Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,541,433 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 20,900,082 | |
Entity Registrant Name | National Research Corporation | |
Entity Central Index Key | 70,487 | |
Trading Symbol | nrci | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Common Class A [Member] | ||
Shareholders’ equity: | ||
Common stock, value | $ 26,000 | $ 26,000 |
Common Class B [Member] | ||
Shareholders’ equity: | ||
Common stock, value | 4,000 | 4,000 |
Cash and cash equivalents | 28,878,000 | 42,145,000 |
Trade accounts receivable, less allowance for doubtful accounts of $174 and $173 in 2016 and 2015, respectively | 14,115,000 | 9,808,000 |
Unbilled revenue | 1,301,000 | 1,435,000 |
Prepaid expenses | 1,530,000 | 1,482,000 |
Income tax receivable | 12,000 | 157,000 |
Other current assets | 81,000 | 34,000 |
Total current assets | 45,917,000 | 55,061,000 |
Property and equipment, net | 11,659,000 | 11,125,000 |
Intangible assets, net | 3,271,000 | 3,778,000 |
Goodwill | 57,913,000 | 57,792,000 |
Other | 541,000 | 293,000 |
Total assets | 119,301,000 | 128,049,000 |
Current portion of notes payable | 2,460,000 | 2,402,000 |
Accounts payable | 705,000 | 614,000 |
Accrued wages, bonus and profit sharing | 3,893,000 | 4,391,000 |
Accrued expenses | 3,131,000 | 2,706,000 |
Current portion of capital lease obligations | 82,000 | 74,000 |
Income taxes payable | 79,000 | 701,000 |
Dividends payable | 3,372,000 | 18,440,000 |
Deferred revenue | 17,409,000 | 14,843,000 |
Total current liabilities | 31,131,000 | 44,171,000 |
Notes payable, net of current portion | 1,485,000 | 3,337,000 |
Deferred income taxes | 4,901,000 | 5,744,000 |
Other long term liabilities | 559,000 | 575,000 |
Total liabilities | 38,076,000 | 53,827,000 |
Preferred stock, $0.01 par value; authorized 2,000,000 shares, none issued | 0 | 0 |
Additional paid-in capital | 46,345,000 | 44,103,000 |
Retained earnings | 69,995,000 | 65,313,000 |
Accumulated other comprehensive loss | (2,315,000) | (2,995,000) |
Treasury stock, at cost; 4,765,691 Class A shares, 768,944 Class B shares in 2016 and 4,744,644 Class A shares, 761,263 Class B shares in 2015 | (32,830,000) | (32,229,000) |
Total shareholders’ equity | 81,225,000 | 74,222,000 |
Total liabilities and shareholders’ equity | $ 119,301,000 | $ 128,049,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 25,665,773 | 25,592,812 |
Common stock, shares outstanding (in shares) | 20,900,082 | 20,848,168 |
Treasury stock, shares (in shares) | 4,765,691 | 4,744,644 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 4,310,377 | 4,271,413 |
Common stock, shares outstanding (in shares) | 3,541,433 | 3,510,150 |
Treasury stock, shares (in shares) | 768,944 | 761,263 |
Allowance for doubtful accounts | $ 174 | $ 173 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Common Class A [Member] | ||||
Other income (expense): | ||||
Net income | $ 2,345 | $ 2,060 | $ 7,339 | $ 5,825 |
Basic Earnings Per Share: | ||||
Basic earnings per share (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.35 | $ 0.28 |
Diluted Earnings Per Share: | ||||
Diluted earnings per share (in dollars per share) | 0.11 | 0.10 | 0.35 | 0.28 |
Dividends Per Share of Common Stock: | ||||
Dividends per share (in dollars per share) | $ 0.08 | $ 0.06 | $ 0.24 | $ 0.18 |
Weighted average shares and share equivalents outstanding: | ||||
Weighted average shares and share equivalents outstanding, basic (in shares) | 20,716 | 20,726 | 20,712 | 20,769 |
Weighted average shares and share equivalents outstanding, diluted (in shares) | 21,068 | 20,937 | 21,017 | 21,002 |
Common Class B [Member] | ||||
Other income (expense): | ||||
Net income | $ 2,384 | $ 2,078 | $ 7,454 | $ 5,858 |
Basic Earnings Per Share: | ||||
Basic earnings per share (in dollars per share) | $ 0.67 | $ 0.59 | $ 2.11 | $ 1.67 |
Diluted Earnings Per Share: | ||||
Diluted earnings per share (in dollars per share) | 0.66 | 0.59 | 2.08 | 1.65 |
Dividends Per Share of Common Stock: | ||||
Dividends per share (in dollars per share) | $ 0.48 | $ 0.36 | $ 1.44 | $ 1.08 |
Weighted average shares and share equivalents outstanding: | ||||
Weighted average shares and share equivalents outstanding, basic (in shares) | 3,511 | 3,478 | 3,503 | 3,478 |
Weighted average shares and share equivalents outstanding, diluted (in shares) | 3,556 | 3,521 | 3,557 | 3,522 |
Revenue | $ 27,032 | $ 25,244 | $ 81,016 | $ 75,979 |
Direct | 11,468 | 11,006 | 33,741 | 33,246 |
Selling, general and administrative | 7,139 | 6,620 | 21,766 | 20,883 |
Depreciation and amortization | 1,086 | 1,070 | 3,146 | 3,109 |
Total operating expenses | 19,693 | 18,696 | 58,653 | 57,238 |
Operating income | 7,339 | 6,548 | 22,363 | 18,741 |
Interest income | 12 | 14 | 34 | 46 |
Interest expense | (38) | (52) | (158) | (172) |
Other, net | (4) | (25) | 112 | (22) |
Total other income (expense) | (30) | (63) | (12) | (148) |
Income before income taxes | 7,309 | 6,485 | 22,351 | 18,593 |
Provision for income taxes | (2,580) | (2,346) | (7,558) | (6,910) |
Net income | $ 4,729 | $ 4,139 | $ 14,793 | $ 11,683 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 4,729 | $ 4,139 | $ 14,793 | $ 11,683 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (198) | (1,028) | 680 | (1,797) |
Other comprehensive income (loss) | (198) | (1,028) | 680 | (1,797) |
Comprehensive Income | $ 4,531 | $ 3,111 | $ 15,473 | $ 9,886 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 14,793,000 | $ 11,683,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,146,000 | 3,109,000 |
Deferred income taxes | 905,000 | (530,000) |
Non-cash share-based compensation expense | 1,548,000 | 925,000 |
Non-cash change in uncertain tax positions | (42,000) | 36,000 |
Write off of purchase option | 657,000 | |
Net changes in assets and liabilities: | ||
Trade accounts receivable | (4,197,000) | (5,101,000) |
Unbilled revenue | 141,000 | 35,000 |
Prepaid expenses | (315,000) | (279,000) |
Accounts payable | 73,000 | 247,000 |
Accrued expenses, wages, bonuses and profit sharing | (90,000) | 1,010,000 |
Income taxes receivable and payable | (476,000) | 53,000 |
Deferred revenue | 2,533,000 | 2,931,000 |
Net cash provided by operating activities | 18,019,000 | 14,776,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,066,000) | (2,207,000) |
Net cash used in investing activities | (3,066,000) | (2,207,000) |
Cash flows from financing activities: | ||
Payments on notes payable | (1,795,000) | (1,740,000) |
Payments on capital lease obligations | (73,000) | (148,000) |
Proceeds from exercise of stock options | 491,000 | |
Common stock withheld for payroll tax on share based compensation | (147,000) | (92,000) |
Cash paid for non-controlling interest | (2,000,000) | (2,789,000) |
Excess tax benefit from share-based compensation | 107,000 | |
Purchase of treasury stock | (1,629,000) | |
Payment of dividends on common stock | (25,180,000) | (7,545,000) |
Net cash used in financing activities | (28,704,000) | (13,836,000) |
Effect of exchange rate changes on cash | 484,000 | (1,195,000) |
Decrease in cash and cash equivalents | (13,267,000) | (2,462,000) |
Cash and cash equivalents at beginning of period | 42,145,000 | 40,042,000 |
Cash and cash equivalents at end of period | 28,878,000 | 37,580,000 |
Supplemental disclosure of cash paid for: | ||
Interest, net of capitalized amounts | 152,000 | 162,000 |
Income taxes | $ 7,254,000 | $ 7,339,000 |
Note 1 - Basis of Consolidation
Note 1 - Basis of Consolidation and Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. BASIS OF CONSOLIDATION AND PRESENTATION The Company is a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and loyalty for healthcare providers, payers and other healthcare organizations in the United States and Canada. The Company’s six operating segments are aggregated into one reporting segment because they have similar economic characteristics and meet the other aggregation criteria from the Financial Accounting Standards Board (“FASB”) guidance on segment disclosure. The six operating segments are Experience, The Governance Institute, Market Insights, Reputation, National Research Corporation Canada and Connect (previously Customer-Connect LLC which was dissolved on June 30, 2016), each of which offer a portfolio of solutions to address specific market needs around growth, retention, engagement and thought leadership for healthcare organizations. The condensed consolidated balance sheet of the Company at December 31, 2015, was derived from the Company’s audited consolidated balance sheet as of that date. All other financial statements contained herein are unaudited and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) the Company considers necessary for a fair presentation of financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States. Information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in the Company’s Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2016. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, National Research Corporation Canada. Prior to becoming a wholly-owned subsidiary in March 2016, the accounts of Connect, then a variable interest entity for which NRC was deemed the primary beneficiary, were included in the condensed consolidated financial statements of the Company. On June 30, 2016, Customer-Connect LLC was dissolved. All significant intercompany transactions and balances have been eliminated. The functional currency of the Company’s foreign subsidiary, National Research Corporation Canada, is the subsidiary’s local currency. The Company translates the assets and liabilities of its foreign subsidiary at the period-end rate of exchange and its foreign subsidiary’s income statement balances at the average rate prevailing during the period. The Company records the resulting translation adjustment in accumulated other comprehensive loss, a component of shareholders’ equity. Since the undistributed earnings of the Company’s foreign subsidiary are considered to be indefinitely reinvested, no taxes were provided for on currency translation adjustments arising from converting the investment denominated in a foreign currency to U.S. dollars. Gains and losses related to transactions denominated in a currency other than the subsidiary’s local currency and short-term intercompany accounts are included in other income (expense) in the condensed consolidated statements of income. Fair Value Measurements The Company’s valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The inputs are then classified into the following hierarchy: (1) Level 1 Inputs—quoted prices in active markets for identical assets and liabilities; (2) Level 2 Inputs—observable market-based inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities in active markets, quoted prices for similar or identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and (3) Level 3 Inputs—unobservable inputs. Commercial paper included in cash equivalents is valued at amortized cost, which approximates fair value due to its short-term nature. These are included as a Level 2 measurement in the table below. The following details the Company’s financial assets and liabilities within the fair value hierarchy at September 30, 2016, and December 31, 2015: Fair Values Measured on a Recurring Basis Level 1 Level 2 Level 3 Total (In thousands) As of September 30, 2016 Money Market Funds $ 10,536 $ -- $ -- $ 10,536 Commercial Paper -- 18,247 -- 18,247 Total $ 10,536 $ 18,247 $ -- $ 28,783 As of December 31, 2015 Money Market Funds $ 8,954 $ -- $ -- $ 8,954 Commercial Paper -- 30,872 -- 30,872 Total $ 8,954 $ 30,872 $ -- $ 39,826 The Company’s long-term debt is recorded at historical cost. The following are the carrying amounts and estimated fair values, using a Level 2 discounted cash flow analysis based primarily on estimated current rates available for debt of the same remaining duration and adjusted for nonperformance and credit risk: September 30, 2016 December 31, 2015 (In thousands) Total carrying amounts of long-term debt $ 3,945 $ 5,739 Estimated fair value of long-term debt $ 3,944 $ 5,708 The Company believes that the carrying amounts of trade accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments. All non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which includes goodwill and non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). As of September 30, 2016, and December 31, 2015, there was no indication of impairment related to the Company’s non-financial assets. |
Note 2 - Connect
Note 2 - Connect | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 2. CONNECT Customer-Connect LLC was formed in June 2013 to develop and commercialize the Connect programs. Connect programs provide healthcare organizations the technology to engage patients through real-time identification and management of individual patient needs, preferences, risks, and experiences. The platform ensures that organizations have access to a longitudinal view of the patient to more effectively manage patient engagement across the continuum of care. As of December 31, 2015, the Company owned approximately 89% of Customer-Connect LLC and Illuminate Health, LLC owned 11%. Under the amended Customer-Connect LLC operating agreement, NRC had the option to acquire additional equity units from Illuminate Health when new annual recurring contract value reached targeted levels. On March 7, 2016, NRC elected to exercise its first option to acquire one-third of the outstanding non-controlling interest for $1.0 million. Subsequently, on March 28, 2016, NRC and Illuminate Health reached an agreement whereby NRC acquired the remaining interest held by Illuminate Health for $1.0 million. Following these transactions, Customer-Connect LLC was a wholly owned subsidiary of NRC. Since the Company previously consolidated Customer-Connect LLC, the transaction was accounted for as an equity transaction, resulting in a reduction to additional paid-in capital. The acquisition of the remaining interest resulted in differences between the book and tax basis of Customer-Connect LLC’s assets. As a result, the Company recorded deferred tax assets of $1.7 million, with a corresponding increase to additional paid-in capital during the nine month period ended September 30, 2016. On June 30, 2016, Customer-Connect LLC was dissolved. |
Note 3 - Income Taxes
Note 3 - Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. INCOME TAXES The effective tax rate for the three-month period ended September 30, 2016 decreased to 35.3% compared to 36.2% for the same period in 2015. The effective tax rate for the nine-month period ended September 30, 2016 decreased to 33.8% compared to 37.2% for the same period in 2015. Income tax expense for the three and nine-month periods ending September 30, 2016 was reduced by $38,000 and $447,000, respectively, for the excess tax benefit from the exercise of stock options, vesting of restricted stock, and dividends paid to non-vested shareholders, as a result of the prospective adoption of Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting The unrecognized tax benefit as of September 30, 2016 was $414,000, excluding interest of $4,000 and penalties of $7,000. Of this amount, $108,000 represents the net unrecognized tax benefits that, if recognized, would favorably impact the effective income tax rate. The remaining $306,000 at September 30, 2016 would have no impact on the effective tax rate, if recognized. The Company accrues interest and penalties related to uncertain tax position in the statements of income as income tax expense. |
Note 4 - Notes Payable
Note 4 - Notes Payable | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. NOTES PAYABLE The Company’s term note is payable in 60 monthly installments of $212,468. Borrowings under the term note bears interest at an annual rate of 3.12%. The outstanding balance of the term note at September 30, 2016 was $3.9 million. The Company also has a revolving credit note that was renewed in June 2016 to extend the term to June 30, 2017. The maximum aggregate amount available under the revolving credit note is $6.5 million, subject to a borrowing base equal to 75.0% of the Company’s eligible accounts receivable. Borrowings under the revolving credit note bear interest at a variable annual rate, with three rate options at the discretion of management as follows: (1) 2.5% plus the daily reset one-month London Interbank Offered Rate (“LIBOR”) or (2) 2.2% plus the one-, two- or three- month LIBOR rate, or (3) the bank’s one-, two, three, six, or twelve month Money Market Loan Rate. As of September 30, 2016 the revolving credit note did not have a balance. According to the borrowing base requirements, the Company had the capacity to borrow $6.5 million as of September 30, 2016. The term note and revolving credit note are secured by certain of the Company’s assets, including the Company’s land, building, trade accounts receivable and intangible assets. The term note and revolving credit note contain various restrictions and covenants applicable to the Company, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions on the ability of the Company to consolidate or merge, create liens, incur additional indebtedness or dispose of assets. As of September 30, 2016, the Company was in compliance with its financial covenants. |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. SHARE-BASED COMPENSATION The Company measures and recognizes compensation expense for all share-based payments based on the grant-date fair value of those awards. All of the Company’s existing stock option awards and unvested stock awards have been determined to be equity-classified awards. The Company’s 2001 Equity Incentive Plan provided for the granting of stock options, stock appreciation rights, restricted stock, performance shares and other share-based awards and benefits up to an aggregate of 1,800,000 class A and 300,000 class B shares of the Company’s common stock. Stock options granted could have been either nonqualified or incentive stock options. Stock options vest over one to five years following the date of grant and option terms are generally five to ten years following the date of grant. The Company’s 2004 Non-Employee Director Stock Plan, as amended (the “2004 Director Plan”), is a nonqualified plan that provides for the granting of options with respect to 3,000,000 class A and 500,000 class B shares of the Company’s common stock. The 2004 Director Plan provides for grants of nonqualified stock options to each director of the Company who is not employed by the Company. On the date of each annual meeting of shareholders of the Company, options to purchase 36,000 class A shares and 6,000 class B shares of the Company’s common stock are granted to directors that are re-elected or retained as a director at such meeting. Stock options vest one year following the date of grant and option terms are generally ten years following the date of grant, or three years in the case of termination of the outside director’s service. The Company’s 2006 Equity Incentive Plan provides for the granting of stock options, stock appreciation rights, restricted stock, performance shares and other share-based awards and benefits up to an aggregate of 1,800,000 class A and 300,000 class B shares of the Company’s common stock. Stock options granted may be either incentive stock options or nonqualified stock options. Vesting terms vary with each grant and option terms are generally five to ten years following the date of grant. The Company granted options to purchase 315,620 shares of the Company’s class A common stock and 52,603 shares of the class B common stock during the nine-month period ended September 30, 2016. Options to purchase shares of common stock were granted with exercise prices equal to the fair value of the common stock on the date of grant. The fair value of the stock options granted was estimated using a Black-Scholes valuation model with the following assumptions: 2016 2015 Class A Class B Class A Class B Expected dividend yield at date of grant 2.96 to 3.02% 6.67 to 8.12% 2.14 to 2.57% 5.29 to 5.72% Expected stock price volatility 31.33 to 34.61% 27.64 to 31.77% 30.86 to 34.87% 29.96 to 33.94% Risk-free interest rate 1.36 to 2.12% 1.36 to 2.12% 1.55 to 1.78% 1.55 to 1.78% Expected life of options (in years) 6 to 8 6 to 8 5 to 7 5 to 7 The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical monthly price changes of the Company’s common stock based on the expected life of the options at the date of grant. The expected life of options is the average number of years the Company estimates that options will be outstanding. The Company considers groups of associates that have similar historical exercise behavior separately for valuation purposes. The following table summarizes stock option activity under the Company’s 2001 and 2006 Equity Incentive Plans and the 2004 Director Plan for the nine months ended September 30, 2016: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Class A Outstanding at December 31, 2015 1,485,738 $ 11.65 Granted 315,620 $ 14.64 Exercised (52,383 ) $ 6.59 $ 459 Forfeited (31,146 ) $ 12.47 Outstanding at September 30, 2016 1,717,829 $ 12.33 6.14 $ 6,913 Exercisable at September 30, 2016 1,214,793 $ 11.54 5.09 $ 5,860 Class B Outstanding at December 31, 2015 240,673 $ 26.31 Granted 52,603 $ 36.16 Exercised (35,534 ) $ 16.88 $ 632 Forfeited (5,191 ) $ 24.08 Outstanding at September 30, 2016 252,551 $ 29.73 6.59 $ 1,722 Exercisable at September 30, 2016 169,659 $ 27.67 5.56 $ 1,539 The following table summarizes information regarding unvested stock granted to associates under the 2006 Equity Incentive Plan for the nine months ended September 30, 2016: Class A Shares Outstanding Class A Weighted Average Grant Date Fair Value Per Share Class B Shares Outstanding Class B Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2015 183,814 $ 12.78 30,635 $ 36.93 Granted 20,578 $ 15.23 3,430 $ 34.00 Vested (20,892 ) $ 5.38 (3,482 ) $ 32.31 Forfeited -- -- -- -- Outstanding at September 30, 2016 183,500 $ 13.89 30,583 $ 37.13 As of September 30, 2016, the total unrecognized compensation cost related to unvested stock awards was approximately $2.1 million and is expected to be recognized over a weighted average period of 3.15 years. |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL AND OTHER INTANGIBLE ASSETS The following represents a summary of changes in the Company’s carrying amount of goodwill for the nine months ended September 30, 2016: (In thousands) Balance as of December 31, 2015 $ 57,792 Foreign currency translation 121 Balance as of September 30, 2016 $ 57,913 Intangible assets consisted of the following: September 30, 2016 December 31, 2015 (In thousands) Non-amortizing other intangible assets: Trade name $ 1,191 $ 1,191 Amortizing other intangible assets: Customer related 9,336 9,323 Technology 1,110 1,110 Trade name 1,572 1,572 Total other intangible assets 13,209 13,196 Accumulated amortization (9,938 ) (9,418 ) Other intangible assets, net $ 3,271 $ 3,778 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PROPERTY AND EQUIPMENT September 30, 2016 December 31, 2015 (In thousands) Property and equipment $ 37,816 $ 34,591 Accumulated depreciation (26,157 ) (23,466 ) Property and equipment, net $ 11,659 $ 11,125 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. EARNINGS PER SHARE Net income per share of class A common stock and class B common stock is computed using the two-class method. Basic net income per share is computed by allocating undistributed earnings to common shares and using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares and, if dilutive, the potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method. The liquidation rights and the rights upon the consummation of an extraordinary transaction are the same for the holders of class A common stock and class B common stock. Other than share distributions and liquidation rights, the amount of any dividend or other distribution payable on each share of class A common stock will be equal to one-sixth (1/6 th The Company excluded 508,230 and 736,350 shares of class A common stock options for the three-month periods ended September 30, 2016 and 2015, respectively, and 118,830 and 66,227 shares of class B common stock options for the three-month periods ended September 30, 2016 and 2015, respectively, from the diluted net income per share computation because the exercise or grant price exceeded the fair market value of the common stock on such date. For the Three Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 2,345 $ 2,384 $ 2,060 $ 2,078 Allocation of distributed and undistributed income to unvested restricted stock shareholders (21 ) (21 ) (14 ) (15 ) Net income attributable to common shareholders $ 2,324 $ 2,363 $ 2,046 $ 2,064 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,716 3,511 20,726 3,478 Net income per share – basic $ 0.11 $ 0.67 $ 0.10 $ 0.59 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 2,324 $ 2,363 $ 2,046 $ 2,064 Denominator for net income per share - diluted: Weighted average common shares outstanding - basic 20,716 3,511 20,726 3,478 Weighted average effect of dilutive securities – stock options 352 45 211 43 Denominator for diluted earnings per share – adjusted weighted average shares 21,068 3,556 20,937 3,521 Net income per share – diluted $ 0.11 $ 0.66 $ 0.10 $ 0.59 The Company excluded 710,420 and 535,474 shares of class A common stock options for the nine-month periods ended September 30, 2016 and 2015, respectively, and 104,157 and 55,801 shares of class B common stock options for the nine-month periods ended September 30, 2016 and 2015, respectively, from the diluted net income per share computation because the exercise or grant price exceeded the fair market value of the common stock on such date. For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 7,339 $ 7,454 $ 5,825 $ 5,858 Allocation of distributed and undistributed income to unvested restricted stock shareholders (64 ) (64 ) (41 ) (41 ) Net income attributable to common shareholders $ 7,275 $ 7,390 $ 5,784 $ 5,817 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,712 3,503 20,769 3,478 Net income per share – basic $ 0.35 $ 2.11 $ 0.28 $ 1.67 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 7,275 $ 7,390 $ 5,784 $ 5,817 Denominator for net income per share - diluted: Weighted average common shares outstanding - basic 20,712 3,503 20,769 3,478 Weighted average effect of dilutive securities – stock options 305 54 233 44 Denominator for diluted earnings per share – adjusted weighted average shares 21,017 3,557 21,002 3,522 Net income per share – diluted $ 0.35 $ 2.08 $ 0.28 $ 1.65 |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED PARTY TRANSACTIONS A board member of the Company serves as an officer of Ameritas Life Insurance Corp. (“Ameritas”). In connection with the Company’s regular assessment of its insurance-based associate benefits, which is conducted by an independent insurance broker and the costs associated therewith, the Company purchases dental and vision insurance for certain of its associates from Ameritas. The total value of these purchases was $59,000 and $58,000 for the three-month periods ended September 30, 2016 and 2015, respectively, and $174,000 and $169,000 for the nine-month periods ended September 30, 2016 and 2015, respectively. |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 10. RECENT ACCOUNTING PRONOUNCEMENTS In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09 . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09 . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments |
Note 1 - Basis of Consolidati18
Note 1 - Basis of Consolidation and Presentation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (In thousands) As of September 30, 2016 Money Market Funds $ 10,536 $ -- $ -- $ 10,536 Commercial Paper -- 18,247 -- 18,247 Total $ 10,536 $ 18,247 $ -- $ 28,783 As of December 31, 2015 Money Market Funds $ 8,954 $ -- $ -- $ 8,954 Commercial Paper -- 30,872 -- 30,872 Total $ 8,954 $ 30,872 $ -- $ 39,826 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2016 December 31, 2015 (In thousands) Total carrying amounts of long-term debt $ 3,945 $ 5,739 Estimated fair value of long-term debt $ 3,944 $ 5,708 |
Note 5 - Share-based Compensa19
Note 5 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Class A Class B Class A Class B Expected dividend yield at date of grant 2.96 to 3.02% 6.67 to 8.12% 2.14 to 2.57% 5.29 to 5.72% Expected stock price volatility 31.33 to 34.61% 27.64 to 31.77% 30.86 to 34.87% 29.96 to 33.94% Risk-free interest rate 1.36 to 2.12% 1.36 to 2.12% 1.55 to 1.78% 1.55 to 1.78% Expected life of options (in years) 6 to 8 6 to 8 5 to 7 5 to 7 |
Schedule of Share-based Compensation, Activity [Table Text Block] | Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Class A Outstanding at December 31, 2015 1,485,738 $ 11.65 Granted 315,620 $ 14.64 Exercised (52,383 ) $ 6.59 $ 459 Forfeited (31,146 ) $ 12.47 Outstanding at September 30, 2016 1,717,829 $ 12.33 6.14 $ 6,913 Exercisable at September 30, 2016 1,214,793 $ 11.54 5.09 $ 5,860 Class B Outstanding at December 31, 2015 240,673 $ 26.31 Granted 52,603 $ 36.16 Exercised (35,534 ) $ 16.88 $ 632 Forfeited (5,191 ) $ 24.08 Outstanding at September 30, 2016 252,551 $ 29.73 6.59 $ 1,722 Exercisable at September 30, 2016 169,659 $ 27.67 5.56 $ 1,539 |
Schedule of Nonvested Share Activity [Table Text Block] | Class A Shares Outstanding Class A Weighted Average Grant Date Fair Value Per Share Class B Shares Outstanding Class B Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2015 183,814 $ 12.78 30,635 $ 36.93 Granted 20,578 $ 15.23 3,430 $ 34.00 Vested (20,892 ) $ 5.38 (3,482 ) $ 32.31 Forfeited -- -- -- -- Outstanding at September 30, 2016 183,500 $ 13.89 30,583 $ 37.13 |
Note 6 - Goodwill and Other I20
Note 6 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Balance as of December 31, 2015 $ 57,792 Foreign currency translation 121 Balance as of September 30, 2016 $ 57,913 |
Schedule of Intangible Assets [Table Text Block] | September 30, 2016 December 31, 2015 (In thousands) Non-amortizing other intangible assets: Trade name $ 1,191 $ 1,191 Amortizing other intangible assets: Customer related 9,336 9,323 Technology 1,110 1,110 Trade name 1,572 1,572 Total other intangible assets 13,209 13,196 Accumulated amortization (9,938 ) (9,418 ) Other intangible assets, net $ 3,271 $ 3,778 |
Note 7 - Property and Equipme21
Note 7 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2016 December 31, 2015 (In thousands) Property and equipment $ 37,816 $ 34,591 Accumulated depreciation (26,157 ) (23,466 ) Property and equipment, net $ 11,659 $ 11,125 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 2,345 $ 2,384 $ 2,060 $ 2,078 Allocation of distributed and undistributed income to unvested restricted stock shareholders (21 ) (21 ) (14 ) (15 ) Net income attributable to common shareholders $ 2,324 $ 2,363 $ 2,046 $ 2,064 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,716 3,511 20,726 3,478 Net income per share – basic $ 0.11 $ 0.67 $ 0.10 $ 0.59 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 2,324 $ 2,363 $ 2,046 $ 2,064 Denominator for net income per share - diluted: Weighted average common shares outstanding - basic 20,716 3,511 20,726 3,478 Weighted average effect of dilutive securities – stock options 352 45 211 43 Denominator for diluted earnings per share – adjusted weighted average shares 21,068 3,556 20,937 3,521 Net income per share – diluted $ 0.11 $ 0.66 $ 0.10 $ 0.59 For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock (In thousands, except per share data) Numerator for net income per share - basic: Net income $ 7,339 $ 7,454 $ 5,825 $ 5,858 Allocation of distributed and undistributed income to unvested restricted stock shareholders (64 ) (64 ) (41 ) (41 ) Net income attributable to common shareholders $ 7,275 $ 7,390 $ 5,784 $ 5,817 Denominator for net income per share - basic: Weighted average common shares outstanding - basic 20,712 3,503 20,769 3,478 Net income per share – basic $ 0.35 $ 2.11 $ 0.28 $ 1.67 Numerator for net income per share - diluted: Net income attributable to common shareholders for basic computation $ 7,275 $ 7,390 $ 5,784 $ 5,817 Denominator for net income per share - diluted: Weighted average common shares outstanding - basic 20,712 3,503 20,769 3,478 Weighted average effect of dilutive securities – stock options 305 54 233 44 Denominator for diluted earnings per share – adjusted weighted average shares 21,017 3,557 21,002 3,522 Net income per share – diluted $ 0.35 $ 2.08 $ 0.28 $ 1.65 |
Note 1 - Basis of Consolidati23
Note 1 - Basis of Consolidation and Presentation (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Number of Operating Segments | 6 | |
Number of Reportable Segments | 1 |
Note 1 - Basis of Consolidati24
Note 1 - Basis of Consolidation and Presentation - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets, fair value | $ 10,536 | $ 8,954 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 10,536 | 8,954 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets, fair value | 18,247 | 30,872 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 18,247 | 30,872 |
Money Market Funds [Member] | ||
Assets, fair value | 10,536 | 8,954 |
Commercial Paper [Member] | ||
Assets, fair value | 18,247 | 30,872 |
Assets, fair value | $ 28,783 | $ 39,826 |
Note 1 - Basis of Consolidati25
Note 1 - Basis of Consolidation and Presentation - Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Total carrying amounts of long-term debt | $ 3,945 | $ 5,739 |
Estimated fair value of long-term debt | $ 3,944 | $ 5,708 |
Note 2 - Connect (Details Textu
Note 2 - Connect (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2016 | Mar. 07, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Connect [Member] | Illuminate Health, LLC [Member] | |||||
Ownership Percentage Available to Acquire at Each Recurring Contract Value Target Level | 33.33% | ||||
Payments to Noncontrolling Interests | $ 1,000 | $ 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | $ 1,700 | ||||
Connect [Member] | |||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 89.00% | ||||
Illuminate Health, LLC [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 11.00% | ||||
Payments to Noncontrolling Interests | $ 2,000 | $ 2,789 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 35.30% | 36.20% | 33.80% | 37.20% |
Increase (Decrease) in Income Tax Expense Accounting Change | $ (38,000) | $ (447,000) | ||
Increase (Decrease) in Effective Tax Rate from Capital Loss Valuation Allowance Write Off | (300,000) | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | (105,000) | (105,000) | ||
Unrecognized Tax Benefits, Excluding Interest and Penalties | 414,000 | 414,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 4,000 | 4,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 7,000 | 7,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 108,000 | 108,000 | ||
Unrecognized Tax Benefits that Would Not Impact Effective Tax Rate | $ 306,000 | $ 306,000 |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Revolving Credit Facility [Member] | One Month LIBOR [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Revolving Credit Facility [Member] | One, Two, or Three Month LIBOR [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,500,000 | |
Borrowing Capacity Percentage of Accounts Receivable | 75.00% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 6,500,000 | |
Term Note [Member] | ||
Number of Monthly Installments | 60 | |
Debt Instrument, Periodic Payment | $ 212,468 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.12% | |
Long-term Debt | $ 3,945,000 | $ 5,739,000 |
Note 5 - Share-based Compensa29
Note 5 - Share-based Compensation (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)shares | |
Common Class A [Member] | The 2001 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 |
Common Class A [Member] | Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted at Annual Meeting | 36,000 |
Common Class A [Member] | Director Plan 2004 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 |
Common Class A [Member] | The 2006 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 |
Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 315,620 |
Common Class B [Member] | The 2001 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 |
Common Class B [Member] | Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted at Annual Meeting | 6,000 |
Common Class B [Member] | Director Plan 2004 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |
Common Class B [Member] | The 2006 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 |
Common Class B [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 52,603 |
The 2001 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
The 2001 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Minimum [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Maximum [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
The 2006 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
The 2006 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 2.1 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 54 days |
Note 5 - Share-based Compensa30
Note 5 - Share-based Compensation - Stock Options Valuation Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common Class A [Member] | Minimum [Member] | ||
Expected dividend yield at date of grant | 2.96% | 2.14% |
Expected stock price volatility | 31.33% | 30.86% |
Risk-free interest rate | 1.36% | 1.55% |
Expected life of options (in years) | 6 years | 5 years |
Common Class A [Member] | Maximum [Member] | ||
Expected dividend yield at date of grant | 3.02% | 2.57% |
Expected stock price volatility | 34.61% | 34.87% |
Risk-free interest rate | 2.12% | 1.78% |
Expected life of options (in years) | 8 years | 7 years |
Common Class B [Member] | Minimum [Member] | ||
Expected dividend yield at date of grant | 6.67% | 5.29% |
Expected stock price volatility | 27.64% | 29.96% |
Risk-free interest rate | 1.36% | 1.55% |
Expected life of options (in years) | 6 years | 5 years |
Common Class B [Member] | Maximum [Member] | ||
Expected dividend yield at date of grant | 8.12% | 5.72% |
Expected stock price volatility | 31.77% | 33.94% |
Risk-free interest rate | 2.12% | 1.78% |
Expected life of options (in years) | 8 years | 7 years |
Note 5 - Share-based Compensa31
Note 5 - Share-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Common Class A [Member] | |
Outstanding, number of options (in shares) | shares | 1,485,738 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.65 |
Granted, number of options (in shares) | shares | 315,620 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 14.64 |
Exercised, number of options (in shares) | shares | (52,383) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.59 |
Exercised, aggregate intrinsic value | $ | $ 459 |
Forfeited, number of options (in shares) | shares | (31,146) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 12.47 |
Outstanding, number of options (in shares) | shares | 1,717,829 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.33 |
Outstanding, weighted average remaining contractual term | 6 years 51 days |
Outstanding, aggregate intrinsic value | $ | $ 6,913 |
Exercisable, number of options (in shares) | shares | 1,214,793 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 11.54 |
Exercisable, weighted average remaining contractual term | 5 years 32 days |
Exercisable, aggregate intrinsic value | $ | $ 5,860 |
Common Class B [Member] | |
Outstanding, number of options (in shares) | shares | 240,673 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 26.31 |
Granted, number of options (in shares) | shares | 52,603 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 36.16 |
Exercised, number of options (in shares) | shares | (35,534) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 16.88 |
Exercised, aggregate intrinsic value | $ | $ 632 |
Forfeited, number of options (in shares) | shares | (5,191) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 24.08 |
Outstanding, number of options (in shares) | shares | 252,551 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 29.73 |
Outstanding, weighted average remaining contractual term | 6 years 215 days |
Outstanding, aggregate intrinsic value | $ | $ 1,722 |
Exercisable, number of options (in shares) | shares | 169,659 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 27.67 |
Exercisable, weighted average remaining contractual term | 5 years 204 days |
Exercisable, aggregate intrinsic value | $ | $ 1,539 |
Note 5 - Share-based Compensa32
Note 5 - Share-based Compensation - Non-vested Stock (Details) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Common Class A [Member] | |
Outstanding (in shares) | shares | 183,814 |
Outstanding (in dollars per share) | $ / shares | $ 12.78 |
Granted (in shares) | shares | 20,578 |
Granted (in dollars per share) | $ / shares | $ 15.23 |
Vested (in shares) | shares | (20,892) |
Vested (in dollars per share) | $ / shares | $ 5.38 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 183,500 |
Outstanding (in dollars per share) | $ / shares | $ 13.89 |
Common Class B [Member] | |
Outstanding (in shares) | shares | 30,635 |
Outstanding (in dollars per share) | $ / shares | $ 36.93 |
Granted (in shares) | shares | 3,430 |
Granted (in dollars per share) | $ / shares | $ 34 |
Vested (in shares) | shares | (3,482) |
Vested (in dollars per share) | $ / shares | $ 32.31 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 30,583 |
Outstanding (in dollars per share) | $ / shares | $ 37.13 |
Note 6 - Goodwill and Other I33
Note 6 - Goodwill and Other Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Balance | $ 57,792 |
Foreign currency translation | 121 |
Balance | $ 57,913 |
Note 6 - Goodwill and Other I34
Note 6 - Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Trade Names 1 [Member] | ||
Trade name | $ 1,191,000 | $ 1,191,000 |
Customer Relationships [Member] | ||
Intangible assets | 9,336,000 | 9,323,000 |
Technology-Based Intangible Assets [Member] | ||
Intangible assets | 1,110,000 | 1,110,000 |
Trade Names [Member] | ||
Intangible assets | 1,572,000 | 1,572,000 |
Total other intangible assets | 13,209,000 | 13,196,000 |
Accumulated amortization | (9,938,000) | (9,418,000) |
Other intangible assets, net | $ 3,271,000 | $ 3,778,000 |
Note 7 - Property and Equipme35
Note 7 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property and equipment | $ 37,816 | $ 34,591 |
Accumulated depreciation | (26,157) | (23,466) |
Property and equipment, net | $ 11,659 | $ 11,125 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016shares | Sep. 30, 2015shares | Sep. 30, 2016shares | Sep. 30, 2015shares | |
Common Class A [Member] | Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 508,230 | 736,350 | 710,420 | 535,474 |
Common Class A [Member] | ||||
Common Stock to Dividend or Distribution Payable | 0.167 | |||
Common Class B [Member] | Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 118,830 | 66,227 | 104,157 | 55,801 |
Note 8 - Earnings Per Share - N
Note 8 - Earnings Per Share - Net Income Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Common Class A [Member] | ||||
Net income | $ 2,345 | $ 2,060 | $ 7,339 | $ 5,825 |
Allocation of distributed and undistributed income to unvested restricted stock shareholders | (21) | (14) | (64) | (41) |
Net income attributable to common shareholders | $ 2,324 | $ 2,046 | $ 7,275 | $ 5,784 |
Weighted average shares and share equivalents outstanding, basic (in shares) | 20,716 | 20,726 | 20,712 | 20,769 |
Basic earnings per share (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.35 | $ 0.28 |
Weighted average effect of dilutive securities – stock options (in shares) | 352 | 211 | 305 | 233 |
Denominator for diluted earnings per share – adjusted weighted average shares (in shares) | 21,068 | 20,937 | 21,017 | 21,002 |
Diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.35 | $ 0.28 |
Common Class B [Member] | ||||
Net income | $ 2,384 | $ 2,078 | $ 7,454 | $ 5,858 |
Allocation of distributed and undistributed income to unvested restricted stock shareholders | (21) | (15) | (64) | (41) |
Net income attributable to common shareholders | $ 2,363 | $ 2,064 | $ 7,390 | $ 5,817 |
Weighted average shares and share equivalents outstanding, basic (in shares) | 3,511 | 3,478 | 3,503 | 3,478 |
Basic earnings per share (in dollars per share) | $ 0.67 | $ 0.59 | $ 2.11 | $ 1.67 |
Weighted average effect of dilutive securities – stock options (in shares) | 45 | 43 | 54 | 44 |
Denominator for diluted earnings per share – adjusted weighted average shares (in shares) | 3,556 | 3,521 | 3,557 | 3,522 |
Diluted earnings per share (in dollars per share) | $ 0.66 | $ 0.59 | $ 2.08 | $ 1.65 |
Net income | $ 4,729 | $ 4,139 | $ 14,793 | $ 11,683 |
Note 9 - Related Party Transa38
Note 9 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction, Amounts of Transaction | $ 59,000 | $ 58,000 | $ 174,000 | $ 169,000 |
Note 10 - Recent Accounting P39
Note 10 - Recent Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Reclassification from Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | December 31, 2015 [Member] | ||
Prior Period Reclassification Adjustment | $ 1,100,000 | |
Reclassification from Excess Tax Benefits to Income Tax Expense [Member] | Period Ended March 31 2016 [Member] | ||
Prior Period Reclassification Adjustment | 333,000 | |
Recognition of Excess Tax Benefits in Provision for Income Taxes, Rather than Additional Paid-In Capital [Member] | ||
Current Period Reclassification | $ 38,000 | $ 447,000 |