DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DHI GROUP, INC. | |
Entity Central Index Key | 1,393,883 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 52,661,098 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 33,911 | $ 26,777 |
Accounts receivable, net of allowance for doubtful accounts of $3,054 and $2,888 | 40,567 | 49,048 |
Deferred income taxes—current | 3,163 | 3,373 |
Income taxes receivable | 1,068 | 3,973 |
Prepaid and other current assets | 3,308 | 4,764 |
Assets held for sale | 4,683 | 0 |
Total current assets | 86,700 | 87,935 |
Fixed assets, net | 15,495 | 16,066 |
Acquired intangible assets, net | 68,675 | 81,345 |
Goodwill | 235,445 | 239,256 |
Deferred financing costs, net of accumulated amortization of $1,074 and $761 | 1,007 | 1,320 |
Deferred income taxes--non-current | 344 | 399 |
Other assets | 645 | 926 |
Total assets | 408,311 | 427,247 |
Current liabilities | ||
Accounts payable and accrued expenses | 23,042 | 25,714 |
Deferred revenue | 81,872 | 86,444 |
Current portion of acquisition related contingencies | 0 | 3,883 |
Current portion of long-term debt | 4,375 | 2,500 |
Deferred income taxes—current | 0 | 3 |
Income taxes payable | 4,319 | 1,205 |
Liabilities held for sale | 2,379 | 0 |
Total current liabilities | 115,987 | 119,749 |
Long-term debt | 97,250 | 108,000 |
Deferred income taxes—non-current | 14,703 | 15,478 |
Accrual for unrecognized tax benefits | 3,564 | 3,392 |
Other long-term liabilities | 2,985 | 2,830 |
Total liabilities | $ 234,489 | $ 249,449 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Convertible preferred stock, $.01 par value, authorized 20,000 shares; no shares issued and outstanding | $ 0 | $ 0 |
Common stock, $.01 par value, authorized 240,000; issued 80,225 and 77,366 shares, respectively; outstanding: 53,151 and 54,142 shares, respectively | 802 | 774 |
Additional paid-in capital | 348,200 | 332,985 |
Accumulated other comprehensive loss | (18,079) | (13,906) |
Accumulated earnings | 77,725 | 60,444 |
Treasury stock, 27,074 and 23,224 shares, respectively | (234,826) | (202,499) |
Total stockholders’ equity | 173,822 | 177,798 |
Total liabilities and stockholders’ equity | $ 408,311 | $ 427,247 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Current assets | ||
Allowance for doubtful accounts | $ 3,054 | $ 2,888 |
Accumulated amortization | $ 1,074 | $ 761 |
Stockholders' equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 80,225,000 | 77,366,000 |
Common stock, shares outstanding | 53,151,000 | 54,142,000 |
Treasury stock, shares | 27,074,000 | 23,224,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | $ 65,138 | $ 67,615 | $ 194,710 | $ 194,849 |
Operating expenses: | ||||
Cost of revenues | 9,765 | 9,418 | 29,255 | 27,803 |
Product development | 7,938 | 6,487 | 22,082 | 19,254 |
Sales and marketing | 19,779 | 20,746 | 60,984 | 60,032 |
General and administrative | 10,958 | 10,760 | 34,059 | 32,131 |
Depreciation | 2,364 | 2,930 | 6,821 | 8,647 |
Amortization of intangible assets | 3,376 | 3,798 | 10,875 | 12,552 |
Business Combination, Acquisition Related Costs | 0 | 44 | 0 | 134 |
Total operating expenses | 54,180 | 54,183 | 164,076 | 160,553 |
Operating income | 10,958 | 13,432 | 30,634 | 34,296 |
Interest expense | (831) | (927) | (2,472) | (2,875) |
Other expense | 7 | 8 | (2) | (129) |
Income before income taxes | 10,134 | 12,513 | 28,160 | 31,292 |
Income tax expense | 3,623 | 3,020 | 10,879 | 10,196 |
Net income | $ 6,511 | $ 9,493 | $ 17,281 | $ 21,096 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.18 | $ 0.33 | $ 0.40 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.18 | $ 0.33 | $ 0.39 |
Weighted average basic shares outstanding | 51,228 | 52,089 | 51,792 | 52,486 |
Weighted average diluted shares outstanding | 52,230 | 54,106 | 53,056 | 54,545 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 6,511 | $ 9,493 | $ 17,281 | $ 21,096 |
Foreign currency translation adjustment | (3,975) | (3,759) | (4,173) | (3,463) |
Total other comprehensive income | (3,975) | (3,759) | (4,173) | (3,463) |
Comprehensive income | $ 2,536 | $ 5,734 | $ 13,108 | $ 17,633 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 17,281 | $ 21,096 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation | 6,821 | 8,647 |
Amortization of intangible assets | 10,875 | 12,552 |
Deferred income taxes | (373) | (4,317) |
Amortization of deferred financing costs | 313 | 278 |
Stock based compensation | 7,490 | 5,886 |
Change in acquisition related contingencies | 0 | 134 |
Change in accrual for unrecognized tax benefits | 172 | 893 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable | 3,437 | (232) |
Prepaid expense and other assets | 1,601 | (446) |
Accounts payable and accrued expenses | (2,332) | (16) |
Income taxes receivable/payable | 6,050 | (956) |
Deferred revenue | (2,132) | 3,581 |
Other, net | 166 | 544 |
Net cash flows from operating activities | 49,369 | 47,644 |
Cash flows from investing activities: | ||
Payments for acquisitions, net of cash acquired | 0 | (27,001) |
Purchases of fixed assets | (6,710) | (6,784) |
Net cash flows from investing activities | (6,710) | (33,785) |
Cash flows from financing activities: | ||
Payments on long-term debt | (28,875) | (23,875) |
Proceeds from long-term debt | 20,000 | 18,000 |
Payments under stock repurchase plan | (29,561) | (26,909) |
Payment of acquisition related contingencies | (3,829) | (824) |
Proceeds from stock option exercises | 5,897 | 7,974 |
Purchase of treasury stock related to vested restricted stock | (1,665) | (1,223) |
Excess tax benefit over book expense from stock based compensation | 2,114 | 1,504 |
Net cash flows from financing activities | (35,919) | (25,353) |
Effect of exchange rate changes | 394 | (839) |
Net change in cash and cash equivalents for the period | 7,134 | (12,333) |
Cash and cash equivalents, beginning of period | 26,777 | 39,351 |
Cash and cash equivalents, end of period | $ 33,911 | $ 27,018 |
BASIS OF PRESENTATION (Notes)
BASIS OF PRESENTATION (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of DHI Group, Inc. (“DHI” or the “Company”) (formerly known as Dice Holdings, Inc.) have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual audited consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted and condensed pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments (consisting of only normal and recurring accruals) have been made to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “Annual Report on Form 10-K”). Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results to be achieved for the full year. Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Management believes the most complex and sensitive judgments, because of their significance to the condensed consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Actual results could differ materially from management’s estimates reported in the condensed consolidated financial statements and footnotes thereto. There have been no significant changes in the Company’s assumptions regarding critical accounting estimates during the nine month period ended September 30, 2015 . |
NEW ACCOUNTING STANDARDS (Notes
NEW ACCOUNTING STANDARDS (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NEW ACCOUNTING STANDARDS In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The new standard requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. The recognition and measurement for debt issuance costs is not affected by this standard. The updated standard becomes effective for reporting periods (interim and annual) beginning after December 15, 2015, with early adoption permitted. The new standard must be applied retrospectively to all periods presented in the financial statements. The Company is assessing the potential impact of the new standard on its consolidated financial statements. |
ASSETS HELD FOR SALE (Notes)
ASSETS HELD FOR SALE (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | ASSETS HELD FOR SALE The Company has initiated the process to sell the Slashdot and SourceForge businesses (together referred to as “Slashdot Media”). Slashdot Media was added to the Company’s portfolio in 2012 to provide the Dice business with broader reach to millions of engaged tech professionals globally. The Board of Directors and management decided to divest of the business because it does not fit within the Company’s strategic initiatives. The Slashdot Media business has been classified as “held for sale.” As such, the assets of Slashdot Media are shown on the Condensed Consolidated Balance Sheets under the heading of “Assets Held for Sale” and the liabilities are shown under “Liabilities Held for Sale.” Operating results are included in the Corporate & Other segment in Segment Information, Note 12. Assets held for sale are required to be measured at the lower of carrying value or fair value, less costs to sell. No impairment has been recognized related to Slashdot Media. The following table presents the aggregate carrying amount of the major classes of assets and liabilities related to the Slashdot Media business held for sale as of September 30, 2015 (in thousands): ASSETS Accounts receivable, net of allowance for doubtful accounts of $656 $ 4,142 Other assets — current 77 Fixed assets, net 447 Other assets — non-current 17 Total assets $ 4,683 LIABILITIES Accounts payable and accrued expenses $ 1,203 Deferred revenue 1,160 Income taxes payable 16 Total liabilities $ 2,379 Revenue for Slashdot Media was $3.5 million and $11.2 million for the three and nine month periods ended September 30, 2015 , respectively, and $4.8 million and $13.5 million for the three and nine month periods ended September 30, 2014 , respectively. There was $0.2 million income before income taxes for Slashdot Media for the three months ended September 30, 2015 and $0.7 million for the nine months ended September 30, 2015 , and $1.1 million and $3.1 million for the three and nine month periods ended September 30, 2014 , respectively. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS OilCareers —In March 2014, the Company acquired from the Daily Mail and General Trust PLC all of the issued and outstanding shares of OilCareers Limited, OilCareers.com, Inc. and OilCareers Pty Limited (collectively, “OilCareers”), a leading recruitment site for oil and gas professionals in Europe. The purchase price consisted of $26.1 million , paid in cash at closing, and $0.3 million paid in the second quarter of 2014 to settle certain working capital requirements. The valuation of assets and liabilities was completed during the second quarter of 2014. The OilCareers acquisition is not deemed significant to the Company’s financial results, thus limited disclosures are presented herein. The final valuation of assets and liabilities recognized as of the acquisition date for OilCareers include (in thousands): OilCareers Acquisition Assets: Accounts receivable $ 1,082 Acquired intangible assets 14,508 Goodwill 15,078 Fixed assets 98 Other assets 196 Assets acquired 30,962 Liabilities: Accounts payable and accrued expenses $ 567 Deferred revenue 1,081 Deferred income taxes 2,916 Liabilities assumed 4,564 Net Assets Acquired $ 26,398 Goodwill results from the expansion of the Company’s market share in the Energy vertical, from intangible assets that do not qualify for separate recognition, including an assembled workforce and site traffic, and from expected synergies from combining operations of OilCareers into the Company’s existing operations. The amount of goodwill from the OilCareers acquisition deductible for tax purposes is $1.2 million . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The FASB Accounting Standards Codification (ASC) topic on Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value and requires certain disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. As a basis for considering assumptions, a three-tier fair value hierarchy is used, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and long-term debt approximate their fair values. The Company historically had obligations, to be paid in cash, related to its acquisitions if certain future operating and financial goals are met. The fair value of this contingent consideration is determined using expected cash flows and present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should delivery of certain product enhancements occur. There is no market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the expected future delivery of product enhancements to estimate the fair value of these liabilities. A 2% discount rate is used to fair value the expected payments. The liabilities for the contingent consideration were established at the time of acquisition and are evaluated at each reporting period. The expense is included in “Change in Acquisition Related Contingencies” on the Condensed Consolidated Statements of Operations. The assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): December 31, 2014 Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent consideration to be paid in cash for the acquisitions $ — $ — $ 3,883 $ 3,883 Reconciliations of liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contingent consideration for acquisitions Balance at beginning of period $ — $ 9,195 $ 3,883 $ 9,793 Cash payments — — (3,829 ) (824 ) Change in estimates included in earnings — 44 — 134 Change due to foreign exchange rate changes — (199 ) (54 ) (63 ) Balance at end of period $ — $ 9,040 $ — $ 9,040 |
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Acquired Intangible Assets, Net | ACQUIRED INTANGIBLE ASSETS, NET Below is a summary of the major acquired intangible assets and the weighted-average amortization period for the acquired identifiable intangible assets (in thousands): As of September 30, 2015 Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Acquired Intangible Assets, Net Weighted- Average Amortization Period Technology $ 10,308 $ (8,563 ) $ (516 ) $ 1,229 3.8 years Trademarks and brand names—Dice 39,000 — — 39,000 Indefinite Trademarks and brand names—Other 23,419 (12,646 ) (2,008 ) 8,765 6.1 years Customer lists 63,373 (42,309 ) (4,580 ) 16,484 5.5 years Candidate and content database 24,888 (21,026 ) (665 ) 3,197 2.4 years Acquired intangible assets, net $ 160,988 $ (84,544 ) $ (7,769 ) $ 68,675 As of December 31, 2014 Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Accumulated Impairment Acquired Intangible Assets, Net Weighted- Average Amortization Period Technology $ 25,194 $ (20,481 ) $ (211 ) $ (1,374 ) $ 3,128 3.5 years Trademarks and brand names—Dice 39,000 — — — 39,000 Indefinite Trademarks and brand names—Other 26,889 (12,802 ) (855 ) (1,929 ) 11,303 6.1 years Customer lists 69,116 (43,774 ) (1,817 ) (3,281 ) 20,244 5.5 years Candidate and content database 44,670 (36,371 ) 27 (656 ) 7,670 2.7 years Order backlog 2,718 (2,718 ) — — — 0.5 years Acquired intangible assets, net $ 207,587 $ (116,146 ) $ (2,856 ) $ (7,240 ) $ 81,345 During the first quarter of 2015, the Company retired certain fully amortized acquired intangible assets no longer in service. OilCareers was acquired in March 2014 and the valuation of assets and liabilities was completed during the second quarter of 2014. Identifiable intangible assets for the OilCareers acquisition are included in the total cost as of December 31, 2014. The weighted-average amortization period for the technology, trademarks and brand names, customer lists and candidate and content database are 0.8 years , 2.0 years , 7.0 years and 2.0 years , respectively, related to the OilCareers acquisition. The weighted-average amortization period for the OilCareers trademarks and brand names was changed during the first quarter of 2015 due to the integration of the OilCareers brand with the Rigzone brand during 2015. Based on the carrying value of the acquired finite-lived intangible assets recorded as of September 30, 2015 , and assuming no subsequent impairment of the underlying assets, the estimated future amortization expense is as follows (in thousands): October 1, 2015 through December 31, 2015 $ 3,016 2016 7,522 2017 4,527 2018 3,985 2019 3,680 2020 and thereafter 6,945 Total $ 29,675 |
INDEBTEDNESS
INDEBTEDNESS | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Indebtedness | INDEBTEDNESS Credit Agreement —In October 2013, the Company, together with Dice Inc. and Dice Career Solutions, Inc. (collectively, the “Borrowers”) entered into a Credit Agreement (the “Credit Agreement”), which provides for a $50.0 million term loan facility and a revolving loan facility of $200.0 million , with both facilities maturing in October 2018. The Company borrowed $65.0 million under the new Credit Agreement to repay all outstanding indebtedness under the previously existing credit facility dated June 2012, terminating that facility. A portion of the proceeds was also used to pay certain costs associated with the Credit Agreement and for working capital purposes. Borrowings under the Credit Agreement bear interest at the Company’s option, at a LIBOR rate or a base rate plus a margin. The margin ranges from 1.75% to 2.50% on LIBOR loans and 0.75% to 1.50% on base rate loans, determined by the Company’s most recent consolidated leverage ratio. The term loan requires quarterly payments of $ 625,000 through December 31, 2015, quarterly payments of $1.3 million from January 1, 2016 through December 31, 2017 and quarterly payments of $8.8 million from January 1, 2018 through September 30, 2018 with the unpaid balance due at maturity and may be prepaid at any time without penalty. There are no scheduled payments for the revolving loan facility of $200.0 million until maturity of the Credit Agreement in October 2018. The Credit Agreement contains various customary affirmative and negative covenants and also contains certain financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. Negative covenants include restrictions on incurring certain liens; making certain payments, such as stock repurchases and dividend payments; making certain investments; making certain acquisitions; and incurring additional indebtedness. Restricted payments are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 2.0 to 1.0, plus an additional $5.0 million of restricted payments. The Credit Agreement also provides that the payment of obligations may be accelerated upon the occurrence of customary events of default, including, but not limited to, non-payment, change of control, or insolvency. As of September 30, 2015 , the Company was in compliance with all of the financial covenants under the Credit Agreement. The obligations under the Credit Agreement are guaranteed by three of the Company’s wholly-owned subsidiaries, eFinancialCareers, Inc., Targeted Job Fairs, Inc., and Rigzone.com, Inc., and secured by substantially all of the assets of the Borrowers and the guarantors and stock pledges from certain of the Company’s foreign subsidiaries. Debt issuance costs of $872,000 were incurred and are being amortized over the life of the loan. These costs are included in interest expense. Unamortized deferred financing costs from the previous credit facility of $878,000 are being amortized over the life of the new Credit Agreement. The amounts borrowed as of September 30, 2015 and December 31, 2014 are as follows (dollars in thousands): September 30, December 31, Amounts borrowed: Term loan facility $ 45,625 $ 47,500 Revolving credit facility 56,000 63,000 Total borrowed $ 101,625 $ 110,500 Available to be borrowed under revolving facility $ 144,000 $ 137,000 Interest rates: LIBOR rate loans: Interest margin 2.00 % 2.00 % Actual interest rates 2.25 % 2.19 % Future maturities as of September 30, 2015 are as follows (in thousands): October 1, 2015 through December 31, 2015 $ 625 2016 5,000 2017 5,000 2018 91,000 Total minimum payments $ 101,625 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases The Company leases equipment and office space under operating leases expiring at various dates through December 2025. Future minimum lease payments under non-cancellable operating leases as of September 30, 2015 are as follows (in thousands): October 1, 2015 through December 31, 2015 $ 1,021 2016 3,745 2017 3,357 2018 3,359 2019 3,350 2020 and thereafter 10,246 Total minimum payments $ 25,078 Rent expense was $1.2 million and $3.4 million for the three and nine month periods ended September 30, 2015 , respectively, and $1.1 million and $3.0 million for the three and nine month periods ended September 30, 2014 , and is included in General and Administrative expense in the Condensed Consolidated Statements of Operations. Litigation The Company is subject to various claims from taxing authorities, lawsuits and other complaints arising in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are reasonably estimable. Although the outcome of these legal matters cannot be determined, it is the opinion of management that the final resolution of these matters will not have a material effect on the Company’s financial condition, operations or liquidity. Tax Contingencies The Company operates in a number of tax jurisdictions and is subject to audits and reviews by various taxation authorities with respect to income, payroll, sales and use and other taxes and remittances. The Company may become subject to future tax assessments by various authorities for current or prior periods. The determination of the Company’s worldwide provision for taxes requires judgment and estimation. There are many transactions and calculations where the ultimate tax determination is uncertain. The Company has recorded certain provisions for our tax estimates which we believe are reasonable. |
EQUITY TRANSACTIONS (Notes)
EQUITY TRANSACTIONS (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY TRANSACTIONS Stock Repurchase Plans —The Company’s board of directors approved a stock repurchase program that permits the Company to repurchase its common stock. The following table summarizes the Stock Repurchase Plans approved by the board of directors: IV V Approval Date December 2013 December 2014 Authorized Repurchase Amount of Common Stock $50 million $50 million Effective Dates December 2013 to December 2014 December 2014 to December 2015 The Company is currently under Stock Repurchase Plan V, which will expire no later than December 2015. Under each plan, management has discretion in determining the conditions under which shares may be purchased from time to time. During the quarter ended September 30, 2015 , purchases of the Company’s common stock pursuant to Stock Repurchase Plans were as follows: Total Number of Shares Purchased Average Price Paid per Share Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 1,193,541 $ 7.78 $ 9,283,696 $ 19,337,678 Approximately $1.1 million of share repurchases had not settled as of September 30, 2015 and are included in accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets. There were no unsettled share repurchases as of December 31, 2014 . |
COMPREHENSIVE INCOME (Notes)
COMPREHENSIVE INCOME (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net consists of the following components, net of tax, (in thousands): September 30, December 31, Foreign currency translation adjustment $ (18,079 ) $ (13,909 ) Unrealized gains on investments, net of tax of $0 and $0 — 3 Total accumulated other comprehensive loss, net $ (18,079 ) $ (13,906 ) Changes in accumulated other comprehensive loss during the three month period ended September 30, 2015 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (14,107 ) $ 3 $ (14,104 ) Other comprehensive loss before reclassifications (3,972 ) (3 ) (3,975 ) Net current-period other comprehensive loss (3,972 ) (3 ) (3,975 ) Ending balance $ (18,079 ) $ — $ (18,079 ) Changes in accumulated other comprehensive loss during the three month period ended September 30, 2014 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (5,821 ) $ 3 $ (5,818 ) Other comprehensive loss before reclassifications (3,759 ) — (3,759 ) Net current-period other comprehensive loss (3,759 ) — (3,759 ) Ending balance $ (9,580 ) $ 3 $ (9,577 ) Changes in accumulated other comprehensive loss during the nine month period ended September 30, 2015 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (13,909 ) $ 3 $ (13,906 ) Other comprehensive loss before reclassifications (4,170 ) (3 ) (4,173 ) Net current-period other comprehensive loss (4,170 ) (3 ) (4,173 ) Ending balance $ (18,079 ) $ — $ (18,079 ) Changes in accumulated other comprehensive loss during the nine month period ended September 30, 2014 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (6,117 ) $ 3 $ (6,114 ) Other comprehensive loss before reclassifications (3,463 ) — (3,463 ) Net current-period other comprehensive loss (3,463 ) — (3,463 ) Ending balance $ (9,580 ) $ 3 $ (9,577 ) |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATION Under the 2012 Omnibus Equity Award Plan, the Company has granted stock options, restricted stock and Performance-Based Restricted Stock Units (“PSUs”) to certain employees and directors. Compensation expense for stock-based awards made to employees and directors in return for service is recorded in accordance with Compensation-Stock Compensation of the FASB ASC. The Company estimates forfeitures that it expects will occur and records expense based upon the number of awards expected to vest. The Company recorded total stock based compensation expense of $2.4 million and $7.5 million during the three and nine month periods ended September 30, 2015 , respectively, and $1.7 million and $5.9 million during the three and nine months ended September 30, 2014 , respectively. At September 30, 2015 , there was $19.3 million of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a weighted-average period of approximately 1.7 years. PSUs— PSUs are granted to employees of the Company and its subsidiaries. These shares are part of the compensation plan for services provided by the employees. The fair value of PSUs is measured using the Monte Carlo pricing model. The expense related to the PSUs is recorded over the vesting period. There was no cash flow impact resulting from the grants. During the nine month period ended September 30, 2015 , the Company granted 415,000 PSUs. These shares will vest on the dates the Compensation Committee certifies the Company’s achievement of stock price performance relative to the Russell 2000 Index, provided that the recipient remains employed through such date. Performance will be measured over three separate measurement periods: a one-year measurement period, a two-year measurement period and a three-year measurement period. For performance periods one and two, vesting is not to exceed total grant divided by three. For performance period three, vesting is no less than zero and no greater than 150% of initial grant less shares vested in performance periods one and two. The fair value of PSUs is measured using the Monte Carlo pricing model using the following assumptions: Nine Months Ended September 30, 2015 Weighted average fair value of PSUs granted $ 9.25 Dividend yield — % Risk free interest rate 1.1 % Expected volatility 33.6 % Restricted Stock— Restricted stock is granted to employees of the Company and its subsidiaries, and to non-employee members of the Company’s Board. These shares are part of the compensation plan for services provided by the employees or Board members. The closing price of the Company’s stock on the date of grant is used to determine the fair value of the grants. The expense related to the restricted stock grants is recorded over the vesting period. There was no cash flow impact resulting from the grants. A summary of the status of restricted stock awards as of September 30, 2015 and 2014 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 2,249,600 $ 8.55 1,891,131 $ 8.48 Granted—Restricted Stock 23,500 $ 8.94 78,000 $ 7.69 Forfeited during the period (86,875 ) $ 8.35 (114,625 ) $ 8.21 Vested during the period (46,125 ) $ 8.83 (56,000 ) $ 9.43 Non-vested at end of period 2,140,100 $ 8.56 1,798,506 $ 8.43 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 1,786,581 $ 8.45 1,560,375 $ 9.81 Granted—Restricted Stock 1,211,600 $ 8.85 1,013,500 $ 7.21 Forfeited during the period (231,937 ) $ 8.29 (208,825 ) $ 8.64 Vested during the period (626,144 ) $ 8.92 (566,544 ) $ 9.96 Non-vested at end of period 2,140,100 $ 8.56 1,798,506 $ 8.43 Stock Options— The fair value of each option grant is estimated using the Black-Scholes option-pricing model. This valuation model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected life (the period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, a risk-free interest rate and expected dividends. The expected life of options granted is derived from historical exercise behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury rates in effect at the time of grant. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. No stock options were granted during the nine month period ended September 30, 2015 . The fair value of each option grant is estimated using the Black-Scholes option-pricing model using the following assumptions: Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 The weighted average fair value of options granted $ 2.57 $ 2.60 Dividend yield — % — % Weighted average risk free interest rate 1.71 % 1.56 % Weighted average expected volatility 36.73 % 40.53 % Expected life (in years) 4.6 4.6 A summary of the status of options granted as of September 30, 2015 and 2014 , and the changes during the periods then ended is presented below: Three Months Ended September 30, 2015 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 3,327,207 $ 6.59 $ 8,791,060 Exercised (389,507 ) $ 1.94 $ 2,497,074 Forfeited (12,813 ) $ 7.16 — Options outstanding at end of period 2,924,887 $ 7.20 $ 3,175,484 Three Months Ended September 30, 2014 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 7,044,103 $ 5.79 $ 16,371,140 Granted 3,000 $ 7.69 — Exercised (1,014,414 ) $ 4.47 $ 4,015,153 Forfeited (110,746 ) $ 9.75 — Options outstanding at end of period 5,921,943 $ 5.94 $ 16,629,928 Nine Months Ended September 30, 2015 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 4,667,738 $ 6.14 $ 19,357,512 Exercised (1,552,788 ) $ 7.25 $ 8,009,410 Forfeited (190,063 ) $ 10.78 — Options outstanding at end of period 2,924,887 $ 7.20 $ 3,175,484 Exercisable at end of period 2,181,725 $ 6.81 $ 3,126,162 Nine Months Ended September 30, 2014 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 7,536,601 $ 5.53 $ 17,493,907 Granted 617,000 $ 7.20 — Exercised (1,913,943 ) $ 4.17 $ 7,069,999 Forfeited (317,715 ) $ 9.46 — Options outstanding at end of period 5,921,943 $ 5.94 $ 16,629,928 Exercisable at end of period 4,675,592 $ 5.29 $ 15,958,433 The weighted-average remaining contractual term of options exercisable at September 30, 2015 is 2.4 years. The following table summarizes information about options outstanding as of September 30, 2015 : Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable (in years) $ 1.00 - $ 3.99 298,225 0.4 298,225 $ 4.00 - $ 5.99 366,070 1.1 366,070 $ 6.00 - $ 8.99 1,541,754 3.5 1,065,467 $ 9.00 - $ 14.50 718,838 4.3 451,963 2,924,887 2,181,725 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company changed its reportable segments during the first quarter of 2015 to reflect the current operating structure. Accordingly, all prior periods have been recast to reflect the current segment presentation. The Company has five reportable segments: Tech & Clearance, Finance, Energy, Healthcare and Hospitality. The Tech & Clearance reportable segment includes the Dice, ClearanceJobs, and Dice Europe services, as well as career fairs. The Finance reportable segment includes the eFinancialCareers service worldwide. The Energy reportable segment includes the Rigzone service, OilCareers service (from the date of acquisition through March 2015, when the OilCareers recruitment site was merged into Rigzone) and career fairs. The Healthcare reportable segment includes Health eCareers and BioSpace services. The Hospitality reportable segment includes Hcareers. Management has organized its reportable segments based upon the industry verticals served. Each of the reportable segments generates significant revenue from sales of recruitment packages and related services. The Company has other services and activities that individually are not more than 10% of consolidated revenues, operating income or total assets. These include Slashdot Media, WorkDigital and IT Media and are reported in the “Corporate & Other” category, along with corporate-related costs which are not considered in a segment. The Company’s foreign operations are comprised of the Dice Europe operations and a portion of the eFinancialCareers and Rigzone services, which operate in Europe, the financial centers of the gulf region of the Middle East and Asia Pacific. The Company’s foreign operations also include Hcareers, which operates in Canada. Revenue by geographic region, as shown in the table below, is based on the location of the Company’s subsidiary. The following table shows the segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 By Segment: Revenues: Tech & Clearance $ 35,326 $ 34,028 $ 103,330 $ 99,075 Finance 9,286 9,449 26,799 27,493 Energy 4,734 8,043 16,795 22,465 Healthcare 7,857 6,921 22,742 19,995 Hospitality 3,900 3,668 12,217 10,050 Corporate & Other 4,035 5,506 12,827 15,771 Total revenues $ 65,138 $ 67,615 $ 194,710 $ 194,849 Depreciation: Tech & Clearance $ 1,635 $ 1,581 $ 4,845 $ 4,715 Finance 143 152 414 441 Energy 45 47 148 130 Healthcare 464 742 1,025 2,184 Hospitality 43 76 133 197 Corporate & Other 34 332 256 980 Total depreciation $ 2,364 $ 2,930 $ 6,821 $ 8,647 Amortization: Tech & Clearance $ 863 $ 973 $ 2,631 $ 2,917 Finance — 19 38 57 Energy 1,437 1,605 4,929 4,170 Healthcare 464 464 1,392 3,201 Hospitality 479 575 1,493 1,722 Corporate & Other 133 162 392 485 Total amortization $ 3,376 $ 3,798 $ 10,875 $ 12,552 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating income (loss): Tech & Clearance $ 13,081 $ 12,599 $ 36,654 $ 36,512 Finance 1,912 1,823 5,295 5,090 Energy (695 ) 2,061 (1,312 ) 4,626 Healthcare 208 (766 ) 28 (4,000 ) Hospitality 1,122 801 3,785 1,578 Corporate & Other (4,670 ) (3,086 ) (13,816 ) (9,510 ) Operating income 10,958 13,432 30,634 34,296 Interest expense (831 ) (927 ) (2,472 ) (2,875 ) Other income (expense) 7 8 (2 ) (129 ) Income before income taxes $ 10,134 $ 12,513 $ 28,160 $ 31,292 Capital expenditures: Tech & Clearance $ 1,370 $ 1,923 $ 4,013 $ 4,729 Finance 44 50 490 542 Energy 3 31 63 128 Healthcare 532 432 2,160 1,138 Hospitality — 2 16 20 Corporate & Other 29 19 61 227 Total capital expenditures $ 1,978 $ 2,457 $ 6,803 $ 6,784 By Geography: Revenues: United States $ 46,682 $ 47,603 $ 139,225 $ 139,446 Non-United States 18,456 20,012 55,485 55,403 Total revenues $ 65,138 $ 67,615 $ 194,710 $ 194,849 September 30, December 31, Total assets: Tech & Clearance $ 173,308 $ 185,558 Finance 77,099 69,960 Energy 71,064 85,043 Healthcare 20,288 20,794 Hospitality 38,281 33,777 Corporate & Other 28,271 32,115 Total assets $ 408,311 $ 427,247 The following table shows the carrying amount of goodwill by reportable segment as of December 31, 2014 and September 30, 2015 and the changes in goodwill for the nine month period ended September 30, 2015 (in thousands): Tech & Clearance Finance Energy Healthcare Hospitality Corporate & Other Total Goodwill at December 31, 2014 $ 95,946 $ 53,473 $ 50,187 $ 6,269 $ 15,871 $ 17,510 $ 239,256 Foreign currency translation adjustment (219 ) (1,070 ) — — (2,108 ) (414 ) (3,811 ) Goodwill at September 30, 2015 $ 95,727 $ 52,403 $ 50,187 $ 6,269 $ 13,763 $ 17,096 $ 235,445 The decline in oil prices in 2014 and 2015 has decreased demand for energy professionals worldwide. This decline in demand and any future declines in demand for energy professionals could significantly decrease the use of the Company’s energy industry job posting websites and related services, which may adversely affect the energy reporting unit’s financial condition and results of operations. The Company’s energy reporting unit had a large excess of the fair value of the reporting unit over the carrying value as of the October 1, 2014 testing date. The Company does not believe this reporting unit is at risk of failing the first step of the impairment test. If events and circumstances change resulting in significant changes in operations which result in lower actual operating income or lower projections of future operating income, the Company will test this reporting unit for impairment prior to the annual impairment test. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed based on the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted-average number of shares of common stock outstanding plus common stock equivalents assuming exercise of stock options, where dilutive. Options to purchase approximately 2.5 million and 2.4 million shares were outstanding during the three and nine month periods ended September 30, 2015 , respectively, and options to purchase 2.5 million and 2.9 million shares were outstanding during the three and nine month periods ended September 30, 2014 , respectively, but were excluded from the calculation of diluted EPS for the periods then ended because the options’ exercise price was greater than the average market price of the common shares. The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations—basic and diluted $ 6,511 $ 9,493 $ 17,281 $ 21,096 Weighted-average shares outstanding—basic 51,228 52,089 51,792 52,486 Add shares issuable upon exercise of stock options 1,002 2,017 1,264 2,059 Weighted-average shares outstanding—diluted 52,230 54,106 53,056 54,545 Basic earnings per share $ 0.13 $ 0.18 $ 0.33 $ 0.40 Diluted earnings per share $ 0.12 $ 0.18 $ 0.33 $ 0.39 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Group, Including Discontinued Operation, Assets of Disposal Group | The following table presents the aggregate carrying amount of the major classes of assets and liabilities related to the Slashdot Media business held for sale as of September 30, 2015 (in thousands): ASSETS Accounts receivable, net of allowance for doubtful accounts of $656 $ 4,142 Other assets — current 77 Fixed assets, net 447 Other assets — non-current 17 Total assets $ 4,683 LIABILITIES Accounts payable and accrued expenses $ 1,203 Deferred revenue 1,160 Income taxes payable 16 Total liabilities $ 2,379 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
OilCareers [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final valuation of assets and liabilities recognized as of the acquisition date for OilCareers include (in thousands): OilCareers Acquisition Assets: Accounts receivable $ 1,082 Acquired intangible assets 14,508 Goodwill 15,078 Fixed assets 98 Other assets 196 Assets acquired 30,962 Liabilities: Accounts payable and accrued expenses $ 567 Deferred revenue 1,081 Deferred income taxes 2,916 Liabilities assumed 4,564 Net Assets Acquired $ 26,398 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): December 31, 2014 Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent consideration to be paid in cash for the acquisitions $ — $ — $ 3,883 $ 3,883 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliations of liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contingent consideration for acquisitions Balance at beginning of period $ — $ 9,195 $ 3,883 $ 9,793 Cash payments — — (3,829 ) (824 ) Change in estimates included in earnings — 44 — 134 Change due to foreign exchange rate changes — (199 ) (54 ) (63 ) Balance at end of period $ — $ 9,040 $ — $ 9,040 |
ACQUIRED INTANGIBLE ASSETS, N23
ACQUIRED INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Below is a summary of the major acquired intangible assets and the weighted-average amortization period for the acquired identifiable intangible assets (in thousands): As of September 30, 2015 Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Acquired Intangible Assets, Net Weighted- Average Amortization Period Technology $ 10,308 $ (8,563 ) $ (516 ) $ 1,229 3.8 years Trademarks and brand names—Dice 39,000 — — 39,000 Indefinite Trademarks and brand names—Other 23,419 (12,646 ) (2,008 ) 8,765 6.1 years Customer lists 63,373 (42,309 ) (4,580 ) 16,484 5.5 years Candidate and content database 24,888 (21,026 ) (665 ) 3,197 2.4 years Acquired intangible assets, net $ 160,988 $ (84,544 ) $ (7,769 ) $ 68,675 As of December 31, 2014 Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Accumulated Impairment Acquired Intangible Assets, Net Weighted- Average Amortization Period Technology $ 25,194 $ (20,481 ) $ (211 ) $ (1,374 ) $ 3,128 3.5 years Trademarks and brand names—Dice 39,000 — — — 39,000 Indefinite Trademarks and brand names—Other 26,889 (12,802 ) (855 ) (1,929 ) 11,303 6.1 years Customer lists 69,116 (43,774 ) (1,817 ) (3,281 ) 20,244 5.5 years Candidate and content database 44,670 (36,371 ) 27 (656 ) 7,670 2.7 years Order backlog 2,718 (2,718 ) — — — 0.5 years Acquired intangible assets, net $ 207,587 $ (116,146 ) $ (2,856 ) $ (7,240 ) $ 81,345 |
Schedule of Estimated Future Amortization Expense | Based on the carrying value of the acquired finite-lived intangible assets recorded as of September 30, 2015 , and assuming no subsequent impairment of the underlying assets, the estimated future amortization expense is as follows (in thousands): October 1, 2015 through December 31, 2015 $ 3,016 2016 7,522 2017 4,527 2018 3,985 2019 3,680 2020 and thereafter 6,945 Total $ 29,675 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt | The amounts borrowed as of September 30, 2015 and December 31, 2014 are as follows (dollars in thousands): September 30, December 31, Amounts borrowed: Term loan facility $ 45,625 $ 47,500 Revolving credit facility 56,000 63,000 Total borrowed $ 101,625 $ 110,500 Available to be borrowed under revolving facility $ 144,000 $ 137,000 Interest rates: LIBOR rate loans: Interest margin 2.00 % 2.00 % Actual interest rates 2.25 % 2.19 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future maturities as of September 30, 2015 are as follows (in thousands): October 1, 2015 through December 31, 2015 $ 625 2016 5,000 2017 5,000 2018 91,000 Total minimum payments $ 101,625 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The Company leases equipment and office space under operating leases expiring at various dates through December 2025. Future minimum lease payments under non-cancellable operating leases as of September 30, 2015 are as follows (in thousands): October 1, 2015 through December 31, 2015 $ 1,021 2016 3,745 2017 3,357 2018 3,359 2019 3,350 2020 and thereafter 10,246 Total minimum payments $ 25,078 |
EQUITY TRANSACTIONS (Tables)
EQUITY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Class of Treasury Stock [Table Text Block] | During the quarter ended September 30, 2015 , purchases of the Company’s common stock pursuant to Stock Repurchase Plans were as follows: Total Number of Shares Purchased Average Price Paid per Share Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 1,193,541 $ 7.78 $ 9,283,696 $ 19,337,678 The following table summarizes the Stock Repurchase Plans approved by the board of directors: IV V Approval Date December 2013 December 2014 Authorized Repurchase Amount of Common Stock $50 million $50 million Effective Dates December 2013 to December 2014 December 2014 to December 2015 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss, net consists of the following components, net of tax, (in thousands): September 30, December 31, Foreign currency translation adjustment $ (18,079 ) $ (13,909 ) Unrealized gains on investments, net of tax of $0 and $0 — 3 Total accumulated other comprehensive loss, net $ (18,079 ) $ (13,906 ) |
Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive loss during the three month period ended September 30, 2015 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (14,107 ) $ 3 $ (14,104 ) Other comprehensive loss before reclassifications (3,972 ) (3 ) (3,975 ) Net current-period other comprehensive loss (3,972 ) (3 ) (3,975 ) Ending balance $ (18,079 ) $ — $ (18,079 ) Changes in accumulated other comprehensive loss during the three month period ended September 30, 2014 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (5,821 ) $ 3 $ (5,818 ) Other comprehensive loss before reclassifications (3,759 ) — (3,759 ) Net current-period other comprehensive loss (3,759 ) — (3,759 ) Ending balance $ (9,580 ) $ 3 $ (9,577 ) Changes in accumulated other comprehensive loss during the nine month period ended September 30, 2015 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (13,909 ) $ 3 $ (13,906 ) Other comprehensive loss before reclassifications (4,170 ) (3 ) (4,173 ) Net current-period other comprehensive loss (4,170 ) (3 ) (4,173 ) Ending balance $ (18,079 ) $ — $ (18,079 ) Changes in accumulated other comprehensive loss during the nine month period ended September 30, 2014 are as follows (in thousands): Foreign currency translation adjustment Unrealized gains on investments Total Beginning balance $ (6,117 ) $ 3 $ (6,114 ) Other comprehensive loss before reclassifications (3,463 ) — (3,463 ) Net current-period other comprehensive loss (3,463 ) — (3,463 ) Ending balance $ (9,580 ) $ 3 $ (9,577 ) |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Nonvested Share Activity | A summary of the status of restricted stock awards as of September 30, 2015 and 2014 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 2,249,600 $ 8.55 1,891,131 $ 8.48 Granted—Restricted Stock 23,500 $ 8.94 78,000 $ 7.69 Forfeited during the period (86,875 ) $ 8.35 (114,625 ) $ 8.21 Vested during the period (46,125 ) $ 8.83 (56,000 ) $ 9.43 Non-vested at end of period 2,140,100 $ 8.56 1,798,506 $ 8.43 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 1,786,581 $ 8.45 1,560,375 $ 9.81 Granted—Restricted Stock 1,211,600 $ 8.85 1,013,500 $ 7.21 Forfeited during the period (231,937 ) $ 8.29 (208,825 ) $ 8.64 Vested during the period (626,144 ) $ 8.92 (566,544 ) $ 9.96 Non-vested at end of period 2,140,100 $ 8.56 1,798,506 $ 8.43 |
Schedule of Valuation Assumptions | The fair value of each option grant is estimated using the Black-Scholes option-pricing model using the following assumptions: Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 The weighted average fair value of options granted $ 2.57 $ 2.60 Dividend yield — % — % Weighted average risk free interest rate 1.71 % 1.56 % Weighted average expected volatility 36.73 % 40.53 % Expected life (in years) 4.6 4.6 The fair value of PSUs is measured using the Monte Carlo pricing model using the following assumptions: Nine Months Ended September 30, 2015 Weighted average fair value of PSUs granted $ 9.25 Dividend yield — % Risk free interest rate 1.1 % Expected volatility 33.6 % |
Schedule of Status of Options Granted | A summary of the status of options granted as of September 30, 2015 and 2014 , and the changes during the periods then ended is presented below: Three Months Ended September 30, 2015 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 3,327,207 $ 6.59 $ 8,791,060 Exercised (389,507 ) $ 1.94 $ 2,497,074 Forfeited (12,813 ) $ 7.16 — Options outstanding at end of period 2,924,887 $ 7.20 $ 3,175,484 Three Months Ended September 30, 2014 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 7,044,103 $ 5.79 $ 16,371,140 Granted 3,000 $ 7.69 — Exercised (1,014,414 ) $ 4.47 $ 4,015,153 Forfeited (110,746 ) $ 9.75 — Options outstanding at end of period 5,921,943 $ 5.94 $ 16,629,928 Nine Months Ended September 30, 2015 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 4,667,738 $ 6.14 $ 19,357,512 Exercised (1,552,788 ) $ 7.25 $ 8,009,410 Forfeited (190,063 ) $ 10.78 — Options outstanding at end of period 2,924,887 $ 7.20 $ 3,175,484 Exercisable at end of period 2,181,725 $ 6.81 $ 3,126,162 Nine Months Ended September 30, 2014 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of period 7,536,601 $ 5.53 $ 17,493,907 Granted 617,000 $ 7.20 — Exercised (1,913,943 ) $ 4.17 $ 7,069,999 Forfeited (317,715 ) $ 9.46 — Options outstanding at end of period 5,921,943 $ 5.94 $ 16,629,928 Exercisable at end of period 4,675,592 $ 5.29 $ 15,958,433 |
Schedule of Exercise Price Range | The following table summarizes information about options outstanding as of September 30, 2015 : Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable (in years) $ 1.00 - $ 3.99 298,225 0.4 298,225 $ 4.00 - $ 5.99 366,070 1.1 366,070 $ 6.00 - $ 8.99 1,541,754 3.5 1,065,467 $ 9.00 - $ 14.50 718,838 4.3 451,963 2,924,887 2,181,725 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table shows the segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 By Segment: Revenues: Tech & Clearance $ 35,326 $ 34,028 $ 103,330 $ 99,075 Finance 9,286 9,449 26,799 27,493 Energy 4,734 8,043 16,795 22,465 Healthcare 7,857 6,921 22,742 19,995 Hospitality 3,900 3,668 12,217 10,050 Corporate & Other 4,035 5,506 12,827 15,771 Total revenues $ 65,138 $ 67,615 $ 194,710 $ 194,849 Depreciation: Tech & Clearance $ 1,635 $ 1,581 $ 4,845 $ 4,715 Finance 143 152 414 441 Energy 45 47 148 130 Healthcare 464 742 1,025 2,184 Hospitality 43 76 133 197 Corporate & Other 34 332 256 980 Total depreciation $ 2,364 $ 2,930 $ 6,821 $ 8,647 Amortization: Tech & Clearance $ 863 $ 973 $ 2,631 $ 2,917 Finance — 19 38 57 Energy 1,437 1,605 4,929 4,170 Healthcare 464 464 1,392 3,201 Hospitality 479 575 1,493 1,722 Corporate & Other 133 162 392 485 Total amortization $ 3,376 $ 3,798 $ 10,875 $ 12,552 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating income (loss): Tech & Clearance $ 13,081 $ 12,599 $ 36,654 $ 36,512 Finance 1,912 1,823 5,295 5,090 Energy (695 ) 2,061 (1,312 ) 4,626 Healthcare 208 (766 ) 28 (4,000 ) Hospitality 1,122 801 3,785 1,578 Corporate & Other (4,670 ) (3,086 ) (13,816 ) (9,510 ) Operating income 10,958 13,432 30,634 34,296 Interest expense (831 ) (927 ) (2,472 ) (2,875 ) Other income (expense) 7 8 (2 ) (129 ) Income before income taxes $ 10,134 $ 12,513 $ 28,160 $ 31,292 Capital expenditures: Tech & Clearance $ 1,370 $ 1,923 $ 4,013 $ 4,729 Finance 44 50 490 542 Energy 3 31 63 128 Healthcare 532 432 2,160 1,138 Hospitality — 2 16 20 Corporate & Other 29 19 61 227 Total capital expenditures $ 1,978 $ 2,457 $ 6,803 $ 6,784 By Geography: Revenues: United States $ 46,682 $ 47,603 $ 139,225 $ 139,446 Non-United States 18,456 20,012 55,485 55,403 Total revenues $ 65,138 $ 67,615 $ 194,710 $ 194,849 September 30, December 31, Total assets: Tech & Clearance $ 173,308 $ 185,558 Finance 77,099 69,960 Energy 71,064 85,043 Healthcare 20,288 20,794 Hospitality 38,281 33,777 Corporate & Other 28,271 32,115 Total assets $ 408,311 $ 427,247 The following table shows the carrying amount of goodwill by reportable segment as of December 31, 2014 and September 30, 2015 and the changes in goodwill for the nine month period ended September 30, 2015 (in thousands): Tech & Clearance Finance Energy Healthcare Hospitality Corporate & Other Total Goodwill at December 31, 2014 $ 95,946 $ 53,473 $ 50,187 $ 6,269 $ 15,871 $ 17,510 $ 239,256 Foreign currency translation adjustment (219 ) (1,070 ) — — (2,108 ) (414 ) (3,811 ) Goodwill at September 30, 2015 $ 95,727 $ 52,403 $ 50,187 $ 6,269 $ 13,763 $ 17,096 $ 235,445 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations—basic and diluted $ 6,511 $ 9,493 $ 17,281 $ 21,096 Weighted-average shares outstanding—basic 51,228 52,089 51,792 52,486 Add shares issuable upon exercise of stock options 1,002 2,017 1,264 2,059 Weighted-average shares outstanding—diluted 52,230 54,106 53,056 54,545 Basic earnings per share $ 0.13 $ 0.18 $ 0.33 $ 0.40 Diluted earnings per share $ 0.12 $ 0.18 $ 0.33 $ 0.39 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - Slashdot Media [Domain] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Accounts receivable, net of allowance for doubtful accounts of $656 | $ 4,142 | $ 4,142 | ||
Other assets--current | 77 | 77 | ||
Fixed assets, net | 447 | 447 | ||
Other assets--non-current | 17 | 17 | ||
Total assets | 4,683 | 4,683 | ||
Accounts payable and accrued expenses | 1,203 | 1,203 | ||
Deferred revenue | 1,160 | 1,160 | ||
Income taxes payable | 16 | 16 | ||
Total liabilities | 2,379 | 2,379 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 200 | $ 1,100 | 700 | $ 3,100 |
Disposal Group, Including Discontinued Operations, Allowance for Doubtful Accounts | 656 | 656 | ||
Disposal Group, Including Discontinued Operation, Revenue | $ 3,500 | $ 4,800 | $ 11,200 | $ 13,500 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||
Payments for acquisitions, net of cash acquired | $ 0 | $ 27,001 | |||||
Net assets acquired based on fair values: | |||||||
Goodwill | $ 235,445 | 235,445 | $ 239,256 | ||||
Net income | 6,511 | $ 9,493 | 17,281 | 21,096 | |||
Amortization of intangible assets | $ 3,376 | $ 3,798 | $ 10,875 | $ 12,552 | |||
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.18 | $ 0.33 | $ 0.40 | |||
OilCareers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration paid | $ 300 | $ 26,100 | |||||
Net assets acquired based on fair values: | |||||||
Business Combination, Acquired Receivables, Fair Value | $ 1,082 | $ 1,082 | |||||
Acquired intangible assets | 14,508 | 14,508 | |||||
Goodwill | 15,078 | 15,078 | |||||
Fixed Assets | 98 | 98 | |||||
Other Assets | 196 | 196 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 30,962 | 30,962 | |||||
Accounts payable and accrued expenses | 567 | 567 | |||||
Deferred Revenue | 1,081 | 1,081 | |||||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 2,916 | 2,916 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 4,564 | 4,564 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 26,398 | 26,398 | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 1,200 | 1,200 | |||||
Business Combination, Acquired Receivables, Fair Value | $ 1,082 | $ 1,082 | |||||
Technology Equipment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 9 months | 3 years 6 months | |||||
Technology Equipment [Member] | OilCareers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 months 18 days | ||||||
Trademarks, Other [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 1 month | 6 years 1 month | |||||
Trademarks, Other [Member] | OilCareers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||
Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months | 5 years 6 months | |||||
Customer Lists [Member] | OilCareers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||
Candidate Database [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 5 months | 2 years 8 months | |||||
Candidate Database [Member] | OilCareers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate used to fair value the expected payments | 2.00% |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Dec. 31, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration to be paid for acquisitions | $ 3,883 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration to be paid for acquisitions | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration to be paid for acquisitions | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration to be paid for acquisitions | $ 3,883 |
FAIR VALUE MEASUREMENTS (Unobse
FAIR VALUE MEASUREMENTS (Unobservable Level 3 Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning period | $ 0 | $ 9,195 | $ 3,883 | $ 9,793 |
Cash payments | 0 | 0 | (3,829) | (824) |
Change in estimates included in earnings | 0 | 44 | 0 | 134 |
Change due to foreign exchange rate changes | 0 | (199) | 54 | (63) |
Balance at end of period | $ 0 | $ 9,040 | $ 0 | $ 9,040 |
ACQUIRED INTANGIBLE ASSETS, N36
ACQUIRED INTANGIBLE ASSETS, NET (Summary of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 160,988 | $ 207,587 |
Acquired intangible assets, net | 68,675 | 81,345 |
Finite-Lived Intangible Assets, Accumulated Amortization | 84,544 | 116,146 |
Finite-Lived Intangible Assets, Translation Adjustments | $ 7,769 | 2,856 |
Impairment of Intangible Assets, Finite-lived | $ 7,240 | |
Technology Equipment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 9 months | 3 years 6 months |
Finite-lived Intangible Assets Acquired | $ 10,308 | $ 25,194 |
Acquired intangible assets, net | 1,229 | 3,128 |
Finite-Lived Intangible Assets, Accumulated Amortization | 8,563 | 20,481 |
Finite-Lived Intangible Assets, Translation Adjustments | $ 516 | 211 |
Impairment of Intangible Assets, Finite-lived | $ 1,374 | |
Trademarks, Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 1 month | 6 years 1 month |
Finite-lived Intangible Assets Acquired | $ 23,419 | $ 26,889 |
Acquired intangible assets, net | 8,765 | 11,303 |
Finite-Lived Intangible Assets, Accumulated Amortization | 12,646 | 12,802 |
Finite-Lived Intangible Assets, Translation Adjustments | $ 2,008 | 855 |
Impairment of Intangible Assets, Finite-lived | $ 1,929 | |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months | 5 years 6 months |
Finite-lived Intangible Assets Acquired | $ 63,373 | $ 69,116 |
Acquired intangible assets, net | 16,484 | 20,244 |
Finite-Lived Intangible Assets, Accumulated Amortization | 42,309 | 43,774 |
Finite-Lived Intangible Assets, Translation Adjustments | $ 4,580 | 1,817 |
Impairment of Intangible Assets, Finite-lived | $ 3,281 | |
Candidate Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 5 months | 2 years 8 months |
Finite-lived Intangible Assets Acquired | $ 24,888 | $ 44,670 |
Acquired intangible assets, net | 3,197 | 7,670 |
Finite-Lived Intangible Assets, Accumulated Amortization | 21,026 | 36,371 |
Finite-Lived Intangible Assets, Translation Adjustments | 665 | (27) |
Impairment of Intangible Assets, Finite-lived | 656 | |
Order Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 2,718 | |
Acquired intangible assets, net | 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,718 | |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | |
Impairment of Intangible Assets, Finite-lived | 0 | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 39,000 | 39,000 |
Acquired intangible assets, net | 39,000 | 39,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Finite-Lived Intangible Assets, Translation Adjustments | $ 0 | 0 |
Impairment of Intangible Assets, Finite-lived | $ 0 | |
OilCareers [Member] | Technology Equipment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 months 18 days | |
OilCareers [Member] | Trademarks, Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |
OilCareers [Member] | Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
OilCareers [Member] | Candidate Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
ACQUIRED INTANGIBLE ASSETS, N37
ACQUIRED INTANGIBLE ASSETS, NET (Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
October 1, 2015 through December 31, 2015 | $ 3,016 |
2,016 | 7,522 |
2,017 | 4,527 |
2,018 | 3,985 |
2,019 | 3,680 |
2020 and thereafter | 6,945 |
Finite-Lived Intangible Assets, Net | $ 29,675 |
INDEBTEDNESS (Details)
INDEBTEDNESS (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)subsidiaries | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
restricted payments under the Credit Agreement | $ 5,000 | |
Total borrowed | 101,625 | |
October 1, 2015 through December 31, 2015 | 625 | |
2,016 | 5,000 | |
2,017 | 5,000 | |
2,018 | $ 91,000 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Ratio of Indebtedness to Net Capital, Pro forma basis | 2 | |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Face amount on debt | $ 65,000 | |
Number of wholly-owned subsidiaries | subsidiaries | 3 | |
Debt issuance costs | $ 872 | |
Total borrowed | $ 101,625 | $ 110,500 |
Credit Agreement [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 2.00% | 2.00% |
Credit Agreement [Member] | LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 1.75% | |
Credit Agreement [Member] | LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 2.50% | |
Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 0.75% | |
Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 1.50% | |
Previous Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Write-off of deferred financing costs | $ 878 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum available to be borrowed under revolving facility | 144,000 | $ 137,000 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Maximum available to be borrowed under revolving facility | 200,000 | |
Total borrowed | 56,000 | $ 63,000 |
Term Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Maximum available to be borrowed under revolving facility | $ 50,000 |
INDEBTEDNESS (Schedule of Credi
INDEBTEDNESS (Schedule of Credit Agreement) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total borrowed | $ 101,625 | |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowed | 101,625 | $ 110,500 |
Term Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowed | 45,625 | 47,500 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum available to be borrowed under revolving facility | 144,000 | 137,000 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowed | 56,000 | $ 63,000 |
Maximum available to be borrowed under revolving facility | $ 200,000 | |
LIBOR [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 2.00% | 2.00% |
Actual interest rates | 2.25% | 2.19% |
Debt Instrument, Redemption, Period One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment | $ 625 | |
Debt Instrument, Redemption, Period Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment | 1,300 | |
Debt Instrument, Redemption, Period Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment | $ 8,800 |
COMMITMENTS AND CONTINGENCIES40
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
October 1, 2015 through December 31, 2015 | $ 1,021 | $ 1,021 | ||
2,016 | 3,745 | 3,745 | ||
2,017 | 3,357 | 3,357 | ||
2,018 | 3,359 | 3,359 | ||
2,019 | 3,350 | 3,350 | ||
2020 and thereafter | 10,246 | 10,246 | ||
Total minimum payments | 25,078 | 25,078 | ||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Rent expense | $ 1,200 | $ 1,100 | $ 3,400 | $ 3,000 |
EQUITY TRANSACTIONS (Details)
EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Not Settled, Amount | $ 1,100 | $ 0 | |
Treasury Stock, Shares, Acquired | 1,193,541 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 7.78 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 9,284 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 19,338 | ||
Stock Repurchase Plan IV [Domain] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||
Stock Repurchase Plan V [Domain] [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000 |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (3,975) | $ (3,759) | $ (4,173) | $ (3,463) | ||||
Foreign currency translation adjustment | (3,975) | (3,759) | (4,173) | (3,463) | ||||
Accumulated other comprehensive loss | (18,079) | (9,577) | (18,079) | (9,577) | $ (14,104) | $ (13,906) | $ (5,818) | $ (6,114) |
Accumulated Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (3,972) | (3,759) | (4,170) | (3,463) | ||||
Foreign currency translation adjustment | (3,972) | (3,759) | (4,170) | (3,463) | ||||
Accumulated other comprehensive loss | (18,079) | (9,580) | (18,079) | (9,580) | (14,107) | (13,909) | (5,821) | (6,117) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (3) | 0 | (3) | 0 | ||||
Foreign currency translation adjustment | (3) | 0 | (3) | 0 | ||||
Accumulated other comprehensive loss | $ 0 | $ 3 | $ 0 | $ 3 | $ 3 | $ 3 | $ 3 | $ 3 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,925 | 5,922 | 2,925 | 5,922 | 3,327 | 4,668 | 7,044 | 7,537 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.20 | $ 5.94 | $ 7.20 | $ 5.94 | $ 6.59 | $ 6.14 | $ 5.79 | $ 5.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,175 | $ 16,630 | $ 3,175 | $ 16,630 | $ 8,791 | $ 19,358 | $ 16,371 | $ 17,494 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3 | 617 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.69 | $ 7.20 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Total Intrinsic Value | $ 0 | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (390) | (1,014) | (1,553) | (1,914) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.94 | $ 4.47 | $ 7.25 | $ 4.17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,497 | $ 4,015 | $ 8,009 | $ 7,070 | ||||
Forfeited, Options | (13) | (111) | (190) | (318) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 7.16 | $ 9.75 | $ 10.78 | $ 9.46 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Total Intrinsic Value | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,182 | 4,676 | 2,182 | 4,676 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 6.81 | $ 5.29 | $ 6.81 | $ 5.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,126 | $ 15,958 | $ 3,126 | $ 15,958 | ||||
Stock based compensation expense | 2,400 | $ 1,700 | 7,500 | $ 5,900 | ||||
Unrecognized compensation expense | $ 19,300 | $ 19,300 | ||||||
Weighted-average period | 1 year 8 months |
STOCK BASED COMPENSATION (Statu
STOCK BASED COMPENSATION (Status of Restricted Stock) (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restricted Stock [Member] | ||||
Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of the period, Shares | 2,250 | 1,891 | 1,787 | 1,560 |
Granted- Restricted Stock, Shares | 24 | 78 | 1,212 | 1,014 |
Forfeited during the period, Shares | (87) | (115) | (232) | (209) |
Vested during the period, Shares | (46) | (56) | (626) | (567) |
Non-vested at end of period, Shares | 2,140 | 1,799 | 2,140 | 1,799 |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Non-vested at beginning of the period, Weighted Average Grant Date Fair Value | $ 8.55 | $ 8.48 | $ 8.45 | $ 9.81 |
Granted- Restricted Stock, Weighted Average Grant Date Fair Value | 8.94 | 7.69 | 8.85 | 7.21 |
Forfeited during the period, Weighted Average Grant Date Fair Value | 8.35 | 8.21 | 8.29 | 8.64 |
Vested during the period, Weighted Average Grant Date Fair Value | 8.83 | 9.43 | 8.92 | 9.96 |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ 8.56 | $ 8.43 | 8.56 | $ 8.43 |
Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
The weighted average fair value of options granted | $ 9.25 | |||
Dividend yield | 0.00% | |||
Weighted average risk free interest rate | 1.10% | |||
Weighted average expected volatility | 33.60% | |||
Nonvested, Number of Shares [Roll Forward] | ||||
Granted- Restricted Stock, Shares | 415 |
STOCK BASED COMPENSATION (Fair
STOCK BASED COMPENSATION (Fair Value Assumptions) (Details) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
The weighted average fair value of options granted | $ 2.57 | $ 2.60 |
Dividend yield | 0.00% | 0.00% |
Weighted average risk free interest rate | 1.71% | 1.56% |
Weighted average expected volatility | 36.73% | 40.53% |
Expected life | 4 years 7 months 5 days | 4 years 7 months 5 days |
STOCK BASED COMPENSATION (Summa
STOCK BASED COMPENSATION (Summary of Status of Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period, Options | 3,327 | 7,044 | 4,668 | 7,537 |
Granted, Options | 3 | 617 | ||
Exercised, Options | (390) | (1,014) | (1,553) | (1,914) |
Forfeited, Options | (13) | (111) | (190) | (318) |
Options outstanding at end of period, Options | 2,925 | 5,922 | 2,925 | 5,922 |
Exercisable at end of period, Options | 2,182 | 4,676 | 2,182 | 4,676 |
Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 6.59 | $ 5.79 | $ 6.14 | $ 5.53 |
Granted, Weighted Average Exercise Price | 7.69 | 7.20 | ||
Exercised, Weighted Average Exercise Price | 1.94 | 4.47 | 7.25 | 4.17 |
Forfeited, Weighted Average Exercise Price | 7.16 | 9.75 | 10.78 | 9.46 |
Options outstanding at end of period, Weighted Average Exercise Price | 7.20 | 5.94 | 7.20 | 5.94 |
Exercisable at end of period, Weighted Average Exercise Price | $ 6.81 | $ 5.29 | $ 6.81 | $ 5.29 |
Aggregate Instrinsic Value [Abstract] | ||||
Options outstanding at beginning of period, Aggregate Intrinsic Value | $ 8,791 | $ 16,371 | $ 19,358 | $ 17,494 |
Exercised, Aggregate Intrinsic Value | 2,497 | 4,015 | 8,009 | 7,070 |
Forfeited, Aggregate Intrinsic Value | 0 | 0 | 0 | 0 |
Options outstanding at end of period, Aggregate Intrinsic Value | 3,175 | 16,630 | 3,175 | 16,630 |
Exercisable at end of period, Aggregate Intrinsic Value | $ 3,126 | $ 15,958 | $ 3,126 | $ 15,958 |
STOCK BASED COMPENSATION (Sum47
STOCK BASED COMPENSATION (Summary of Options Outstanding) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 2,925 |
Weighted Average Remaining Contractual Life | 2 years 4 months 24 days |
Number of Exercisable Options | 2,182 |
$1.00 - $3.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Lower Limit | $ / shares | $ 1 |
Exercise Price, Upper Limit | $ / shares | $ 3.99 |
Number of Options Outstanding | 298 |
Weighted Average Remaining Contractual Life | 4 months 24 days |
Number of Exercisable Options | 298 |
$4.00 - $5.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Lower Limit | $ / shares | $ 4 |
Exercise Price, Upper Limit | $ / shares | $ 5.99 |
Number of Options Outstanding | 366 |
Weighted Average Remaining Contractual Life | 1 year 1 month 10 days |
Number of Exercisable Options | 366 |
$6.00 - $8.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Lower Limit | $ / shares | $ 6 |
Exercise Price, Upper Limit | $ / shares | $ 8.99 |
Number of Options Outstanding | 1,542 |
Weighted Average Remaining Contractual Life | 3 years 6 months |
Number of Exercisable Options | 1,065 |
$9.00 - $14.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Lower Limit | $ / shares | $ 9 |
Exercise Price, Upper Limit | $ / shares | $ 14.50 |
Number of Options Outstanding | 719 |
Weighted Average Remaining Contractual Life | 4 years 3 months |
Number of Exercisable Options | 452 |
STOCK BASED COMPENSATION Stock
STOCK BASED COMPENSATION Stock Options Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,925 | 5,922 | 2,925 | 5,922 | 3,327 | 4,668 | 7,044 | 7,537 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.20 | $ 5.94 | $ 7.20 | $ 5.94 | $ 6.59 | $ 6.14 | $ 5.79 | $ 5.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,175 | $ 16,630 | $ 3,175 | $ 16,630 | $ 8,791 | $ 19,358 | $ 16,371 | $ 17,494 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3 | 617 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.69 | $ 7.20 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Total Intrinsic Value | $ 0 | $ 0 | ||||||
Exercised, Options | (390) | (1,014) | (1,553) | (1,914) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.94 | $ 4.47 | $ 7.25 | $ 4.17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,497 | $ 4,015 | $ 8,009 | $ 7,070 | ||||
Forfeited, Options | (13) | (111) | (190) | (318) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 7.16 | $ 9.75 | $ 10.78 | $ 9.46 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Total Intrinsic Value | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,182 | 4,676 | 2,182 | 4,676 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 6.81 | $ 5.29 | $ 6.81 | $ 5.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,126 | $ 15,958 | $ 3,126 | $ 15,958 | ||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 8.56 | $ 8.43 | $ 8.56 | $ 8.43 | $ 8.55 | $ 8.45 | $ 8.48 | $ 9.81 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segments | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segments | 5 | ||||
Revenues | $ 65,138 | $ 67,615 | $ 194,710 | $ 194,849 | |
Depreciation | 2,364 | 2,930 | 6,821 | 8,647 | |
Amortization of intangible assets | 3,376 | 3,798 | 10,875 | 12,552 | |
Operating income (loss) | 10,958 | 13,432 | 30,634 | 34,296 | |
Interest expense | (831) | (927) | (2,472) | (2,875) | |
Other expense | 7 | 8 | (2) | (129) | |
Income before income taxes | 10,134 | 12,513 | 28,160 | 31,292 | |
Capital expenditures | 1,978 | 2,457 | 6,803 | 6,784 | |
Assets | 408,311 | 408,311 | $ 427,247 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 46,682 | 47,603 | 139,225 | 139,446 | |
Non- United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 18,456 | 20,012 | 55,485 | 55,403 | |
Tech & Clearance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 35,326 | 34,028 | 103,330 | 99,075 | |
Depreciation | 1,635 | 1,581 | 4,845 | 4,715 | |
Amortization of intangible assets | 863 | 973 | 2,631 | 2,917 | |
Operating income (loss) | 13,081 | 12,599 | 36,654 | 36,512 | |
Capital expenditures | 1,370 | 1,923 | 4,013 | 4,729 | |
Assets | 173,308 | 173,308 | 185,558 | ||
Finance Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 9,286 | 9,449 | 26,799 | 27,493 | |
Depreciation | 143 | 152 | 414 | 441 | |
Amortization of intangible assets | 0 | 19 | 38 | 57 | |
Operating income (loss) | 1,912 | 1,823 | 5,295 | 5,090 | |
Capital expenditures | 44 | 50 | 490 | 542 | |
Assets | 77,099 | 77,099 | 69,960 | ||
Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,734 | 8,043 | 16,795 | 22,465 | |
Depreciation | 45 | 47 | 148 | 130 | |
Amortization of intangible assets | 1,437 | 1,605 | 4,929 | 4,170 | |
Operating income (loss) | (695) | 2,061 | (1,312) | 4,626 | |
Capital expenditures | 3 | 31 | 63 | 128 | |
Assets | 71,064 | 71,064 | 85,043 | ||
Healthcare Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,857 | 6,921 | 22,742 | 19,995 | |
Depreciation | 464 | 742 | 1,025 | 2,184 | |
Amortization of intangible assets | 464 | 464 | 1,392 | 3,201 | |
Operating income (loss) | 208 | (766) | 28 | (4,000) | |
Capital expenditures | 532 | 432 | 2,160 | 1,138 | |
Assets | 20,288 | 20,288 | 20,794 | ||
Hospitality Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,900 | 3,668 | 12,217 | 10,050 | |
Depreciation | 43 | 76 | 133 | 197 | |
Amortization of intangible assets | 479 | 575 | 1,493 | 1,722 | |
Operating income (loss) | 1,122 | 801 | 3,785 | 1,578 | |
Capital expenditures | 0 | 2 | 16 | 20 | |
Assets | 38,281 | 38,281 | 33,777 | ||
Corporate & Other Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,035 | 5,506 | 12,827 | 15,771 | |
Depreciation | 34 | 332 | 256 | 980 | |
Amortization of intangible assets | 133 | 162 | 392 | 485 | |
Operating income (loss) | (4,670) | (3,086) | (13,816) | (9,510) | |
Capital expenditures | 29 | $ 19 | 61 | $ 227 | |
Assets | $ 28,271 | $ 28,271 | $ 32,115 |
SEGMENT INFORMATION (Carrying A
SEGMENT INFORMATION (Carrying Amount of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 239,256 |
Foreign currency translation adjustment | (3,811) |
Goodwill, ending balance | 235,445 |
Tech & Clearance [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 95,946 |
Foreign currency translation adjustment | (219) |
Goodwill, ending balance | 95,727 |
Finance [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 53,473 |
Foreign currency translation adjustment | (1,070) |
Goodwill, ending balance | 52,403 |
Energy [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 50,187 |
Foreign currency translation adjustment | 0 |
Goodwill, ending balance | 50,187 |
Healthcare Segment [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 6,269 |
Foreign currency translation adjustment | 0 |
Goodwill, ending balance | 6,269 |
Hospitality Segment [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 15,871 |
Foreign currency translation adjustment | (2,108) |
Goodwill, ending balance | 13,763 |
Corporate & Other Segment [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 17,510 |
Foreign currency translation adjustment | (414) |
Goodwill, ending balance | $ 17,096 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Options to purchase shares | 2,500 | 2,500 | 2,400 | 2,900 |
Income from continuing operations- basic and diluted | $ 6,511 | $ 9,493 | $ 17,281 | $ 21,096 |
Weighted average shares outstanding-basic | 51,228 | 52,089 | 51,792 | 52,486 |
Shares issuable upon exercise of stock options | 1,002 | 2,017 | 1,264 | 2,059 |
Weighted average shares outstanding-diluted | 52,230 | 54,106 | 53,056 | 54,545 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.18 | $ 0.33 | $ 0.40 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.18 | $ 0.33 | $ 0.39 |