Property and equipment, net | $ 12,138 | $ 11,806 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017shares | Jun. 30, 2016shares | Jun. 30, 2017shares | Jun. 30, 2016shares | |
Common Class A [Member] | ||||
Common Stock to Dividend or Distribution Payable | 0.167 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 104,835 | 66,428 | 115,908 | 260,868 |
Common Class A [Member] | Exercise Price Exceeds Market Price [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 798,421 | 52,707 | 550,561 | |
Common Class B [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 34,830 | 19,318 | 34,333 | |
Common Class B [Member] | Exercise Price Exceeds Market Price [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,473 | 46,813 | 38,784 | 38,407 |
Note 7 - Earnings Per Share - N
Note 7 - Earnings Per Share - Net Income Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 5,752 | $ 4,558 | $ 12,272 | $ 10,065 |
Common Class A [Member] | ||||
Net income per share – basic (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.29 | $ 0.24 |
Denominator for diluted earnings per share – adjusted weighted average shares (in shares) | 21,525 | 20,992 | 21,404 | 21,002 |
Net income per share – diluted (in dollars per share) | $ 0.13 | $ 0.11 | $ 0.28 | $ 0.24 |
Net income | $ 2,855 | $ 2,260 | $ 6,088 | $ 4,994 |
Allocation of distributed and undistributed income to unvested restricted stock shareholders | (22) | (19) | (48) | (43) |
Net income attributable to common shareholders | $ 2,833 | $ 2,241 | $ 6,040 | $ 4,951 |
Weighted average common shares outstanding - basic (in shares) | 20,752 | 20,711 | 20,745 | 20,711 |
Weighted average effect of dilutive securities – stock options (in shares) | 773 | 281 | 659 | 291 |
Common Class B [Member] | ||||
Net income per share – basic (in dollars per share) | $ 0.82 | $ 0.65 | $ 1.75 | $ 1.44 |
Denominator for diluted earnings per share – adjusted weighted average shares (in shares) | 3,591 | 3,565 | 3,584 | 3,557 |
Net income per share – diluted (in dollars per share) | $ 0.80 | $ 0.64 | $ 1.71 | $ 1.41 |
Net income | $ 2,897 | $ 2,298 | $ 6,184 | $ 5,071 |
Allocation of distributed and undistributed income to unvested restricted stock shareholders | (22) | (20) | (49) | (44) |
Net income attributable to common shareholders | $ 2,875 | $ 2,278 | $ 6,135 | $ 5,027 |
Weighted average common shares outstanding - basic (in shares) | 3,514 | 3,508 | 3,514 | 3,498 |
Weighted average effect of dilutive securities – stock options (in shares) | 77 | 57 | 70 | 59 |
Note 8 - Related Party (Details
Note 8 - Related Party (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Ameritas Life Insurance Corp [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 62,000 | $ 57,000 | $ 120,000 | $ 115,000 |
Nebraska Global Investment Company LLC [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 204,000 | $ 0 | $ 420,000 | |
Nebraska Global Investment Company LLC [Member] | Chief Executive Officer [Member] | ||||
Officer Ownership Percentage in Vendor | 14.00% | 14.00% |