Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting

Schedule of Revenue of the Company's Reportable Segments

	Revenue (a)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(in thousands)
Real Estate Franchise Services	$	41,236	$	38,699	$	81,976	$	77,798
Brokerages		3,041		3,600		6,508		6,381
Consolidated revenue	$	44,277	$	42,299	$	88,484	$	84,179

(a) Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $463,000 for the three months ended June 30, 2015 and 2014, respectively, and $793,000 and $885,000 for the six months ended June 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment.

Schedule of Adjusted EBITDA of the Company's Reportable Segments

	Adjusted EBITDA
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(in thousands)
Real Estate Franchise Services:
Net income	$	14,922	$	14,188	$	23,894	$	22,558
Depreciation and amortization		3,733		3,742		7,465		7,610
Interest expense		2,292		2,283		5,085		4,745
Interest income		(33)		(66)		(100)		(147)
Provision for income taxes		3,251		3,073		5,371		5,056
EBITDA		24,165		23,220		41,715		39,822
Gain on sale or disposition of assets and sublease		(88)		(86)		(171)		(282)
Loss on early extinguishment of debt		—		178		94		178
Non-cash straight-line rent expense		238		290		512		502
Non-recurring severance and other related expenses		588		—		1,039		—
Acquisition integration and professional fees expense		(106)		45		77		63
Adjusted EBITDA	$	24,797	$	23,647	$	43,266	$	40,283
Brokerages:
Net income (loss)	$	1,136	$	321	$	1,294	$	(251)
Depreciation and amortization		75		70		154		140
Interest expense		9		3		25		7
Interest income		—		—		—		—
Provision (benefit) for income taxes		206		56		234		(42)
EBITDA		1,426		450		1,707		(146)
(Gain) loss on sale or disposition of assets and sublease		(576)		39		(536)		57
Non-cash straight-line rent expense		11		(20)		(32)		(85)
Adjusted EBITDA	$	861	$	469	$	1,139	$	(174)
Consolidated:
Net income	$	16,058	$	14,509	$	25,188	$	22,307
Depreciation and amortization		3,808		3,812		7,619		7,750
Interest expense		2,301		2,286		5,110		4,752
Interest income		(33)		(66)		(100)		(147)
Provision for income taxes		3,457		3,129		5,605		5,014
EBITDA		25,591		23,670		43,422		39,676
Gain on sale or disposition of assets and sublease		(664)		(47)		(707)		(225)
Loss on early extinguishment of debt		—		178		94		178
Non-cash straight-line rent expense		249		270		480		417
Non-recurring severance and other related expenses		588		—		1,039		—
Acquisition integration and professional fees expense		(106)		45		77		63
Adjusted EBITDA	$	25,658	$	24,116	$	44,405	$	40,109

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	June 30,		December 31,
	2015		2014
	(in thousands)
Total assets:
Real Estate Franchise Services	$	316,365	$	349,481
Brokerages		8,713		8,846
	$	325,078	$	358,327