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Subsequent Event | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event On February 19, 2016, the Company entered into a securities purchase agreement with certain funds affiliated with Prophet Capital Asset Management LP (“Buyer”), which provides for the sale of 100% of the Company’s membership interests in Propel to Buyer (the “Transaction”). The purchase price for the Transaction is calculated in accordance with a formula relating to the redemptive value of certain tax liens as well as the book value of certain other assets and liabilities of Propel, and will be determined at the closing of the Transaction. The application of the purchase price formula as of December 31, 2015 would have resulted in an enterprise value for Propel of $344.3 million. After repayment of third party debt, the cash consideration payable to the Company would have been $142.8 million. Based on the proposed selling price, the Company concluded that the entire goodwill balance of $49.3 million related to Propel was impaired as of December 31, 2015. As the Company’s Board of Directors did not approve a plan to sell Propel until 2016, the tax lien business did not qualify as held for sale as of December 31, 2015. The Company recognized a pre-tax impairment charge for goodwill of $49.3 million, or $1.17 per diluted share, after the effect of income taxes for the year ended December 31, 2015. Propel represented the Company’s entire tax lien business reportable segment. Revenue from this segment comprised 3%, 3%, and 2% of the Company’s total consolidated revenues for each of the years ended December 31, 2015, 2014, and 2013, respectively. Excluding the goodwill impairment charge of $49.3 million discussed above, operating income from this segment comprised 4%, 3%, and 2% of the Company’s total consolidated operating income for each of the years ended December 31, 2015, 2014, and 2013, respectively. Refer to Note 14, “Segment Information” for further details of revenues and operating income of the Company’s tax lien business segment.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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