rmax_CurrentFolio

0001558370-16-009315.txt : 20161104 0001558370-16-009315.hdr.sgml : 20161104 20161104124547 ACCESSION NUMBER: 0001558370-16-009315 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161104 DATE AS OF CHANGE: 20161104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RE/MAX Holdings, Inc. CENTRAL INDEX KEY: 0001581091 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 800937145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36101 FILM NUMBER: 161974405 BUSINESS ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: (303)770-5531 MAIL ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 10-Q 1 rmax-20160930x10q.htm 10-Q rmax_CurrentFolio_10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2016.

☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission file number 001-36101

RE/MAX Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware		80-0937145
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

5075 South Syracuse Street Denver, Colorado		80237
(Address of principal executive offices)		(Zip Code)

(303) 770-5531

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s Class A common stock, par value $0.0001 per share, and Class B common stock, par value $0.0001, as of October 31, 2016 was 17,645,696 and 1, respectively.

Table of Contents

TABLE OF CONTENTS


		Page No.
	PART I. – FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015	3
	RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2016 and September 30, 2015	4
	RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2016 and September 30, 2015	5
	RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2016	6
	RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and September 30, 2015	7
	RE/MAX Holdings, Inc. Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	48

Item 4.	Controls and Procedures	49

	PART II. – OTHER INFORMATION

Item 1.	Legal Proceedings	50

Item 1A.	Risk Factors	50

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 3.	Defaults Upon Senior Securities	50

Item 4.	Mine Safety Disclosures	50

Item 5.	Other Information	50

Item 6.	Exhibits	51

	SIGNATURES	52

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

RE/MAX HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)


	September 30,		December 31,
	2016		2015
Assets
Current assets:
Cash and cash equivalents	$	101,981	$	110,212
Accounts and notes receivable, current portion, less allowances of $5,642 and $4,483, respectively		17,662		16,769
Income taxes receivable		672		—
Assets held for sale		—		354
Other current assets		3,627		4,079
Total current assets		123,942		131,414
Property and equipment, net of accumulated depreciation of $13,426 and $13,183, respectively		2,530		2,395
Franchise agreements, net of accumulated amortization of $111,008 and $100,499, respectively		57,059		61,939
Other intangible assets, net of accumulated amortization of $8,664 and $8,929, respectively		9,321		4,941
Goodwill		87,731		71,871
Deferred tax assets, net		105,682		109,365
Other assets, net of current portion		2,062		1,861
Total assets	$	388,327	$	383,786
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	393	$	449
Accounts payable to affiliates		35		66
Accrued liabilities		10,593		16,082
Income taxes payable		138		451
Deferred revenue and deposits		17,041		16,501
Current portion of debt		11,789		14,805
Current portion of payable pursuant to tax receivable agreements		7,225		8,478
Liabilities held for sale		—		351
Other current liabilities		8		71
Total current liabilities		47,222		57,254
Debt, net of current portion		174,819		185,552
Payable pursuant to tax receivable agreements, net of current portion		91,557		91,557
Deferred tax liabilities, net		134		120
Other liabilities, net of current portion		15,913		9,889
Total liabilities		329,645		344,372
Commitments and contingencies (note 12)
Stockholders' equity:
Class A common stock, par value $0.0001 per share, 180,000,000 shares authorized; 17,645,696 shares issued and outstanding as of September 30, 2016; 17,584,351 shares issued and outstanding as of December 31, 2015		2		2
Class B common stock, par value $0.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of September 30, 2016 and December 31, 2015		—		—
Additional paid-in capital		446,757		445,081
Retained earnings		15,529		4,693
Accumulated other comprehensive income (loss), net of tax		89		(105)
Total stockholders' equity attributable to RE/MAX Holdings, Inc.		462,377		449,671
Non-controlling interest		(403,695)		(410,257)
Total stockholders' equity		58,682		39,414
Total liabilities and stockholders' equity	$	388,327	$	383,786

See accompanying notes to unaudited condensed consolidated financial statements.

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Income

(In thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Revenue:
Continuing franchise fees	$	20,938	$	18,905	$	59,691	$	54,833
Annual dues		8,321		8,010		24,271		23,687
Broker fees		10,517		9,321		28,102		24,988
Franchise sales and other franchise revenue		5,783		5,624		19,704		19,535
Brokerage revenue		—		3,250		112		10,551
Total revenue		45,559		45,110		131,880		133,594
Operating expenses:
Selling, operating and administrative expenses		20,325		20,724		62,399		65,525
Depreciation and amortization		3,889		3,765		11,482		11,384
(Gain) loss on sale or disposition of assets, net		(11)		9		85		(606)
Total operating expenses		24,203		24,498		73,966		76,303
Operating income		21,356		20,612		57,914		57,291
Other expenses, net:
Interest expense		(2,121)		(2,338)		(6,493)		(7,448)
Interest income		32		36		118		136
Foreign currency transaction (losses) gains		(115)		(201)		69		(1,585)
Loss on early extinguishment of debt		—		—		(136)		(94)
Equity in earnings of investees		—		361		—		963
Total other expenses, net		(2,204)		(2,142)		(6,442)		(8,028)
Income before provision for income taxes		19,152		18,470		51,472		49,263
Provision for income taxes		(4,632)		(3,277)		(12,176)		(8,882)
Net income	$	14,520	$	15,193	$	39,296	$	40,381
Less: net income attributable to non-controlling interest		7,609		10,396		20,484		27,907
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474


Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.39	$	0.39	$	1.07	$	1.03
Diluted	$	0.39	$	0.39	$	1.06	$	1.01
Weighted average shares of Class A common stock outstanding
Basic		17,645,696		12,333,690		17,622,298		12,127,548
Diluted		17,691,641		12,420,748		17,666,740		12,315,663
Cash dividends declared per share of Class A common stock	$	0.1500	$	0.1250	$	0.4500	$	1.8750

See accompanying notes to unaudited condensed consolidated financial statements.

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income	$	14,520	$	15,193	$	39,296	$	40,381
Change in cumulative translation adjustment		(147)		(580)		417		(1,038)
Other comprehensive (loss) income, net of tax		(147)		(580)		417		(1,038)
Comprehensive income		14,373		14,613		39,713		39,343
Less: comprehensive income attributable to non-controlling interest		7,531		9,988		20,707		27,800
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$	6,842	$	4,625	$	19,006	$	11,543

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statement of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)


											Accumulated other
	Class A			Class B			Additional				comprehensive		Non-		Total
	common stock			common stock			paid-in		Retained		income (loss),		controlling		stockholders'
	Shares	Amount		Shares	Amount		capital		earnings		net of tax		interest		equity
Balances, January 1, 2016	17,584,351	$	2	1	$	—	$	445,081	$	4,693	$	(105)	$	(410,257)	$	39,414
Net income	—		—	—		—		—		18,812		—		20,484		39,296
Distributions paid to non-controlling unitholders	—		—	—		—		—		—		—		(14,094)		(14,094)
Equity-based compensation expense	—		—	—		—		1,812		—		—		—		1,812
Dividends paid to Class A common stockholders	—		—	—		—		—		(7,932)		—		—		(7,932)
Change in accumulated other comprehensive income (loss)	—		—	—		—		—		—		194		223		417
Issuance of Class A common stock, equity-based compensation plans	71,745		—	—		—		101		—		—		—		101
Payroll taxes related to net settled restricted stock units	(10,400)		—	—		—		(360)		—		—		—		(360)
Cumulative effect adjustment from change in accounting principle	—		—	—		—		123		(44)		—		(51)		28
Balances, September 30, 2016	17,645,696	$	2	1	$	—	$	446,757	$	15,529	$	89	$	(403,695)	$	58,682

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2016		2015
Cash flows from operating activities:
Net income	$	39,296	$	40,381
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,482		11,384
Bad debt expense		1,177		555
Loss (gain) on sale or disposition of assets, net		85		(606)
Loss on early extinguishment of debt		136		94
Equity-based compensation expense		1,812		1,098
Non-cash interest expense		335		324
Deferred income tax expense and other		3,244		1,831
Changes in operating assets and liabilities:
Accounts and notes receivable, current portion		(2,044)		(2,113)
Advances from/to affiliates		(44)		302
Other current and noncurrent assets		783		1,584
Other current and noncurrent liabilities		(5,705)		1,411
Income taxes receivable/payable		(653)		2,392
Deferred revenue and deposits, current portion		480		1,315
Payment pursuant to tax receivable agreements		(1,344)		—
Net cash provided by operating activities		49,040		59,952
Cash flows from investing activities:
Purchases of property, equipment and software		(3,229)		(2,066)
Proceeds from sale of property and equipment		12		17
Capitalization of trademark costs		(35)		(61)
Acquisitions, net of cash acquired of $131		(17,869)		—
Dispositions		200		20
Cost to sell assets		(146)		(71)
Net cash used in investing activities		(21,067)		(2,161)
Cash flows from financing activities:
Payments on debt		(14,220)		(8,880)
Capitalized debt amendment costs		—		(555)
Distributions paid to non-controlling unitholders		(14,094)		(38,813)
Dividends paid to Class A common stockholders		(7,932)		(22,454)
Payments on capital lease obligations		(72)		(237)
Proceeds from exercise of stock options		101		2,032
Payment of payroll taxes related to net settled restricted stock units		(360)		(120)
Net cash used in financing activities		(36,577)		(69,027)
Effect of exchange rate changes on cash		373		(593)
Net decrease in cash and cash equivalents		(8,231)		(11,829)
Cash and cash equivalents, beginning of year		110,212		107,199
Cash and cash equivalents, end of period	$	101,981	$	95,370
Supplemental disclosures of cash flow information:
Cash paid for interest and debt amendment costs, net of capitalized interest	$	6,195	$	7,126
Net cash paid for income taxes		9,492		4,052
Schedule of non-cash investing and financing activities:
Note receivable received as consideration for sale of brokerage operations assets	$	150	$	430
Capital leases for property and equipment		33		412
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software		89		381
Contingent consideration issued in a business acquisition		6,300		—

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Business and Organization

RE/MAX Holdings, Inc. (“RE/MAX Holdings”) was formed as a Delaware corporation on June 25, 2013 and was capitalized on July 8, 2013. On October 7, 2013, RE/MAX Holdings completed an initial public offering (the “IPO”) of 11,500,000 shares of Class A common stock at a public offering price of $22.00 per share. A portion of the proceeds received by RE/MAX Holdings from the IPO was used to acquire the net business assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in the Southwest and Central Atlantic regions of the United States (“U.S.”), respectively, which were subsequently contributed to RMCO, LLC and its consolidated subsidiaries (“RMCO”), and the remaining proceeds were used to purchase common membership units in RMCO.

After completion of the IPO, RE/MAX Holdings owned 39.56% of the common membership units in RMCO. During the fourth quarter of 2015, RIHI, Inc. (“RIHI”) redeemed 5,175,000 common units in RMCO in exchange for newly issued shares of RE/MAX Holdings’ Class A common stock on a one-for-one basis. Immediately upon redemption, RIHI sold its 5,175,000 shares of Class A common stock at $36.00 per share, less underwriting discounts and commissions (the “Secondary Offering”). As of September 30, 2016, RE/MAX Holdings owns 58.42% of the common membership units in RMCO. RE/MAX Holdings’ only business is to act as the sole manager of RMCO. RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.”

The Company is one of the leading franchisors of residential and commercial real estate brokerage services throughout the U.S. and globally. The Company, as a franchisor, grants each broker-owner a license to use the RE/MAX brand, trademark, promotional and operating materials and concepts. Through 2015, the Company operated a small number of real estate brokerage offices in the U.S. As discussed in Note 5, Acquisitions and Dispositions, the Company sold certain operating assets and liabilities of these brokerage offices during 2015 and the first quarter of 2016 and, subsequent thereto, no longer operates any real estate brokerage offices and no longer recognizes brokerage revenue (which consisted of fees assessed by the Company’s previously owned brokerages for services provided to their affiliated real estate agents). Beginning in October 2016, the Compay also franchises mortgage brokerages under the “Motto Mortgage” brand, and in connection with launching this business, on September 12, 2016, the Company acquired certain assets of Full House Mortgage Connection, Inc. (“Full House”). See Note 5, Acquisitions and Dispositions, for further detail.

The Company’s revenue is derived as follows:

Continuing franchise fees which consist of fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of agents in the respective franchised region or office.

Annual dues from agents.

Broker fees which consist of fees paid by regional franchise owners and franchisees for real estate commissions paid by customers when an agent sells a home.

Franchise sales and other franchise revenue which consist of fees from initial sales and renewals of franchises, regional franchise fees, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs.

Brokerage revenue prior to the sale of the Company’s brokerage offices during 2015 and the first quarter of 2016.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated balance sheet at December 31, 2015, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2016 and December 31, 2015, the results of its operations and comprehensive income for the three and nine months ended September 30, 2016 and 2015, changes in its stockholders’ equity for the nine months ended September 30, 2016 and results of its cash flows for the nine months ended September 30, 2016 and 2015. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

The preparation of 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 and 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 reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, the estimates for determining the fair value of assets acquired and liabilities assumed in business combinations, the estimates related to the accounting for income taxes, the estimates of the fair value of reporting units used in the annual assessment of goodwill, and the amounts due to RIHI and Oberndorf Investments LLC (“Oberndorf”) pursuant to the terms of the tax receivable agreements (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest. Actual results could differ from those estimates.

Reclassifications

In conjunction with the adoption of several recent accounting pronouncements, certain items in the accompanying condensed consolidated financial statements as of December 31, 2015 and for the nine months ended September 30, 2015 have been reclassified to conform to the current year’s presentation. These reclassifications did not affect the Company’s consolidated results of operations.

Segment Reporting

During the first quarter of 2016, the Company began to operate in one reportable segment, Real Estate Franchise Services. All prior segment information has been reclassified to reflect the Company’s new segment structure. Prior to 2016, the Company operated in two reportable segments, (1) Real Estate Franchise Services and (2) Brokerages. The Real Estate Franchise Services reportable segment comprised the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from the Company’s previously owned brokerages and corporate-wide professional services expenses. The Brokerages reportable segment contained the operations of the Company’s previously owned brokerage offices in the U.S., the results of operations of a mortgage brokerage company in which the Company previously owned a non-controlling interest and reflected the elimination of intersegment revenue and other consolidation entries. During 2015 and the first quarter of 2016, the Company sold its 21 previously owned brokerage offices, as discussed in Note 5, Acquisitions and Dispositions. These dispositions resulted in the cessation of operations for the Company’s Brokerages reportable segment.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Principles of Consolidation

As of September 30, 2016, RE/MAX Holdings owns 58.42% of the common membership units in RMCO and, as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively.

Emerging Growth Company Status

Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act and the Company has not been subject to the requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002 (“SOX”). The Company will no longer qualify as an emerging growth company as of the end of 2016. Therefore, pursuant to Section 404(b) of SOX, the Company will be required to include an opinion from an independent registered public accounting firm regarding the effectiveness of the Company’s internal controls over financial reporting in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Recent Accounting Pronouncements

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies classification for certain cash receipts and cash payments on the consolidated statement of cash flow. ASU 2016-15 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early adoption is permitted in any interim or annual reporting period. The standard requires a retrospective transition method for each period presented. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies certain aspects of accounting for share-based payment transactions, including income tax consequences, statutory tax withholding requirements, forfeitures and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is permitted in any interim or annual reporting period. The standard requires the guidance related to forfeitures and the timing of when excess tax benefits are recognized to be applied using a modified retrospective transition method, the guidance related to the accounting for income taxes to be applied prospectively, and the guidance related to the presentation of excess tax benefits on the statement of cash flows to be applied either prospectively or retrospectively. The Company early adopted ASU 2016-09 in the first quarter of 2016 and elected to account for forfeitures as they occur. As a result, the Company recorded a cumulative-effect adjustment of $44,000 to “Retained earnings” in the accompanying Condensed Consolidated Balance Sheets and Statement of Stockholders’ Equity. Furthermore, the Company elected to apply the retrospective transition method to the amendments related to the presentation of excess tax benefits in the statements of cash flows. This resulted in an increase in cash flows provided by operating activities of $2,411,000 and a net increase of $2,411,000 in cash flows used in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015. During the nine months ended September 30, 2016, the Company recorded a $201,000 income tax benefit relating to the exercise of stock options and vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. Prior to 2016, such excess tax benefits were recorded in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the assets and liabilities that arise from all leases on the consolidated balance sheets. ASU 2016-02 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2018. Early adoption is permitted in any interim or annual reporting period. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures.

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. The standard permits the use of either the retrospective or prospective transition method and permits early adoption as of the beginning of an interim or annual reporting period. The Company elected to early adopt this standard retrospectively in the first quarter of 2016 and $3,332,000 previously presented in “Other current assets” was reclassified to “Deferred tax assets, net” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but the Company’s consolidated results of operations were not affected.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement-Period Adjustments, which eliminates the requirement for an entity to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is completed. ASU 2015-16 became effective prospectively for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures.

In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 became effective for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures.

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, which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 became effective prospectively for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for the Company on January 1, 2016. The adoption of this standard resulted in $1,527,000 of net debt issuance costs previously reported as “Debt issuance costs, net” to be reclassified to “Debt, net of current portion” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but did not affect the Company’s consolidated results of operations.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of the guidance in ASU 2014-09 by one year. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which provides clarification on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarification on assessing

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. These standards are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within such annual reporting periods. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures.

3. Non-controlling Interest

RE/MAX Holdings is the sole managing member of RMCO and subsequent to the IPO, began to operate and control all of the business affairs of RMCO. As a result, RE/MAX Holdings began to consolidate RMCO on October 7, 2013, and because RE/MAX Holdings and RMCO are entities under common control, such consolidation has been reflected for all periods presented. RE/MAX Holdings owns a 58.42% and 58.33% economic interest in RMCO as of September 30, 2016 and December 31, 2015, respectively, and records a non-controlling interest for the remaining 41.58% and 41.67% economic interest in RMCO held by RIHI as of September 30, 2016 and December 31, 2015, respectively. RE/MAX Holdings’ economic interest in RMCO increased due to an increase in common units, which were issued concurrently with the issuance of shares of Class A common stock upon the exercise of 28,057 stock options and the vesting of 33,288 restricted stock units, net of shares withheld, as discussed in Note 10, Equity-Based Compensation. RE/MAX Holdings’ only sources of cash flow from operations are distributions from RMCO and management fees received pursuant to the management services agreement between RE/MAX Holdings and RMCO. “Net income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income represents the portion of earnings attributable to the economic interest in RMCO held by the non-controlling unitholders. As of October 7, 2013, “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets represented the carryover basis of RIHI’s capital account in RMCO. Subsequent thereto, the non-controlling interest balance has been and will continue to be adjusted to reflect tax and other cash distributions made to, and the income allocated to, the non-controlling unitholders, as well as future redemptions of common units in RMCO pursuant to the Fourth Amended and Restated Limited Liability Company Agreement (“RMCO, LLC Agreement”). The ownership of the common units in RMCO is summarized as follows:


	September 30,			December 31,
	2016			2015
	Shares	Ownership %		Shares	Ownership %
Non-controlling unitholders ownership of common units in RMCO	12,559,600	41.58	%	12,559,600	41.67	%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO)	17,645,696	58.42	%	17,584,351	58.33	%
Total common units in RMCO	30,205,296	100.00	%	30,143,951	100.00	%

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The weighted average ownership percentages for the applicable reporting periods are used to calculate the net income attributable to RE/MAX Holdings. RE/MAX Holdings’ weighted average ownership percentage in RMCO was 58.42% and 41.02% for the three months ended September 30, 2016 and 2015, respectively and 58.39% and 40.61% for the nine months ended September 30, 2016 and 2015, respectively. RE/MAX Holdings’ economic interest in RMCO increased due to the increase in common units from the issuance of shares of Class A common stock as a result of the Secondary Offering described in Note 1, Business and Organization. A reconciliation of “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$	11,150	$	7,576	$	30,015	$	20,006
Provision for income taxes attributable to RE/MAX Holdings, Inc.		(4,239)		(2,779)		(11,203)		(7,532)
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474

A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Provision for income taxes attributable to RE/MAX Holdings, Inc. (a)	$	(4,239)	$	(2,779)	$	(11,203)	$	(7,532)
Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b)		(393)		(498)		(973)		(1,350)
Provision for income taxes	$	(4,632)	$	(3,277)	$	(12,176)	$	(8,882)

(a)

The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ proportionate share of the net assets of RMCO of the taxes imposed directly on RE/MAX, LLC and its consolidated subsidiaries (“RE/MAX, LLC”), a wholly-owned subsidiary of RMCO, related primarily to tax liabilities in certain foreign jurisdictions of $537,000 and $346,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,365,000 and $924,000 for the nine months ended September 30, 2016 and 2015, respectively.

(b)

The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities primarily in certain foreign jurisdictions that are allocated to the non-controlling interest.

Distributions and Other Payments to Non-controlling Unitholders

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

basis as necessary. In addition, RMCO is generally required to distribute cash on a pro-rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities. Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year.

The distributions paid or payable to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement are summarized as follows:


	Nine Months Ended
	September 30,
	2016		2015
Tax and other discretionary distributions	$	8,442	$	5,560
Dividend distributions		5,652		33,253
Total distributions	$	14,094	$	38,813

The dividend distributions are discussed further in Note 4, Earnings Per Share and Dividends. The tax and other discretionary distributions are recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and the paid portion is reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows.

On November 3, 2016, the Company declared a distribution to non-controlling unitholders of $1,884,000, which is payable on December 1, 2016.

Payments Pursuant to the Tax Receivable Agreements

At the time of the IPO, RE/MAX Holdings entered into separate TRAs with RMCO’s historical owners, RIHI and Weston Presidio V, L.P. (“Weston Presidio”). During the second quarter of 2015, Weston Presidio assigned, transferred and conveyed to Oberndorf all of its rights, title and interest in and to, and all of its liabilities and obligations under, the TRA dated as of October 7, 2013 by and between RE/MAX Holdings and Weston Presidio. In connection therewith, the Company entered into a joinder to the TRA on May 29, 2015 with Western Presidio and Oberndorf (the “Joinder Agreement”). Neither the assignment and transfer nor the Joinder Agreement impacted the financial position, results of operations or cash flows of the Company.

As of September 30, 2016, the Company reflected a liability of $98,782,000, representing the payments due to RIHI and Oberndorf, under the terms of the TRAs (see current and non-current portion of “Payable pursuant to tax receivable agreements” in the accompanying Condensed Consolidated Balance Sheets).

As of September 30, 2016, the Company estimates that amounts payable pursuant to the TRAs within the next 12-month period will be approximately $7,225,000, of which $2,591,000 is related to RE/MAX Holdings’ 2014 federal and state tax returns and the remainder is related to RE/MAX Holdings’ 2015 federal and state tax returns. To determine the current amount of the payments due to RIHI and Oberndorf, the Company estimated the amount of taxable income that RE/MAX Holdings generated during 2015 and 2014 and the amount of the specified deductions subject to the TRAs which were realized by RE/MAX Holdings in its 2015 and 2014 federal and state tax returns. This amount was then used as a basis for determining the Company’s increase in estimated tax cash savings as a result of such deductions on which a current TRA obligation became due (i.e. payable within 12 months of the Company’s year-end). These calculations are performed pursuant to the terms of the TRAs. The Company paid $1,344,000 and $0 pursuant to the terms of the TRAs during the nine months ended September 30, 2016 and 2015, respectively.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The timing and amount of the payments to be made under the TRAs are subject to certain contingencies, including RE/MAX Holdings having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. If the Company elects to terminate the TRAs early, the Company would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRAs, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits.

Obligations pursuant to the TRAs are obligations of RE/MAX Holdings. They do not impact the non-controlling interest. These obligations are not income tax obligations and have no impact on the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. In general, items of income, gain, loss and deduction are allocated on the basis of the members’ ownership interests pursuant to the RMCO, LLC Agreement after taking into consideration all relevant sections of the Internal Revenue Code.

4. Earnings Per Share and Dividends

Earnings Per Share

Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options and restricted stock units.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Add dilutive effect of the following:
Stock options		—		51,171		6,714		163,777
Restricted stock units		45,945		35,887		37,728		24,338
Weighted average shares of Class A common stock outstanding, diluted		17,691,641		12,420,748		17,666,740		12,315,663
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	0.39	$	0.39	$	1.07	$	1.03
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.39	$	0.39	$	1.06	$	1.01

There were no anti-dilutive shares for the three and nine months ended September 30, 2016 and 2015. The one share of Class B common stock outstanding does not share in the earnings of RE/MAX Holdings and is therefore not a participating security. Accordingly, basic and diluted net income per share of Class B common stock has not been presented.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Dividends

The Company’s Board of Directors declared quarterly dividends of $0.15 per share on all outstanding shares of Class A common stock in each of the first three quarters of 2016, or $7,932,000 in total dividends. Of this amount, $2,638,000 was paid on March 23, 2016, $2,647,000 was paid on June 2, 2016, and $2,647,000 was paid on August 31, 2016. The Company made corresponding distributions to non-controlling unitholders of $1,884,000 on March 23, 2016, June 2, 2016, and August 31, 2016. The Company’s Board of Directors declared quarterly dividends of $0.125 per share on all outstanding shares of Class A common stock in the first, second and third quarters of 2015, or $4,571,000 in total dividends. Of this amount, $1,500,000 was paid on April 8, 2015, $1,529,000 was paid on June 4, 2015 and $1,542,000 was paid on September 3, 2015. The Company made corresponding distributions to non-controlling unitholders of $2,217,000 on April 8, 2015, June 4, 2015 and September 3, 2015. Additionally, during the nine months ended September 30, 2015, the Company’s Board of Directors declared a special dividend of $1.50 per share on all outstanding shares of Class A common stock, or $17,883,000 in total dividends, which along with a corresponding distribution to non-controlling unitholders of $26,602,000 was paid on April 8, 2015.

On November 3, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.15 per share on all outstanding shares of Class A common stock, which is payable on December 1, 2016 to shareholders of record at the close of business on November 17, 2016.

5. Acquisitions and Dispositions

Acquisitions

Full House Mortgage Connection, Inc.

Motto Franchising, LLC (“Motto”), a wholly-owned subsidiary of RE/MAX, LLC, was formed and developed to franchise mortgage brokerages. On September 12, 2016, Motto acquired certain assets of Full House, a franchisor of mortgage brokerages that created the concept behind Motto. Motto, as a franchisor, grants each franchisee a license to use the Motto Mortgage brand, trademark, promotional and operating materials and concepts. The Company used $8,000,000 in cash generated from operations to initially fund the acquisition. Additional cash consideration may be required based on future revenues generated, as discussed below. The assets acquired constitute a business and were accounted for as a business combination using the acquisition method. The total purchase price was allocated to the assets acquired based on their estimated acquisition date fair values. The excess of the total purchase price over the fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized for Full House is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible.

Consideration

The following table summarizes the estimated consideration transferred at the acquisition (in thousands):


Cash consideration	$	8,000
Contingent purchase consideration		6,300
Total purchase price	$	14,300

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

and recognize changes in fair value, if any, in earnings of the Company. Increases or decreases in the fair value of the contingent purchase consideration can result from changes in discount rates as well as the timing and amount of forecasted cash payments derived from anticipated gross revenues. The Company’s accrued contingent purchase consideration is categorized in Level 3 of the fair value hierarchy. As of September 30, 2016, there was no material change in the fair value of the contingent purchase consideration.

Purchase Price Allocation

The following table summarizes the estimated fair value of the assets acquired at the acquisition date (in thousands):


Non-compete agreement	$	2,500
Goodwill		11,800
Total assets acquired	$	14,300

The Company will amortize the non-compete agreement over a useful life of 10 years using the straight-line method, which approximates the timing in which the Company expects to receive the benefit from the agreement. As of September 30, 2016, the Company has finalized its purchase allocations related to the acquisition of Full House.

RE/MAX of Alaska, Inc.

On April 1, 2016, RE/MAX, LLC acquired certain assets of RE/MAX of Alaska, Inc. (“RE/MAX of Alaska”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of Alaska. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The Company used $1,500,000 in cash generated from operations to fund the acquisition. The assets acquired constitute a business and were accounted for using the fair value acquisition method. The total purchase price was allocated to the assets acquired based on their estimated fair values. The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized for RE/MAX of Alaska is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible.

Purchase Price Allocation

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Franchise agreements	$	529
Goodwill		971
Total purchase price	$	1,500

The regional franchise agreements acquired were preliminarily valued using an income approach and are being amortized over the remaining contractual term of approximately five years using the straight-line method. The preliminary estimated fair value of the assets acquired is subject to adjustments based on the Company’s final assessment of the fair values of the franchise agreements, which is the acquired asset with the highest likelihood of changing upon finalization of the valuation process.

RE/MAX of New York, Inc.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

in the state of New York. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The Company used $8,500,000 in cash generated from operations to fund the acquisition. The assets acquired constitute a business and were accounted for using the fair value acquisition method. The total purchase price was allocated to the assets acquired based on their estimated fair values. The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized for RE/MAX of New York is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible.

Purchase Price Allocation

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Cash and cash equivalents	$	131
Franchise agreements		5,100
Other assets		350
Goodwill		2,919
Total purchase price	$	8,500

The regional franchise agreements acquired were preliminarily valued using an income approach and are being amortized over the remaining contractual term of approximately eleven years using the straight-line method. The preliminary estimated fair value of the assets acquired is subject to adjustments based on the Company’s final assessment of the fair values of the franchise agreements and other assets, which are the acquired assets with the highest likelihood of changing upon finalization of the valuation process.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisitions of RE/MAX of New York and RE/MAX of Alaska had occurred on January 1, 2015. The historical financial information has been adjusted to give effect to events that are (1) directly attributed to the acquisitions, (2) factually supportable and (3) expected to have a continuing impact on the combined results, including additional amortization expense associated with the valuation of the acquired franchise agreements. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(In thousands, except per share amounts)
Total revenue	$	45,544	$	45,628	$	132,285	$	134,970
Net income attributable to RE/MAX Holdings, Inc.	$	6,914	$	4,877	$	19,074	$	12,600
Basic earnings per common share	$	0.39	$	0.40	$	1.08	$	1.04
Diluted earnings per common share	$	0.39	$	0.39	$	1.08	$	1.02

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Dispositions

STC Northwest, LLC d/b/a RE/MAX Northwest Realtors

On January 20, 2016, the Company sold certain operating assets and liabilities related to three owned brokerage offices located in the U.S., of STC Northwest, LLC d/b/a RE/MAX Northwest Realtors, a wholly owned subsidiary of the Company. The Company recognized a loss on the sale of the assets and the liabilities transferred of approximately $90,000 during the first quarter of 2016, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue.

Sacagawea, LLC d/b/a RE/MAX Equity Group

On December 31, 2015, the Company sold certain operating assets and liabilities related to 12 owned brokerage offices located in the U.S., of Sacagawea, LLC d/b/a RE/MAX Equity Group, a wholly owned subsidiary of the Company. The Company recognized a gain on the sale of the assets of approximately $2,794,000 during the fourth quarter of 2015, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the Consolidated Statements of Income included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue.

RB2B, LLC d/b/a RE/MAX 100

On April 10, 2015, the Company sold certain operating assets and liabilities related to six owned brokerage offices located in the U.S., of RB2B, LLC d/b/a RE/MAX 100, a wholly owned subsidiary of the Company. The Company recognized a gain on the sale of the assets and the liabilities transferred of $615,000 during the second quarter of 2015, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income for the nine months ended September 30, 2015. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue.

Subsequent Events

Asset Purchase Agreement for Acquisition of RE/MAX of New Jersey

On November 3, 2016, RE/MAX, LLC entered into an Asset Purchase Agreement pursuant to which it agreed to acquire certain assets of RE/MAX of New Jersey (“RE/MAX of New Jersey”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of New Jersey. RE/MAX, LLC intends to acquire these assets in order to expand its owned and operated regional franchising operations. The Company expects to use approximately $45 million in cash generated from operations to fund the acquisition. The assets to be acquired constitute a business that will be accounted for using the fair value acquisition method. The total purchase price will be allocated to the assets acquired based on their estimated fair values. The acquisition is subject to customary closing conditions and is expected to close in early December 2016. The Company will complete a preliminary purchase price allocation subsequent to closing.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

6. Intangible Assets and Goodwill

The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands, except weighted average amortization period in years):


	Weighted
	Average	As of September 30, 2016						As of December 31, 2015
	Amortization	Initial		Accumulated		Net		Initial		Accumulated		Net
	Period	Cost		Amortization		Balance		Cost		Amortization		Balance
Franchise agreements	12.7	$	168,067	$	(111,008)	$	57,059	$	162,438	$	(100,499)	$	61,939
Other intangible assets:
Software (a)	4.6	$	12,412	$	(6,930)	$	5,482	$	10,885	$	(7,325)	$	3,560
Trademarks	14.3		3,073		(1,734)		1,339		2,985		(1,604)		1,381
Non-compete	10.0		2,500		—		2,500		—		—		—
Total other intangible assets	8.1	$	17,985	$	(8,664)	$	9,321	$	13,870	$	(8,929)	$	4,941

(a)

As of September 30, 2016 and December 31, 2015, capitalized software development costs of $4,599,000 and $3,165,000, respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization.

Amortization expense for the three months ended September 30, 2016 and 2015 was $3,666,000 and $3,510,000, respectively. Amortization expense for the nine months ended September 30, 2016 and 2015 was $10,836,000 and $10,608,000, respectively.

The estimated future amortization of intangible assets, other than goodwill is as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	3,953
2017		11,964
2018		8,347
2019		8,187
2020		8,009
Thereafter		25,920
	$	66,380

During 2016, the Company performed its annual assessment of goodwill, and the fair values of the Company’s reporting units significantly exceeded their respective carrying values. No interim indicators of impairment have been identified. The following table presents changes to goodwill for the nine months ended September 30, 2016 (in thousands):


Balance, January 1, 2016	$	71,871
Goodwill recognized in acquisitions		15,690
Effect of changes in foreign currency exchange rates		170
Balance, September 30, 2016	$	87,731

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

7. Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2016		2015
Accrued payroll and related employee costs	$	5,954	$	8,040
Accrued property taxes		1,121		1,594
Accrued professional fees		791		981
Lease-related accruals		353		354
Other (a)		2,374		5,113
	$	10,593	$	16,082

(a)

Other accrued liabilities include $3,251,000 as of December 31, 2015 in connection with the December 28, 2015 judgment resulting from the litigation matter concerning the Company’s acquisition of the net assets of HBN, which was paid on February 2, 2016, as discussed in Note 12, Commitments and Contingencies.

8. Debt

Debt consists of the following (in thousands):


	September 30,		December 31,
	2016		2015
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	$	188,415	$	202,635
Less unamortized debt issuance costs		(1,211)		(1,527)
Less unamortized debt discount costs		(596)		(751)
Less current portion		(11,789)		(14,805)
	$	174,819	$	185,552

Maturities of debt are as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	487
2017 (a)		11,789
2018		1,947
2019		1,947
2020		172,245
	$	188,415

(a)

Maturities of debt due in 2017 include the estimated excess cash flow prepayment for the year ended December 31, 2016 to be paid in 2017 as discussed below.

On July 31, 2013, the Company entered into a new credit agreement with several lenders and administered by a bank, referred to herein as the “2013 Senior Secured Credit Facility.” The 2013 Senior Secured Credit Facility consists of a $230,000,000 term loan facility and a $10,000,000 revolving loan facility. The proceeds provided by the term loan facility were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

On March 11, 2015, the 2013 Senior Secured Credit Facility was amended, providing for an increase to the maximum applicable margin for both London Interbank Offered Rate (“LIBOR”) and Alternate Base Rate (“ABR”) loans by 0.25%, and a modification of certain liquidity covenants in order to increase the amounts the Company may distribute in the form of dividends to its non-controlling unitholders and stockholders of its Class A common stock, referred to herein as the “First Amendment.” Interest rates with respect to the amended term loan facility and revolving loan facility are based, at the Company’s option, on (a) adjusted LIBOR, provided that LIBOR shall be no less than 1% plus a maximum applicable margin of 3.25% or (b) ABR, provided that ABR shall be no less than 2%, which is equal to the greater of (1) JPMorgan Chase Bank, N.A.’s prime rate; (2) the Federal Funds Effective Rate plus 0.5% or (3) calculated Eurodollar Rate for a one month interest period plus 1%, plus a maximum applicable margin of 2.25%. The applicable margin is subject to quarterly adjustments based on the Company’s total leverage ratio as defined in the 2013 Senior Secured Credit Facility. In connection with the First Amendment, the Company incurred costs of $1,086,000 during the year ended December 31, 2015 of which $555,000 was recorded as an unamortized debt discount and is being amortized over the remaining term of the 2013 Senior Secured Credit Facility and the remaining $531,000 was expensed as incurred.

The Company is required to make principal payments out of excess cash flow, as defined in the 2013 Senior Secured Credit Facility, as well as from the proceeds of certain asset sales, proceeds from the issuance of indebtedness and from insurance recoveries. The Company made an excess cash flow prepayment of $12,727,000 on March 31, 2016. As of September 30, 2016, mandatory principal payments of approximately $487,000 are due quarterly until the facility matures on July 31, 2020 and will be reduced pro-rata by the amount of any excess cash flow principal prepayments made. During the nine months ended September 30, 2015 the Company made an excess cash flow prepayment of $7,320,000. The Company accounted for the mandatory principal excess cash flow prepayments as early extinguishments of debt and recorded a loss of $136,000 and $94,000 during the nine months ended September 30, 2016 and 2015, respectively, related to unamortized debt discount and issuance costs. The Company may make optional prepayments on the term loan facility at any time; however, no such optional prepayments were made during the nine months ended September 30, 2016 or 2015.

The estimated fair value of the Company’s debt as of September 30, 2016 and December 31, 2015 represents the amount that would be paid to transfer or redeem the debt in an orderly transaction between market participants at those dates and maximizes the use of observable inputs. The fair value of the Company’s debt was estimated using a market approach based on the amount at the measurement date that the Company would pay to enter into the identical liability, since quoted prices for the Company’s debt instruments are not available. As a result, the Company has classified the fair value of the 2013 Senior Secured Credit Facility as Level 2 of the fair value hierarchy. The carrying amounts of the 2013 Senior Secured Credit Facility are included in the accompanying Condensed Consolidated Balance Sheets in “Current portion of debt” and “Debt, net of current portion.” The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2016 and December 31, 2015 (in thousands):


	September 30,				December 31,
	2016				2015
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
2013 Senior Secured Credit Facility	$	186,608	$	188,179	$	200,357	$	198,583

The Company had no borrowings drawn on the revolving loan facility during the nine months ended September 30, 2016 and 2015 and had $10,000,000 available under the revolving loan facility as of September 30, 2016. The Company must pay a quarterly commitment fee equal to 0.5% on the average daily amount of the unused portion of the revolving loan facility.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

9. Income Taxes

RE/MAX Holdings is subject to U.S. federal and state income taxation on its allocable portion of the income of RMCO. The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015 is based on an estimate of the Company’s annualized effective income tax rate. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as a series of limited liability companies which are not themselves subject to federal income tax. Accordingly, the portion of the Company’s subsidiaries earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. The “Provision for income taxes” is comprised of a provision for income taxes attributable to RE/MAX Holdings and to entities other than RE/MAX Holdings. The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes and RE/MAX Holdings’ proportionate share of RMCO’s net income. The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC primarily related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2016, the Company does not believe it has any significant uncertain tax positions.

The Company and its subsidiaries file, or will file, income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. RMCO is not subject to federal income taxes as it is a flow-through entity, however, RMCO is required to file an annual U.S. Return of Partnership Income. The Company was notified on January 6, 2016 that RMCO’s 2013 U.S. Return of Partnership Income was selected for examination by the Internal Revenue Service. The audit commenced in April 2016 and concluded in June 2016 and no changes were made as a result of the audit. With respect to state and local jurisdictions and countries outside of the U.S., the Company and its subsidiaries are typically subject to examination for three to four years after the income tax returns have been filed.

10. Equity-Based Compensation

On September 30, 2013, the Company’s Board of Directors adopted the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) that provides for the grant of incentive stock options to the Company’s employees, and for the grant of shares of RE/MAX Holdings’ Class A common stock, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and any combination thereof to employees, directors and consultants of the Company.

The Company recognizes equity-based compensation expense in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The Company recognizes corporate income tax benefits relating to the exercise of options and vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Employee stock-based compensation expense under the Company’s 2013 Incentive Plan was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Employee stock-based compensation expense	$	501	$	430	$	1,812	$	1,098
Excess tax benefit		-		(50)		(201)		(2,411)
Net effect on net income attributable to RE/MAX Holdings, Inc.	$	501	$	380	$	1,611	$	(1,313)

The following table summarizes equity-based compensation activity related to restricted stock units (“RSUs”) and stock options as of and for the nine months ended September 30, 2016:


	Restricted Stock	Stock
	Units	Options
Balance, January 1, 2016	96,765	28,057
Granted	89,359	—
Exercised	—	(28,057)
Shares vested (including tax withholding)(a)	(43,688)	—
Forfeited	(5,334)	—
Balance, September 30, 2016	137,102	—
Weighted average grant date fair value per share	32.19	—

(a)

Pursuant to the terms of the 2013 Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards.

At September 30, 2016, there was $3,122,000 of total unrecognized stock-based compensation expense, all of which is related to unvested RSUs. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.10 years.

At September 30, 2016, there were 2,165,277 additional shares available for the Company to grant under the 2013 Incentive Plan.

11. Leadership Changes

On January 7, 2016, the Company’s former Chief Financial Officer and Chief Operating Officer entered into a separation and transition agreement (the “Separation and Transition Agreement”) pursuant to which he served as Co-Chief Financial Officer from January 15, 2016 through March 31, 2016 and separated from the Company effective March 31, 2016. Subject to the terms of the Separation and Transition Agreement, the Company was required to provide severance and other related benefits through April 2016. The Company recorded a liability, measured at its estimated fair value, for payments to be made under the Separation and Transition Agreement, with a corresponding charge to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In April 2016, the Company made a lump sum severance payment. The Company incurred a total cost of $1,043,000, including $331,000 of equity-based compensation expense, during the nine months ended September 30, 2016 related to this separation.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

On May 4, 2015, the Company’s former President entered into a retirement agreement with the Company (the “Retirement Agreement”) pursuant to which he retired on August 19, 2015. Subject to the terms of the Retirement Agreement, the Company is required to provide retirement benefits over a 24-month period, beginning in September 2015. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Retirement Agreement, with a corresponding charge to “Selling, operating and administrative expenses.” The Company incurred a total cost of $877,000, including $216,000 of equity-based compensation expense, during the year ended December 31, 2015 related to this retirement. As of September 30, 2016 and December 31, 2015, the short-term portion of the liability was $237,000 and $250,000, respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, the long-term portion of the liability was $0 and $175,000, respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.

On December 31, 2014, the Company’s former Chief Executive Officer retired and pursuant to the terms of the Separation and Release of Claims Agreement (the “Separation Agreement”), the Company is required to provide severance and other related benefits over a 36-month period, beginning in October 2015. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Separation Agreement, with a corresponding charge to “Selling, general and administrative expenses.” The Company will incur a total cost of $3,581,000, including $1,007,000 of equity-based compensation expense related to this retirement. Of this amount, the Company has recognized a total of $3,557,000, of which $0 was incurred during the nine months ended September 30, 2016. As of September 30, 2016 and December 31, 2015, the short-term portion of the liability was $781,000 and $759,000, respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, the long-term portion of the liability was $198,000 and $789,000, respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.

The Company’s severance and other related expenses incurred for the aforementioned leadership changes were $0 and $503,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,043,000 and $1,542,000 for the nine months ended September 30, 2016 and 2015, respectively, which is included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income.

The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs from January 1, 2016 to September 30, 2016 (in thousands):


Balance, January 1, 2016	$	2,021
Severance and other related expenses		1,043
Accretion		48
Cash payments		(1,565)
Non-cash adjustment (a)		(331)
Balance, September 30, 2016	$	1,216

(a)

For the nine months ended September 30, 2016, the non-cash adjustment represents the non-cash equity-based compensation expense recorded for the accelerated vesting of restricted stock units pursuant to the terms of the Separation and Transition Agreement.

12. Commitments and Contingencies

Commitments

The Company leases offices and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses.

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Contingencies

In connection with the Purchase of Full House, as described in Note 5, Acquisitions and Dispositions, the Company entered into an arrangement to pay additional purchase consideration based on Motto’s future gross revenues over the next ten years. As of September 30, 2016, this liability was estimated to be $6,300,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.

In connection with the sale of the assets and liabilities related to the Company’s previously owned brokerages as described in Note 5, Acquisitions and Dispositions, the Company entered into three Assignment and Assumption of Lease Agreements (the “Assignment Agreements”) pursuant to which the Company assigned its obligations under and rights, title and interest in 21 leases to the respective purchasers. For certain leases, the Company remains secondarily liable for future lease payments over approximately the next 58-month period under the respective lease agreements and accordingly, as of September 30, 2016, the Company has outstanding lease guarantees of $6,953,000. This amount represents the maximum potential amount of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreements govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. As of September 30, 2016, the likelihood of default by the purchaser on one of the Assignment Agreements was deemed to be reasonably possible and as such, the Company recognized a loss of $243,000 in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income during the nine months ended September 30, 2016. As of September 30, 2016, the short-term portion of the liability was $49,000 and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. The long-term portion of the liability was $163,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.

Litigation

The Company is subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries and any insurance recoveries are recorded in “Accounts and notes receivable, current portion” in the accompanying Condensed Consolidated Balance Sheets with a corresponding reduction to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income.

In connection with the IPO effective October 7, 2013, RE/MAX Holdings acquired the net assets, excluding cash, of HBN and Tails for consideration paid of $7,130,000 and $20,175,000, respectively. Regarding the acquisition of the net assets of HBN, several shareholders of HBN (the “Defendants”) dissented from the transaction and demanded payment for their shares in excess of consideration paid. Pursuant to the dissenters’ rights statute in the State of Colorado, HBN petitioned the District Court of Denver County, Colorado (the “Court”) to determine the fair value of HBN. The Court rendered a decision on December 28, 2015 and concluded that the fair value of HBN on October 7, 2013 was higher than the amount paid. Accordingly, the Court awarded the Defendants $3,153,000, which represents the amount of the Defendants’ share of HBN’s fair value as determined by the Court in excess of the consideration paid, as well as accrued interest from October 7, 2013 through the date of judgment. In addition, the Court’s decision provides for the payment of certain costs incurred in connection with the litigation and additional interest from the judgment date until the payment date. As a result of this conclusion, the Company recorded an accrual of $3,251,000 as of December 31, 2015, which was paid on February 2, 2016.

In connection with the Company’s acquisition of the net assets of Tails, several shareholders of Tails challenged the terms of the transaction and filed a shareholder action entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Tails, Inc. in the Circuit Court of Henrico County, Virginia ("Tails I"). The Court dismissed Tails I on December 23, 2013. The shareholders appealed that decision. On January 8, 2015, the Virginia Supreme Court affirmed the lower court's dismissal of Tails I. On March 7, 2016, the same Tails I plaintiffs filed a shareholder derivative complaint and complaint for individual claims entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes

Table of Contents

RE/MAX HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

and James D. Schwartz v. Gail Liniger, Dave Liniger, Bruce Benham, RE/MAX Holdings, Inc. and Tails Holdco, Inc. in Denver District Court ("Tails II"). The Tails II defendants, including the Company, filed a motion to dismiss the Tails II complaint in its entirety on April 15, 2016. On July 26, 2016, the Denver District Court dismissed all of the Tails II plaintiffs’ shareholder derivative claims. The Court did not dismiss the Tails II plaintiffs’ individual claims seeking $384,000 in total for interest allegedly owed. On August 24, 2016, the Plaintiffs moved to amend their Complaint to add additional individual claims alleging breach of fiduciary duty. The Tails II defendants intend to vigorously defend their position that the Tails II plaintiffs are not entitled to the relief sought. The Company believes a range for the potential impact to its financial position and results of operation is not determinable as of September 30, 2016. Accordingly, the Company currently has not recorded an accrual in the accompanying Condensed Consolidated Balance Sheets.

Except for the ongoing litigation concerning the acquisition of the net assets of Tails, management of the Company believes other such litigation matters involving a reasonably possible chance of loss will not, individually or in the aggregate, result in a material adverse effect on the Company's financial condition, results of operations and cash flows.

13. Related-Party Transactions

The Company’s previously owned real estate brokerage operations paid advertising fees to regional and national advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI, who is also the Company’s Chief Executive Officer, Chairman and Co-Founder. This individual does not receive any compensation from these corporations, as all funds received by the corporations are, as a result of contractual commitments in our franchise agreements, required to be spent on advertising for the respective regions. During the three months ended September 30, 2015, the Company’s previously owned real estate brokerage operations paid $210,000 to these advertising funds. During the nine months ended September 30, 2016 and 2015, the Company’s previously owned real estate brokerage operations paid $11,000 and $705,000, respectively, to these advertising funds. These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income.

The majority stockholders of RIHI, including the Company’s current Chief Executive Officer, Chairman and Co-Founder have made and continue to make a golf course they own available to the Company for business purposes. During the nine months ended September 30, 2016 and 2015, the Company used the golf course for business purposes at minimal charge.

The Company provides services, such as accounting, legal, marketing, technology, human resources and public relations services, to certain affiliated entities, and it allows these companies to share its leased office space. During the three months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $507,000 and $446,000, respectively. During the Nine months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1,459,000 and $1,293,000 respectively. Such amounts are generally paid within 30 days and no such amounts were outstanding at September 30, 2016 or December 31, 2015. In addition, affiliated regional franchisors have current outstanding continuing franchise fees, broker fees and franchise sales revenue amounts due from the Company of $35,000 and $66,000 as of September 30, 2016 and December 31, 2015, respectively. Such amounts are included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets.

Table of Contents

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial condition and results of our operations should be read together with the condensed consolidated financial statements and the related notes of RE/MAX Holdings, Inc. included in Item 1 of Part I of this Quarterly Report on Form 10-Q and with the audited consolidated financial statements and the related notes of RE/MAX Holdings, Inc. included in our most recent Annual Report on Form 10-K for the year ended December 31, 2015.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. For example, forward-looking statements include statements we make relating to:

our expectations regarding consumer trends in residential real estate transactions;

our expectations regarding overall economic and demographic trends, including the continued growth of the United States (“U.S.”) residential real estate market;

our expectations regarding our performance during future downturns in the housing sector;

our growth strategy of increasing our agent count;

our ability to expand our network of franchises in both new and existing but underpenetrated markets;

our growth strategy of increasing our number of closed transaction sides and transaction sides per agent;

the continued strength of our brand both in the U.S. and Canada and in the rest of the world;

the pursuit of future reacquisitions of Independent Regions;

our intention to pay dividends;

our future financial performance;

our ability to forecast selling, operating and administrative expenses;

the effects of laws applying to our business;

our ability to retain our senior management and other key employees;

our intention to pursue additional intellectual property protections;

our future compliance with U.S. or state franchise regulations;

other plans and objectives for future operations, growth, initiatives, acquisitions or strategies, including investments in our information technology infrastructure;

the anticipated benefits of our advertising strategy;

our intention to repatriate cash generated by our Canadian operations to the U.S. on a regular basis in order to minimize the impact of mark-to-market gains and losses; and

our expectation that our new cloud-based enterprise resource planning system will enhance our internal controls over financial reporting and function as an important component of our disclosure controls and procedures.

Table of Contents

Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2015. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

The results of operations discussed in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are those of RE/MAX Holdings, Inc. (“RE/MAX Holdings”) and its consolidated subsidiaries, including RMCO, LLC and its consolidated subsidiaries (“RMCO”), collectively, the “Company,” “we,” “our” or “us.”

Business Overview

We are one of the world’s leading franchisors of real estate brokerage services. Our business strategy is to recruit and retain real estate professionals and sell franchises. As of September 30, 2016, our franchisees operate under the RE/MAX brand name which has held the number one market share in the U.S. and Canada since 1999 as measured by total residential transaction sides completed by our agents.

Historically, our financial results are driven by the number of agents in our global network. The majority of our revenue is derived from fixed, contractual fees and dues paid to us based on the number of agents in our franchise network.

Our current growth strategies include the following initiatives:

Capitalize on the gradual improvement in the U.S. residential real estate market and increase our total agent count;

Continue to drive franchise sales growth and agent recruitment and retention;

Reacquire select RE/MAX regional franchises in the U.S. and Canada;

Grow our recently introduced mortgage franchise business, Motto Mortgage; and

Reinvest in the business to create more profitable brokerages, more productive agents, and an enhanced consumer experience with the RE/MAX brand.

As a franchisor, we maintain a low fixed-cost structure which enables us to generate high margins and helps us drive significant operating leverage through incremental revenue growth as reflected in our financial results.

During the first quarter of 2016, we began to operate in one reportable segment, Real Estate Franchise Services. Prior to 2016, we operated in two reportable segments, (1) Real Estate Franchise Services and (2) Brokerages. The Real Estate Franchise Services reportable segment comprised the operations of our owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from our previously owned brokerages and corporate-wide professional services expenses. The Brokerages reportable segment contained the operations of our previously owned brokerage offices in the U.S., the results of operations of a mortgage brokerage company in which we previously owned a non-controlling interest and reflected the elimination of intersegment revenue and other consolidation entries. As of January 1, 2015, we owned 21 brokerages (which represented less than 1% of RE/MAX total brokerages in the U.S.). However, during 2015, we sold 18 brokerage offices and in January 2016, we sold the remaining three offices. These dispositions resulted in the cessation of operations for our Brokerages reportable segment.

How We Assess the Performance of Our Business

In assessing the performance of our business, we consider a variety of financial and operating measures that affect our operating results, including agent count, revenue and Adjusted EBITDA.

Table of Contents

Agent Count. Agent count reflects the number of licensed agents who have active, independent contractual relationships with RE/MAX offices at a particular time. The majority of our revenue is derived from recurring fixed fee streams we receive from our franchisees and agents that are tied to our aggregate agent count. We also consider the breakdown of agent count in Company-owned Regions in the United States and Canada versus Independent Regions in the United States and Canada and elsewhere, because our average annual revenue per agent for our Company-owned Regions in the United States and Canada is nearly three times greater than for Independent Regions in the U.S. and Canada and revenue per agent for regions outside the U.S. and Canada is even lower.

The following table shows our agent count at the end of the periods indicated:


	As of
	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,	March 31,	December 31,
	2016	2016	2016	2015	2015	2015	2015	2014
Agent Count:
U.S.
Company-owned Regions (1)	39,790	39,493	38,469	37,250	37,146	36,545	35,845	35,299
Independent Regions (1)	22,451	22,142	21,848	22,668	22,633	22,459	22,100	21,806
U.S. Total	62,241	61,635	60,317	59,918	59,779	59,004	57,945	57,105
Canada
Company-owned Regions	6,728	6,701	6,580	6,553	6,512	6,440	6,327	6,261
Independent Regions	13,828	13,635	13,239	13,115	12,994	12,992	12,834	12,779
Canada Total	20,556	20,336	19,819	19,668	19,506	19,432	19,161	19,040
U.S. and Canada Total	82,797	81,971	80,136	79,586	79,285	78,436	77,106	76,145
Outside U.S. and Canada
Company-owned Regions (2)	—	—	—	—	—	—	—	328
Independent Regions (2)	28,391	27,989	26,572	25,240	24,206	23,467	22,849	21,537
Outside U.S. and Canada Total	28,391	27,989	26,572	25,240	24,206	23,467	22,849	21,865
Total	111,188	109,960	106,708	104,826	103,491	101,903	99,955	98,010
Net change in agent count compared to the prior period	1,228	3,252	1,882	1,335	1,588	1,948	1,945	363

(1)

As of each quarter end since June 30, 2016, U.S. Company-owned Regions include agents in the Alaska region, which converted from an Independent Region to a Company-owned Region in connection with the acquisition of certain assets of RE/MAX of Alaska, Inc. (“RE/MAX of Alaska”), including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of Alaska, on April 1, 2016. As of the acquisition date, the Alaska region had 245 agents. In addition, as of each quarter end since March 31, 2016, U.S. Company-owned Regions include agents in the New York region, which converted from an Independent Region to a Company-owned Region in connection with the acquisition of certain assets of RE/MAX of New York, Inc. (“RE/MAX of New York”), including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of New York, on February 22, 2016. As of the acquisition date, the New York region had 869 agents.

(2)

As of each quarter end since March 31, 2015, Independent Regions outside of the U.S. and Canada include agents in the Caribbean and Central America regions, which converted from Company-owned Regions to Independent Regions in connection with the regional franchising agreements we entered into with new independent owners of the Caribbean and Central America regions on January 1, 2015. As of the disposition date, the Caribbean and Central America regions had 328 agents.

Revenue. The majority of our revenue is derived from operations in the U.S. and Canada. In connection with our revenue analysis, we consider the breakdown of agent count in the U.S. and Canada versus regions outside the U.S. and Canada as our average annual revenue per agent in the U.S. and Canada is greater than for regions outside the U.S. and Canada.

Table of Contents

The following table shows revenue and agent count by geography on a consolidated basis:


	Revenue								Agent Count			Revenue								Agent Count
	Three Months Ended				Nine Months Ended				As of			Three Months Ended				Nine Months Ended				As of
	September 30,				September 30,				September 30,			September 30,				September 30,				September 30,
	2016				2016				2016			2015				2015				2015
	(in thousands, except agent counts and percentages)
U.S. and Canada	$	43,594	95.7	%	$	126,489	95.9	%	82,797	74.5	%	$	43,297	96.0	%	$	127,807	95.7	%	79,285	76.6	%
Outside U.S. and Canada		1,965	4.3	%		5,391	4.1	%	28,391	25.5	%		1,813	4.0	%		5,787	4.3	%	24,206	23.4	%
Total revenue	$	45,559	100.0	%	$	131,880	100.0	%	111,188	100.0	%	$	45,110	100.0	%	$	133,594	100.0	%	103,491	100.0	%

The majority of our revenue is derived from recurring, fixed contractual fees derived from continuing franchise fees (which consist of fees paid monthly by regional franchise owners and franchisees based on the number of agents in the respective franchised region or office) as well as annual dues from agents. A smaller percentage of our revenue is based on transaction activity derived from broker fees (which consist of fees paid by regional franchise owners and franchisees for real estate commissions earned when an agent sells a home). The remaining portion of our revenue is derived from franchise sales and other franchise revenue (which consist of fees from initial sales and renewals of franchises, regional franchise fees, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs) and, prior to the sale of the our brokerage offices during 2015 and the first quarter of 2016, brokerage revenue.

The following table shows revenue by transaction type on a consolidated basis:


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2016				2015				2016				2015
	(in thousands, except percentages)
Recurring revenue	$	29,259	64.2	%	$	26,915	59.7	%	$	83,962	63.7	%	$	78,520	58.8	%
Transactional revenue		10,517	23.1	%		9,321	20.7	%		28,102	21.3	%		24,988	18.7	%
Other revenue		5,783	12.7	%		8,874	19.6	%		19,816	15.0	%		30,086	22.5	%
Total revenue	$	45,559	100.0	%	$	45,110	100.0	%	$	131,880	100.0	%	$	133,594	100.0	%

The increase in the percentage of our recurring fixed fee revenue (i.e. continuing franchise fees and annual dues) and transaction based revenue (i.e. broker fees) is primarily related to the divestitures of our previously owned brokerages and secondarily the result of our organic agent count growth.

Adjusted EBITDA. We present Adjusted EBITDA because we believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our business and provides greater transparency into our results of operations. Our management uses Adjusted EBITDA as a factor in evaluating the performance of our business. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. See “—Non-GAAP Financial Measures” for our definition of Adjusted EBITDA and for further discussion of our presentation of Adjusted EBITDA as well as a reconciliation of Adjusted EBITDA to net income, which is the most comparable GAAP measure for operating performance. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

The following table shows our Adjusted EBITDA and Adjusted EBITDA margins on a consolidated basis:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
	(in thousands, except margin data)
Adjusted EBITDA	$	25,955		$	25,115		$	72,262		$	69,520
Adjusted EBITDA margins		57.0	%		55.7	%		54.8	%		52.0	%

Table of Contents

We generally experience lower Adjusted EBITDA margins in the first and fourth quarters of the fiscal year primarily due to lower home sale transactions in the residential housing market in the U.S. and Canada, which result in lower broker fee revenue recognized during these quarters. In addition, generally, our margins in the first quarter are lower because of higher selling, operating and administrative expenses incurred in connection with our annual convention.

The following table shows this seasonality in our Adjusted EBITDA and Adjusted EBITDA margins on a consolidated basis:



	Three Months Ended
	September 30, 2016	June 30, 2016	March 31, 2016	December 31, 2015	September 30, 2015
	(in thousands, except margin data)
Adjusted EBITDA	$ 25,955	$ 24,927	$ 21,380	$ 21,881	$ 25,115
Adjusted EBITDA margins	57.0%	57.4%	49.8%	50.6%	55.7%

As discussed elsewhere in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our real estate brokerage operations ceased during January 2016, at which point we began operating in one reportable segment. We no longer incur fixed costs associated with our previously owned brokerage offices and will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue from the 21 brokerage offices that we sold in 2015 and 2016.

Significant Transactions and Factors Affecting Our Consolidated Operating Results

Various factors affected our results for the periods presented in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” including the following:

Changes in Agent Count. The majority of our revenue is derived from fees and dues based on the number of agents in the RE/MAX network. Due to the low fixed cost structure of our franchise model, the addition of new agents generally requires nominal incremental investment in capital or infrastructure. Accordingly, the number of agents in our network (particularly in our Company-owned Regions in the U.S. and Canada) is the most important factor affecting our results of operations and the addition of new agents can favorably impact our revenue and Adjusted EBITDA. Historically, the number of agents in the residential real estate industry has been highly correlated with overall home sale transaction activity. Our agent count decreased during the downturn in the U.S. housing sector, but has returned to growth as the markets have improved. However, we do not use our overall home sale transaction activity on a per agent or aggregate basis in order to evaluate our results of operations. We believe that the number of agents in our network is the primary statistic that drives our revenue.

Changes in Aggregate Fee Revenue Per Agent. A significant portion of our revenue is tied to various fees that are ultimately tied to the number of agents in our franchise system, including annual dues, continuing franchise fees and certain transaction or service-based fees. Our average annual revenue per agent for our Company-owned Regions in the U.S. and Canada is nearly three times greater than for Independent Regions in the U.S. and Canada. Our average revenue per agent in regions outside of the U.S. and Canada is substantially lower than the average revenue per agent in the U.S. and Canada. We have expanded our owned regional franchising operations through acquisitions of Independent Regions in the U.S. and Canada, and intend to pursue reacquisitions of other regions in the future.

Table of Contents

In addition, other changes in our aggregate revenue per agent are derived from changes in our fee arrangements, which can take the form of fee waivers or fee deferrals, with our franchisees and agents over time. We implemented Momentum ®, a comprehensive training, development and recruiting program for the broker owners in our network (the “Momentum Program”), which is specifically designed to educate our broker owners on how to manage their businesses more effectively and profitably, as well as plan for future business growth. We provide certain fee waivers in order to incentivize our broker owners to participate in the program, which in turn impacts the comparability of our results of operations. We expect to continue the Momentum Program in the future. Our revenue per agent also increases in other ways, including when transaction sides and sales volume increases. This is because a portion of our revenue comes from fees tied to the number and sales price of real estate transactions closed by the agents in our network. Due to the low fixed cost structure of our franchise model, modest increases in revenue per agent impact the comparability of our operating results. Beginning July 1, 2016, we implemented a $5.00 and $2.50 per month per agent increase in continuing franchise fees in our Company-owned Regions in the U.S. and Canada, respectively, which will impact the comparability of our future operating results. Subsequent thereto, we will evaluate the appropriateness of inflationary fee increases.

Acquisitions. Our growth strategies include the pursuit of reacquiring regional franchise rights in Independent Regions in the U.S. and Canada. We receive a higher amount of revenue per agent in our Company-owned Regions than in our Independent Regions. While both Company-owned Regions and Independent Regions charge relatively similar fees to RE/MAX brokerages and agents, we receive the entire amount of the continuing franchise fee, broker fee, initial franchise fee and franchise renewal fee in Company-owned Regions, whereas we receive only a portion of these fees (generally 15%, 20% or 30%) in Independent Regions. We also pursue other acquisitions in related areas that build on our core competencies in franchising and real estate brokerage support in order to grow our business.

Effective November 3, 2016, we entered into an Asset Purchase Agreement pursuant to which we intend to acquire certain assets of RE/MAX of New Jersey, including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of New Jersey. We expect to use $45 million in cash generated from operations to fund the acquisition.

Effective September 12, 2016, we acquired certain assets of Full House Mortgage Connection, Inc., (“Full House”) a franchisor of mortgage brokerages. We used $8.0 million in cash generated from operations to fund the acquisition. In addition to the initial cash consideration, each year for the first ten years after closing we are required to pay a revenue share payment equal to 8% of gross revenue of the acquired business.

Effective April 1, 2016, we acquired certain assets of RE/MAX of Alaska, including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of Alaska. We used $1.5 million in cash generated from operations to fund the acquisition.

Effective February 22, 2016, we acquired certain assets of RE/MAX of New York, including the regional franchise agreements permitting the sale of RE/MAX franchises in the state of New York. We used $8.5 million in cash generated from operations to fund the acquisition.

The comparability of our operating results for the three and nine months ended September 30, 2016 and 2015 is affected by the aforementioned acquisitions.

Divestitures. Effective January 20, 2016, we sold certain operating assets and liabilities related to three owned brokerage offices located in the U.S., of STC Northwest, LLC d/b/a RE/MAX Northwest Realtors (“RE/MAX Northwest”) and transferred separate office franchise agreements to the purchaser. We recognized a loss on the sale of the assets and the liabilities transferred of $0.1 million during the first quarter of 2016.

Effective December 31, 2015, we sold certain operating assets and liabilities related to 12 owned brokerage offices located in the U.S., of Sacagawea, LLC d/b/a RE/MAX Equity Group (“RE/MAX Equity Group”) and transferred separate office franchise agreements to the purchaser. In connection with this sale, we sold our entire interest in, and transferred all of our obligations related to, our equity-method investments and as a result beginning on January 1, 2016, we no longer record equity in earnings of investees.

Table of Contents

Effective April 10, 2015, we sold certain operating assets and liabilities related to six owned brokerage offices located in the U.S., of RB2B, LLC d/b/a RE/MAX 100 (“RE/MAX 100”) and transferred separate office franchise agreements to the purchaser.

Subsequent to the aforementioned dispositions, we no longer receive fees for services provided to affiliate real estate agents and discontinued the recognition of brokerage revenue and all related expenses. The comparability of our operating results for the three and nine months ended September 30, 2016 and 2015 is affected by these dispositions.

Secondary Offering. During the fourth quarter of 2015, RIHI redeemed 5,175,000 common units in RMCO in exchange for newly issued shares of Class A common stock on a one-for-one basis. Upon redemption, RIHI sold 5,175,000 shares of Class A common stock at a public offering price of $36.00 per share, less underwriting discounts and commissions of $1.53 per share (the “Secondary Offering”). As of September 30, 2016, we owned 58.42% of the common units in RMCO and RIHI owned the remaining 41.58% of the common units in RMCO. We incurred additional selling, operating and administrative expenses of $0.2 million during the nine months ended September 30, 2016 in connection with the Secondary Offering primarily for accounting and other professional services performed during the first quarter of 2016, which will impact the comparability of our financial results to the prior year. We did not receive any proceeds from the Secondary Offering, but the change in economic interest in RMCO held by us and RIHI have and will impact the amount of RMCO’s net income allocated to RE/MAX Holdings and to the non-controlling interest. Increases in the amount of RMCO’s net income allocated to RE/MAX Holdings will directly impact the corporate tax obligations of RE/MAX Holdings and consequently increase the provision for income taxes.

Table of Contents

Results of Operations

The following table sets forth our results of operations for the periods presented as dollars for those periods. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)
Revenue:
Continuing franchise fees	$	20,938	$	18,905	$	59,691	$	54,833
Annual dues		8,321		8,010		24,271		23,687
Broker fees		10,517		9,321		28,102		24,988
Franchise sales and other franchise revenue		5,783		5,624		19,704		19,535
Brokerage revenue		—		3,250		112		10,551
Total revenue		45,559		45,110		131,880		133,594
Operating expenses:
Selling, operating and administrative expenses		20,325		20,724		62,399		65,525
Depreciation and amortization		3,889		3,765		11,482		11,384
(Gain) loss on sale or disposition of assets, net		(11)		9		85		(606)
Total operating expenses		24,203		24,498		73,966		76,303
Operating income		21,356		20,612		57,914		57,291
Other expenses, net:
Interest expense		(2,121)		(2,338)		(6,493)		(7,448)
Interest income		32		36		118		136
Foreign currency transaction (losses) gains		(115)		(201)		69		(1,585)
Loss on early extinguishment of debt		—		—		(136)		(94)
Equity in earnings of investees		—		361		—		963
Total other expenses, net		(2,204)		(2,142)		(6,442)		(8,028)
Income before provision for income taxes		19,152		18,470		51,472		49,263
Provision for income taxes		(4,632)		(3,277)		(12,176)		(8,882)
Net income	$	14,520	$	15,193	$	39,296	$	40,381
Less: net income attributable to non-controlling interest		7,609		10,396		20,484		27,907
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474

Adjusted EBITDA (1)	$	25,955	$	25,115	$	72,262	$	69,520

(1)

See “—Non-GAAP Financial Measures” for further discussion of Adjusted EBITDA and a reconciliation of the differences between Adjusted EBITDA and net income on a consolidated basis.

Table of Contents

Comparison of the Three Months Ended September 30, 2016 and 2015

Total Revenue

A summary of the components of our revenue for the three months ended September 30, 2016 and 2015 is as follows:


	Three Months Ended
	September 30,				Change
	2016		2015		($)		(%)
	(in thousands, except percentages)
Revenue:
Continuing franchise fees	$	20,938	$	18,905	$	2,033	10.8	%
Annual dues		8,321		8,010		311	3.9	%
Broker fees		10,517		9,321		1,196	12.8	%
Franchise sales and other franchise revenue		5,783		5,624		159	2.8	%
Brokerage revenue		—		3,250		(3,250)	(100.0)	%
Total revenue	$	45,559	$	45,110	$	449	1.0	%

Continuing Franchise Fees

Revenue from continuing franchise fees was $20.9 million for the three months ended September 30, 2016, an increase of $2.0 million or 10.8% compared to the three months ended September 30, 2015, primarily due to agent count growth in the U.S. and Canada, rate increases in our Company-owned Regions in the U.S. and Canada which were implemented on July 1, 2016 and the acquisitions of RE/MAX of New York and RE/MAX of Alaska.

Annual Dues

Revenue from annual dues increased $0.3 million from the overall increase in total agent count of 7,697 from September 30, 2015 to September 30, 2016, of which 3,512 agents were located in the U.S. and Canada.

Broker Fees

Revenue from broker fees increased $1.2 million primarily due to increased agent count in the U.S. and Canada and the acquisition of RE/MAX of New York.

Franchise Sales and Other Franchise Revenue

Franchise sales and other franchise revenue increased $0.2 million primarily due to an increase in the number of franchise renewals in the current year.

Brokerage Revenue

Brokerage revenue, which principally represents fees assessed by our previously owned brokerages for services provided to their affiliated real estate agents, decreased $3.3 million due to the dispositions of such brokerages.

Table of Contents

Operating Expenses

A summary of the components of our operating expenses for the three months ended September 30, 2016 and 2015 is as follows:


	Three Months Ended
	September 30,						Change
	2016			2015			($)		(%)
	(in thousands, except percentages)
Operating expenses:
Selling, operating and administrative expenses	$	20,325		$	20,724		$	(399)	(1.9)	%
Depreciation and amortization		3,889			3,765			124	3.3	%
(Gain) loss on sale or disposition of assets, net		(11)			9			(20)	(222.2)	%
Total operating expenses	$	24,203		$	24,498		$	(295)	(1.2)	%
Percent of revenue		53.1	%		54.3	%

Selling, Operating and Administrative Expenses

A summary of the components of our selling, operating and administrative expenses for the three months ended September 30, 2016 and 2015 is as follows:


	Three Months Ended
	September 30,						Change
	2016			2015			($)		(%)
	(in thousands, except percentages)
Selling, operating and administrative expenses:
Personnel	$	9,624		$	10,533		$	(909)	(8.6)	%
Professional fees		2,676			2,078			598	28.8	%
Rent and related facility operations		2,139			2,914			(775)	(26.6)	%
Other		5,886			5,199			687	13.2	%
Total selling, operating and administrative expenses	$	20,325		$	20,724		$	(399)	(1.9)	%
Percent of revenue		44.6	%		45.9	%

Total selling, operating and administrative expenses decreased as follows:

Personnel costs decreased primarily as a result of the reduction in overall headcount as a result of the dispositions of our previously owned brokerages, partially offset by an increase in benefit related expenses.

Professional fees increased primarily due to an increase in consulting fees associated with our compliance and strategic initiatives.

Rent and related facility operations expense decreased primarily due to the sale of our previously owned brokerages.

Other selling, operating and administrative expenses increased primarily due to an increase in bad debt expense related to a preferred marketing arrangement, partially offset by a decrease of administrative expenses as a result of the sale of our previously owned brokerages.

Depreciation and Amortization

Depreciation and amortization expense increased $0.1 million primarily due to the increase in amortization expense related to the franchise agreements acquired with the acquisitions of RE/MAX of New York and RE/MAX of Alaska.

Table of Contents

Other Expenses, Net

A summary of the components of our other expenses, net for the three months ended September 30, 2016 and 2015, is as follows:


	Three Months Ended
	September 30,						Change
	2016			2015			($)		(%)
	(in thousands, except percentages)
Other expenses, net:
Interest expense	$	(2,121)		$	(2,338)		$	217	(9.3)	%
Interest income		32			36			(4)	(11.1)	%
Foreign currency transaction losses		(115)			(201)			86	(42.8)	%
Equity in earnings of investees		—			361			(361)	(100.0)	%
Total other expenses, net	$	(2,204)		$	(2,142)		$	(62)	2.9	%
Percent of revenue		(4.8)	%		(4.7)	%

Other expenses, net increased primarily due to the sale of RE/MAX Equity Group on December 31, 2015 and thus no longer recognizing equity in earnings of investees beginning in 2016. This was offset by a decrease in interest expense primarily due to the reduction in principal balance as a result of the $12.7 million excess cash flow prepayment made on March 31, 2016 pursuant to the terms of our 2013 Senior Secured Credit Facility.

Provision for Income Taxes

The provision for income taxes increased $1.4 million primarily due to the Secondary Offering, which resulted in RE/MAX Holdings’ weighted average economic interest in RMCO increasing to 58.42% from 41.02% for the three months ended September 30, 2016 and 2015, respectively, and due to the increase in RMCO’s income before the provision for income taxes. As a result of the aforementioned factors, our effective income tax rate increased to 24.2% from 17.7% for the three months ended September 30, 2016 and 2015, respectively. Our effective income tax rate depends on many factors, including a rate benefit attributable to the fact that the portion of RMCO’s earnings attributable to the non-controlling interests are not subject to corporate-level taxes because RMCO is classified as a partnership for U.S. federal income tax purposes and therefore is treated as a “flow through entity,” as well as annual changes in state income tax rates.

Net Income Attributable to Non-controlling Interest

Net income attributable to non-controlling interest, which represents the portion of earnings attributable to the economic interest in RMCO held by RIHI, decreased $2.8 million primarily due to the Secondary Offering, which resulted in a decrease of the non-controlling unitholders weighted average economic interest in RMCO to 41.58% from 58.98% for the three months ended September 30, 2016 and 2015, respectively. This decrease was partially offset by an increase of $0.7 million in RMCO’s net income during the three months ended September 30, 2016 compared to September 30, 2015.

Adjusted EBITDA

Adjusted EBITDA was $26.0 million for the three months ended September 30, 2016, an increase of $0.8 million from the comparable prior year period. Adjusted EBITDA primarily increased due to an increase in revenue as a result of organic agent count growth and contributions from the acquired New York and Alaska regions. These aforementioned increases were offset by a decrease due to the sale of our previously owned brokerages.

Table of Contents

Comparison of the Nine Months Ended September 30, 2016 and 2015

Total Revenue

A summary of the components of our revenue for the nine months ended September 30, 2016 and 2015 is as follows:


	Nine Months Ended
	September 30,				Change
	2016		2015		($)		(%)
	(in thousands, except percentages)
Revenue:
Continuing franchise fees	$	59,691	$	54,833	$	4,858	8.9	%
Annual dues		24,271		23,687		584	2.5	%
Broker fees		28,102		24,988		3,114	12.5	%
Franchise sales and other franchise revenue		19,704		19,535		169	0.9	%
Brokerage revenue		112		10,551		(10,439)	(98.9)	%
Total revenue	$	131,880	$	133,594	$	(1,714)	(1.3)	%

Continuing Franchise Fees

Revenue from continuing franchise fees was $59.7 million for the nine months ended September 30, 2016, an increase of $4.9 million or 8.9% compared to the nine months ended September 30, 2016, primarily due to agent count growth in the U.S. and Canada, the acquisitions of RE/MAX of New York and RE/MAX of Alaska and a rate increase in continuing franchise fees in our Company-owned Regions in the U.S. and Canada which was implemented on July 1, 2016. The aforementioned increases were partially offset by the strengthening of the U.S. dollar compared to the Canadian dollar.

Annual Dues

Revenue from annual dues increased $0.6 million from the overall increase in total agent count of 7,697 from September 30, 2015 to September 30, 2016, of which 3,512 agents were located in the U.S. and Canada. The aforementioned increase was partially offset by the strengthening of the U.S. dollar compared to the Canadian dollar.

Broker Fees

Revenue from broker fees increased $3.1 million primarily due to increased agent count in the U.S. and Canada, an increase in home-sales volume and the acquisition of RE/MAX of New York. The aforementioned increases were partially offset by the strengthening of the U.S. dollar compared to the Canadian dollar.

Franchise Sales and Other Franchise Revenue

Franchise sales and other franchise revenue increased $0.2 million due to an increase in the number of franchise renewals in the current year and revenue recognized from our preferred marketing arrangements, offset by a reduction in franchise sales revenue related to global sub-regional franchise sales and office franchise sales in U.S. Company-owned Regions.

Brokerage Revenue

Brokerage revenue, which principally represents fees assessed by our previously owned brokerages for services provided to their affiliated real estate agents, decreased $10.4 million due to the dispositions of such brokerages.

Table of Contents

Operating Expenses

A summary of the components of our operating expenses for the nine months ended September 30, 2016 and 2015 is as follows:


	Nine Months Ended
	September 30,						Change
	2016			2015			($)		(%)
	(in thousands, except percentages)
Operating expenses:
Selling, operating and administrative expenses	$	62,399		$	65,525		$	(3,126)	(4.8)	%
Depreciation and amortization		11,482			11,384			98	0.9	%
Loss (gain) on sale or disposition of assets, net		85			(606)			691	(114.0)	%
Total operating expenses	$	73,966		$	76,303		$	(2,337)	(3.1)	%
Percent of revenue		56.1	%		57.1	%

Selling, Operating and Administrative Expenses

A summary of the components of our selling, operating and administrative expenses for the nine months ended September 30, 2016 and 2015 is as follows:


	Nine Months Ended
	September 30,						Change
	2016			2015			($)		(%)
	(in thousands, except percentages)
Selling, operating and administrative expenses:
Personnel	$	30,692		$	31,957		$	(1,265)	(4.0)	%
Professional fees		7,234			6,304			930	14.8	%
Rent and related facility operations		6,513			9,016			(2,503)	(27.8)	%
Other		17,960			18,248			(288)	(1.6)	%
Total selling, operating and administrative expenses	$	62,399		$	65,525		$	(3,126)	(4.8)	%
Percent of revenue		47.3	%		49.0	%

Total selling, operating and administrative expenses decreased as follows:

Professional fees increased primarily due to an increase of costs incurred during the preliminary project and post-implementation-operation stages for purchased and developed software in our information technology infrastructure and an increase in consulting fees associated with our compliance and strategic initiatives. The aforementioned increases were offset by a decrease due to the sale of our previously owned brokerages.

Rent and related facility operations expense decreased primarily due to the sale of our previously owned brokerages.

Other selling, operating and administrative expenses decreased primarily due to a decrease in administrative expenses as a result of the sale of our previously owned brokerages, partially offset by an increase in bad debt expense related to a preferred marketing arrangement.

Depreciation and Amortization

Table of Contents

The aforementioned increase was offset by a decrease in depreciation expense due to the sale of our previously owned brokerages.

Sale or Disposition of Assets, Net

The decrease in the gain on sale or disposition of assets, net is due to the gain of $0.6 million recognized for the sale of RE/MAX 100 during the second quarter of 2015, offset by the loss of $0.1 million recognized for the sale of RE/MAX Northwest during the first quarter of 2016.

Other Expenses, Net

A summary of the components of our other expenses, net for the nine months ended September 30, 2016 and 2015, is as follows:


	Nine Months Ended
	September 30,						Change
	2016			2015			($)		(%)

	(in thousands, except percentages)
Other expenses, net:
Interest expense	$	(6,493)		$	(7,448)		$	955	(12.8)	%
Interest income		118			136			(18)	(13.2)	%
Foreign currency transaction gains (losses)		69			(1,585)			1,654	(104.4)	%
Loss on early extinguishment of debt		(136)			(94)			(42)	44.7	%
Equity in earnings of investees		—			963			(963)	(100.0)	%
Total other expenses, net	$	(6,442)		$	(8,028)		$	1,586	(19.8)	%
Percent of revenue		(4.9)	%		(6.0)	%

Other expenses, net decreased primarily due to a decrease in foreign currency transaction losses driven primarily by the repatriation of cash generated from our Canadian operations in February 2015. Interest expense also contributed to a decrease in other expenses, net due primarily to costs incurred during the nine months ended September 30, 2015 associated with an amendment to our 2013 Senior Secured Credit Facility, as discussed in Note 8 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, as well as a reduction in principal balance of the 2013 Senior Secured Credit Facility as a result of the $12.7 million excess cash flow prepayment made on March 31, 2016. Other expenses, net increased due to the sale of RE/MAX Equity Group on December 31, 2015 and thus no longer recognizing equity in earnings of investees beginning in 2016.

Provision for Income Taxes

The provision for income taxes increased $3.3 million primarily due to the Secondary Offering, which resulted in RE/MAX Holdings’ weighted average economic interest in RMCO increasing to 58.39% from 40.61% for the nine months ended September 30, 2016 and 2015, respectively, and due to the increase in RMCO’s income before the provision for income taxes. As a result of the aforementioned factors, our effective income tax rate increased to 23.7% from 18.0% for the nine months ended September 30, 2016 and 2015, respectively. Our effective income tax rate depends on many factors, including a rate benefit attributable to the fact that the portion of RMCO’s earnings attributable to the non-controlling interests are not subject to corporate-level taxes because RMCO is classified as a partnership for U.S. federal income tax purposes and therefore is treated as a “flow through entity,” as well as annual changes in state income tax rates.

Net Income Attributable to Non-controlling Interest

Net income attributable to non-controlling interest, which represents the portion of earnings attributable to the economic interest in RMCO held by RIHI, decreased $7.4 million primarily due to the Secondary Offering, which resulted in a decrease of the non-controlling unitholders weighted average economic interest in RMCO to 41.61% from 59.39% for

Table of Contents

the nine months ended September 30, 2016 and 2015, respectively. This decrease was partially offset by an increase of $2.2 million in RMCO’s net income during the nine months ended September 30, 2016 over September 30, 2015.

Adjusted EBITDA

Adjusted EBITDA was $72.3 million for the nine months ended September 30, 2016, an increase of $2.7 million from the comparable prior year period. Adjusted EBITDA primarily increased due to agent count growth, contributions from our acquired New York and Alaska regions, and the positive impact from foreign currency transaction gains and losses driven primarily by the repatriation of cash generated from our Canadian operations in February 2015. The aforementioned increases were offset by a decrease in Adjusted EBITDA from the sale of our previously owned brokerages and an increase in costs incurred during preliminary project and post-implementation-operation stages for purchased and developed software in our information technology infrastructure.

Non-GAAP Financial Measures

The Securities and Exchange Commission (“SEC”) has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), such as Adjusted EBITDA and the ratios related thereto. These measures are derived on the basis of methodologies other than in accordance with U.S. GAAP.

We define Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes, each of which is presented in our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q), adjusted for the impact of the following items that we do not consider representative of our ongoing operating performance: loss or gain on sale or disposition of assets and sublease, loss on early extinguishment of debt, non-cash straight-line rent expense, professional fees and certain expenses incurred in connection with the initial public offering and subsequent Secondary Offering, acquisition related expenses and severance related expenses.

Because Adjusted EBITDA omits certain non-cash items and other non-recurring cash charges or other items, we believe that it is less susceptible to variances that affect our operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items, and is more reflective of other factors that affect our operating performance. We present Adjusted EBITDA because we believe it is useful as a supplemental measure in evaluating the performance of our operating businesses and provides greater transparency into our results of operations. Our management uses Adjusted EBITDA as a factor in evaluating the performance of our business.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider Adjusted EBITDA either in isolation or as a substitute for analyzing our results as reported under U.S. GAAP. Some of these limitations are:

this measure does not reflect changes in, or cash requirements for, our working capital needs;

this measure does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments on our debt;

this measure does not reflect our income tax expense or the cash requirements to pay our taxes;

this measure does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;

this measure does not reflect the cash requirements to pay dividends to stockholders of our Class A common stock and tax and other cash distributions to our non-controlling unitholders;

this measure does not reflect the cash requirements to pay RIHI and Oberndorf pursuant to the TRAs;

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements; and

Table of Contents

other companies may calculate this measure differently, so similarly named measures may not be comparable.

A reconciliation of Adjusted EBITDA to net income for our consolidated results for the three and nine months ended September 30, 2016 and 2015 is set forth in the following table:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)
Net income	$	14,520	$	15,193	$	39,296	$	40,381
Depreciation and amortization		3,889		3,765		11,482		11,384
Interest expense		2,121		2,338		6,493		7,448
Interest income		(32)		(36)		(118)		(136)
Provision for income taxes		4,632		3,277		12,176		8,882
Gain on sale or disposition of assets and sublease (1)		(99)		(66)		(175)		(773)
Loss on early extinguishment of debt (2)		—		—		136		94
Non-cash straight-line rent expense (3)		169		201		580		681
Public offering related expenses (4)		—		—		193		—
Severance related expenses (5)		586		443		1,500		1,482
Acquisition related expenses (6)		169		—		699		77
Adjusted EBITDA	$	25,955	$	25,115	$	72,262	$	69,520

(1)

Represents gains on the sale or disposition of assets as well as the gains on the sublease of a portion of our corporate headquarters office building.

(2)

Represents losses incurred on early extinguishment of debt on our 2013 Senior Secured Credit Facility for the nine months ended September 30, 2016 and 2015.

(3)

Represents the non-cash charge to appropriately record rent expense on a straight-line basis over the term of the lease agreement taking into consideration escalation in monthly cash payments.

(4)

Represents costs incurred for compliance services performed during the nine months ended September 30, 2016 in connection with the Secondary Offering.

(5)

Includes severance and other related expenses due to organizational changes in our executive leadership.

(6)

Acquisition related expenses include fees incurred in connection with our acquisitions of certain assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in October 2013, of RE/MAX of New York in February 2016 and of RE/MAX of Alaska in April 2016. Costs include legal, accounting and advisory fees as well as consulting fees for integration services.

Liquidity and Capital Resources

Overview of Factors Affecting Our Liquidity

Our liquidity position has been positively affected by the growth of our agent base and improving conditions in the real estate market, which have contributed to increasing annual operating cash flows. In this regard, our short-term liquidity position has been, and will continue to be, affected by the number of agents in the RE/MAX network. Our primary sources of liquidity are our existing cash balances and credit availability under our 2013 Senior Secured Credit Facility. Our cash flows are primarily related to the timing of (i) cash receipt of revenues, (ii) payment of selling, operating and administrative expenses, (iii) principal and related interest payments on our 2013 Senior Secured Credit Facility, (iv) distributions and other payments to non-controlling unitholders, (v) corporate tax payments paid by us, (vi) cash consideration for acquisitions and acquisition-related expenses, (vii) dividend payments to stockholders of our Class A common stock and (viii) payments to RIHI and Oberndorf pursuant to the TRAs. See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for details on the TRA assignment from Weston Presidio V, L.P. to Oberndorf. We have satisfied these needs with cash flows from operations and funds available under our 2013 Senior Secured Credit Facility.

Table of Contents

We will continue to evaluate potential financing transactions, including refinancing our 2013 Senior Secured Credit Facility and extending maturities. There can be no assurance that financing or refinancing will be available to us on acceptable terms or at all. Future indebtedness may impose various additional restrictions and covenants on us which could limit our ability to respond to market conditions, to make capital investments, to make dividend payments or to take advantage of business opportunities. Our ability to make payments to fund debt service obligations and strategic acquisitions will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive and other factors that are beyond our control.

Sources and Uses of Cash

Nine Months Ended September 30, 2016 and 2015

As of September 30, 2016 and December 31, 2015, we had cash and cash equivalents of $102.0 million and $110.2 million, respectively, of which approximately $11.0 million and $7.0 million were denominated in foreign currencies, respectively. During the first quarter of 2015, we began to repatriate cash generated by our Canadian operations on a regular basis. During the nine months ended September 30, 2016 and 2015, we repatriated $12.2 million and $33.6 million in Canadian dollars, respectively, or $9.3 million and $26.8 million in U.S. dollars, respectively. Of these amounts, $23.9 million in Canadian dollars, or $19.2 million in U.S. dollars, was repatriated in February 2015. The following table summarizes our cash flows for the nine months ended September 30, 2016 and 2015:


	Nine Months Ended
	September 30,
	2016		2015		Change
	(in thousands)
Cash provided by (used in):
Operating activities	$	49,040	$	59,952	$	(10,912)
Investing activities		(21,067)		(2,161)		(18,906)
Financing activities		(36,577)		(69,027)		32,450
Effect of exchange rate changes on cash		373		(593)		966
Net change in cash and cash equivalents	$	(8,231)	$	(11,829)	$	3,598

The decrease in cash provided by operating activities was primarily attributable to the payments in February 2016 of $3.3 million resulting from a litigation judgment and $1.3 million pursuant to the TRAs, neither of which occurred in the comparable prior year period as well as changes in other working capital. Cash provided by operating activities also decreased due to an increase in cash paid for income taxes of $5.4 million as a result of changes in our ownership structure, timing of tax payments and a decrease in excess tax benefit realized during the nine months ended September 30, 2015 upon the exercise of stock options. Cash provided by operating activities was positively impacted by a reduction in cash paid for interest of $0.9 million primarily related to fees incurred in connection with amending our 2013 Senior Secured Credit Facility on March 11, 2015.

Cash used in investing activities increased primarily as a result of the acquisition of RE/MAX of New York in February 2016 for a net purchase price of $8.4 million, the acquisition of RE/MAX of Alaska in April 2016 for a net purchase price of $1.5 million, the acquisition of Full House in September 2016 with an initial cash consideration payment of $8.0 million and an increase in the purchases of property, equipment and software of $1.0 million primarily related to investments in our information technology infrastructure.

Table of Contents

The decrease in cash used in financing activities was primarily attributable to a decrease of $24.7 million in distributions paid to our non-controlling unitholders and a decrease of $14.5 million in dividends paid to Class A common stockholders during the nine months ended September 30, 2016 compared to the corresponding amounts paid during the nine months ended September 30, 2015. These decreases were primarily attributable to the declaration and payment of a special dividend of $1.50 per share on all outstanding shares of Class A common stock during the nine months ended September 30, 2015 which contributed to a $26.6 million decrease in distributions paid to our non-controlling unitholders and a $17.9 million decrease in dividends paid to Class A common stockholders. In addition, cash used in financing activities decreased due to $0.6 million paid in connection with amending our 2013 Senior Secured Credit Facility on March 11, 2015. The aforementioned decreases were offset by an increase of $5.4 million in the mandatory excess cash flow prepayments made in March 2016 compared to March 2015 pursuant to the terms of our 2013 Senior Secured Credit Facility and a reduction in cash received of $1.9 million from the decrease in stock option exercises during the nine months ended September 30, 2016 compared to September 30, 2015.

Financing Resources

In July 2013, RE/MAX, LLC, a wholly owned subsidiary of RMCO, entered into the 2013 Senior Secured Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent, and various lenders party thereto. Under the 2013 Senior Secured Credit Facility, RE/MAX, LLC also has a revolving line of credit available of up to $10.0 million. On the closing date of the 2013 Senior Secured Credit Facility, RE/MAX, LLC borrowed $230.0 million of term loans thereunder. The proceeds provided by these term loans were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes.

On March 11, 2015, the 2013 Senior Secured Credit Facility was amended, providing for an increase to the maximum applicable margin for both LIBOR and ABR loans by 0.25%, and a modification of certain liquidity covenants in order to increase the amounts RE/MAX, LLC may distribute to RMCO to enable RMCO to increase the dividends declared and paid to its unitholders. In connection with this amendment, RE/MAX, LLC incurred costs of $1.1 million, of which $0.6 million was recorded as an unamortized debt discount and is being amortized over the remaining term of the 2013 Senior Secured Credit Facility and the remaining $0.5 million was expensed as incurred.

RE/MAX, LLC is required to make principal payments out of excess cash flow, as defined in the 2013 Senior Secured Credit Facility, as well as from the proceeds of certain asset sales, proceeds from the issuance of indebtedness and from insurance recoveries. RE/MAX, LLC made an excess cash flow prepayment of $12.7 million on March 31, 2016.

As of September 30, 2016, RE/MAX, LLC had $186.6 million of term loans outstanding, net of unamortized debt discount and issuance costs, had no revolving loans outstanding and had $10.0 million in revolving loans available under the 2013 Senior Secured Credit Facility.

Term loans are repaid in quarterly installments of $0.5 million, with the balance of the term loan due at maturity. The quarterly installments will be reduced pro rata by the amount of any excess cash flow principal prepayments made. The maturity date of all of the term loans under the 2013 Senior Secured Credit Facility is July 31, 2020. Term loans may be optionally prepaid by RE/MAX, LLC at any time. All amounts outstanding, if any, under the revolving line of credit must be repaid on July 31, 2018.

The 2013 Senior Secured Credit Facility requires compliance with a leverage ratio and an interest coverage ratio any time amounts are drawn under the revolving line of credit.

Cash Priorities

Liquidity

Our objective is to maintain strong liquidity. We have existing cash balances, cash flows from operating activities and access to our revolving line of credit available to support the needs of our business.

Table of Contents

Capital Expenditures

The total aggregate amount paid for purchases of property and equipment and purchased and developed software was $3.2 million and $2.1 million during the nine months ended September 30, 2016 and 2015, respectively. Amounts paid for purchases of property and equipment relate to office equipment for our corporate headquarters and spending on purchased and developed software relate to investments in our information technology infrastructure. In order to expand our technological capabilities, we have invested in information technology projects that will improve operational efficiencies and enhance the tools and services provided to the agents and brokers in our network. We anticipate spending between $4.0 million and $4.25 million during 2016 on total capital expenditures.

Dividends

Our Board of Directors declared quarterly dividends of $0.15 per share on all outstanding shares of Class A common stock in each of the first three quarters of 2016 as disclosed in Note 4 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. On November 3, 2016 our Board of Directors declared a quarterly dividend of $0.15 per share on all outstanding shares of Class A common stock, which is payable on December 1, 2016 to shareholders of record at the close of business on November 17, 2016. The declaration of additional future dividends, and, if declared, the amount of any such future dividend, will be subject to our actual future earnings and capital requirements and to the discretion of our Board of Directors.

Distributions and Other Payments to Non-controlling Unitholders

As a limited liability company (treated as a partnership for income tax purposes), RMCO does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the RMCO, LLC Agreement, RMCO makes cash distributions to non-controlling unitholders. Discretionary cash distributions may be made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the RMCO, LLC Agreement. These discretionary distributions are paid on a quarterly basis equal to the dividend payments to the stockholders of the Company’s Class A common stock, including the dividends declared on November 3, 2016, or otherwise on a discretionary basis as necessary. In addition, RMCO is generally required to distribute cash on a pro-rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities. Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year. See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details on distributions made by RMCO.

Off Balance Sheet Arrangements

We have no material off balance sheet arrangements as of September 30, 2016.

Commitments and Contingencies

Except for the outstanding lease guarantees acquired in connection with the dispositions of our previously owned brokerages and the ongoing litigation concerning our acquisition of the net assets of Tails as disclosed in Note 12 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, our management does not believe there are any other litigation matters involving us that could result, individually or in the aggregate, in a material adverse effect on our financial condition, results of operations and cash flows.

Table of Contents

Critical Accounting Judgments and Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements and accompanying notes. Actual results could differ from those estimates. Our Critical Accounting Judgments and Estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Judgments and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2015, for which there were no material changes, included:

Allowances for Accounts and Notes Receivable

Goodwill Impairment Testing

Franchise Agreements and Other Intangible Assets

Acquisitions – Purchase Price Allocation

Income Tax Accounting

Payments Pursuant to the TRAs

General Litigation Matters

Recently Issued Accounting Pronouncements

See Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for recently issued accounting pronouncements applicable to us and the impact of those standards on our consolidated financial statements and related disclosures.

Item 3. Quantitative and Qualitative Disclosures About Market Risks

We have operations both within the U.S. and globally and we are exposed to market risks in the ordinary course of our business. These risks primarily include interest rate, foreign exchange and inflation risks, as well as risks relating to changes in the general economic conditions in the countries where we conduct business. To reduce certain of these risks, we monitor the financial condition of our large franchisees. In addition, our investment strategy has been to invest in financial instruments that are highly liquid and mature within three months from the date of purchase. We do not currently use derivative instruments to mitigate the impact of our market risk exposures nor do we use derivatives for trading or speculative purposes.

Interest Rate Risk

We are subject to interest rate risk in connection with borrowings under our 2013 Senior Secured Credit Facility which bears interest at variable rates. As of September 30, 2016, we had a principal balance of $188.4 million outstanding under our 2013 Senior Secured Credit Facility. As of September 30, 2016, the undrawn borrowing availability under the revolving line of credit under our 2013 Senior Secured Credit Facility was $10.0 million. The interest rate on our 2013 Senior Secured Credit Facility entered into in July 2013 and as amended on March 11, 2015 is currently subject to a LIBOR rate floor of 1%, plus an applicable margin. If LIBOR rates rise above the floor, then each hypothetical 1/8% increase would result in additional annual interest expense of $0.2 million.

Table of Contents

Currency Risk

We have a network of global franchisees in over 100 countries and territories, including the U.S. and Canada. Fees imposed on independent franchisees and agents in foreign countries are charged in the local currency. Fluctuations in exchange rates of the U.S. dollar against foreign currencies and cash held in foreign currencies can result, and have resulted, in fluctuations in our operating income and foreign exchange transaction gains and losses. As the U.S. dollar has strengthened compared to most foreign currencies, including the Canadian dollar during 2015 and 2016, our financial position and results of operations have been adversely affected. We had foreign currency transaction losses of approximately $0.1 and $0.2 million during the three months ended September 30, 2016 and 2015, respectively, and foreign currency transaction gains (losses) of $0.1 million and ($1.6) million during the nine months ended September 30, 2016 and 2015, respectively. Beginning in the first quarter of 2015, we began to repatriate cash generated by certain of our Canadian operations to the U.S. on a regular basis and expect to continue to do so prospectively. We currently do not engage in any foreign exchange hedging activity but may do so in the future. During the three and nine months ended September 30, 2016, a hypothetical 5% strengthening or weakening in the value of the U.S. dollar compared to the Canadian dollar would have resulted in a decrease/increase to pre-tax income of approximately $0.3 million and $0.8 million, respectively.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2016. Based on the evaluation of our disclosure controls and procedures as of September 30, 2016, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II. – OTHER INFORMATION

Item 1. Legal Proceedings

From time to time we are involved in litigation, claims and other proceedings relating to the conduct of our business. Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. We do not believe we have any currently pending litigation of which the outcome will have a material adverse effect on our business, financial condition or operations; however, litigation and other claims and regulatory proceedings against us could result in unexpected expenses and liability and could also materially adversely affect our operations and our reputation.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, please see “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the “2015 Annual Report”) and our Quarterly Report on Form 10-Q for the period ended June 30, 2016 (the “Second Quarter 10-Q”). In addition, the following risk factor updates and supplements the risk factors described in our 2015 Annual Report and Second Quarter 10-Q. Except as provided below, there have been no material changes to the risk factors as disclosed in our 2015 Annual Report and Second Quarter 10-Q.

We are new to the mortgage brokerage industry, which may hinder our efforts to establish and grow our new mortgage brokerage franchising business, Motto Mortgage.

We are pursuing a growth strategy to offer and sell residential mortgage brokerage franchises in the U.S under the “Motto Mortgage” brand and trademarks. Our investments in the new Motto Mortgage business include the cost of our acquisition of certain assets of Full House and start-up funding for the business. We believe the Motto Mortgage business has the potential to be highly complementary to our core business. However, we lack operating experience in the mortgage brokerage industry. Our strategy hinges on our ability to recruit, develop, and maintain strong competencies within the mortgage brokerage market, favorable conditions in the related regulatory environment and our success in developing a strong, respected brand. We may fail adequately to understand, interpret, implement and/or train franchisees concerning compliance requirements related to the mortgage brokerage industry or the relationship between us and our franchisees, any of which failures could subject us or our franchisees to adverse actions from regulators. As a start-up, the Motto Mortgage brand’s initial lack of recognition, may hamper franchise sales efforts. We may experience impairment of acquired assets and/or potential unknown liabilities associated with the acquisition of the business of Full House. This venture could distract members of management from our RE/MAX business, and a prolonged diversion could negatively impact operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Table of Contents

Item 6. Exhibits

Exhibit No.

Exhibit Description

Form

File
Number

Date of
First Filing

Exhibit
Number

Filed
Herewith

2.1

Asset Purchase Agreement, dated November 3, 2016, by and among RE/MAX, LLC; RE/MAX of New Jersey, Inc.; Joseph L. Ventresca; Jeffrey L. Snyder; and Maximum Trust. (Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby undertakes to furnish supplemental copies of any omitted exhibits and schedules upon request by the SEC.)

8-K

001-36101

11/3/2016

2.1

3.2

Bylaws of RE/MAX Holdings, Inc.

10-Q

001-36101

11/14/2013

3.2

4.1

Form of RE/MAX Holdings, Inc.’s Class A common stock certificate.

S-1

333-190699

9/27/2013

4.1

31.1

Certification of Chief Executive Officer, Chairman and Co-Founder pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

32.1

Certification of Chief Executive Officer, Chairman and Co-Founder and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		RE/MAX Holdings, Inc. (Registrant)

Date:	November 4, 2016	By:	/s/ David L. Liniger
			David L. Liniger Chief Executive Officer, Chairman and Co-Founder (Principal Executive Officer)


Date:	November 4, 2016	By:	/s/ Karri R. Callahan
			Karri R. Callahan Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 rmax-20160930ex311cb541a.htm EX-31.1 Ex_311

Exhibit 31.1

Certification

I, David L. Liniger, certify that:

I have reviewed this quarterly report on Form 10-Q of RE/MAX Holdings, Inc.;

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

Disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 4, 2016		/s/ David L. Liniger
		David L. Liniger
		Chief Executive Officer, Chairman and Co-Founder
		(Principal Executive Officer)

EX-31.2 3 rmax-20160930ex312477226.htm EX-31.2 Ex_312

Exhibit 31.2

Certification

I, Karri R. Callahan certify that:

I have reviewed this quarterly report on Form 10-Q of RE/MAX Holdings, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 4, 2016		/s/ Karri R. Callahan
		Karri R. Callahan
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 4 rmax-20160930ex321f2f3a1.htm EX-32.1 Ex_321

Exhibit 32.1

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of RE/MAX Holdings, Inc., a Delaware corporation (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the "Form 10-Q") of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2016 and December 31, 2015, and for the nine months ended September 30, 2016 and 2015.


Date: November 4, 2016		/s/ David L. Liniger
		David L. Liniger
		Chief Executive Officer, Chairman and Co-Founder
		(Principal Executive Officer)

Date: November 4, 2016		/s/ Karri R. Callahan
		Karri R. Callahan
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

EX-101.INS 5 rmax-20160930.xml EX-101.INS 0001581091 us-gaap:CommonClassBMember 2016-01-01 2016-09-30 0001581091 rmax:RihiMember us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2015-10-01 2015-12-31 0001581091 us-gaap:CommonClassAMember us-gaap:IPOMember 2013-10-07 2013-10-07 0001581091 rmax:RMCOLlcMember us-gaap:CommonClassAMember 2015-10-01 2015-12-31 0001581091 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-09-30 0001581091 us-gaap:RetainedEarningsMember 2015-12-31 0001581091 us-gaap:NoncontrollingInterestMember 2015-12-31 0001581091 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001581091 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001581091 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2016-01-01 2016-09-30 0001581091 us-gaap:CommonClassAMember us-gaap:IPOMember 2013-10-07 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2015-12-31 0001581091 rmax:RestrictedStockUnitsExchangedForClassCommonStockMember 2016-01-01 2016-09-30 0001581091 rmax:SeparationAndTransitionAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember rmax:FormerChiefFinancialOfficerAndChiefOperatingOfficerMember 2016-01-01 2016-09-30 0001581091 rmax:SeparationAndTransitionAgreementMember 2016-01-01 2016-09-30 0001581091 rmax:SeparationAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-10-01 2015-10-31 0001581091 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-07-01 2016-09-30 0001581091 rmax:SeparationAndTransitionAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-01-01 2016-09-30 0001581091 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-01-01 2016-09-30 0001581091 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-07-01 2015-09-30 0001581091 rmax:RetirementAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-01-01 2015-12-31 0001581091 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-01-01 2015-09-30 0001581091 rmax:ReMaxOfAlaskaIncMember 2016-01-01 2016-09-30 0001581091 rmax:AdvertisingFundsMember 2016-01-01 2016-09-30 0001581091 rmax:AdvertisingFundsMember 2015-07-01 2015-09-30 0001581091 rmax:AdvertisingFundsMember 2015-01-01 2015-09-30 0001581091 us-gaap:RetainedEarningsMember 2016-01-01 2016-09-30 0001581091 rmax:ReMaxOfNewJerseyMember us-gaap:SubsequentEventMember 2016-11-03 2016-11-03 0001581091 rmax:ReMaxOfAlaskaIncMember 2016-04-01 2016-04-01 0001581091 rmax:RemaxOfNewYorkInc.Member 2016-02-22 2016-02-22 0001581091 rmax:TailsIncMember 2013-10-07 2013-10-07 0001581091 rmax:HBNIncMember 2013-10-07 2013-10-07 0001581091 us-gaap:DividendPaidMember 2016-01-01 2016-09-30 0001581091 rmax:TaxAndOtherDiscretionaryDistributionsMember 2016-01-01 2016-09-30 0001581091 us-gaap:DividendPaidMember 2015-01-01 2015-09-30 0001581091 rmax:TaxAndOtherDiscretionaryDistributionsMember 2015-01-01 2015-09-30 0001581091 rmax:SeniorSecuredCreditFacility2013AmendmentDatedAsOf11March2015Member 2016-01-01 2016-09-30 0001581091 rmax:HBNIncMember 2016-02-02 2016-02-02 0001581091 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-09-30 0001581091 rmax:HBNIncMember 2015-12-31 0001581091 2015-01-01 2015-12-31 0001581091 us-gaap:RetainedEarningsMember 2016-09-30 0001581091 us-gaap:NoncontrollingInterestMember 2016-09-30 0001581091 us-gaap:AdditionalPaidInCapitalMember 2016-09-30 0001581091 rmax:RMCOLlcMember 2016-09-30 0001581091 rmax:RMCOLlcMember 2013-10-07 0001581091 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-09-30 0001581091 rmax:TailsIncMember 2016-01-01 2016-09-30 0001581091 rmax:HBNIncMember 2015-12-28 2015-12-28 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-09-30 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2015-12-31 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2016-09-30 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-12-31 0001581091 us-gaap:RevolvingCreditFacilityMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-09-30 0001581091 rmax:TermLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-09-30 0001581091 us-gaap:RevolvingCreditFacilityMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-01-01 2016-09-30 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2016-07-01 2016-09-30 0001581091 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-09-30 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2015-07-01 2015-09-30 0001581091 us-gaap:EmployeeStockOptionMember 2015-07-01 2015-09-30 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-09-30 0001581091 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-09-30 0001581091 us-gaap:ForeignCountryMember 2016-07-01 2016-09-30 0001581091 us-gaap:ForeignCountryMember 2016-01-01 2016-09-30 0001581091 us-gaap:ForeignCountryMember 2015-07-01 2015-09-30 0001581091 us-gaap:ForeignCountryMember 2015-01-01 2015-09-30 0001581091 rmax:AssignmentAndAssumptionOfLeasesAgreementsMember 2016-09-30 0001581091 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rmax:REMAXHundredMember 2016-01-01 2016-09-30 0001581091 rmax:ReMaxNorthwestRealtorsMember 2016-01-01 2016-09-30 0001581091 rmax:ReMaxEquityGroupMember 2015-10-01 2015-12-31 0001581091 us-gaap:TrademarksAndTradeNamesMember us-gaap:WeightedAverageMember 2016-01-01 2016-09-30 0001581091 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember us-gaap:WeightedAverageMember 2016-01-01 2016-09-30 0001581091 us-gaap:OtherIntangibleAssetsMember us-gaap:WeightedAverageMember 2016-01-01 2016-09-30 0001581091 us-gaap:NoncompeteAgreementsMember us-gaap:WeightedAverageMember 2016-01-01 2016-09-30 0001581091 rmax:ReacquiredFranchiseRightsMember us-gaap:WeightedAverageMember 2016-01-01 2016-09-30 0001581091 rmax:FullHouseMortgageConnectionIncMember 2016-01-01 2016-09-30 0001581091 rmax:RemaxOfNewYorkInc.Member 2016-01-01 2016-09-30 0001581091 rmax:ReMaxOfAlaskaIncMember 2015-01-01 2015-09-30 0001581091 us-gaap:SoftwareDevelopmentMember 2016-09-30 0001581091 us-gaap:NoncompeteAgreementsMember 2016-09-30 0001581091 us-gaap:SoftwareDevelopmentMember 2015-12-31 0001581091 us-gaap:TrademarksAndTradeNamesMember 2016-09-30 0001581091 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2016-09-30 0001581091 us-gaap:OtherIntangibleAssetsMember 2016-09-30 0001581091 rmax:ReacquiredFranchiseRightsMember 2016-09-30 0001581091 us-gaap:TrademarksAndTradeNamesMember 2015-12-31 0001581091 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2015-12-31 0001581091 us-gaap:OtherIntangibleAssetsMember 2015-12-31 0001581091 rmax:ReacquiredFranchiseRightsMember 2015-12-31 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2016-01-01 2016-09-30 0001581091 us-gaap:RestrictedStockUnitsRSUMember 2016-09-30 0001581091 rmax:TermLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-01-01 2016-03-31 0001581091 rmax:TermLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2015-01-01 2015-09-30 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2016-08-30 2016-08-31 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2016-06-01 2016-06-02 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2016-03-22 2016-03-23 0001581091 us-gaap:CommonClassAMember us-gaap:RetainedEarningsMember 2016-01-01 2016-09-30 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2015-09-02 2015-09-03 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2015-06-03 2015-06-04 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2015-04-07 2015-04-08 0001581091 us-gaap:AdjustmentsForNewAccountingPrincipleEarlyAdoptionMember 2016-03-31 0001581091 rmax:RetirementAgreementMember rmax:FormerPresidentMember 2016-01-01 2016-09-30 0001581091 rmax:SeparationAgreementMember rmax:FormerChiefExecutiveOfficerMember 2014-01-01 2014-12-31 0001581091 rmax:SeniorSecuredCreditFacility2013AmendmentDatedAsOf11March2015Member 2015-01-01 2015-12-31 0001581091 rmax:SeniorSecuredCreditFacility2013AmendmentDatedAsOf11March2015Member 2015-12-31 0001581091 rmax:TermLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-01-01 2016-09-30 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2016-09-30 0001581091 rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member 2015-12-31 0001581091 rmax:AlternativeBaseRateCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:MaximumMember us-gaap:EurodollarMember 2015-03-11 2015-03-11 0001581091 rmax:AlternativeBaseRateCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:FederalFundsEffectiveSwapRateMember 2015-03-11 2015-03-11 0001581091 rmax:AlternativeBaseRateCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:EurodollarMember 2015-03-11 2015-03-11 0001581091 rmax:LondonInterbankOfferedRateLiborCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-03-10 2015-03-11 0001581091 us-gaap:AdjustmentsForNewAccountingPrincipleEarlyAdoptionMember 2016-01-01 2016-09-30 0001581091 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2016-09-30 0001581091 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2016-09-30 0001581091 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2015-12-31 0001581091 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2015-12-31 0001581091 us-gaap:CommonClassBMember 2016-09-30 0001581091 us-gaap:CommonClassAMember 2016-09-30 0001581091 us-gaap:CommonClassBMember 2015-12-31 0001581091 us-gaap:CommonClassAMember 2015-12-31 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2016-11-02 2016-11-03 0001581091 us-gaap:CommonClassAMember 2016-07-01 2016-09-30 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2016-01-01 2016-09-30 0001581091 us-gaap:CommonClassAMember 2016-01-01 2016-09-30 0001581091 us-gaap:CommonClassAMember 2015-07-01 2015-09-30 0001581091 rmax:SpecialDividendMember us-gaap:CommonClassAMember 2015-01-01 2015-09-30 0001581091 rmax:QuarterlyDividendMember us-gaap:CommonClassAMember 2015-01-01 2015-09-30 0001581091 us-gaap:CommonClassAMember 2015-01-01 2015-09-30 0001581091 2015-09-30 0001581091 2014-12-31 0001581091 rmax:ReMaxOfAlaskaIncMember 2016-04-01 0001581091 rmax:RemaxOfNewYorkInc.Member 2016-02-22 0001581091 rmax:FullHouseMortgageConnectionIncMember 2016-09-30 0001581091 rmax:FullHouseMortgageConnectionIncMember 2016-09-12 0001581091 rmax:ReMaxOfNewYorkAndReMaxOfAlaskaProFormaResultsMember 2016-07-01 2016-09-30 0001581091 rmax:ReMaxOfNewYorkAndReMaxOfAlaskaProFormaResultsMember 2016-01-01 2016-09-30 0001581091 rmax:ReMaxOfNewYorkAndReMaxOfAlaskaProFormaResultsMember 2015-07-01 2015-09-30 0001581091 rmax:ReMaxOfNewYorkAndReMaxOfAlaskaProFormaResultsMember 2015-01-01 2015-09-30 0001581091 2015-01-01 2016-09-30 0001581091 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-09-30 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2016-09-30 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2015-12-31 0001581091 rmax:SeparationAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-10-31 0001581091 rmax:SeparationAgreementMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-01-01 2016-09-30 0001581091 us-gaap:OtherLiabilitiesMember rmax:SeparationAgreementMember 2016-09-30 0001581091 us-gaap:OtherLiabilitiesMember rmax:RetirementAgreementMember 2016-09-30 0001581091 us-gaap:OtherLiabilitiesMember rmax:SeparationAgreementMember 2015-12-31 0001581091 us-gaap:OtherLiabilitiesMember rmax:RetirementAgreementMember 2015-12-31 0001581091 us-gaap:AccountsPayableAndAccruedLiabilitiesMember rmax:SeparationAgreementMember 2016-09-30 0001581091 us-gaap:AccountsPayableAndAccruedLiabilitiesMember rmax:RetirementAgreementMember 2016-09-30 0001581091 us-gaap:AccountsPayableAndAccruedLiabilitiesMember rmax:SeparationAgreementMember 2015-12-31 0001581091 us-gaap:AccountsPayableAndAccruedLiabilitiesMember rmax:RetirementAgreementMember 2015-12-31 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2016-07-01 2016-09-30 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2015-07-01 2015-09-30 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2015-01-01 2015-09-30 0001581091 rmax:RihiMember rmax:RMCOLlcMember 2015-10-01 2015-12-31 0001581091 rmax:RihiMember 2016-01-01 2016-09-30 0001581091 rmax:RihiMember 2015-01-01 2015-09-30 0001581091 rmax:AssignmentAndAssumptionOfLeasesAgreementsMember rmax:RecoveryByDefendantsOfCertainCostsMember 2016-01-01 2016-09-30 0001581091 rmax:AssignmentAndAssumptionOfLeasesAgreementsMember 2016-01-01 2016-09-30 0001581091 rmax:RMCOLlcMember 2016-07-01 2016-09-30 0001581091 rmax:RMCOLlcMember 2016-01-01 2016-09-30 0001581091 rmax:RMCOLlcMember 2015-07-01 2015-09-30 0001581091 rmax:RMCOLlcMember 2015-01-01 2015-09-30 0001581091 rmax:RMCOLlcMember 2016-09-30 0001581091 rmax:RMCOLlcMember 2015-12-31 0001581091 rmax:ServicesRenderedAndRentForOfficeSpaceProvidedMember us-gaap:AffiliatedEntityMember 2016-01-01 2016-09-30 0001581091 rmax:QuarterlyDistributionMember us-gaap:SubsequentEventMember 2016-11-03 2016-11-03 0001581091 rmax:QuarterlyDistributionMember us-gaap:CommonClassAMember 2016-03-22 2016-08-31 0001581091 rmax:SpecialDividendMember us-gaap:CommonClassAMember 2015-04-08 2015-04-08 0001581091 rmax:QuarterlyDistributionMember us-gaap:CommonClassAMember 2015-04-07 2015-09-03 0001581091 rmax:AlternativeBaseRateCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:BaseRateMember 2016-01-01 2016-09-30 0001581091 rmax:LondonInterbankOfferedRateLiborCreditFacilityLoanMember rmax:SeniorSecuredCreditFacilityDatedAsOf31July2013Member us-gaap:LondonInterbankOfferedRateLIBORMember 2015-03-10 2015-03-11 0001581091 rmax:LondonInterbankOfferedRateLiborCreditFacilityLoanMember rmax:SeniorSecuredCreditFacility2013AmendmentDatedAsOf11March2015Member 2015-03-11 2015-03-11 0001581091 rmax:FullHouseMortgageConnectionIncMember 2016-09-12 2016-09-12 0001581091 2016-07-01 2016-09-30 0001581091 rmax:ReMaxNorthwestRealtorsMember 2016-01-20 2016-01-20 0001581091 rmax:ReMaxEquityGroupMember 2015-12-31 2015-12-31 0001581091 rmax:REMAXHundredMember 2015-04-10 2015-04-10 0001581091 2015-01-01 2016-03-31 0001581091 2015-07-01 2015-09-30 0001581091 2015-01-01 2015-09-30 0001581091 rmax:RihiMember us-gaap:TaxYear2014Member 2016-09-30 0001581091 2015-12-31 0001581091 2016-09-30 0001581091 us-gaap:CommonClassBMember 2016-10-31 0001581091 us-gaap:CommonClassAMember 2016-10-31 0001581091 2016-01-01 2016-09-30 rmax:segment iso4217:USD xbrli:shares rmax:lease xbrli:pure rmax:facility rmax:item iso4217:USD xbrli:shares false --12-31 Q3 2016 2016-09-30 10-Q 0001581091 17645696 1 Yes Accelerated Filer RE/MAX Holdings, Inc. rmax 98782000 8478000 7225000 2591000 91557000 91557000 10551000 3250000 112000 21 6 12 3 24988000 9321000 28102000 10517000 <div> <div> 1. Business and Organizat<a name="NotestoCondensedConsolidatedFinancial"></a>ion RE/MAX Holdings, Inc. (“RE/MAX Holdings”) was formed as a Delaware corporation on June 25, 2013 and was capitalized on July 8, 2013. On October 7, 2013, RE/MAX Holdings completed an initial public offering (the “IPO”) of 11,500,000 shares of Class A common stock at a public offering price of $22.00 per share. A portion of the proceeds received by RE/MAX Holdings from the IPO was used to acquire the net business assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in the Southwest and Central Atlantic regions of the United States (“U.S.”), respectively, which were subsequently contributed to RMCO, LLC and its consolidated subsidiaries (“RMCO”), and the remaining proceeds were used to purchase common membership units in RMCO. After completion of the IPO, RE/MAX Holdings owned 39.56% of the common membership units in RMCO. During the fourth quarter of 2015, RIHI, Inc. (“RIHI”) redeemed 5,175,000 common units in RMCO in exchange for newly issued shares of RE/MAX Holdings’ Class A common stock on a one-for-one basis. Immediately upon redemption, RIHI sold its 5,175,000 shares of Class A common stock at $36.00 per share, less underwriting discounts and commissions (the “Secondary Offering”). As of September 30, 2016, RE/MAX Holdings owns 58.42% of the common membership units in RMCO. RE/MAX Holdings’ only business is to act as the sole manager of RMCO.  RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.” The Company is one of the leading franchisors of residential and commercial real estate brokerage services throughout the U.S. and globally.  The Company, as a franchisor, grants each broker-owner a license to use the RE/MAX brand, trademark, promotional and operating materials and concepts.  Through 2015, the Company operated a small number of real estate brokerage offices in the U.S.  As discussed in Note 5, Acquisitions and Dispositions, the Company sold certain operating assets and liabilities of these brokerage offices during 2015 and the first quarter of 2016 and, subsequent thereto, no longer operates any real estate brokerage offices and no longer recognizes brokerage revenue (which consisted of fees assessed by the Company’s previously owned brokerages for services provided to their affiliated real estate agents).  Beginning in October 2016, the Compay also franchises mortgage brokerages under the “Motto Mortgage” brand, and in connection with launching this business, on September 12, 2016, the Company acquired certain assets of Full House Mortgage Connection, Inc. (“Full House”).  See Note 5, Acquisitions and Dispositions, for further detail.  The Company’s revenue is derived as follows: <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:24pt;"></td><td valign="top" align="left" style="width: 17.00pt; display: inline;"> · </td><td style="width:7pt;"></td><td align="left" valign="top"> Continuing franchise fees which consist of fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of agents in the respective franchised region or office. </td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:24pt;"></td><td valign="top" align="left" style="width: 17.00pt; display: inline;"> · </td><td style="width:7pt;"></td><td align="left" valign="top"> Annual dues from agents. </td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:24pt;"></td><td valign="top" align="left" style="width: 17.00pt; display: inline;"> · </td><td style="width:7pt;"></td><td align="left" valign="top"> Broker fees which consist of fees paid by regional franchise owners and franchisees for real estate commissions paid by customers when an agent sells a home.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:24pt;"></td><td valign="top" align="left" style="width: 17.00pt; display: inline;"> · </td><td style="width:7pt;"></td><td align="left" valign="top"> Franchise sales and other franchise revenue which consist of fees from initial sales and renewals of franchises, regional franchise fees, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs. </td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:24pt;"></td><td valign="top" align="left" style="width: 17.00pt; display: inline;"> · </td><td style="width:7pt;"></td><td align="left" valign="top"> Brokerage revenue prior to the sale of the Company’s brokerage offices during 2015 and the first quarter of 2016.  </td></tr></table></div><div /></div> </div> 0.08 <div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash consideration </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,000 </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Contingent purchase consideration </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,300 </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;padding:0pt;"> Total purchase price </td> <td valign="bottom" style="width:05.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,300 </td> </tr> </table></div>   <div /></div> </div> 6300000 P10Y 54833000 18905000 59691000 20938000 71000 146000 0.0025 0.01 0.02 2217000 26602000 1884000 1884000 38813000 14094000 19535000 5624000 19704000 5783000 P30D 20006000 7576000 30015000 11150000 1350000 498000 973000 393000 7532000 2779000 11203000 4239000 381000 89000 7126000 6195000 12559600 12559600 17584351 17645696 0.4061 0.4102 0.5839 0.5842 302000 -44000 -8028000 -2142000 -6442000 -2204000 3 21 <div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 92.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Shares </td> <td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Ownership % </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Shares </td> <td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Ownership % </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-controlling unitholders ownership of common units in RMCO </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,559,600 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.58 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,559,600 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.67 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.42 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,584,351 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.33 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total common units in RMCO </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,205,296 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.00 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,143,951 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.00 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>   <div /></div> </div> 0 1344000 1344000 1565000 1.0000 1.0000 P58M <div> <div> The weighted average ownership percentages for the applicable reporting periods are used to calculate the net income attributable to RE/MAX Holdings.  RE/MAX Holdings’ weighted average ownership percentage in RMCO was 58.42% and 41.02% for the three months ended September 30, 2016 and 2015, respectively and 58.39% and 40.61% for the nine months ended September 30, 2016 and 2015, respectively.  RE/MAX Holdings’ economic interest in RMCO increased due to the increase in common units from the issuance of shares of Class A common stock as a result of the Secondary Offering described in Note 1, Business and Organization.  A reconciliation of “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 89.82%;margin-left:0pt;"> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="5" valign="bottom" style="width:21.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:20.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:20.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Income before provision for income taxes attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,150 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,576 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,015 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,006 </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Provision for income taxes attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,239) </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,779) </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,203) </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,532) </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,911 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,797 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,812 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,474 </td> </tr> </table></div>   <div /></div> </div> <div> <div> A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 90.74%;margin-left:0pt;"> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,239) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,779) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,203) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,532) </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(393) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(498) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(973) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,350) </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,632) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,277) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,176) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,882) </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ proportionate share of the net assets of RMCO of the taxes imposed directly on RE/MAX, LLC and its consolidated subsidiaries (“RE/MAX, LLC”), a wholly-owned subsidiary of RMCO, related primarily to tax liabilities in certain foreign jurisdictions of $537,000 and $346,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,365,000 and $924,000 for the nine months ended September 30, 2016 and 2015, respectively. </td></tr></table></div> The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities primarily in certain foreign jurisdictions that are allocated to the non-controlling interest. <div /></div> </div> 5175000 1293000 446000 1459000 507000 2021000 1216000 250000 759000 237000 781000 175000 789000 0 198000 <div> <div> The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs from January 1, 2016 to September 30, 2016 (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 67.08%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,021 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Severance and other related expenses </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,043 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accretion </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cash payments </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,565) </td> </tr> <tr> <td valign="top" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-cash adjustment (a) </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(331) </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:10.30pt;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,216 </td> </tr> </table></div>   <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> For the nine months ended September 30, 2016, the non-cash adjustment represents the non-cash equity-based compensation expense recorded for the accelerated vesting of restricted stock units pursuant to the terms of the Separation and Transition Agreement. <div /></div> </div> 3557000 3581000 P12M 0.5842

16769000

17662000

<div> <div> 7. Accrued Liabilities Accrued liabilities consist of the following (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accrued payroll and related employee costs </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,954 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,040 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accrued property taxes </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,121 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,594 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accrued professional fees </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>791 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>981 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Lease-related accruals </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>353 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354 </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Other (a) </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,374 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,113 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,593 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,082 </td> </tr> </table></div>   <div><hr style="border-width:0;width:25%;height:.75pt;color:#000;background-color:#000;" align="left"></hr></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:1pt;"></td><td align="left" valign="top"> Other accrued liabilities include $3,251,000 as of December 31, 2015 in connection with the December 28, 2015 judgment resulting from the litigation matter concerning the Company’s acquisition of the net assets of HBN, which was paid on February 2, 2016, as discussed in Note 12, Commitments and Contingencies.</td></tr></table></div><div /></div> </div>

449000

393000

66000

35000

48000

1594000

1121000

16082000

10593000

981000

791000

354000

353000

13183000

13426000

-105000

89000

445081000

446757000

360000

1812000

-1313000

380000

1611000

501000

4483000

5642000

324000

335000

10608000

3510000

10836000

3666000

383786000

388327000

131414000

123942000

354000

1.04

0.40

1.08

0.39

1.02

0.39

1.08

0.39

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 83.98%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:205.55pt;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:46.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:46.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:46.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:46.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (In thousands, except per share amounts) </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total revenue </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,544 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,628 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,285 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134,970 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,914 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,877 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,074 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,600 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Basic earnings per common share </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.40 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.08 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.04 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Diluted earnings per common share </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.08 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.02 </td> </tr> </table></div>   <div /></div> </div>

12600000

4877000

19074000

6914000

134970000

45628000

132285000

45544000

6300000

131000

5100000

529000

350000

8500000

1500000

14300000

412000

33000

107199000

95370000

110212000

101981000

-11829000

-8231000

<div> <div> 12. Commitments and Contingencies Commitments The Company leases offices and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses. Contingencies In connection with the Purchase of Full House, as described in Note 5, Acquisitions and Dispositions, the Company entered into an arrangement to pay additional purchase consideration based on Motto’s future gross revenues over the next ten years.  As of September 30, 2016, this liability was estimated to be $6,300,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. In connection with the sale of the assets and liabilities related to the Company’s previously owned brokerages as described in Note 5, Acquisitions and Dispositions, the Company entered into three Assignment and Assumption of Lease Agreements (the “Assignment Agreements”) pursuant to which the Company assigned its obligations under and rights, title and interest in 21 leases to the respective purchasers. For certain leases, the Company remains secondarily liable for future lease payments over approximately the next 58-month period under the respective lease agreements and accordingly, as of September 30, 2016, the Company has outstanding lease guarantees of $6,953,000. This amount represents the maximum potential amount of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreements govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. As of September 30, 2016, the likelihood of default by the purchaser on one of the Assignment Agreements was deemed to be reasonably possible and as such, the Company recognized a loss of $243,000 in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income during the nine months ended September 30, 2016. As of September 30, 2016, the short-term portion of the liability was $49,000 and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. The long-term portion of the liability was $163,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. Litigation The Company is subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries and any insurance recoveries are recorded in “Accounts and notes receivable, current portion” in the accompanying Condensed Consolidated Balance Sheets with a corresponding reduction to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In connection with the IPO effective October 7, 2013, RE/MAX Holdings acquired the net assets, excluding cash, of HBN and Tails for consideration paid of $7,130,000 and $20,175,000, respectively. Regarding the acquisition of the net assets of HBN, several shareholders of HBN (the “Defendants”) dissented from the transaction and demanded payment for their shares in excess of consideration paid. Pursuant to the dissenters’ rights statute in the State of Colorado, HBN petitioned the District Court of Denver County, Colorado (the “Court”) to determine the fair value of HBN.  The Court rendered a decision on December 28, 2015 and concluded that the fair value of HBN on October 7, 2013 was higher than the amount paid. Accordingly, the Court awarded the Defendants $3,153,000, which represents the amount of the Defendants’ share of HBN’s fair value as determined by the Court in excess of the consideration paid, as well as accrued interest from October 7, 2013 through the date of judgment. In addition, the Court’s decision provides for the payment of certain costs incurred in connection with the litigation and additional interest from the judgment date until the payment date.  As a result of this conclusion, the Company recorded an accrual of $3,251,000 as of December 31, 2015, which was paid on February 2, 2016.    In connection with the Company’s acquisition of the net assets of Tails, several shareholders of Tails challenged the terms of the transaction and filed a shareholder action entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Tails, Inc. in the Circuit Court of Henrico County, Virginia ("Tails I"). The Court dismissed Tails I on December 23, 2013. The shareholders appealed that decision. On January 8, 2015, the Virginia Supreme Court affirmed the lower court's dismissal of Tails I.  On March 7, 2016, the same Tails I plaintiffs filed a shareholder derivative complaint and complaint for individual claims entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Gail Liniger, Dave Liniger, Bruce Benham, RE/MAX Holdings, Inc. and Tails Holdco, Inc. in Denver District Court ("Tails II"). The Tails II defendants, including the Company, filed a motion to dismiss the Tails II complaint in its entirety on April 15, 2016.  On July 26, 2016, the Denver District Court dismissed all of the Tails II plaintiffs’ shareholder derivative claims.  The Court did not dismiss the Tails II plaintiffs’ individual claims seeking $384,000 in total for interest allegedly owed.  On August 24, 2016, the Plaintiffs moved to amend their Complaint to add additional individual claims alleging breach of fiduciary duty.  The Tails II defendants intend to vigorously defend their position that the Tails II plaintiffs are not entitled to the relief sought.  The Company believes a range for the potential impact to its financial position and results of operation is not determinable as of September 30, 2016.  Accordingly, the Company currently has not recorded an accrual in the accompanying Condensed Consolidated Balance Sheets.   Except for the ongoing litigation concerning the acquisition of the net assets of Tails, management of the Company believes other such litigation matters involving a reasonably possible chance of loss will not, individually or in the aggregate, result in a material adverse effect on the Company's financial condition, results of operations and cash flows. <div /></div> </div>

1.8750

0.125

1.50

0.1250

0.4500

0.15

0.1500

0.15

0.0001

180000000

1000

180000000

1000

17584351

17645696

17584351

17645696

2000

30143951

30205296

11543000

4625000

19006000

6842000

27800000

9988000

20707000

7531000

39343000

14613000

39713000

14373000

44000

<div> <div> 8. Debt Debt consists of the following (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 84.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020 </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,415 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202,635 </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less unamortized debt issuance costs </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,211) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,527) </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less unamortized debt discount costs </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(751) </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less current portion </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,789) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,805) </td> </tr> <tr> <td valign="top" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,819 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>185,552 </td> </tr> </table></div>   Maturities of debt are as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 69.44%;margin-left:0pt;"> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> As of September 30, 2016: </td> <td valign="top" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Remainder of 2016 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>487 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2017 (a) </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,789 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172,245 </td> </tr> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,415 </td> </tr> </table></div> <div style="margin-top:12pt;"><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (a) </td><td style="width:0pt;"></td><td align="left" valign="top"> Maturities of debt due in 2017 include the estimated excess cash flow prepayment for the year ended December 31, 2016 to be paid in 2017 as discussed below.</td></tr></table></div> On July 31, 2013, the Company entered into a new credit agreement with several lenders and administered by a bank, referred to herein as the “2013 Senior Secured Credit Facility.” The 2013 Senior Secured Credit Facility consists of a $230,000,000 term loan facility and a $10,000,000 revolving loan facility. The proceeds provided by the term loan facility were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes. On March 11, 2015, the 2013 Senior Secured Credit Facility was amended, providing for an increase to the maximum applicable margin for both London Interbank Offered Rate (“LIBOR”) and Alternate Base Rate (“ABR”) loans by 0.25%, and a modification of certain liquidity covenants in order to increase the amounts the Company may distribute in the form of dividends to its non-controlling unitholders and stockholders of its Class A common stock, referred to herein as the “First Amendment.” Interest rates with respect to the amended term loan facility and revolving loan facility are based, at the Company’s option, on (a) adjusted LIBOR, provided that LIBOR shall be no less than 1% plus a maximum applicable margin of 3.25% or (b) ABR, provided that ABR shall be no less than 2%, which is equal to the greater of (1) JPMorgan Chase Bank, N.A.’s prime rate; (2) the Federal Funds Effective Rate plus 0.5% or (3) calculated Eurodollar Rate for a one month interest period plus 1%, plus a maximum applicable margin of 2.25%.  The applicable margin is subject to quarterly adjustments based on the Company’s total leverage ratio as defined in the 2013 Senior Secured Credit Facility. In connection with the First Amendment, the Company incurred costs of $1,086,000 during the year ended December 31, 2015 of which $555,000 was recorded as an unamortized debt discount and is being amortized over the remaining term of the 2013 Senior Secured Credit Facility and the remaining $531,000 was expensed as incurred. The Company is required to make principal payments out of excess cash flow, as defined in the 2013 Senior Secured Credit Facility, as well as from the proceeds of certain asset sales, proceeds from the issuance of indebtedness and from insurance recoveries. The Company made an excess cash flow prepayment of $12,727,000 on March 31, 2016. As of September 30, 2016, mandatory principal payments of approximately $487,000 are due quarterly until the facility matures on July 31, 2020 and will be reduced pro-rata by the amount of any excess cash flow principal prepayments made.  During the nine months ended September 30, 2015 the Company made an excess cash flow prepayment of $7,320,000. The Company accounted for the mandatory principal excess cash flow prepayments as early extinguishments of debt and recorded a loss of $136,000 and $94,000 during the nine months ended September 30, 2016 and 2015, respectively, related to unamortized debt discount and issuance costs. The Company may make optional prepayments on the term loan facility at any time; however, no such optional prepayments were made during the nine months ended September 30, 2016 or 2015.   The estimated fair value of the Company’s debt as of September 30, 2016 and December 31, 2015 represents the amount that would be paid to transfer or redeem the debt in an orderly transaction between market participants at those dates and maximizes the use of observable inputs. The fair value of the Company’s debt was estimated using a market approach based on the amount at the measurement date that the Company would pay to enter into the identical liability, since quoted prices for the Company’s debt instruments are not available. As a result, the Company has classified the fair value of the 2013 Senior Secured Credit Facility as Level 2 of the fair value hierarchy. The carrying amounts of the 2013 Senior Secured Credit Facility are included in the accompanying Condensed Consolidated Balance Sheets in “Current portion of debt” and “Debt, net of current portion.” The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2016 and December 31, 2015 (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Carrying Amounts </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Carrying Amounts </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Estimated Fair Value </td> </tr> <tr> <td valign="top" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2013 Senior Secured Credit Facility </td> <td valign="top" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>186,608 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,179 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>200,357 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>198,583 </td> </tr> </table></div> The Company had no borrowings drawn on the revolving loan facility during the nine months ended September 30, 2016 and 2015 and had $10,000,000 available under the revolving loan facility as of September 30, 2016. The Company must pay a quarterly commitment fee equal to 0.5% on the average daily amount of the unused portion of the revolving loan facility. <div /></div> </div>

0.0325

0.01

0.005

0.0225

202635000

188415000

487000

751000

555000

596000

531000

P36M

P24M

1527000

1831000

3244000

16501000

17041000

3332000

109365000

105682000

120000

134000

11384000

3765000

11482000

3889000

<div> <div> 10. Equity-Based Compensation On September 30, 2013, the Company’s Board of Directors adopted the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) that provides for the grant of incentive stock options to the Company’s employees, and for the grant of shares of RE/MAX Holdings’ Class A common stock, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and any combination thereof to employees, directors and consultants of the Company.   The Company recognizes equity-based compensation expense in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income.  The Company recognizes corporate income tax benefits relating to the exercise of options and vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income.    Employee stock-based compensation expense under the Company’s 2013 Incentive Plan was as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:18.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:18.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Employee stock-based compensation expense </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>430 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,812 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,098 </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Excess tax benefit </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  - </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50) </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(201) </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,411) </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net effect on net income attributable to RE/MAX Holdings, Inc. </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>380 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,611 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,313) </td> </tr> </table></div> The following table summarizes equity-based compensation activity related to restricted stock units (“RSUs”) and stock options as of and for the nine months ended September 30, 2016:       <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Restricted Stock </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Stock </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Units </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Options </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,765 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,057 </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,359 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28,057) </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares vested (including tax withholding)(a) </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43,688) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,334) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,102 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Weighted average grant date fair value per share </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Calibri;font-size:11pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32.19 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">              </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">              </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> Pursuant to the terms of the 2013 Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards.</td></tr></table></div>   At September 30, 2016, there was $3,122,000 of total unrecognized stock-based compensation expense, all of which is related to unvested RSUs. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.10 years. At September 30, 2016, there were 2,165,277 additional shares available for the Company to grant under the 2013 Incentive Plan. <div /></div> </div>

606000

-9000

-85000

-243000

11000

4571000

1500000

17883000

1529000

1542000

7932000

2638000

2647000

7320000

12727000

1.03

0.39

1.07

0.39

1.01

0.39

1.06

0.39

<div> <div> 4. Earnings Per Share and Dividends Earnings Per Share Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options and restricted stock units. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.08%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Numerator </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">     </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,911 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,797 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,812 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,474 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Denominator for basic net income per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,333,690 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,622,298 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,127,548 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Denominator for diluted net income per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,333,690 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,622,298 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,127,548 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Add dilutive effect of the following: </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Stock options </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,171 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,714 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>163,777 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Restricted stock units </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,945 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,887 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,728 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,338 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding, diluted </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,691,641 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,420,748 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,666,740 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,315,663 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Earnings per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.07 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.03 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.06 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.01 </td> </tr> </table></div>   There were no anti-dilutive shares for the three and nine months ended September 30, 2016 and 2015.  The one share of Class B common stock outstanding does not share in the earnings of RE/MAX Holdings and is therefore not a participating security. Accordingly, basic and diluted net income per share of Class B common stock has not been presented. Dividends The Company’s Board of Directors declared quarterly dividends of $0.15 per share on all outstanding shares of Class A common stock in each of the first three quarters of 2016, or $7,932,000 in total dividends.  Of this amount, $2,638,000 was paid on March 23, 2016, $2,647,000 was paid on June 2, 2016, and $2,647,000 was paid on August 31, 2016.  The Company made corresponding distributions to non-controlling unitholders of $1,884,000 on March 23, 2016, June 2, 2016, and August 31, 2016.  The Company’s Board of Directors declared quarterly dividends of $0.125 per share on all outstanding shares of Class A common stock in the first, second and third quarters of 2015, or $4,571,000 in total dividends.  Of this amount, $1,500,000 was paid on April 8, 2015, $1,529,000 was paid on June 4, 2015 and $1,542,000 was paid on September 3, 2015.  The Company made corresponding distributions to non-controlling unitholders of $2,217,000 on April 8, 2015, June 4, 2015 and September 3, 2015.  Additionally, during the nine months ended September 30, 2015, the Company’s Board of Directors declared a special dividend of $1.50 per share on all outstanding shares of Class A common stock, or $17,883,000 in total dividends, which along with a corresponding distribution to non-controlling unitholders of $26,602,000 was paid   on April 8, 2015.  On November 3, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.15 per share on all outstanding shares of Class A common stock, which is payable on December 1, 2016 to shareholders of record at the close of business on November 17, 2016.  <div /></div> </div>

-593000

373000

8040000

5954000

3122000

P1Y1M6D

2411000

50000

201000

100499000

8929000

7325000

1604000

111008000

8664000

6930000

1734000

25920000

3953000

8009000

8187000

8347000

11964000

162438000

13870000

10885000

3165000

2985000

168067000

2500000

17985000

12412000

4599000

3073000

61939000

4941000

3560000

1381000

57059000

2500000

9321000

5482000

1339000

P5Y

P11Y

P10Y

P12Y8M12D

P10Y

P8Y1M6D

P4Y7M6D

P14Y3M18D

2500000

-1585000

-201000

69000

-115000

606000

2794000

-85000

-90000

615000

-94000

-136000

71871000

2919000

971000

11800000

87731000

15690000

<div> <div> 6. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands, except weighted average amortization period in years):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:30.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As of September 30, 2016 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:31.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As of December 31, 2015 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Initial </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Accumulated </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Initial </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Accumulated </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Net </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Period </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Balance </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Balance </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Franchise agreements </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.7 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,067 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(111,008) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,059 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162,438 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,499) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,939 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Other intangible assets: </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Software (a) </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.6 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,412 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,930) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,482 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,885 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,325) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,560 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Trademarks </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.3 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,073 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,734) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,339 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,985 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,604) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,381 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-compete </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.0 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total other intangible assets </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.1 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,985 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,664) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,321 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,870 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,929) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,941 </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> As of September 30, 2016 and December 31, 2015, capitalized software development costs of $4,599,000 and $3,165,000, respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization.</td></tr></table></div>   Amortization expense for the three months ended September 30, 2016 and 2015 was $3,666,000 and $3,510,000, respectively. Amortization expense for the nine months ended September 30, 2016 and 2015 was $10,836,000 and $10,608,000, respectively. The estimated future amortization of intangible assets, other than goodwill is as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> As of September 30, 2016: </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Remainder of 2016 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,953 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,964 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2018 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,347 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,187 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,009 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Thereafter </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,920 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,380 </td> </tr> </table></div>   During 2016, the Company performed its annual assessment of goodwill, and the fair values of the Company’s reporting units significantly exceeded their respective carrying values. No interim indicators of impairment have been identified. The following table presents changes to goodwill for the nine months ended September 30, 2016 (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 69.58%;margin-left:0pt;"> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,871 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill recognized in acquisitions </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,690 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Effect of changes in foreign currency exchange rates </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,731 </td> </tr> </table></div>   <div /></div> </div>

170000

6953000

49263000

18470000

51472000

19152000

963000

361000

<div> <div> 9. Income Taxes RE/MAX Holdings is subject to U.S. federal and state income taxation on its allocable portion of the income of RMCO.  The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015 is based on an estimate of the Company’s annualized effective income tax rate. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as a series of limited liability companies which are not themselves subject to federal income tax. Accordingly, the portion of the Company’s subsidiaries earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. The “Provision for income taxes” is comprised of a provision for income taxes attributable to RE/MAX Holdings and to entities other than RE/MAX Holdings. The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes and RE/MAX Holdings’ proportionate share of RMCO’s net income. The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC primarily related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2016, the Company does not believe it has any significant uncertain tax positions. The Company and its subsidiaries file, or will file, income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. RMCO is not subject to federal income taxes as it is a flow-through entity, however, RMCO is required to file an annual U.S. Return of Partnership Income. The Company was notified on January 6, 2016 that RMCO’s 2013 U.S. Return of Partnership Income was selected for examination by the Internal Revenue Service.  The audit commenced in April 2016 and concluded in June 2016 and no changes were made as a result of the audit.  With respect to state and local jurisdictions and countries outside of the U.S., the Company and its subsidiaries are typically subject to examination for three to four years after the income tax returns have been filed. <div /></div> </div>

4052000

9492000

672000

8882000

924000

3277000

346000

12176000

1365000

4632000

537000

2113000

2044000

2392000

-653000

1315000

480000

-1584000

-783000

1411000

-5705000

163777

24338

51171

35887

6714

37728

45945

66380000

7448000

2338000

6493000

2121000

136000

36000

118000

32000

344372000

329645000

383786000

388327000

57254000

47222000

351000

0.005

230000000

10000000

200357000

186608000

14805000

11789000

198583000

188179000

172245000

1947000

11789000

487000

185552000

174819000

49000

163000

3153000

384000

23687000

8010000

24271000

8321000

<div> <div> 5. Acquisitions and Dispositions Acquisitions Full House Mortgage Connection, Inc.   Motto Franchising, LLC (“Motto”), a wholly-owned subsidiary of RE/MAX, LLC, was formed and developed to franchise mortgage brokerages.  On September 12, 2016, Motto acquired certain assets of Full House, a franchisor of mortgage brokerages that created the concept behind Motto.  Motto, as a franchisor, grants each franchisee a license to use the Motto Mortgage brand, trademark, promotional and operating materials and  concepts.  The Company used $8,000,000 in cash generated from operations to initially fund the acquisition.  Additional cash consideration may be required based on future revenues generated, as discussed below.  The assets acquired constitute a business and were accounted for as a business combination using the acquisition method.  The total purchase price was allocated to the assets acquired based on their estimated acquisition date fair values.  The excess of the total purchase price over the fair value of the identifiable assets acquired was recorded as goodwill.  The goodwill recognized for Full House is attributable to expected synergies and projected long term revenue growth.  All of the goodwill recognized is tax deductible.  Consideration The following table summarizes the estimated consideration transferred at the acquisition (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash consideration </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,000 </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Contingent purchase consideration </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,300 </td> </tr> <tr> <td valign="middle" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;padding:0pt;"> Total purchase price </td> <td valign="bottom" style="width:05.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:13.45pt;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,300 </td> </tr> </table></div>   The Company is required to pay additional purchase consideration totaling eight percent of gross revenues generated by the acquired business each year for the next ten years with no limitation as to the maximum payout.  The consideration is payable following each anniversary, beginning October 1, 2017 and ending September 30, 2026.  The acquisition date fair value of the contingent purchase consideration of $6,300,000 represents the forecasted discounted cash payments that the Company expects to pay the former owner of Full House with respect to the acquired business. The cash flows were discounted using a risk-adjusted discount rate.  The Company will re-measure this liability each reporting period and recognize changes in fair value, if any, in earnings of the Company.  Increases or decreases in the fair value of the contingent purchase consideration can result from changes in discount rates as well as the timing and amount of forecasted cash payments derived from anticipated gross revenues.  The Company’s accrued contingent purchase consideration is categorized in Level 3 of the fair value hierarchy.  As of September 30, 2016, there was no material change in the fair value of the contingent purchase consideration.   Purchase Price Allocation The following table summarizes the estimated fair value of the assets acquired at the acquisition date (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-compete agreement </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,800 </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total assets acquired </td> <td valign="bottom" style="width:05.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,300 </td> </tr> </table></div> The Company will amortize the non-compete agreement over a useful life of 10 years using the straight-line method, which approximates the timing in which the Company expects to receive the benefit from the agreement.  As of September 30, 2016, the Company has finalized its purchase allocations related to the acquisition of Full House.  RE/MAX of Alaska, Inc.   On April 1, 2016, RE/MAX, LLC acquired certain assets of RE/MAX of Alaska, Inc. (“RE/MAX of Alaska”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of Alaska. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The Company used $1,500,000 in cash generated from operations to fund the acquisition. The assets acquired constitute a business and were accounted for using the fair value acquisition method.  The total purchase price was allocated to the assets acquired based on their estimated fair values.  The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill.  The goodwill recognized for RE/MAX of Alaska is attributable to expected synergies and projected long term revenue growth.  All of the goodwill recognized is tax deductible.  Purchase Price Allocation The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Franchise agreements </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>529 </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:05.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>971 </td> </tr> <tr> <td valign="bottom" style="width:74.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total purchase price </td> <td valign="bottom" style="width:05.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,500 </td> </tr> </table></div> The regional franchise agreements acquired were preliminarily valued using an income approach and are being amortized over the remaining contractual term of approximately five years using the straight-line method. The preliminary estimated fair value of the assets acquired is subject to adjustments based on the Company’s final assessment of the fair values of the franchise agreements, which is the acquired asset with the highest likelihood of changing upon finalization of the valuation process.  RE/MAX of New York, Inc. On February 22, 2016, RE/MAX, LLC acquired certain assets of RE/MAX of New York, Inc. (“RE/MAX of New York”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of New York. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The Company used $8,500,000 in cash generated from operations to fund the acquisition. The assets acquired constitute a business and were accounted for using the fair value acquisition method. The total purchase price was allocated to the assets acquired based on their estimated fair values. The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized for RE/MAX of New York is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible.   Purchase Price Allocation The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Franchise agreements </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,100 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,919 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total purchase price </td> <td valign="bottom" style="width:05.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,500 </td> </tr> </table></div> The regional franchise agreements acquired were preliminarily valued using an income approach and are being amortized over the remaining contractual term of approximately eleven years using the straight-line method. The preliminary estimated fair value of the assets acquired is subject to adjustments based on the Company’s final assessment of the fair values of the franchise agreements and other assets, which are the acquired assets with the highest likelihood of changing upon finalization of the valuation process.  Unaudited Pro Forma Financial Information The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisitions of RE/MAX of New York and RE/MAX of Alaska had occurred on January 1, 2015. The historical financial information has been adjusted to give effect to events that are (1) directly attributed to the acquisitions, (2) factually supportable and (3) expected to have a continuing impact on the combined results, including additional amortization expense associated with the valuation of the acquired franchise agreements. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 83.98%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:205.55pt;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:101.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:46.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:46.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:46.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:46.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (In thousands, except per share amounts) </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total revenue </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,544 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,628 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,285 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134,970 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,914 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,877 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,074 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,600 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Basic earnings per common share </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.40 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.08 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.04 </td> </tr> <tr> <td valign="bottom" style="width:205.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Diluted earnings per common share </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:03.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.08 </td> <td valign="bottom" style="width:08.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:05.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:41.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.02 </td> </tr> </table></div> Dispositions STC Northwest, LLC d/b/a RE/MAX Northwest Realtors On January 20, 2016, the Company sold certain operating assets and liabilities related to three owned brokerage offices located in the U.S., of STC Northwest, LLC d/b/a RE/MAX Northwest Realtors, a wholly owned subsidiary of the Company. The Company recognized a loss on the sale of the assets and the liabilities transferred of approximately $90,000 during the first quarter of 2016, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. Sacagawea, LLC d/b/a RE/MAX Equity Group On December 31, 2015, the Company sold certain operating assets and liabilities related to 12 owned brokerage offices located in the U.S., of Sacagawea, LLC d/b/a RE/MAX Equity Group, a wholly owned subsidiary of the Company. The Company recognized a gain on the sale of the assets of approximately $2,794,000 during the fourth quarter of 2015, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the Consolidated Statements of Income included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. RB2B, LLC d/b/a RE/MAX 100 On April 10, 2015, the Company sold certain operating assets and liabilities related to six owned brokerage offices located in the U.S., of RB2B, LLC d/b/a RE/MAX 100, a wholly owned subsidiary of the Company. The Company recognized a gain on the sale of the assets and the liabilities transferred of $615,000 during the second quarter of 2015, which is reflected in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income for the nine months ended September 30, 2015. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue.  Subsequent Events Asset Purchase Agreement for Acquisition of RE/MAX of New Jersey On November 3, 2016, RE/MAX, LLC entered into an Asset Purchase Agreement pursuant to which it agreed to acquire certain assets of RE/MAX of New Jersey (“RE/MAX of New Jersey”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of New Jersey.  RE/MAX, LLC intends to acquire these assets in order to expand its owned and operated regional franchising operations. The Company expects to use approximately $45 million in cash generated from operations to fund the acquisition. The assets to be acquired constitute a business that will be accounted for using the fair value acquisition method. The total purchase price will be allocated to the assets acquired based on their estimated fair values.  The acquisition is subject to customary closing conditions and is expected to close in early December 2016.  The Company will complete a preliminary purchase price allocation subsequent to closing.  <div /></div> </div>

-410257000

-403695000

14094000

<div> <div> 3. Non-controlling Interest RE/MAX Holdings is the sole managing member of RMCO and subsequent to the IPO, began to operate and control all of the business affairs of RMCO. As a result, RE/MAX Holdings began to consolidate RMCO on October 7, 2013, and because RE/MAX Holdings and RMCO are entities under common control, such consolidation has been reflected for all periods presented.  RE/MAX Holdings owns a 58.42% and 58.33% economic interest in RMCO as of September 30, 2016 and December 31, 2015, respectively, and records a non-controlling interest for the remaining 41.58% and 41.67% economic interest in RMCO held by RIHI as of September 30, 2016 and December 31, 2015, respectively.  RE/MAX Holdings’ economic interest in RMCO increased due to an increase in common units, which were issued concurrently with the issuance of shares of Class A common stock upon the exercise of 28,057 stock options and the vesting of 33,288 restricted stock units, net of shares withheld, as discussed in Note 10, Equity-Based Compensation.  RE/MAX Holdings’ only sources of cash flow from operations are distributions from RMCO and management fees received pursuant to the management services agreement between RE/MAX Holdings and RMCO. “Net income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income represents the portion of earnings attributable to the economic interest in RMCO held by the non-controlling unitholders. As of October 7, 2013, “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets represented the carryover basis of RIHI’s capital account in RMCO. Subsequent thereto, the non-controlling interest balance has been and will continue to be adjusted to reflect tax and other cash distributions made to, and the income allocated to, the non-controlling unitholders, as well as future redemptions of common units in RMCO pursuant to the Fourth Amended and Restated Limited Liability Company Agreement (“RMCO, LLC Agreement”). The ownership of the common units in RMCO is summarized as follows:     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 92.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Shares </td> <td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Ownership % </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Shares </td> <td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Ownership % </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-controlling unitholders ownership of common units in RMCO </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,559,600 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.58 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,559,600 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.67 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.42 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,584,351 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.33 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> </tr> <tr> <td valign="bottom" style="width:46.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total common units in RMCO </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,205,296 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.00 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,143,951 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.00 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>   The weighted average ownership percentages for the applicable reporting periods are used to calculate the net income attributable to RE/MAX Holdings.  RE/MAX Holdings’ weighted average ownership percentage in RMCO was 58.42% and 41.02% for the three months ended September 30, 2016 and 2015, respectively and 58.39% and 40.61% for the nine months ended September 30, 2016 and 2015, respectively.  RE/MAX Holdings’ economic interest in RMCO increased due to the increase in common units from the issuance of shares of Class A common stock as a result of the Secondary Offering described in Note 1, Business and Organization.  A reconciliation of “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 89.82%;margin-left:0pt;"> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="5" valign="bottom" style="width:21.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:20.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:20.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Income before provision for income taxes attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,150 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,576 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,015 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,006 </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Provision for income taxes attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,239) </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,779) </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,203) </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,532) </td> </tr> <tr> <td valign="top" style="width:54.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,911 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,797 </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,812 </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,474 </td> </tr> </table></div>   A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 90.74%;margin-left:0pt;"> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,239) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,779) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,203) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,532) </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(393) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(498) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(973) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,350) </td> </tr> <tr> <td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes </td> <td valign="top" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,632) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,277) </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,176) </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,882) </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ proportionate share of the net assets of RMCO of the taxes imposed directly on RE/MAX, LLC and its consolidated subsidiaries (“RE/MAX, LLC”), a wholly-owned subsidiary of RMCO, related primarily to tax liabilities in certain foreign jurisdictions of $537,000 and $346,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,365,000 and $924,000 for the nine months ended September 30, 2016 and 2015, respectively. </td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (b) </td><td style="width:13pt;"></td><td align="left" valign="top"> The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities primarily in certain foreign jurisdictions that are allocated to the non-controlling interest.</td></tr></table></div>   Distributions and Other Payments to Non-controlling Unitholders As a limited liability company (treated as a partnership for income tax purposes), RMCO does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the RMCO, LLC Agreement, RMCO makes cash distributions to non-controlling unitholders.  Discretionary cash distributions may be made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the RMCO, LLC Agreement.  These discretionary distributions are paid on a quarterly basis equal to the dividend payments to the stockholders of the Company’s Class A common stock or otherwise on a discretionary basis as necessary.  In addition, RMCO is generally required to distribute cash on a pro-rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities.  Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year. The distributions paid or payable to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement are summarized as follows: <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:27.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:27.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Tax and other discretionary distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,442 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,560 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Dividend distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,652 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,253 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,094 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,813 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   The dividend distributions are discussed further in Note 4, Earnings Per Share and Dividends.  The tax and other discretionary distributions are recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and the paid portion is reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows.  On November 3, 2016, the Company declared a distribution to non-controlling unitholders of $1,884,000, which is payable on December 1, 2016. Payments Pursuant to the Tax Receivable Agreements At the time of the IPO, RE/MAX Holdings entered into separate TRAs with RMCO’s historical owners, RIHI and Weston Presidio V, L.P. (“Weston Presidio”). During the second quarter of 2015, Weston Presidio assigned, transferred and conveyed to Oberndorf all of its rights, title and interest in and to, and all of its liabilities and obligations under, the TRA dated as of October 7, 2013 by and between RE/MAX Holdings and Weston Presidio. In connection therewith, the Company entered into a joinder to the TRA on May 29, 2015 with Western Presidio and Oberndorf (the “Joinder Agreement”). Neither the assignment and transfer nor the Joinder Agreement impacted the financial position, results of operations or cash flows of the Company.  As of September 30, 2016, the Company reflected a liability of $98,782,000, representing the payments due to RIHI and Oberndorf, under the terms of the TRAs (see current and non-current portion of “Payable pursuant to tax receivable agreements” in the accompanying Condensed Consolidated Balance Sheets).  As of September 30, 2016, the Company estimates that amounts payable pursuant to the TRAs within the next 12-month period will be approximately $7,225,000,  of which $2,591,000 is related to RE/MAX Holdings’ 2014 federal and state tax returns and the remainder is related to RE/MAX Holdings’ 2015 federal and state tax returns. To determine the current amount of the payments due to RIHI and Oberndorf, the Company estimated the amount of taxable income that RE/MAX Holdings generated during 2015 and 2014 and the amount of the specified deductions subject to the TRAs which were realized by RE/MAX Holdings in its 2015 and 2014 federal and state tax returns. This amount was then used as a basis for determining the Company’s increase in estimated tax cash savings as a result of such deductions on which a current TRA obligation became due (i.e. payable within 12 months of the Company’s year-end). These calculations are performed pursuant to the terms of the TRAs. The Company paid $1,344,000 and $0 pursuant to the terms of the TRAs during the nine months ended September 30, 2016 and 2015, respectively. The timing and amount of the payments to be made under the TRAs are subject to certain contingencies, including RE/MAX Holdings having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. If the Company elects to terminate the TRAs early, the Company would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRAs, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. Obligations pursuant to the TRAs are obligations of RE/MAX Holdings. They do not impact the non-controlling interest. These obligations are not income tax obligations and have no impact on the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. In general, items of income, gain, loss and deduction are allocated on the basis of the members’ ownership interests pursuant to the RMCO, LLC Agreement after taking into consideration all relevant sections of the Internal Revenue Code. <div /></div> </div>

0.4167

0.4158

0.3956

0.5833

0.5842

-69027000

-36577000

-2411000

-2161000

-21067000

59952000

49040000

2411000

12474000

4797000

18812000

6911000

27907000

10396000

20484000

7609000

28000

123000

-51000

-44000

430000

150000

76303000

24498000

73966000

24203000

57291000

20612000

57914000

21356000

5113000

3251000

2374000

4079000

3627000

1861000

2062000

-1038000

-580000

417000

-147000

-1038000

-580000

417000

194000

223000

-147000

4941000

9321000

71000

8000

9889000

15913000

3251000

555000

1086000

22454000

7932000

38813000

5560000

33253000

14094000

8442000

5652000

120000

360000

7130000

20175000

8500000

1500000

8000000

45000000

17869000

61000

35000

2066000

3229000

20000

200000

17000

12000

2032000

101000

40381000

15193000

39296000

20484000

18812000

14520000

2395000

2530000

555000

1177000

<div> <div> 13. Related-Party Transactions The Company’s previously owned real estate brokerage operations paid advertising fees to regional and national advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI, who is also the Company’s Chief Executive Officer, Chairman and Co-Founder. This individual does not receive any compensation from these corporations, as all funds received by the corporations are, as a result of contractual commitments in our franchise agreements, required to be spent on advertising for the respective regions. During the three months ended September 30, 2015, the Company’s previously owned real estate brokerage operations paid $210,000 to these advertising funds.  During the nine months ended September 30, 2016 and 2015, the Company’s previously owned real estate brokerage operations paid $11,000 and $705,000, respectively, to these advertising funds.  These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The majority stockholders of RIHI, including the Company’s current Chief Executive Officer, Chairman and Co-Founder have made and continue to make a golf course they own available to the Company for business purposes. During the nine months ended September 30, 2016 and 2015, the Company used the golf course for business purposes at minimal charge. The Company provides services, such as accounting, legal, marketing, technology, human resources and public relations services, to certain affiliated entities, and it allows these companies to share its leased office space. During the three months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $507,000 and $446,000, respectively. During the Nine months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1,459,000 and $1,293,000 respectively. Such amounts are generally paid within 30 days and no such amounts were outstanding at September 30, 2016 or December 31, 2015.  In addition, affiliated regional franchisors have current outstanding continuing franchise fees, broker fees and franchise sales revenue amounts due from the Company of $35,000 and $66,000 as of September 30, 2016 and December 31, 2015, respectively.  Such amounts are included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets.       <div /></div> </div>

705000

210000

11000

8880000

14220000

237000

72000

<div> <div> 11. Leadership Changes On January 7, 2016, the Company’s former Chief Financial Officer and Chief Operating Officer entered into a separation and transition agreement (the “Separation and Transition Agreement”) pursuant to which he served as Co-Chief Financial Officer from January 15, 2016 through March 31, 2016 and separated from the Company effective March 31, 2016.  Subject to the terms of the Separation and Transition Agreement, the Company was required to provide severance and other related benefits through April 2016.  The Company recorded a liability, measured at its estimated fair value, for payments to be made under the Separation and Transition Agreement, with a corresponding charge to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In April 2016, the Company made a lump sum severance payment. The Company incurred a total cost of $1,043,000, including $331,000 of equity-based compensation expense, during the nine months ended September 30, 2016 related to this separation.  On May 4, 2015, the Company’s former President entered into a retirement agreement with the Company (the “Retirement Agreement”) pursuant to which he retired on August 19, 2015. Subject to the terms of the Retirement Agreement, the Company is required to provide retirement benefits over a 24-month period, beginning in September 2015.  The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Retirement Agreement, with a corresponding charge to “Selling, operating and administrative expenses.” The Company incurred a total cost of $877,000, including $216,000 of equity-based compensation expense, during the year ended December 31, 2015 related to this retirement. As of September 30, 2016 and December 31, 2015, the short-term portion of the liability was $237,000 and $250,000, respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.  As of September 30, 2016 and December 31, 2015, the long-term portion of the liability was $0 and $175,000, respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. On December 31, 2014, the Company’s former Chief Executive Officer retired and pursuant to the terms of the Separation and Release of Claims Agreement (the “Separation Agreement”), the Company is required to provide severance and other related benefits over a 36-month period, beginning in October 2015.  The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Separation Agreement, with a corresponding charge to “Selling, general and administrative expenses.” The Company will incur a total cost of $3,581,000, including $1,007,000 of equity-based compensation expense related to this retirement.  Of this amount, the Company has recognized a total of $3,557,000, of which $0 was incurred during the nine months ended September 30, 2016.  As of September 30, 2016 and December 31, 2015, the short-term portion of the liability was $781,000 and $759,000, respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, the long-term portion of the liability was $198,000 and $789,000, respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. The Company’s severance and other related expenses incurred for the aforementioned leadership changes were $0 and $503,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,043,000 and $1,542,000 for the nine months ended September 30, 2016 and 2015, respectively, which is included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs from January 1, 2016 to September 30, 2016 (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 67.08%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,021 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Severance and other related expenses </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,043 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accretion </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cash payments </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,565) </td> </tr> <tr> <td valign="top" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-cash adjustment (a) </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(331) </td> </tr> <tr> <td valign="bottom" style="width:68.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:10.30pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:10.30pt;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,216 </td> </tr> </table></div>   <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> For the nine months ended September 30, 2016, the non-cash adjustment represents the non-cash equity-based compensation expense recorded for the accelerated vesting of restricted stock units pursuant to the terms of the Separation and Transition Agreement. </td></tr></table></div><div /></div> </div>

4693000

15529000

133594000

45110000

131880000

45559000

<div> <div> Accrued liabilities consist of the following (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accrued payroll and related employee costs </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,954 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,040 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accrued property taxes </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,121 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,594 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accrued professional fees </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>791 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>981 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Lease-related accruals </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>353 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354 </td> </tr> <tr> <td valign="bottom" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Other (a) </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,374 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,113 </td> </tr> <tr> <td valign="top" style="width:68.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="top" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,593 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,082 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Franchise agreements </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,100 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,919 </td> </tr> <tr> <td valign="bottom" style="width:72.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total purchase price </td> <td valign="bottom" style="width:05.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:21.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,500 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2016 and December 31, 2015 (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Carrying Amounts </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Carrying Amounts </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Estimated Fair Value </td> </tr> <tr> <td valign="top" style="width:44.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2013 Senior Secured Credit Facility </td> <td valign="top" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>186,608 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,179 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>200,357 </td> <td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>198,583 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:18.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:18.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Employee stock-based compensation expense </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>430 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,812 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,098 </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Excess tax benefit </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  - </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50) </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(201) </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,411) </td> </tr> <tr> <td valign="bottom" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net effect on net income attributable to RE/MAX Holdings, Inc. </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501 </td> <td valign="bottom" style="width:00.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>380 </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,611 </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,313) </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Debt consists of the following (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 84.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31,  </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020 </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,415 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202,635 </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less unamortized debt issuance costs </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,211) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,527) </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less unamortized debt discount costs </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(751) </td> </tr> <tr> <td valign="bottom" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less current portion </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,789) </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,805) </td> </tr> <tr> <td valign="top" style="width:66.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,819 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>185,552 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:27.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:27.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Tax and other discretionary distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,442 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,560 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Dividend distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,652 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,253 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total distributions </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,094 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,813 </td> <td valign="bottom" style="width:00.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.08%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine Months Ended </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> September 30,  </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2015 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Numerator </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">     </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,911 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,797 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,812 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,474 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Denominator for basic net income per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,333,690 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,622,298 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,127,548 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Denominator for diluted net income per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,645,696 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,333,690 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,622,298 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,127,548 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Add dilutive effect of the following: </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Stock options </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,171 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,714 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>163,777 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Restricted stock units </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,945 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,887 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,728 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,338 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average shares of Class A common stock outstanding, diluted </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,691,641 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,420,748 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,666,740 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,315,663 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Earnings per share of Class A common stock </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.07 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.03 </td> </tr> <tr> <td valign="bottom" style="width:43.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted </td> <td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.39 </td> <td valign="bottom" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.06 </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.01 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> The estimated future amortization of intangible assets, other than goodwill is as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 68.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> As of September 30, 2016: </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Remainder of 2016 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,953 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,964 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2018 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,347 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,187 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,009 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Thereafter </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,920 </td> </tr> <tr> <td valign="top" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,380 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands, except weighted average amortization period in years):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:30.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As of September 30, 2016 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:31.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As of December 31, 2015 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Initial </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Accumulated </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Initial </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Accumulated </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Net </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Period </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Balance </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Balance </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Franchise agreements </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.7 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,067 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(111,008) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,059 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162,438 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,499) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,939 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Other intangible assets: </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Software (a) </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.6 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,412 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,930) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,482 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,885 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,325) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,560 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Trademarks </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.3 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,073 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,734) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,339 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,985 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,604) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,381 </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Non-compete </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.0 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="bottom" style="width:21.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total other intangible assets </td> <td valign="top" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.1 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,985 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,664) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,321 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,870 </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,929) </td> <td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,941 </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (a) </td><td style="width:13pt;"></td><td align="left" valign="top"> As of September 30, 2016 and December 31, 2015, capitalized software development costs of $4,599,000 and $3,165,000, respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization.</td></tr></table></div>   <div /></div> </div>

<div> <div>     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 69.58%;margin-left:0pt;"> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,871 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Goodwill recognized in acquisitions </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,690 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Effect of changes in foreign currency exchange rates </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170 </td> </tr> <tr> <td valign="top" style="width:85.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,731 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Maturities of debt are as follows (in thousands):     <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 69.44%;margin-left:0pt;"> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> As of September 30, 2016: </td> <td valign="top" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Remainder of 2016 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>487 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2017 (a) </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,789 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947 </td> </tr> <tr> <td valign="bottom" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172,245 </td> </tr> <tr> <td valign="top" style="width:86.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188,415 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Restricted Stock </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Stock </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Units </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Options </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Balance, January 1, 2016 </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,765 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,057 </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,359 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28,057) </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares vested (including tax withholding)(a) </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43,688) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,334) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Balance, September 30, 2016 </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,102 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> </tr> <tr> <td valign="top" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Weighted average grant date fair value per share </td> <td valign="top" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Calibri;font-size:11pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32.19 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> </tr> <tr> <td valign="bottom" style="width:73.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">              </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">              </td> </tr> </table></div>   <div /></div> </div>

65525000

20724000

62399000

20325000

1542000

877000

503000

1043000

1098000

216000

430000

1007000

1812000

331000

501000

32.19

33288

5334

43688

89359

96765

137102

2165277

28057

22.00

36.00

10400

<div> <div> 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2015, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2016 and December 31, 2015, the results of its operations and comprehensive income for the three and nine months ended September 30, 2016 and 2015, changes in its stockholders’ equity for the nine months ended September 30, 2016 and results of its cash flows for the nine months ended September 30, 2016 and 2015. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Use of Estimates The preparation of 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 and 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 reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, the estimates for determining the fair value of assets acquired and liabilities assumed in business combinations, the estimates related to the accounting for income taxes, the estimates of the fair value of reporting units used in the annual assessment of goodwill, and the amounts due to RIHI and Oberndorf Investments LLC (“Oberndorf”) pursuant to the terms of the tax receivable agreements (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest. Actual results could differ from those estimates. Reclassifications In conjunction with the adoption of several recent accounting pronouncements, certain items in the accompanying condensed consolidated financial statements as of December 31, 2015 and for the nine months ended September 30, 2015 have been reclassified to conform to the current year’s presentation.  These reclassifications did not affect the Company’s consolidated results of operations. Segment Reporting During the first quarter of 2016, the Company began to operate in one reportable segment, Real Estate Franchise Services.  All prior segment information has been reclassified to reflect the Company’s new segment structure.  Prior to 2016, the Company operated in two reportable segments, (1) Real Estate Franchise Services and (2) Brokerages. The Real Estate Franchise Services reportable segment comprised the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from the Company’s previously owned brokerages and corporate-wide professional services expenses. The Brokerages reportable segment contained the operations of the Company’s previously owned brokerage offices in the U.S., the results of operations of a mortgage brokerage company in which the Company previously owned a non-controlling interest and reflected the elimination of intersegment revenue and other consolidation entries. During 2015 and the first quarter of 2016, the Company sold its 21 previously owned brokerage offices, as discussed in Note 5, Acquisitions and Dispositions. These dispositions resulted in the cessation of operations for the Company’s Brokerages reportable segment.   Principles of Consolidation As of September 30, 2016, RE/MAX Holdings owns 58.42% of the common membership units in RMCO and, as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively. Emerging Growth Company Status Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act and the Company has not been subject to the requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002 (“SOX”). The Company will no longer qualify as an emerging growth company as of the end of 2016.  Therefore, pursuant to Section 404(b) of SOX, the Company will be required to include an opinion from an independent registered public accounting firm regarding the effectiveness of the Company’s internal controls over financial reporting in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016.  Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies classification for certain cash receipts and cash payments on the consolidated statement of cash flow.  ASU 2016-15 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early adoption is permitted in any interim or annual reporting period. The standard requires a retrospective transition method for each period presented. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies certain aspects of accounting for share-based payment transactions, including income tax consequences, statutory tax withholding requirements, forfeitures and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016.  Early adoption is permitted in any interim or annual reporting period. The standard requires the guidance related to forfeitures and the timing of when excess tax benefits are recognized to be applied using a modified retrospective transition method, the guidance related to the accounting for income taxes to be applied prospectively, and the guidance related to the presentation of excess tax benefits on the statement of cash flows to be applied either prospectively or retrospectively. The Company early adopted ASU 2016-09 in the first quarter of 2016 and elected to account for forfeitures as they occur.  As a result, the Company recorded a cumulative-effect adjustment of $44,000 to “Retained earnings” in the accompanying Condensed Consolidated Balance Sheets and Statement of Stockholders’ Equity.  Furthermore, the Company elected to apply the retrospective transition method to the amendments related to the presentation of excess tax benefits in the statements of cash flows.  This resulted in an increase in cash flows provided by operating activities of $2,411,000 and a net increase of $2,411,000 in cash flows used in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015.  During the nine months ended September 30, 2016, the Company recorded a $201,000 income tax benefit relating to the exercise of stock options and vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income.  Prior to 2016, such excess tax benefits were recorded in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets.    In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the assets and liabilities that arise from all leases on the consolidated balance sheets. ASU 2016-02 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2018. Early adoption is permitted in any interim or annual reporting period. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. The standard permits the use of either the retrospective or prospective transition method and permits early adoption as of the beginning of an interim or annual reporting period. The Company elected to early adopt this standard retrospectively in the first quarter of 2016 and $3,332,000 previously presented in “Other current assets” was reclassified to “Deferred tax assets, net” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but the Company’s consolidated results of operations were not affected. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement-Period Adjustments, which eliminates the requirement for an entity to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is completed. ASU 2015-16 became effective prospectively for the Company on January 1, 2016.  The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 became effective for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures.  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, which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 became effective prospectively for the Company on January 1, 2016.  The adoption of this standard did not have a significant impact on the consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for the Company on January 1, 2016. The adoption of this standard resulted in $1,527,000 of net debt issuance costs previously reported as “Debt issuance costs, net” to be reclassified to “Debt, net of current portion” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but did not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of the guidance in ASU 2014-09 by one year. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which provides clarification on identifying performance obligations and accounting for licenses of intellectual property.  In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition.  These standards are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within such annual reporting periods. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. <div /></div> </div>

449671000

462377000

39414000

-105000

445081000

-410257000

4693000

2000

58682000

89000

446757000

-403695000

15529000

2000

11500000

5175000

71745

28057

101000

451000

138000

1527000

1211000

12315663

12420748

17666740

17691641

12127548

12333690

17622298

17645696

EX-101.SCH 6 rmax-20160930.xsd EX-101.SCH 00100 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Consolidated Statements of Income link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Consolidated Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 00500 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 40302 - Disclosure - Non-controlling Interest - Ownership of common units in RMCO (Details) link:presentationLink link:calculationLink link:definitionLink 40303 - Disclosure - Non-controlling Interest - Net income reconciliation (Details) link:presentationLink link:calculationLink link:definitionLink 40304 - Disclosure - Non-controlling Interest - Provision for income taxes reconciliation (Details) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Earnings Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - Acquisitions and Dispositions - Acquisitions (Details) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 40602 - Disclosure - Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - Accrued Liabilities - Schedule of Accrued Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - Debt - Schedule of Debt (Details) link:presentationLink link:calculationLink link:definitionLink 40802 - Disclosure - Debt - Schedule of Maturities of Debt (Details) link:presentationLink link:calculationLink link:definitionLink 41001 - Disclosure - Equity-Based Compensation - Share-Based Compensation Expense (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Condensed Consolidated Statement of Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00505 - Statement - Consolidated Statements of Cash Flows (Paranthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Business and Organization link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Non-controlling Interest link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Earnings Per Share and Dividends link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Acquisitions and Dispositions link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Intangible Assets and Goodwill link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Accrued Liabilities link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Equity-Based Compensation link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Leadership Changes and Restructuring Activities link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Related-Party Transactions link:presentationLink link:calculationLink link:definitionLink 30303 - Disclosure - Non-controlling Interest (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Earnings Per Share and Dividends (Tables) link:presentationLink link:calculationLink link:definitionLink 30503 - Disclosure - Acquisitions and Dispositions (Tables) link:presentationLink link:calculationLink link:definitionLink 30603 - Disclosure - Intangible Assets and Goodwill (Tables) link:presentationLink link:calculationLink link:definitionLink 30703 - Disclosure - Accrued Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 30803 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 31003 - Disclosure - Equity-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 31103 - Disclosure - Leadership Changes and Restructuring Activities (Tables) link:presentationLink link:calculationLink link:definitionLink 40101 - Disclosure - Business and Organization (Details) link:presentationLink link:calculationLink link:definitionLink 40201 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Non-controlling Interest - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 40305 - Disclosure - Non-controlling Interest - Distributions Paid or Payable (Details) link:presentationLink link:calculationLink link:definitionLink 40402 - Disclosure - Earnings Per Share and Dividends - Additional Information (Details) link:presentationLink link:calculationLink link:definitionLink 40502 - Disclosure - Acquisitions and Dispositions - Additional Information (Details) link:presentationLink link:calculationLink link:definitionLink 40603 - Disclosure - Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 40803 - Disclosure - Debt - Additional Information (Details) link:presentationLink link:calculationLink link:definitionLink 40804 - Disclosure - Debt - Schedule of Senior Secured Credit Facility (Details) link:presentationLink link:calculationLink link:definitionLink 41002 - Disclosure - Equity-Based Compensation - Activity for Restricted Stock Units (Details) link:presentationLink link:calculationLink link:definitionLink 41101 - Disclosure - Leadership Changes and Restructuring Activities (Details) link:presentationLink link:calculationLink link:definitionLink 41102 - Disclosure - Leadership Changes and Restructuring Activities - Rollforward of Estimated Fair Value Liability Established for Total Severance and Other Related Costs (Details) link:presentationLink link:calculationLink link:definitionLink 41201 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 41301 - Disclosure - Related-Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 rmax-20160930_cal.xml EX-101.CAL EX-101.DEF 8 rmax-20160930_def.xml EX-101.DEF EX-101.LAB 9 rmax-20160930_lab.xml EX-101.LAB Document and entity information. Document And Entity Information [Abstract] Document and entity information. Document And Entity Information [Table] Document And Entity Information [Table] Statement Class Of Stock [Axis] Class Of Stock [Domain] Class of Stock Common Class A [Member] Class A common stock Common Class B [Member] Class B common stock Document and entity information. Document And Entity Information [Line Items] Document And Entity Information [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Document Period End Date Document Period End Date Current Fiscal Year End Date Current Fiscal Year End Date Document Type Document Type Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Trading Symbol Trading Symbol Entity Current Reporting Status Entity Filer Category Entity Filer Category Entity Common Stock Shares Outstanding Entity Common Stock, Shares Outstanding Statement Of Financial Position [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Assets [Abstract] Assets Assets Current [Abstract] Current assets: Cash And Cash Equivalents At Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of year Cash and cash equivalents Accounts Notes And Loans Receivable Net Current Accounts and notes receivable, current portion, less allowances of $5,642 and $4,483, respectively Income Taxes Receivable Income taxes receivable Assets Of Disposal Group Including Discontinued Operation Current Assets held for sale Other Assets Current Other current assets Assets Current Total current assets Property Plant And Equipment Net Property and equipment, net of accumulated depreciation of $13,426 and $13,183, respectively Finite Lived Intangible Assets Net Franchise agreements, net of accumulated amortization of $111,008 and $100,499, respectively Net Balance Other Intangible Assets Net Other intangible assets, net of accumulated amortization of $8,664 and $8,929, respectively Goodwill Ending Balance Beginning Balance Goodwill Deferred Tax Assets, Net, Noncurrent Deferred tax assets, net Other Assets Noncurrent Other assets, net of current portion Assets Total assets Liabilities And Stockholders Equity [Abstract] Liabilities and stockholders' equity Liabilities Current [Abstract] Current liabilities: Accounts Payable Current Accounts payable Accounts Payable, Related Parties, Current Accounts payable to affiliates Accrued Liabilities Current Accrued liabilities Accrued liabilities Taxes Payable, Current Income taxes payable Deferred Revenue Current Deferred revenue and deposits Long Term Debt Current Less current portion Current portion of debt Payments due pursuant to the terms of the tax receivable agreements, which are expected to be paid by RE/MAX Holdings within the next twelve month period. Amounts Payable Under Tax Receivable Agreements Current Current portion of payable pursuant to tax receivable agreements Liabilities Of Disposal Group Including Discontinued Operation Current Liabilities held for sale Other Liabilities Current Other current liabilities Liabilities Current Total current liabilities Long Term Debt Noncurrent Debt, net of current portion Payments due pursuant to the terms of the tax receivable agreements, net of the current portion. Amounts Payable Under Tax Receivable Agreements Noncurrent Payable pursuant to tax receivable agreements, net of current portion Deferred Tax Liabilities Noncurrent Deferred tax liabilities, net Other Liabilities Noncurrent Other liabilities, net of current portion Liabilities Total liabilities Commitments And Contingencies Commitments and contingencies (note 12) Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] Stockholders' equity: Common Stock, Value, Issued Common stock Additional Paid In Capital Common Stock Additional paid-in capital Retained Earnings Accumulated Deficit Retained earnings Accumulated Other Comprehensive Income Loss Net Of Tax Accumulated other comprehensive income (loss), net of tax Stockholders' Equity Attributable to Parent Total stockholders' equity Stockholders' Equity Attributable to Noncontrolling Interest Non-controlling interest Stockholders Equity Including Portion Attributable To Noncontrolling Interest Ending balance, Value Beginning balance, Value Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' equity Finite Lived Intangible Assets By Major Class [Axis] Finite Lived Intangible Assets Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name Other Intangible Assets [Member] Other intangible assets Allowance For Doubtful Accounts Receivable Current Accounts and notes receivable, current portion, allowances Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Property and equipment, accumulated depreciation Finite Lived Intangible Assets Accumulated Amortization Accumulated Amortization Franchise agreements and other intangible assets, accumulated amortization Common Stock Par Or Stated Value Per Share Common stock, par value Common Stock Shares Authorized Common stock, shares authorized Common Stock Shares Issued Common stock, shares issued Common Stock Shares Outstanding Ending balance, Shares Beginning balance, Shares Common stock, shares outstanding Income Statement [Abstract] Revenues [Abstract] Revenue: Fees earned from providing ongoing trademark license, operational, training and administrative services and systems to franchisees. Continuing Franchise Fees Revenue Continuing franchise fees Membership Dues Revenue On Going Annual dues Fees received from franchisee offices that are primarily based on a percentage of agents’ gross commission income. Broker Fees Revenue Broker fees Revenue from the sale or renewal of franchises, as well as other revenue including revenue from preferred marketing arrangements and affinity programs with various suppliers. Franchise Sales And Other Franchise Revenue Franchise sales and other franchise revenue Fees assessed by the Company-owned brokerages for services provided to their affiliated real estate agents. Brokerage Revenue Brokerage revenue Franchisor Revenue Total revenue Operating Expenses [Abstract] Operating expenses: Selling General And Administrative Expense Selling, operating and administrative expenses Depreciation And Amortization Depreciation and amortization Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal (Gain) loss on sale or disposition of assets, net Loss on sale or disposition of assets, net Operating Expenses Total operating expenses Operating Income Loss Operating income Nonoperating Income Expense [Abstract] Other expenses, net: Interest Expense Interest expense Interest Income Domestic Deposits Interest income Foreign Currency Transaction Gain Loss Realized Foreign currency transaction gains (losses) Gains Losses On Extinguishment Of Debt Loss on early extinguishment of debt Loss on early extinguishment of debt Income Loss From Equity Method Investments Equity in earnings of investees The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business), including the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Nonoperating Income Expense Including Income (Loss) From Equity Method Investments Total other expenses, net Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Income before provision for income taxes Income Tax Expense Benefit Provision for income taxes Provision for income tax expense Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net income Net income Net Income Loss Attributable To Noncontrolling Interest Less: net income attributable to non-controlling interest Net Income Loss Net income attributable to RE/MAX Holdings, Inc. Net income attributable to RE/MAX Holdings, Inc. Earnings Per Share and Dividends Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock Earnings Per Share Basic Basic Earnings Per Share Diluted Diluted Weighted Average Number Of Shares Outstanding [Abstract] Weighted average shares of Class A common stock outstanding Denominator for diluted net income per share of Class A common stock Weighted Average Number Of Shares Outstanding Basic Basic Weighted average shares outstanding, basic Weighted Average Number Of Diluted Shares Outstanding Diluted Weighted average shares of Class A common stock outstanding, diluted Common Stock Dividends Per Share Declared Cash dividends declared per share of Class A common stock Statement Of Income And Comprehensive Income [Abstract] Cumulative Translation Adjustment Net Of Tax Period Increase Decrease Change in cumulative translation adjustment Other Comprehensive Income Loss Net Of Tax Change in accumulated other comprehensive income (loss) Other comprehensive income (loss), net of tax Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Comprehensive income Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest Less: comprehensive income attributable to non-controlling interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax Statement Of Stockholders Equity [Abstract] Statement Equity Components [Axis] Equity Component [Domain] Equity Component Additional Paid In Capital [Member] Additional paid-in capital Accumulated Other Comprehensive Income [Member] Accumulated other comprehensive (loss), net of tax Noncontrolling Interest [Member] Non-controlling interest Minority Interest Decrease From Distributions To Noncontrolling Interest Holders Distributions paid and payable to non-controlling unitholders Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value Equity-based compensation expense Dividends Common Stock Cash Dividends payable to Class A common stockholders Dividends to Class A common stockholders Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Issuance of Class A common stock, equity-based compensation plans Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures Issuance of Class A common stock, equity-based compensation plans, shares Adjustments Related to Tax Withholding for Share-based Compensation Payroll taxes related to net settled restricted stock units Shares Paid For Tax Withholding For Share Based Compensation Payroll taxes related to net settled restricted stock units (in shares) New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets Cumulative effect adjustment from change in accounting principle Operating Cash Flows, Direct Method [Abstract] Net Cash Provided By Used In Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Provision For Doubtful Accounts Bad debt expense Gain Loss On Disposition Of Assets1 Loss (gain) on sale or disposition of assets, net Gain (loss) on sale or disposition of assets Share Based Compensation Non-cash adjustment Employee stock-based compensation expense Equity-based compensation expense Amortization Of Financing Costs And Discounts Non-cash interest expense Deferred Income Tax Expense (Benefit) Deferred income tax expense Increase Decrease In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase Decrease In Accounts And Notes Receivable Accounts and notes receivable, current portion The increase (decrease) in cash during the reporting period relating to the net of the (increase) decrease in the amount due to the entity from related parties and the increase (decrease) in the obligations due by the entity to related parties. Net Increase Decrease In Accounts Receivable From Related Parties And Accounts Payable To Related Parties Advances from/to affiliates Increase Decrease In Other Operating Assets Other current and noncurrent assets Increase Decrease In Other Operating Liabilities Other current and noncurrent liabilities Increase (Decrease) in Accrued Taxes Payable Income taxes receivable/payable Increase Decrease In Deferred Revenue Deferred revenue and deposits current portion Payments to RMCO's historical owners pursuant to tax receivable agreements. Payment Pursuant To Tax Receivable Agreements Payment pursuant to tax receivable agreement Amounts paid pursuant to Tax Receivable Agreements (TRAs) Net Cash Provided By Used In Operating Activities Continuing Operations Net cash provided by operating activities Increase in cash flows provided by operating activities Net Cash Provided By Used In Investing Activities [Abstract] Cash flows from investing activities: Payments to Acquire Productive Assets Purchase of property, equipment and software Proceeds From Sale Of Property Plant And Equipment Proceeds from sale of property and equipment Payments To Acquire Intangible Assets Capitalization of trademark costs Payments to Acquire Businesses, Net of Cash Acquired Acquisitions, net of cash acquired of $131 Proceeds from Divestiture of Businesses, Net of Cash Divested Dispositions Payments made for costs associated with the sale of assets. Cost to sell assets Cost to sell assets Net Cash Provided By Used In Investing Activities Continuing Operations Net cash used in investing activities Net Cash Provided By Used In Financing Activities [Abstract] Cash flows from financing activities: Repayments Of Debt Payments on debt Payments of Debt Issuance Costs Capitalized debt amendment costs Distributions paid to non-controlling unit-holders for taxes paid to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement, and for non-controlling unit-holders proportionate share of discretionary distributions made by RMCO, LLC. Distributions For Taxes Paid To Noncontrolling Unit Holders Distributions to non-controlling unitholders Payments of Ordinary Dividends, Common Stock Dividends paid to Class A common stockholders Repayments Of Long Term Capital Lease Obligations Payments on capital lease obligations Proceeds From Stock Options Exercised Proceeds from exercise of stock options Payments Related to Tax Withholding for Share-based Compensation Payment of payroll taxes related to net settled restricted stock units Net Cash Provided By Used In Financing Activities Continuing Operations Decrease in cash flows used in financing activities Net cash used in financing activities Effect Of Exchange Rate On Cash And Cash Equivalents Effect of exchange rate changes on cash Cash And Cash Equivalents Period Increase Decrease Net decrease in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental disclosures of cash flow information: The amount of cash paid for interest and debt modification fees during the period. Interest And Debt Restructuring Fees Paid Cash paid for interest and debt amendment costs Net cash paid for income taxes Noncash Investing And Financing Items [Abstract] Schedule of non-cash investing and financing activities: Notes Issued Note receivable received as consideration for sale of brokerage operations assets Capital Lease Obligations Incurred Capital leases for property and equipment Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software. Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software The amount of contingent consideration issued in a business combination. Contingent consideration issued in a business combination Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Cash acquired Cash and cash equivalents Business and Organization The entire disclosure for business description and organization. Business And Organization TextBlock Business and Organization Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies Noncontrolling Interest Minority Interest Disclosure [Text Block] Non-controlling Interest Earnings Per Share [Text Block] Earnings Per Share and Dividends Acquisitions and Dispositions [Abstract] Business Combination Disclosure and Disposal Groups Including Discontinued Operations Disclosure [Text Block] Acquisitions and Dispositions Intangible Assets and Goodwill Goodwill And Intangible Assets Disclosure [Text Block] Intangible Assets and Goodwill Accrued Liabilities Accounts Payable And Accrued Liabilities Disclosure [Text Block] Accrued Liabilities Debt Debt Disclosure [Text Block] Debt Income Taxes Income Tax Disclosure [Text Block] Income Taxes Equity-Based Compensation Disclosure Of Compensation Related Costs Share Based Payments [Text Block] Equity-Based Compensation Leadership Changes and Restructuring Activities EX-101.PRE 10 rmax-20160930_pre.xml EX-101.PRE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Line Items]
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Central Index Key	0001581091
Document Period End Date	Sep. 30, 2016
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	rmax
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Class A common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		17,645,696
Class B common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 101,981,000	$ 110,212,000
Accounts and notes receivable, current portion, less allowances of $5,642 and $4,483, respectively	17,662,000	16,769,000
Income taxes receivable	672,000
Assets held for sale		354,000
Other current assets	3,627,000	4,079,000
Total current assets	123,942,000	131,414,000
Property and equipment, net of accumulated depreciation of $13,426 and $13,183, respectively	2,530,000	2,395,000
Franchise agreements, net of accumulated amortization of $111,008 and $100,499, respectively	57,059,000	61,939,000
Other intangible assets, net of accumulated amortization of $8,664 and $8,929, respectively	9,321,000	4,941,000
Goodwill	87,731,000	71,871,000
Deferred tax assets, net	105,682,000	109,365,000
Other assets, net of current portion	2,062,000	1,861,000
Total assets	388,327,000	383,786,000
Current liabilities:
Accounts payable	393,000	449,000
Accounts payable to affiliates	35,000	66,000
Accrued liabilities	10,593,000	16,082,000
Income taxes payable	138,000	451,000
Deferred revenue and deposits	17,041,000	16,501,000
Current portion of debt	11,789,000	14,805,000
Current portion of payable pursuant to tax receivable agreements	7,225,000	8,478,000
Liabilities held for sale		351,000
Other current liabilities	8,000	71,000
Total current liabilities	47,222,000	57,254,000
Debt, net of current portion	174,819,000	185,552,000
Payable pursuant to tax receivable agreements, net of current portion	91,557,000	91,557,000
Deferred tax liabilities, net	134,000	120,000
Other liabilities, net of current portion	15,913,000	9,889,000
Total liabilities	329,645,000	344,372,000
Commitments and contingencies (note 12)
Stockholders' equity:
Additional paid-in capital	446,757,000	445,081,000
Retained earnings	15,529,000	4,693,000
Accumulated other comprehensive income (loss), net of tax	89,000	(105,000)
Total stockholders' equity	462,377,000	449,671,000
Non-controlling interest	(403,695,000)	(410,257,000)
Total stockholders' equity	58,682,000	39,414,000
Total liabilities and stockholders' equity	388,327,000	383,786,000
Class A common stock
Stockholders' equity:
Common stock	2,000	2,000
Class B common stock
Stockholders' equity:
Common stock

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts and notes receivable, current portion, allowances	$ 5,642	$ 4,483
Property and equipment, accumulated depreciation	13,426	13,183
Franchise agreements
Franchise agreements and other intangible assets, accumulated amortization	111,008	100,499
Other intangible assets
Franchise agreements and other intangible assets, accumulated amortization	$ 8,664	$ 8,929
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	17,645,696	17,584,351
Common stock, shares outstanding	17,645,696	17,584,351
Class B common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Continuing franchise fees	$ 20,938	$ 18,905	$ 59,691	$ 54,833
Annual dues	8,321	8,010	24,271	23,687
Broker fees	10,517	9,321	28,102	24,988
Franchise sales and other franchise revenue	5,783	5,624	19,704	19,535
Brokerage revenue		3,250	112	10,551
Total revenue	45,559	45,110	131,880	133,594
Operating expenses:
Selling, operating and administrative expenses	20,325	20,724	62,399	65,525
Depreciation and amortization	3,889	3,765	11,482	11,384
(Gain) loss on sale or disposition of assets, net	(11)	9	85	(606)
Total operating expenses	24,203	24,498	73,966	76,303
Operating income	21,356	20,612	57,914	57,291
Other expenses, net:
Interest expense	(2,121)	(2,338)	(6,493)	(7,448)
Interest income	32	36	118	136
Foreign currency transaction gains (losses)	(115)	(201)	69	(1,585)
Loss on early extinguishment of debt			(136)	(94)
Equity in earnings of investees		361		963
Total other expenses, net	(2,204)	(2,142)	(6,442)	(8,028)
Income before provision for income taxes	19,152	18,470	51,472	49,263
Provision for income taxes	(4,632)	(3,277)	(12,176)	(8,882)
Net income	14,520	15,193	39,296	40,381
Less: net income attributable to non-controlling interest	7,609	10,396	20,484	27,907
Net income attributable to RE/MAX Holdings, Inc.	$ 6,911	$ 4,797	$ 18,812	$ 12,474
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.39	$ 0.39	$ 1.07	$ 1.03
Diluted	$ 0.39	$ 0.39	$ 1.06	$ 1.01
Weighted average shares of Class A common stock outstanding
Basic	17,645,696	12,333,690	17,622,298	12,127,548
Diluted	17,691,641	12,420,748	17,666,740	12,315,663
Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.39	$ 0.39	$ 1.07	$ 1.03
Diluted	$ 0.39	$ 0.39	$ 1.06	$ 1.01
Weighted average shares of Class A common stock outstanding
Basic	17,645,696	12,333,690	17,622,298	12,127,548
Diluted	17,691,641	12,420,748	17,666,740	12,315,663
Cash dividends declared per share of Class A common stock	$ 0.1500	$ 0.1250	$ 0.4500	$ 1.8750

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 14,520	$ 15,193	$ 39,296	$ 40,381
Change in cumulative translation adjustment	(147)	(580)	417	(1,038)
Other comprehensive income (loss), net of tax	(147)	(580)	417	(1,038)
Comprehensive income	14,373	14,613	39,713	39,343
Less: comprehensive income attributable to non-controlling interest	7,531	9,988	20,707	27,800
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 6,842	$ 4,625	$ 19,006	$ 11,543

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Additional paid-in capital	Common Stock Class A common stock	Common Stock Class B common stock	Retained earnings Class A common stock	Retained earnings	Accumulated other comprehensive (loss), net of tax	Non-controlling interest	Class A common stock	Class B common stock	Total
Beginning balance, Value at Dec. 31, 2015	$ 445,081	$ 2			$ 4,693	$ (105)	$ (410,257)			$ 39,414
Beginning balance, Shares at Dec. 31, 2015		17,584,351	1					17,584,351	1
Net income					18,812		20,484			39,296
Distributions paid and payable to non-controlling unitholders							(14,094)			(14,094)
Equity-based compensation expense	1,812									1,812
Dividends payable to Class A common stockholders				$ (7,932)				$ (7,932)
Change in accumulated other comprehensive income (loss)						194	223			417
Issuance of Class A common stock, equity-based compensation plans	101									101
Issuance of Class A common stock, equity-based compensation plans, shares		71,745
Payroll taxes related to net settled restricted stock units	(360)									(360)
Payroll taxes related to net settled restricted stock units (in shares)		(10,400)
Ending balance, Value at Sep. 30, 2016	446,757	$ 2			15,529	$ 89	(403,695)			58,682
Ending balance, Shares at Sep. 30, 2016		17,645,696	1					17,645,696	1
Cumulative effect adjustment from change in accounting principle	$ 123				$ (44)		$ (51)			$ 28

XML 17 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 39,296	$ 40,381
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,482	11,384
Bad debt expense	1,177	555
Loss (gain) on sale or disposition of assets, net	85	(606)
Loss on early extinguishment of debt	136	94
Equity-based compensation expense	1,812	1,098
Non-cash interest expense	335	324
Deferred income tax expense	3,244	1,831
Changes in operating assets and liabilities:
Accounts and notes receivable, current portion	(2,044)	(2,113)
Advances from/to affiliates	(44)	302
Other current and noncurrent assets	783	1,584
Other current and noncurrent liabilities	(5,705)	1,411
Income taxes receivable/payable	(653)	2,392
Deferred revenue and deposits current portion	480	1,315
Payment pursuant to tax receivable agreement	(1,344)
Net cash provided by operating activities	49,040	59,952
Cash flows from investing activities:
Purchase of property, equipment and software	(3,229)	(2,066)
Proceeds from sale of property and equipment	12	17
Capitalization of trademark costs	(35)	(61)
Acquisitions, net of cash acquired of $131	(17,869)
Dispositions	200	20
Cost to sell assets	(146)	(71)
Net cash used in investing activities	(21,067)	(2,161)
Cash flows from financing activities:
Payments on debt	(14,220)	(8,880)
Capitalized debt amendment costs		(555)
Distributions to non-controlling unitholders	(14,094)	(38,813)
Dividends paid to Class A common stockholders	(7,932)	(22,454)
Payments on capital lease obligations	(72)	(237)
Proceeds from exercise of stock options	101	2,032
Payment of payroll taxes related to net settled restricted stock units	(360)	(120)
Net cash used in financing activities	(36,577)	(69,027)
Effect of exchange rate changes on cash	373	(593)
Net decrease in cash and cash equivalents	(8,231)	(11,829)
Cash and cash equivalents, beginning of year	110,212	107,199
Cash and cash equivalents, end of period	101,981	95,370
Supplemental disclosures of cash flow information:
Cash paid for interest and debt amendment costs	6,195	7,126
Net cash paid for income taxes	9,492	4,052
Schedule of non-cash investing and financing activities:
Note receivable received as consideration for sale of brokerage operations assets	150	430
Capital leases for property and equipment	33	412
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software	89	$ 381
Contingent consideration issued in a business combination	$ 6,300

XML 18 R8.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Paranthetical) $ in Thousands	Sep. 30, 2016 USD ($)
Operating Cash Flows, Direct Method [Abstract]
Cash acquired	$ 131

XML 19 R9.htm IDEA: XBRL DOCUMENT

Business and Organization

9 Months Ended

Sep. 30, 2016

Business and Organization

Business and Organization

1. Business and Organization

The Company’s revenue is derived as follows:

Annual dues from agents.

Broker fees which consist of fees paid by regional franchise owners and franchisees for real estate commissions paid by customers when an agent sells a home.

Brokerage revenue prior to the sale of the Company’s brokerage offices during 2015 and the first quarter of 2016.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2015, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2016 and December 31, 2015, the results of its operations and comprehensive income for the three and nine months ended September 30, 2016 and 2015, changes in its stockholders’ equity for the nine months ended September 30, 2016 and results of its cash flows for the nine months ended September 30, 2016 and 2015. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Use of Estimates The preparation of 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 and 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 reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, the estimates for determining the fair value of assets acquired and liabilities assumed in business combinations, the estimates related to the accounting for income taxes, the estimates of the fair value of reporting units used in the annual assessment of goodwill, and the amounts due to RIHI and Oberndorf Investments LLC (“Oberndorf”) pursuant to the terms of the tax receivable agreements (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest. Actual results could differ from those estimates. Reclassifications In conjunction with the adoption of several recent accounting pronouncements, certain items in the accompanying condensed consolidated financial statements as of December 31, 2015 and for the nine months ended September 30, 2015 have been reclassified to conform to the current year’s presentation. These reclassifications did not affect the Company’s consolidated results of operations. Segment Reporting During the first quarter of 2016, the Company began to operate in one reportable segment, Real Estate Franchise Services. All prior segment information has been reclassified to reflect the Company’s new segment structure. Prior to 2016, the Company operated in two reportable segments, (1) Real Estate Franchise Services and (2) Brokerages. The Real Estate Franchise Services reportable segment comprised the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from the Company’s previously owned brokerages and corporate-wide professional services expenses. The Brokerages reportable segment contained the operations of the Company’s previously owned brokerage offices in the U.S., the results of operations of a mortgage brokerage company in which the Company previously owned a non-controlling interest and reflected the elimination of intersegment revenue and other consolidation entries. During 2015 and the first quarter of 2016, the Company sold its 21 previously owned brokerage offices, as discussed in Note 5, Acquisitions and Dispositions. These dispositions resulted in the cessation of operations for the Company’s Brokerages reportable segment. Principles of Consolidation As of September 30, 2016, RE/MAX Holdings owns 58.42% of the common membership units in RMCO and, as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively. Emerging Growth Company Status Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act and the Company has not been subject to the requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002 (“SOX”). The Company will no longer qualify as an emerging growth company as of the end of 2016. Therefore, pursuant to Section 404(b) of SOX, the Company will be required to include an opinion from an independent registered public accounting firm regarding the effectiveness of the Company’s internal controls over financial reporting in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies classification for certain cash receipts and cash payments on the consolidated statement of cash flow. ASU 2016-15 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early adoption is permitted in any interim or annual reporting period. The standard requires a retrospective transition method for each period presented. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies certain aspects of accounting for share-based payment transactions, including income tax consequences, statutory tax withholding requirements, forfeitures and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is permitted in any interim or annual reporting period. The standard requires the guidance related to forfeitures and the timing of when excess tax benefits are recognized to be applied using a modified retrospective transition method, the guidance related to the accounting for income taxes to be applied prospectively, and the guidance related to the presentation of excess tax benefits on the statement of cash flows to be applied either prospectively or retrospectively. The Company early adopted ASU 2016-09 in the first quarter of 2016 and elected to account for forfeitures as they occur. As a result, the Company recorded a cumulative-effect adjustment of $44,000 to “Retained earnings” in the accompanying Condensed Consolidated Balance Sheets and Statement of Stockholders’ Equity. Furthermore, the Company elected to apply the retrospective transition method to the amendments related to the presentation of excess tax benefits in the statements of cash flows. This resulted in an increase in cash flows provided by operating activities of $2,411,000 and a net increase of $2,411,000 in cash flows used in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015. During the nine months ended September 30, 2016, the Company recorded a $201,000 income tax benefit relating to the exercise of stock options and vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. Prior to 2016, such excess tax benefits were recorded in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the assets and liabilities that arise from all leases on the consolidated balance sheets. ASU 2016-02 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2018. Early adoption is permitted in any interim or annual reporting period. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. The standard permits the use of either the retrospective or prospective transition method and permits early adoption as of the beginning of an interim or annual reporting period. The Company elected to early adopt this standard retrospectively in the first quarter of 2016 and $3,332,000 previously presented in “Other current assets” was reclassified to “Deferred tax assets, net” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but the Company’s consolidated results of operations were not affected. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement-Period Adjustments, which eliminates the requirement for an entity to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is completed. ASU 2015-16 became effective prospectively for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 became effective for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. 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, which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 became effective prospectively for the Company on January 1, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for the Company on January 1, 2016. The adoption of this standard resulted in $1,527,000 of net debt issuance costs previously reported as “Debt issuance costs, net” to be reclassified to “Debt, net of current portion” in the accompanying Condensed Consolidated Balance Sheets and related disclosures as of December 31, 2015, but did not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of the guidance in ASU 2014-09 by one year. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which provides clarification on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. These standards are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within such annual reporting periods. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures.

XML 21 R11.htm IDEA: XBRL DOCUMENT

Non-controlling Interest

9 Months Ended

Sep. 30, 2016

Noncontrolling Interest

Non-controlling Interest

3. Non-controlling Interest


	September 30,			December 31,
	2016			2015
	Shares	Ownership %		Shares	Ownership %
Non-controlling unitholders ownership of common units in RMCO	12,559,600	41.58	%	12,559,600	41.67	%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO)	17,645,696	58.42	%	17,584,351	58.33	%
Total common units in RMCO	30,205,296	100.00	%	30,143,951	100.00	%


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$	11,150	$	7,576	$	30,015	$	20,006
Provision for income taxes attributable to RE/MAX Holdings, Inc.		(4,239)		(2,779)		(11,203)		(7,532)
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474

A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Provision for income taxes attributable to RE/MAX Holdings, Inc. (a)	$	(4,239)	$	(2,779)	$	(11,203)	$	(7,532)
Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b)		(393)		(498)		(973)		(1,350)
Provision for income taxes	$	(4,632)	$	(3,277)	$	(12,176)	$	(8,882)

(a)

(b)

Distributions and Other Payments to Non-controlling Unitholders

As a limited liability company (treated as a partnership for income tax purposes), RMCO does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the RMCO, LLC Agreement, RMCO makes cash distributions to non-controlling unitholders. Discretionary cash distributions may be made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the RMCO, LLC Agreement. These discretionary distributions are paid on a quarterly basis equal to the dividend payments to the stockholders of the Company’s Class A common stock or otherwise on a discretionary basis as necessary. In addition, RMCO is generally required to distribute cash on a pro-rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities. Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year.

The distributions paid or payable to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement are summarized as follows:


	Nine Months Ended
	September 30,
	2016		2015
Tax and other discretionary distributions	$	8,442	$	5,560
Dividend distributions		5,652		33,253
Total distributions	$	14,094	$	38,813

On November 3, 2016, the Company declared a distribution to non-controlling unitholders of $1,884,000, which is payable on December 1, 2016.

Payments Pursuant to the Tax Receivable Agreements

XML 22 R12.htm IDEA: XBRL DOCUMENT

Earnings Per Share and Dividends

9 Months Ended

Sep. 30, 2016

Earnings Per Share and Dividends

Earnings Per Share and Dividends

4. Earnings Per Share and Dividends

Earnings Per Share

The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Add dilutive effect of the following:
Stock options		—		51,171		6,714		163,777
Restricted stock units		45,945		35,887		37,728		24,338
Weighted average shares of Class A common stock outstanding, diluted		17,691,641		12,420,748		17,666,740		12,315,663
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	0.39	$	0.39	$	1.07	$	1.03
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.39	$	0.39	$	1.06	$	1.01

Dividends

XML 23 R13.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2016

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

5. Acquisitions and Dispositions

Acquisitions

Full House Mortgage Connection, Inc.

Consideration

The following table summarizes the estimated consideration transferred at the acquisition (in thousands):


Cash consideration	$	8,000
Contingent purchase consideration		6,300
Total purchase price	$	14,300

The Company is required to pay additional purchase consideration totaling eight percent of gross revenues generated by the acquired business each year for the next ten years with no limitation as to the maximum payout. The consideration is payable following each anniversary, beginning October 1, 2017 and ending September 30, 2026. The acquisition date fair value of the contingent purchase consideration of $6,300,000 represents the forecasted discounted cash payments that the Company expects to pay the former owner of Full House with respect to the acquired business. The cash flows were discounted using a risk-adjusted discount rate. The Company will re-measure this liability each reporting period and recognize changes in fair value, if any, in earnings of the Company. Increases or decreases in the fair value of the contingent purchase consideration can result from changes in discount rates as well as the timing and amount of forecasted cash payments derived from anticipated gross revenues. The Company’s accrued contingent purchase consideration is categorized in Level 3 of the fair value hierarchy. As of September 30, 2016, there was no material change in the fair value of the contingent purchase consideration.

Purchase Price Allocation

The following table summarizes the estimated fair value of the assets acquired at the acquisition date (in thousands):


Non-compete agreement	$	2,500
Goodwill		11,800
Total assets acquired	$	14,300

RE/MAX of Alaska, Inc.

Purchase Price Allocation

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Franchise agreements	$	529
Goodwill		971
Total purchase price	$	1,500

RE/MAX of New York, Inc.

On February 22, 2016, RE/MAX, LLC acquired certain assets of RE/MAX of New York, Inc. (“RE/MAX of New York”), including the regional franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the state of New York. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The Company used $8,500,000 in cash generated from operations to fund the acquisition. The assets acquired constitute a business and were accounted for using the fair value acquisition method. The total purchase price was allocated to the assets acquired based on their estimated fair values. The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized for RE/MAX of New York is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible.

Purchase Price Allocation

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Cash and cash equivalents	$	131
Franchise agreements		5,100
Other assets		350
Goodwill		2,919
Total purchase price	$	8,500

Unaudited Pro Forma Financial Information

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(In thousands, except per share amounts)
Total revenue	$	45,544	$	45,628	$	132,285	$	134,970
Net income attributable to RE/MAX Holdings, Inc.	$	6,914	$	4,877	$	19,074	$	12,600
Basic earnings per common share	$	0.39	$	0.40	$	1.08	$	1.04
Diluted earnings per common share	$	0.39	$	0.39	$	1.08	$	1.02

Dispositions

STC Northwest, LLC d/b/a RE/MAX Northwest Realtors

Sacagawea, LLC d/b/a RE/MAX Equity Group

RB2B, LLC d/b/a RE/MAX 100

Subsequent Events

Asset Purchase Agreement for Acquisition of RE/MAX of New Jersey

XML 24 R14.htm IDEA: XBRL DOCUMENT

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2016

Intangible Assets and Goodwill

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands, except weighted average amortization period in years):


	Weighted
	Average	As of September 30, 2016						As of December 31, 2015
	Amortization	Initial		Accumulated		Net		Initial		Accumulated		Net
	Period	Cost		Amortization		Balance		Cost		Amortization		Balance
Franchise agreements	12.7	$	168,067	$	(111,008)	$	57,059	$	162,438	$	(100,499)	$	61,939
Other intangible assets:
Software (a)	4.6	$	12,412	$	(6,930)	$	5,482	$	10,885	$	(7,325)	$	3,560
Trademarks	14.3		3,073		(1,734)		1,339		2,985		(1,604)		1,381
Non-compete	10.0		2,500		—		2,500		—		—		—
Total other intangible assets	8.1	$	17,985	$	(8,664)	$	9,321	$	13,870	$	(8,929)	$	4,941

(a)

The estimated future amortization of intangible assets, other than goodwill is as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	3,953
2017		11,964
2018		8,347
2019		8,187
2020		8,009
Thereafter		25,920
	$	66,380


Balance, January 1, 2016	$	71,871
Goodwill recognized in acquisitions		15,690
Effect of changes in foreign currency exchange rates		170
Balance, September 30, 2016	$	87,731

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

Accrued Liabilities

9 Months Ended

Sep. 30, 2016

Accrued Liabilities

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2016		2015
Accrued payroll and related employee costs	$	5,954	$	8,040
Accrued property taxes		1,121		1,594
Accrued professional fees		791		981
Lease-related accruals		353		354
Other (a)		2,374		5,113
	$	10,593	$	16,082

(a)

XML 26 R16.htm IDEA: XBRL DOCUMENT

Debt

9 Months Ended

Sep. 30, 2016

Debt

Debt

8. Debt

Debt consists of the following (in thousands):


	September 30,		December 31,
	2016		2015
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	$	188,415	$	202,635
Less unamortized debt issuance costs		(1,211)		(1,527)
Less unamortized debt discount costs		(596)		(751)
Less current portion		(11,789)		(14,805)
	$	174,819	$	185,552

Maturities of debt are as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	487
2017 (a)		11,789
2018		1,947
2019		1,947
2020		172,245
	$	188,415

(a)

Maturities of debt due in 2017 include the estimated excess cash flow prepayment for the year ended December 31, 2016 to be paid in 2017 as discussed below.


	September 30,				December 31,
	2016				2015
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
2013 Senior Secured Credit Facility	$	186,608	$	188,179	$	200,357	$	198,583

XML 27 R17.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2016
Income Taxes
Income Taxes	9. Income Taxes RE/MAX Holdings is subject to U.S. federal and state income taxation on its allocable portion of the income of RMCO. The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015 is based on an estimate of the Company’s annualized effective income tax rate. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as a series of limited liability companies which are not themselves subject to federal income tax. Accordingly, the portion of the Company’s subsidiaries earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. The “Provision for income taxes” is comprised of a provision for income taxes attributable to RE/MAX Holdings and to entities other than RE/MAX Holdings. The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes and RE/MAX Holdings’ proportionate share of RMCO’s net income. The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC primarily related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2016, the Company does not believe it has any significant uncertain tax positions. The Company and its subsidiaries file, or will file, income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. RMCO is not subject to federal income taxes as it is a flow-through entity, however, RMCO is required to file an annual U.S. Return of Partnership Income. The Company was notified on January 6, 2016 that RMCO’s 2013 U.S. Return of Partnership Income was selected for examination by the Internal Revenue Service. The audit commenced in April 2016 and concluded in June 2016 and no changes were made as a result of the audit. With respect to state and local jurisdictions and countries outside of the U.S., the Company and its subsidiaries are typically subject to examination for three to four years after the income tax returns have been filed.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation

9 Months Ended

Sep. 30, 2016

Equity-Based Compensation

Equity-Based Compensation

10. Equity-Based Compensation

Employee stock-based compensation expense under the Company’s 2013 Incentive Plan was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Employee stock-based compensation expense	$	501	$	430	$	1,812	$	1,098
Excess tax benefit		-		(50)		(201)		(2,411)
Net effect on net income attributable to RE/MAX Holdings, Inc.	$	501	$	380	$	1,611	$	(1,313)

The following table summarizes equity-based compensation activity related to restricted stock units (“RSUs”) and stock options as of and for the nine months ended September 30, 2016:


	Restricted Stock	Stock
	Units	Options
Balance, January 1, 2016	96,765	28,057
Granted	89,359	—
Exercised	—	(28,057)
Shares vested (including tax withholding)(a)	(43,688)	—
Forfeited	(5,334)	—
Balance, September 30, 2016	137,102	—
Weighted average grant date fair value per share	32.19	—

(a)

At September 30, 2016, there were 2,165,277 additional shares available for the Company to grant under the 2013 Incentive Plan.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 29 R19.htm IDEA: XBRL DOCUMENT

Leadership Changes and Restructuring Activities

9 Months Ended

Sep. 30, 2016

Leadership Changes and Restructuring Activities

Leadership Changes and Restructuring Activities

11. Leadership Changes


Balance, January 1, 2016	$	2,021
Severance and other related expenses		1,043
Accretion		48
Cash payments		(1,565)
Non-cash adjustment (a)		(331)
Balance, September 30, 2016	$	1,216

(a)

XML 30 R20.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2016
Commitments And Contingencies Disclosure
Commitments and Contingencies	12. Commitments and Contingencies Commitments The Company leases offices and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses. Contingencies In connection with the Purchase of Full House, as described in Note 5, Acquisitions and Dispositions, the Company entered into an arrangement to pay additional purchase consideration based on Motto’s future gross revenues over the next ten years. As of September 30, 2016, this liability was estimated to be $6,300,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. In connection with the sale of the assets and liabilities related to the Company’s previously owned brokerages as described in Note 5, Acquisitions and Dispositions, the Company entered into three Assignment and Assumption of Lease Agreements (the “Assignment Agreements”) pursuant to which the Company assigned its obligations under and rights, title and interest in 21 leases to the respective purchasers. For certain leases, the Company remains secondarily liable for future lease payments over approximately the next 58-month period under the respective lease agreements and accordingly, as of September 30, 2016, the Company has outstanding lease guarantees of $6,953,000. This amount represents the maximum potential amount of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreements govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. As of September 30, 2016, the likelihood of default by the purchaser on one of the Assignment Agreements was deemed to be reasonably possible and as such, the Company recognized a loss of $243,000 in “(Gain) loss on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income during the nine months ended September 30, 2016. As of September 30, 2016, the short-term portion of the liability was $49,000 and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. The long-term portion of the liability was $163,000 and is recorded in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. Litigation The Company is subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries and any insurance recoveries are recorded in “Accounts and notes receivable, current portion” in the accompanying Condensed Consolidated Balance Sheets with a corresponding reduction to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In connection with the IPO effective October 7, 2013, RE/MAX Holdings acquired the net assets, excluding cash, of HBN and Tails for consideration paid of $7,130,000 and $20,175,000, respectively. Regarding the acquisition of the net assets of HBN, several shareholders of HBN (the “Defendants”) dissented from the transaction and demanded payment for their shares in excess of consideration paid. Pursuant to the dissenters’ rights statute in the State of Colorado, HBN petitioned the District Court of Denver County, Colorado (the “Court”) to determine the fair value of HBN. The Court rendered a decision on December 28, 2015 and concluded that the fair value of HBN on October 7, 2013 was higher than the amount paid. Accordingly, the Court awarded the Defendants $3,153,000, which represents the amount of the Defendants’ share of HBN’s fair value as determined by the Court in excess of the consideration paid, as well as accrued interest from October 7, 2013 through the date of judgment. In addition, the Court’s decision provides for the payment of certain costs incurred in connection with the litigation and additional interest from the judgment date until the payment date. As a result of this conclusion, the Company recorded an accrual of $3,251,000 as of December 31, 2015, which was paid on February 2, 2016. In connection with the Company’s acquisition of the net assets of Tails, several shareholders of Tails challenged the terms of the transaction and filed a shareholder action entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Tails, Inc. in the Circuit Court of Henrico County, Virginia ("Tails I"). The Court dismissed Tails I on December 23, 2013. The shareholders appealed that decision. On January 8, 2015, the Virginia Supreme Court affirmed the lower court's dismissal of Tails I. On March 7, 2016, the same Tails I plaintiffs filed a shareholder derivative complaint and complaint for individual claims entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Gail Liniger, Dave Liniger, Bruce Benham, RE/MAX Holdings, Inc. and Tails Holdco, Inc. in Denver District Court ("Tails II"). The Tails II defendants, including the Company, filed a motion to dismiss the Tails II complaint in its entirety on April 15, 2016. On July 26, 2016, the Denver District Court dismissed all of the Tails II plaintiffs’ shareholder derivative claims. The Court did not dismiss the Tails II plaintiffs’ individual claims seeking $384,000 in total for interest allegedly owed. On August 24, 2016, the Plaintiffs moved to amend their Complaint to add additional individual claims alleging breach of fiduciary duty. The Tails II defendants intend to vigorously defend their position that the Tails II plaintiffs are not entitled to the relief sought. The Company believes a range for the potential impact to its financial position and results of operation is not determinable as of September 30, 2016. Accordingly, the Company currently has not recorded an accrual in the accompanying Condensed Consolidated Balance Sheets. Except for the ongoing litigation concerning the acquisition of the net assets of Tails, management of the Company believes other such litigation matters involving a reasonably possible chance of loss will not, individually or in the aggregate, result in a material adverse effect on the Company's financial condition, results of operations and cash flows.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2016
Related Party Transactions
Related-Party Transactions	13. Related-Party Transactions The Company’s previously owned real estate brokerage operations paid advertising fees to regional and national advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI, who is also the Company’s Chief Executive Officer, Chairman and Co-Founder. This individual does not receive any compensation from these corporations, as all funds received by the corporations are, as a result of contractual commitments in our franchise agreements, required to be spent on advertising for the respective regions. During the three months ended September 30, 2015, the Company’s previously owned real estate brokerage operations paid $210,000 to these advertising funds. During the nine months ended September 30, 2016 and 2015, the Company’s previously owned real estate brokerage operations paid $11,000 and $705,000, respectively, to these advertising funds. These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The majority stockholders of RIHI, including the Company’s current Chief Executive Officer, Chairman and Co-Founder have made and continue to make a golf course they own available to the Company for business purposes. During the nine months ended September 30, 2016 and 2015, the Company used the golf course for business purposes at minimal charge. The Company provides services, such as accounting, legal, marketing, technology, human resources and public relations services, to certain affiliated entities, and it allows these companies to share its leased office space. During the three months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $507,000 and $446,000, respectively. During the Nine months ended September 30, 2016 and 2015, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1,459,000 and $1,293,000 respectively. Such amounts are generally paid within 30 days and no such amounts were outstanding at September 30, 2016 or December 31, 2015. In addition, affiliated regional franchisors have current outstanding continuing franchise fees, broker fees and franchise sales revenue amounts due from the Company of $35,000 and $66,000 as of September 30, 2016 and December 31, 2015, respectively. Such amounts are included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets.

XML 32 R22.htm IDEA: XBRL DOCUMENT

Non-controlling Interest (Tables)

9 Months Ended

Sep. 30, 2016

Noncontrolling Interest

Summary of Ownership of the Common Units


	September 30,			December 31,
	2016			2015
	Shares	Ownership %		Shares	Ownership %
Non-controlling unitholders ownership of common units in RMCO	12,559,600	41.58	%	12,559,600	41.67	%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO)	17,645,696	58.42	%	17,584,351	58.33	%
Total common units in RMCO	30,205,296	100.00	%	30,143,951	100.00	%

Summary of Reconciliation from Income Before Provision for Income Taxes to Net Income


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$	11,150	$	7,576	$	30,015	$	20,006
Provision for income taxes attributable to RE/MAX Holdings, Inc.		(4,239)		(2,779)		(11,203)		(7,532)
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474

Summary of Reconciliation of Provision for Income Taxes

A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Provision for income taxes attributable to RE/MAX Holdings, Inc. (a)	$	(4,239)	$	(2,779)	$	(11,203)	$	(7,532)
Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b)		(393)		(498)		(973)		(1,350)
Provision for income taxes	$	(4,632)	$	(3,277)	$	(12,176)	$	(8,882)

(a)

Distributions Paid or Payable


	Nine Months Ended
	September 30,
	2016		2015
Tax and other discretionary distributions	$	8,442	$	5,560
Dividend distributions		5,652		33,253
Total distributions	$	14,094	$	38,813

XML 33 R23.htm IDEA: XBRL DOCUMENT

Earnings Per Share and Dividends (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share and Dividends

Reconciliation of Numerator and Denominator used in Basic and Diluted EPS Calculations


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$	6,911	$	4,797	$	18,812	$	12,474
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding		17,645,696		12,333,690		17,622,298		12,127,548
Add dilutive effect of the following:
Stock options		—		51,171		6,714		163,777
Restricted stock units		45,945		35,887		37,728		24,338
Weighted average shares of Class A common stock outstanding, diluted		17,691,641		12,420,748		17,666,740		12,315,663
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	0.39	$	0.39	$	1.07	$	1.03
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.39	$	0.39	$	1.06	$	1.01

XML 34 R24.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 12, 2016

Sep. 30, 2016

Business Acquisition Pro Forma Information [Line Items]

Summary of Estimated Fair Value of Assets at Acquisition Date


Non-compete agreement	$	2,500
Goodwill		11,800
Total assets acquired	$	14,300

Summary of Unaudited Pro Forma Information

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(In thousands, except per share amounts)
Total revenue	$	45,544	$	45,628	$	132,285	$	134,970
Net income attributable to RE/MAX Holdings, Inc.	$	6,914	$	4,877	$	19,074	$	12,600
Basic earnings per common share	$	0.39	$	0.40	$	1.08	$	1.04
Diluted earnings per common share	$	0.39	$	0.39	$	1.08	$	1.02

Full House Mortgage Connection, Inc.

Business Acquisition Pro Forma Information [Line Items]

Estimated Consideration Transferred


Cash consideration	$	8,000
Contingent purchase consideration		6,300
Total purchase price	$	14,300

Remax of New York, Inc.

Business Acquisition Pro Forma Information [Line Items]

Summary of Estimated Fair Value of Assets at Acquisition Date

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Cash and cash equivalents	$	131
Franchise agreements		5,100
Other assets		350
Goodwill		2,919
Total purchase price	$	8,500

RE/MAX of Alaska, Inc.

Business Acquisition Pro Forma Information [Line Items]

Summary of Estimated Fair Value of Assets at Acquisition Date

The following table summarizes the preliminary estimated fair value of the assets acquired at the acquisition date (in thousands):


Franchise agreements	$	529
Goodwill		971
Total purchase price	$	1,500

XML 35 R25.htm IDEA: XBRL DOCUMENT

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2016

Intangible Assets and Goodwill

Schedule of components of intangible assets

The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands, except weighted average amortization period in years):


	Weighted
	Average	As of September 30, 2016						As of December 31, 2015
	Amortization	Initial		Accumulated		Net		Initial		Accumulated		Net
	Period	Cost		Amortization		Balance		Cost		Amortization		Balance
Franchise agreements	12.7	$	168,067	$	(111,008)	$	57,059	$	162,438	$	(100,499)	$	61,939
Other intangible assets:
Software (a)	4.6	$	12,412	$	(6,930)	$	5,482	$	10,885	$	(7,325)	$	3,560
Trademarks	14.3		3,073		(1,734)		1,339		2,985		(1,604)		1,381
Non-compete	10.0		2,500		—		2,500		—		—		—
Total other intangible assets	8.1	$	17,985	$	(8,664)	$	9,321	$	13,870	$	(8,929)	$	4,941

(a)

Schedule of estimated future amortization of intangible assets, other than goodwill

The estimated future amortization of intangible assets, other than goodwill is as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	3,953
2017		11,964
2018		8,347
2019		8,187
2020		8,009
Thereafter		25,920
	$	66,380

Schedule of changes to goodwill


Balance, January 1, 2016	$	71,871
Goodwill recognized in acquisitions		15,690
Effect of changes in foreign currency exchange rates		170
Balance, September 30, 2016	$	87,731

XML 36 R26.htm IDEA: XBRL DOCUMENT

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Accrued Liabilities

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2016		2015
Accrued payroll and related employee costs	$	5,954	$	8,040
Accrued property taxes		1,121		1,594
Accrued professional fees		791		981
Lease-related accruals		353		354
Other (a)		2,374		5,113
	$	10,593	$	16,082

XML 37 R27.htm IDEA: XBRL DOCUMENT

Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt

Schedule of debt

Debt consists of the following (in thousands):


	September 30,		December 31,
	2016		2015
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	$	188,415	$	202,635
Less unamortized debt issuance costs		(1,211)		(1,527)
Less unamortized debt discount costs		(596)		(751)
Less current portion		(11,789)		(14,805)
	$	174,819	$	185,552

Schedule of Maturities of Debt

Maturities of debt are as follows (in thousands):


As of September 30, 2016:
Remainder of 2016	$	487
2017 (a)		11,789
2018		1,947
2019		1,947
2020		172,245
	$	188,415

Summary of carrying value and fair value of debt

The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of September 30, 2016 and December 31, 2015 (in thousands):


	September 30,				December 31,
	2016				2015
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
2013 Senior Secured Credit Facility	$	186,608	$	188,179	$	200,357	$	198,583

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

XML 38 R28.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Equity-Based Compensation

Employee Stock-Based Compensation Expense


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Employee stock-based compensation expense	$	501	$	430	$	1,812	$	1,098
Excess tax benefit		-		(50)		(201)		(2,411)
Net effect on net income attributable to RE/MAX Holdings, Inc.	$	501	$	380	$	1,611	$	(1,313)

Summary of Equity-Based Compensation Activity


	Restricted Stock	Stock
	Units	Options
Balance, January 1, 2016	96,765	28,057
Granted	89,359	—
Exercised	—	(28,057)
Shares vested (including tax withholding)(a)	(43,688)	—
Forfeited	(5,334)	—
Balance, September 30, 2016	137,102	—
Weighted average grant date fair value per share	32.19	—

XML 39 R29.htm IDEA: XBRL DOCUMENT

Leadership Changes and Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2016

Leadership Changes and Restructuring Activities

Summary of Estimated Fair Value Liability Established for the Aforementioned Severance and Other Related Costs


Balance, January 1, 2016	$	2,021
Severance and other related expenses		1,043
Accretion		48
Cash payments		(1,565)
Non-cash adjustment (a)		(331)
Balance, September 30, 2016	$	1,216

XML 40 R30.htm IDEA: XBRL DOCUMENT

Business and Organization (Details)		3 Months Ended
Business and Organization (Details)	Oct. 07, 2013 $ / shares shares	Dec. 31, 2015 $ / shares shares	Sep. 30, 2016
RMCO, LLC \| RIHI
IPO of RE/Max and ownership of RMCO
Redemption of common membership units price per common stock (in units)		5,175,000
RMCO, LLC
IPO of RE/Max and ownership of RMCO
Minority economic interest in RMCO (as a percent)	39.56%		58.42%
Class A common stock
IPO of RE/Max and ownership of RMCO
Common stock at public offering price per share \| $ / shares		$ 36.00
Class A common stock \| RMCO, LLC
IPO of RE/Max and ownership of RMCO
Stock split, conversion ratio		1
Class A common stock \| IPO
IPO of RE/Max and ownership of RMCO
Common stock issued at initial public offering	11,500,000
Common stock at public offering price per share \| $ / shares	$ 22.00
Issuance of common stock (in shares)	11,500,000
Class A common stock \| Secondary Offering \| RIHI
IPO of RE/Max and ownership of RMCO
Common stock issued at initial public offering		5,175,000
Issuance of common stock (in shares)		5,175,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended	15 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) segment	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) segment	Mar. 31, 2016 USD ($) item	Oct. 07, 2013
Significant Accounting Policies [Line Items]
Number of reportable segments \| segment		1		2
Number of brokerages having assets and liabilities sold \| item					21
Increase in cash flows provided by operating activities		$ 49,040	$ 59,952
Decrease in cash flows used in financing activities		36,577	69,027
Excess tax benefit	$ 50	201	$ 2,411
Debt issuance costs, net				$ 1,527
Early adoption of accounting pronouncement
Significant Accounting Policies [Line Items]
Cumulative effect adjustment to retained earnings		44
Increase in cash flows provided by operating activities		2,411
Decrease in cash flows used in financing activities		2,411
Excess tax benefit		$ 201
Deferred tax assets, net					$ 3,332
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)		58.42%				39.56%

XML 42 R32.htm IDEA: XBRL DOCUMENT

Non-controlling Interest - Narrative (Details) - USD ($)		3 Months Ended		5 Months Ended		9 Months Ended
	Nov. 03, 2016	Sep. 30, 2016	Sep. 30, 2015	Aug. 31, 2016	Sep. 03, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Exercise of stock options, Shares						28,057
Liability representing the payments due pursuant to tax receivable agreements		$ 98,782,000				$ 98,782,000
Current portion of payable pursuant to tax receivable agreements		7,225,000				$ 7,225,000		$ 8,478,000
TRA period due						12 months
Amounts paid pursuant to Tax Receivable Agreements (TRAs)						$ 1,344,000
Quarterly distribution \| Subsequent Event
Significant Accounting Policies [Line Items]
Distributions declared to non-controlling unitholders	$ 1,884,000
RIHI
Significant Accounting Policies [Line Items]
Amounts paid pursuant to Tax Receivable Agreements (TRAs)						1,344,000	$ 0
RIHI \| 2014 Tax Returns
Significant Accounting Policies [Line Items]
Current portion of payable pursuant to tax receivable agreements		$ 2,591,000				$ 2,591,000
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)		58.42%				58.42%		58.33%
Weighted average ownership percentage		58.42%	41.02%			58.39%	40.61%
Non-controlling unitholders ownership of common units in RMCO as a percentage		41.58%				41.58%		41.67%
Class A common stock \| Quarterly distribution
Significant Accounting Policies [Line Items]
Distributions declared to non-controlling unitholders				$ 1,884,000	$ 2,217,000
Restricted Stock Units exchanged for Class A Common Stock [Member]
Significant Accounting Policies [Line Items]
Restricted stock, shares vested						33,288

XML 43 R33.htm IDEA: XBRL DOCUMENT

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Sep. 30, 2016	Dec. 31, 2015
Shares [Abstract]
Non-controlling unitholders ownership of common units in RMCO	12,559,600	12,559,600
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	17,645,696	17,584,351
Total number of common stock units	30,205,296	30,143,951
Ownership Percentage [Abstract]
Non-controlling unitholders ownership of common units in RMCO as a percentage	41.58%	41.67%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	58.42%	58.33%
Total percentage of common stock units	100.00%	100.00%

XML 44 R34.htm IDEA: XBRL DOCUMENT

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling Interest
Weighted average ownership percentage of controlling interest			58.42%
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 11,150	$ 7,576	$ 30,015	$ 20,006
Provision for income taxes attributable to RE/MAX Holdings, Inc.	(4,239)	(2,779)	(11,203)	(7,532)
Net income attributable to RE/MAX Holdings, Inc.	$ 6,911	$ 4,797	$ 18,812	$ 12,474

XML 45 R35.htm IDEA: XBRL DOCUMENT

Non-controlling Interest - Provision for income taxes reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Minority Interest [Line Items]
Provision for income taxes attributable to RE/MAX Holdings, Inc.	$ (4,239)	$ (2,779)	$ (11,203)	$ (7,532)
Provision for income taxes attributable to noncontrolling interest	(393)	(498)	(973)	(1,350)
Provision for income tax expense	(4,632)	(3,277)	(12,176)	(8,882)
Certain foreign jurisdictions
Minority Interest [Line Items]
Provision for income tax expense	$ (537)	$ (346)	$ (1,365)	$ (924)

XML 46 R36.htm IDEA: XBRL DOCUMENT

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 14,094	$ 38,813
Tax and other discretionary distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	8,442	5,560
Dividend Paid [Member]
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 5,652	$ 33,253

XML 47 R37.htm IDEA: XBRL DOCUMENT

Earnings Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 6,911	$ 4,797	$ 18,812	$ 12,474
Denominator for basic net income per share of Class A common stock
Weighted average shares outstanding, basic	17,645,696	12,333,690	17,622,298	12,127,548
Denominator for diluted net income per share of Class A common stock
Weighted average shares outstanding, basic	17,645,696	12,333,690	17,622,298	12,127,548
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	17,691,641	12,420,748	17,666,740	12,315,663
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.39	$ 0.39	$ 1.07	$ 1.03
Diluted	$ 0.39	$ 0.39	$ 1.06	$ 1.01
Stock Options
Add dilutive effect of the following:
Dilutive effect		51,171	6,714	163,777
Restricted Stock Units (RSUs)
Add dilutive effect of the following:
Dilutive effect	45,945	35,887	37,728	24,338
Class B common stock
Denominator for basic net income per share of Class A common stock
Weighted average shares outstanding, basic			1
Denominator for diluted net income per share of Class A common stock
Weighted average shares outstanding, basic			1

XML 48 R38.htm IDEA: XBRL DOCUMENT

Earnings Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		5 Months Ended		9 Months Ended		21 Months Ended
	Nov. 03, 2016	Aug. 31, 2016	Jun. 02, 2016	Mar. 23, 2016	Sep. 03, 2015	Jun. 04, 2015	Apr. 08, 2015	Apr. 08, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 31, 2016	Sep. 03, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016
Dividends Payable [Line Items]
Anti-dilutive shares															0
Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders													$ 7,932	$ 4,571
Cash dividends declared per share of Class A common stock									$ 0.1500	$ 0.1250			$ 0.4500	$ 1.8750
Quarterly dividend \| Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 2,647	$ 2,647	$ 2,638	$ 1,542	$ 1,529		$ 1,500
Cash dividends declared per share of Class A common stock	$ 0.15												$ 0.15	0.125
Special dividend \| Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders							$ 17,883
Cash dividends declared per share of Class A common stock														$ 1.50
Distributions declared to non-controlling unitholders							$ 26,602
Quarterly distribution \| Class A common stock
Dividends Payable [Line Items]
Distributions declared to non-controlling unitholders											$ 1,884	$ 2,217

XML 49 R39.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions - Acquisitions (Details) - USD ($)				3 Months Ended		9 Months Ended
	Sep. 12, 2016	Apr. 01, 2016	Feb. 22, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Purchase Price Allocation
Cash and cash equivalents				$ 131,000		$ 131,000
Goodwill				87,731,000		87,731,000		$ 71,871,000
Full House Mortgage Connection, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 8,000,000
Contingent consideration liability	$ 6,300,000			6,300,000		$ 6,300,000
Percentage of revenue share payment	8.00%
Period over which contingent consideration must be paid	10 years
Purchase Price Allocation
Non-compete agreement	$ 2,500,000
Goodwill	11,800,000
Total purchase price	$ 14,300,000
Useful life of intangible assets						10 years
RE/MAX of Alaska, Inc.
Business Acquisition [Line Items]
Cash consideration		$ 1,500,000
Purchase Price Allocation
Franchise agreements		529,000
Goodwill		971,000
Total purchase price		$ 1,500,000
Remaining amortization period of franchise agreement							5 years
Remax of New York, Inc.
Business Acquisition [Line Items]
Cash consideration			$ 8,500,000
Purchase Price Allocation
Cash and cash equivalents			131,000
Franchise agreements			5,100,000
Other assets			350,000
Goodwill			2,919,000
Total purchase price			$ 8,500,000
Remaining amortization period of franchise agreement						11 years
Re/Max of New York and Re/Max of Alaska Pro Forma results
Pro Forma Information
Total revenue				45,544,000	$ 45,628,000	$ 132,285,000	$ 134,970,000
Net income attributable to RE/MAX Holdings, Inc.				$ 6,914,000	$ 4,877,000	$ 19,074,000	$ 12,600,000
Basic earnings per common share				$ 0.39	$ 0.40	$ 1.08	$ 1.04
Diluted earnings per common share				$ 0.39	$ 0.39	$ 1.08	$ 1.02

XML 50 R40.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions - Additional Information (Details)					3 Months Ended	9 Months Ended		15 Months Ended
	Nov. 03, 2016 USD ($)	Jan. 20, 2016 facility	Dec. 31, 2015 item	Apr. 10, 2015 facility	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Mar. 31, 2016 item
Summary of dispositions
Number of brokerages having assets and liabilities sold \| item								21
Gain (loss) on sale or disposition of assets						$ (85,000)	$ 606,000
RE/MAX Northwest Realtors
Summary of dispositions
Number of brokerages having assets and liabilities sold \| facility		3
Gain (loss) on sale or disposition of assets						(90,000)
RE/MAX Equity Group
Summary of dispositions
Number of brokerages having assets and liabilities sold \| item			12
Gain (loss) on sale or disposition of assets					$ 2,794,000
RE/MAX 100.
Summary of dispositions
Number of brokerages having assets and liabilities sold \| facility				6
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| RE/MAX 100.
Summary of dispositions
Gain (loss) on sale or disposition of assets						$ 615,000
RE/MAX of New Jersey \| Subsequent Event
Summary of dispositions
Cash generated from operations to fund the acquisition	$ 45,000,000

XML 51 R41.htm IDEA: XBRL DOCUMENT

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 57,059,000		$ 57,059,000		$ 61,939,000
Amortization expense	3,666,000	$ 3,510,000	10,836,000	$ 10,608,000
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	168,067,000		168,067,000		162,438,000
Accumulated Amortization	(111,008,000)		(111,008,000)		(100,499,000)
Net Balance	57,059,000		$ 57,059,000		61,939,000
Franchise agreements \| Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			12 years 8 months 12 days
Other intangible assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	17,985,000		$ 17,985,000		13,870,000
Accumulated Amortization	(8,664,000)		(8,664,000)		(8,929,000)
Net Balance	9,321,000		$ 9,321,000		4,941,000
Other intangible assets \| Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			8 years 1 month 6 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	12,412,000		$ 12,412,000		10,885,000
Accumulated Amortization	(6,930,000)		(6,930,000)		(7,325,000)
Net Balance	5,482,000		$ 5,482,000		3,560,000
Software \| Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			4 years 7 months 6 days
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	3,073,000		$ 3,073,000		2,985,000
Accumulated Amortization	(1,734,000)		(1,734,000)		(1,604,000)
Net Balance	1,339,000		$ 1,339,000		1,381,000
Trademarks \| Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			14 years 3 months 18 days
Software Development
Finite Lived Intangible Assets [Line Items]
Initial Cost	4,599,000		$ 4,599,000		$ 3,165,000
Non-compete
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,500,000		2,500,000
Net Balance	$ 2,500,000		$ 2,500,000
Non-compete \| Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			10 years

XML 52 R42.htm IDEA: XBRL DOCUMENT

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2016	$ 3,953
2017	11,964
2018	8,347
2019	8,187
2020	8,009
Thereafter	25,920
Net Balance	$ 66,380

XML 53 R43.htm IDEA: XBRL DOCUMENT

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Changes to goodwill
Beginning Balance	$ 71,871
Goodwill recognized in acquisition	15,690
Effect of changes in foreign currency exchange rates	170
Ending Balance	$ 87,731

XML 54 R44.htm IDEA: XBRL DOCUMENT

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities [Line Items]
Accrued payroll and related employee costs	$ 5,954,000	$ 8,040,000
Accrued property taxes	1,121,000	1,594,000
Accrued professional fees	791,000	981,000
Lease-related accruals	353,000	354,000
Other	2,374,000	5,113,000
Accrued liabilities	$ 10,593,000	16,082,000
HBN
Accrued Liabilities [Line Items]
Other		$ 3,251,000

XML 55 R45.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	$ 188,415
Less unamortized debt issuance costs	(1,211)	$ (1,527)
Less unamortized debt discount	(596)	(751)
Less current portion	(11,789)	(14,805)
Debt, net of current portion	174,819	185,552
2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	188,415	$ 202,635
2013 Senior Secured Credit Facility \| Term loan
Debt Instrument [Line Items]
Mandatory principal payments	$ 487

XML 56 R46.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Debt
Remainder of 2016	$ 487
2017	11,789
2018	1,947
2019	1,947
2020	172,245
2013 Senior Secured Credit Facility, principal of $487 payable quarterly, matures in July 2020	$ 188,415

XML 57 R47.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Details) - USD ($)			3 Months Ended	9 Months Ended		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 11, 2015	Mar. 11, 2015	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Unamortized debt discount				$ 1,211,000		$ 1,527,000
Debt amendment costs recorded as unamortized debt discount				596,000		751,000
Loss on early extinguishment of debt				136,000	$ 94,000
2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount						555,000
Debt amendment costs				1,086,000
Debt Instrument, expense incurred						$ 531,000
Term loan \| 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				230,000,000
Loss on early extinguishment of debt				136,000	94,000
Excess cash flow payment			$ 12,727,000		$ 7,320,000
Mandatory principal payments				487,000
Revolving loan facility \| 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				10,000,000
Borrowings drawn during the period				0
Available borrowings under the facility				$ 10,000,000
Revolving loan facility commitment fee on average daily amount of unused portion				0.50%
LIBOR loans \| 2013 Senior Secured Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate floor		1.00%
LIBOR loans \| 2013 Senior Secured Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
LIBOR loans \| 2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Increase to the maximum applicable margin	0.25%
ABR loans \| 2013 Senior Secured Credit Facility \| Alternative Base Rate
Debt Instrument [Line Items]
Variable interest rate floor				2.00%
ABR loans \| 2013 Senior Secured Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
ABR loans \| 2013 Senior Secured Credit Facility \| Eurodollar rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
ABR loans \| 2013 Senior Secured Credit Facility \| Eurodollar rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%

XML 58 R48.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Senior Secured Credit Facility (Details) - 2013 Senior Secured Credit Facility - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 186,608	$ 200,357
Level 2 \| Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 188,179	$ 198,583

XML 59 R49.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity-Based Compensation
Employee stock-based compensation expense	$ 501	$ 430	$ 1,812	$ 1,098
Excess tax benefit		(50)	(201)	(2,411)
Net effect on income	$ 501	$ 380	$ 1,611	$ (1,313)

XML 60 R50.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation - Activity for Restricted Stock Units (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares shares
Restricted Stock Units
Options, Beginning Balance	28,057
Options, Exercised	(28,057)
Restricted Stock Units exchanged for Class A Common Stock [Member]
Restricted Stock Units
Restricted stock, shares vested	33,288
Restricted Stock Units (RSUs)
Restricted Stock Units
Restricted Stock Units, Balance as of January 1, 2016	96,765
Restricted Stock Units, Granted	89,359
Restricted stock, shares vested	5,334
Restricted Stock Units, Forfeited	(43,688)
Restricted Stock Units, Balance as of September 30, 2016	137,102
Weighted average grant date fair value per share \| $ / shares	$ 32.19
Unrecognized RSU expense \| $	$ 3,122
Period for recognition of RSU compensation expense	1 year 1 month 6 days
Additional shares available to grant under plan (in shares)	2,165,277

XML 61 R51.htm IDEA: XBRL DOCUMENT

Leadership Changes and Restructuring Activities (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance and other related expenses				$ 1,043,000
Equity-based compensation expense		$ 501,000	$ 430,000	1,812,000	$ 1,098,000
Selling, Operating and Administrative Expenses
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance and other related expenses		0	$ 503,000	1,043,000	$ 1,542,000
Separation And Transition Agreement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Equity-based compensation expense				331,000
Separation And Transition Agreement \| Selling, Operating and Administrative Expenses
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance and other related expenses				1,043,000
Retirement Agreement \| Selling, Operating and Administrative Expenses
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance and other related expenses						$ 877,000
Equity-based compensation expense						216,000
Retirement Agreement \| Accounts Payable and Accrued Liabilities
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Reserve for severance and related benefits current		237,000		237,000		250,000
Retirement Agreement \| Other liabilities
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Reserve for severance and related benefits noncurrent		0		0		175,000
Separation Agreement \| Selling, Operating and Administrative Expenses
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance and other related expenses				0
Equity-based compensation expense	$ 1,007,000
Severance liability	$ 3,581,000
Severance and related benefits recognized to date				3,557,000
Separation Agreement \| Accounts Payable and Accrued Liabilities
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Reserve for severance and related benefits current		781,000		781,000		759,000
Separation Agreement \| Other liabilities
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Reserve for severance and related benefits noncurrent		$ 198,000		198,000		$ 789,000
Former Chief Financial Officer and Chief Operating Officer \| Separation And Transition Agreement \| Selling, Operating and Administrative Expenses
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Equity-based compensation expense				$ 331,000
Former President \| Retirement Agreement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance period				24 months
Former Chief Executive Officer \| Separation Agreement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance period							36 months

XML 62 R52.htm IDEA: XBRL DOCUMENT

Leadership Changes and Restructuring Activities - Rollforward of Estimated Fair Value Liability Established for Total Severance and Other Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Balance, January 1, 2015			$ 2,021
Severance and other related expenses			1,043
Accretion			48
Cash payments			(1,565)
Non-cash adjustment	$ (501)	$ (430)	(1,812)	$ (1,098)
Balance, September 30, 2015	$ 1,216		1,216
Separation And Transition Agreement
Restructuring Cost and Reserve [Line Items]
Non-cash adjustment			$ (331)

XML 63 R53.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details)					3 Months Ended		9 Months Ended
Commitments and Contingencies (Details)	Sep. 12, 2016 USD ($)	Feb. 02, 2016 USD ($)	Dec. 28, 2015 USD ($)	Oct. 07, 2013 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) lease	Sep. 30, 2015 USD ($)
Loss Contingencies [Line Items]
Loss on sale or disposition of assets, net					$ 11,000	$ (9,000)	$ (85,000)	$ 606,000
Assignment and Assumption of Leases Agreements
Loss Contingencies [Line Items]
Number of lease assignment agreements \| lease							3
Period during which company remains secondarily liable for future lease payments							58 months
Outstanding lease guarantees					6,953,000		$ 6,953,000
Loss on sale or disposition of assets, net							(243,000)
Short-term portion of liability					49,000		49,000
Long-term portion of liability					163,000		$ 163,000
Assignment and Assumption of Leases Agreements \| Recovery by defendants of certain costs
Loss Contingencies [Line Items]
Number of Leases \| lease							21
Full House Mortgage Connection, Inc.
Loss Contingencies [Line Items]
Additional purchase consideration	$ 6,300,000				$ 6,300,000		$ 6,300,000
Cash consideration	$ 8,000,000
HBN
Loss Contingencies [Line Items]
Cash consideration				$ 7,130,000
Legal damages awarded			$ 3,153,000
Payment of legal settlement		$ 3,251,000
Tails Inc.
Loss Contingencies [Line Items]
Cash consideration				$ 20,175,000
Total claims sought by plaintiffs							$ 384,000

XML 64 R54.htm IDEA: XBRL DOCUMENT

Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related party balances and activity
Accounts payable to affiliates	$ 35		$ 35		$ 66
Advertising funds
Related party balances and activity
Related party transaction expense - S, G and A		$ 210	11	$ 705
Other affiliates \| Services rendered and rent for office space provided
Related party balances and activity
Amounts allocated for services rendered and rent for office space	507	$ 446	$ 1,459	$ 1,293
General payment period			30 days
Accounts payable to affiliates	$ 35		$ 35		$ 66

EXCEL 65 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( -9E9$EXY$XD]0$ #\A 3 6T-O;G1E;G1?5'EP97-= M+GAM;,W:S4[C,! '\%>IG[_Y"G.=G88X[+J4_+?&(MM3U;'VGD:SRWV@Y%Y6VOO!M#H9-[+M MV!UDG;O5RK34N?;!YBUURJ7I4XY7LSL=THVV.07;#6P*[#]Y7>+L8PI&'TAW ML2=*=JAC>AHH'JN_C[Q4OJ*5?AC2NPH_W[LZT#"MB;WQSZ6N=SE+S+\MJQR- M;ZIPN/%OG1E;AN;']6\[ROD_7LO!3=S:X2KH1W-08'NR,95C;;49CXWJT87- M#^5):%^A-!8Z??_3T*=@9-/AA$B\JP\!TH<$Z4.!]-& ]'$&TL=G MD#Z^@/3Q%:0/OD!I!$54CD(J1S&5HZ#*453E**QR%%QW8OG*\M"_V/Z'D4X$G1H>)%]2-F Q+M M*;V"^GH A3&^.R6:E((C-Z."N[_8_ )02P,$% @ UF5D2:KL&"/T 0 M_R !H !X;"]??3,L1DS;''6!=#9!(=+G=Y-'EN&A MR_7J1SHVY=!WN3T,>?'G=.SR:OI^7;6E#*L0\J9-IR;?]$/JIJ>[?CPU9;H= M]V%H-J_-/@6MZV48+^=4CP\?9R^>M^MJ?-Y*M?C9C/M4UM7O?GS-;4HEA_.' MW$P+3(_?AO2=Y?O=[K!)3_WFUREUY8N*\&^!*LP'Z7R04H)L/L@H03X?Y)2@ M.!\4*4'+^: E)>AV/NB6$G0W'W1'";J?#[JG!$D-9*PY20AKCM8"N!:.UP+ M%H[8 L@6CMD"T!:.V@+8%H[; N 6CMP"Z!:.W0+P%H[>"O16CMX*]%;27AMM MMCEZ*]!;.7HKT%LY>BO06SEZ*]!;.7HKT%LY>BO06SEZ*]!;.7H;T-LX>AO0 MVSAZ&]#;2&CO0VSEZ.]#;.7H[ MT-LY>D>@=^3H'8'>D:-W!'I'CMX1Z!TY>D>@=R3]5GFA=VZ;,6U?RGCH]OG: M-?\-AT47>.?R=DS73SE/A0T76I=II13.UZN_6^>I?T/"I_\Z/+X#4$L#!!0 M ( -9E9$E+LBL@4P, .8- 0 9&]C4')O<',O87!P+GAM;+U735/; M,!#]*YJE9R)M$@RRY6CD0?GU7=D@=D%V<0[D@ MR^]IM?MVUYNAQM[IQ)H,K). ["E5&D]I\ZRS="X[C2(42T@Y'A)$T]NYL2EW M]&@7D9G/I8"Q$7D*VD7]7N]C!$\.= ))-]L>VHF'WLHHRY04W$FCXQ]26(-F M[MCEDP UC%X#"@:=/ 616^G6<:_$5+<*S%1P!1=D*YYSA5"B_FX6F N39ERO MH_+I2NH'_)G-S)@[J+)V7Y2G+[F%A(SNG+[=+##?UN2G\MR+)=<+2*K8MR]? M8G$'%KVG1_W#'OUM0_"R7YX-/)%Z,>'28CQEQ @O.M[- MZ'[88?<NPU ^TV._4YHM=XNURM#9^)>Q#[@$<#B,MIO%LHJM MKN4@/AD4"%KM(J.M9_$F;#M^^YV9= KP9C[AUOVG4!0^O03B9-"I>/]R!.,Z M89?:43JR[[HT1>)50[)=71B-1LF$DBMAYUQQ+8!-WX3P/7AV,.'_YDP=_?.W M1&;F=#UAVG)\X=1Q$M!(A""[M1V.RSTXGX.<\QRE!L1"FQN[X%H^UZLRS=.4 MV[4_<2H76E*"4$JRD1 F)UV#G&NCN\)H9XVBTEY0:!U80!<$7W*K"81L I85 MK:.XV%BN)(4P"7)&XG^8S*@4VXT\US$ORPJV[Y[Q,E)0*$NN5N**: MI]ZWE!DK>V7IPRT%UN8B? 4Z-)6NS D/IGQQ%&S0HLZ;6U ^F;J^CZS9S'*Z MDJB/:YW4[&#&*=CM%>\?MU><'>RA.7NOZ!M7\$.M^LV(6I5+6GNM^U_:U34[ M&(,+]\/&ZCX^:B=YEUUS:]MR;AYU.$V:[( +R]? H8_8JBV'DFR/IG7\:0]. MN%-'/Z>W#J2O]M27;9E*:8)*=SZJNR J+\+@O55X(, MUUR \X,[/TI[B^'98,,9)4D17JZJ4TY-6PK8F8*6-*H5DWO+'M+UJ=2:,ZKY M7C3VG9-P'C1SPGG0^%VJB5O]EZF0]ZONO@/4$L#!!0 ( M -9E9$D5"ZH\/@$ &D# 1 9&]C4')O<',O8V]R92YX;6S-DTU/PS , MAO\*ZKU+TTT[1%T/@#@Q"8DA$+>0>%M8\Z'$4]=_3Y9U+0,NNW&K:[^/7\=) M)1P3UL.3MPX\*@@W!]V8P(1;9%M$QP@)8@N:ATFL,#&YMEYSC*'?$,?%CF^ ME$4Q)QJ02XZ<'(&Y&XA974G!A >.UO=X*0:\V_LFP:0@T( &@X'0"259_6)V MQK:F(J.^KJ+CA@=<6JG6"N1M-Y;]3L7."%Z'DQSDT#[]_=-#RI"LKSP$-52U M;3MIIZDN#DS)V_+Q.9U-KDQ ;@1$55 ,.P>+[-SY=7IWOWK(ZK*@\YS2O)BM M:,EFM^B'_K^&PP;1<5-G#E;I-&IN6FSP22$(17#I4U5^$2 MYILXP<+^XQ,$7@_JA>FR[:!KK9>A3O=KC(XO)ZYL8WUW2OV(+EY5_0502P,$ M% @ UF5D29E&UL M[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B-;'EDD81_OTV23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O=5H1I M;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF(M/+Y;,7\VMX^ M9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9KQ]'22(""R7V4!;I)]J/3 M%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2BW A(5M>5 TR 6'!VULS2 Y9>*?IUE!K9 M';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D 4. #?$T4Q0?*]!MHK@PI+27)#6 MSRFU4!H(FLB!]4>"(<7K;YH]5Z%82=J$^!!&&N*<<^9S MT6S[!Z5&T?95O-RCEU@5 9<8WS2J-2S%UGB5P/&MG#P=$Q+-E L&08:7)"82 MJ3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1 M>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V> M7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH M'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+ .7\N?<^E[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I4_5*E=?EK[DH MN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2D&_#^>G%>!KB.=D$ MN7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL M)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0HGQ,C$7H<.>77%_CT9+C MVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;053L_^6:W(GPP1 M3A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LY MJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYNTB42%(JP# 4A%W+C[^^3:G>,U_HL@6V$ M5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07 M/4;SHYG@'K.'YA,L0Z1^P7V*BH 1JV*^ MNJ]/^26<.[1[\8$@F_S6VZ3VW> ,?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1B MK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4#6CV#30 M,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04 " #6961)>%?:HU$" "Z M"@ #0 'AL+W-T>6QEX45N*[]<8*] Q MRIL$KI6J/P1!DZ\Q0\U,U)CKE5)(AI2>RBIH:HE1T9@@1H-Y&"X"A@B':OO[="W;P";CQ[/X M5"0P6ES"X'C26:B?@\QV=4*_>";]K\@GU%<'J 00;1+5_9-QS084$2I^CSF(1CAAV'K>(DDP2 Y:($;IU\-P ]NA[ M/T:XD#:WRS#-,PM])EEE"0S[Y_ATF6>W@]D>H71_>QI(XQHIA25?Z@GH[=6V MUIOC@F,GTOH]X5U)M(WFEZ, .^B\F9 %ED/F".Z@-*:X5#I DFIM1B5J(UTH M)9@V"H(JP1$UE+N(WM"T.:;TWKQHW\H][JX$SL><<0B!4;$S=2%ZTU\#6]1@ MS.:XQ[0OXP5=.230T:BNZ?8C)15GV(EUT%+TLZ?HHP/T:8QVK& M)'G4_N8B MY!K $H(-EHKD8^2'1/4*=ZJ_P4%7'E+XTBW_34U_OFI>C;Z"_[H\_S7Y^&SL M:P@G>HXXBKN695@N[=?W^<+>7IVJ,M,73U;:XG2EG?"!7O^FM*#O#*/VL]=\ M!A1D+:&*\)T&9'X7[HQNNM<7?./1G$7G>XY=52C3/Y)[6319@4O44O65;(2R MBPGT]F_H(+TK+W5H'_6TU_ E!+ P04 " #6961)\*() MOZ $ #($0 #P 'AL+W=O(%NG 3*)$0?39T:B8V(DTB6I.,FO[Z7D=#XEM%H_:3_NJ@]5"Z>3K%W>Z5)7\(:TC M,!/K]:VHY2QYJ1)6">>O2N5E.4LX79J-[-VPS?J\456XR"=Y,@ZP]Z;.+2M, M*3O8PTJYO[8/$E;*I6@J_T"5?2]WEDQ3GJ:''2.\]D/)C4-@N,%$X=6S?!"/ MLV22,-%X\X>JO+27PLMOUC1KI9^(E;"ELLXO0G/;-VNE5:W>0KWIRJW,YD]C MU9O17E2+PIJJ:K\*#]J/J 3W[QVJHU=%[T4O'N_#2,R2PPD!GY53CZI2_G66 MM.>5#"T9?VA*V_V_SIAN.^=]B)G0);O2GBCL6G>#1UT3ZD O7Y=MP?94T8F] M+J==5R'H@L0PE2JI+TIV+BJA"\G:YCB I !)]X*P@[D 4 :@[#] "T^'T$C' MS)):5Q@ <0#QO4 7IEX#* =0'@654CNB1)$ .@30X7XU$FX%H", '>T+.@;0 M,8"./X/.&Z>T=*YUZ,X^":W>/MIS HB3SXA%4]?"OH:R%^I)*\H^@J0\*PK3 MD)2HX00]G'Q&W1H]*BBV0KA00-)X4XA2ZD!&S^6(S%?":OK6L;FTY)^PLFW; MI7I6-(@EHM#H:43IL^+OAH*R39Q;B%N;[0T$H='3B-+4#J&?0G2S,^="1 3: M-V/*C:HJ)*'2TXC3U*NVH3&_4:+-&TKV*H(B3R,F7\K'7F>BK].(L"'@:LD> MQ$N_'-1S&O'SBCK.OX[.110A2*G47$'D#-K7E&%(J=1<0>0%'@87K+T.TLXO9@$LB.$(6V9S'; M!U&XLLC0]BQB^W ^&2$*;<\BM@^B^ 37A&@[C]@^F)HXVL[1=AZQ?1B5(@IM MYQ';AU&8QCG:SJ-I_'/"'+$%;?'*AO"(ZBV@([:W.1.^I0S1I=&08A2F/HZV M\QTKCP^H[\(WMJM?;U6/MO-=F7S$SLJR'7]1X:ZG-T]QM)U';(_4:B&U,J2^ M+!K,5QQMYQ';=T\3HQ!'B$+;><3V(=19;^&3H^UYQ/;!&2='VW.T/8_8/HQ" MVW.T/8_N%0>68[T1S-'V/&+[[@59:RFBT/:<;_?9O[;6I5S2C%J&'P^N+89V M[D7X&T&';KO \[#0#-??34EEA]\("5LV575!]^[TC1'M9KLCO_]_^/H/4$L# M!!0 ( -9E9$G;+4][E0( ,4) 8 >&PO=V]R:W-H965T&ULA5;=CJ,@&'T5XP.,@G^UL2;3;C:[%YM,YF+WFEI:S:BX0-O9MU]^ MU.($[(T*GO.=[P,.4-P)_6 UQMS[[-J>[?R:\V$;!*RJ<8?8"QEP+_Z<">T0 M%TUZ"=A ,3HI4M<&, S3H$--[Y>%ZGNC94&NO&UZ_$8]=NTZ1/_M<4ON.Q_X M4\=[U1/QH#DG(-M)$:N\ICJI'JX1&5, M]-[*L AN,LR(@ JQ-Q%@1@0B]BP ;0(C'1IT:!,XF(C(+A#9!")=06308SL] MMM%C38\->K+,3R/V)B*U"R0K HE!SY8"J1;0B%Z/<+(!8>X8YW1%)C5D-M8Z M3$1N%\A6!#)S'816A07$4<-F16)C\J%58@%QK)9\12(W^;%U.G)C.F ('%,N MMPBGBOSYD/FRK)+15PN,2\7JW4EE8* MU<63BFEC".PJ"PQTJ*R9'9A>AI%=98%Q["A@S?' M#Q,'!&L9A[W-) ^W]3 MFEF!:468VM;Y8<2,^TZ6QDF:NY;AFFN!Z4F8.2)833F5FS\O%Z[Y#8;/RQTQ MO?4@"XQ3L\/THFX3S*O(M5>7%Z-WOK&\JF,Z>,#+8D 7_ O12],S[TBX.+O5 M07LFA&.10_@B5D8M[E1SH\5G+C\SN2GH6X9N<#),EZ;YYE;^!U!+ P04 M" #6961)HL,XR>G> $-(!9VPFS_WYM;#+5 M3%S_?=MWI;K%HG[;5H6P_UZ?J MV/_R7#>'LNM/FY=%>VJJ;GVM5DMZ]=NOSM67YM9 M^WHXE,U_#]6^/M_/S?QZX=ON9=L-%Q:KY>(];K,[5,=V5Q]G3?5\/_]B[M;D M!LE%\?>N.K?L>#:8?ZSK[\/)GYO[>3%XJ/;54S7S]G3:]O5AVO(?'8H?XS?N^/E^SS^$HHI+!\ 4P"\!QA2 W *P)N Q>CL MTJ_?RJY<+9OZ/&O&R3B5PYR;.^Q'[FG67BXVXW#U/6O[JV\K",O%V]#.)(&+ MY"&1Y!3K1!'?)8L^_[L)R)G T02P>"SR\9B+IS$>>;Q)+?JQ$Z/D>)&8PL1@ MBJ+(*=>)TA1@@"L33Z1X(N[I9MCQF9[XWD:!UX:7JZCPLNC&Q0_@?MQ M63^!3R-@)''"$R4:,O(81<53Y)Y\UE-DF$J4S$>69,UD&7EUQ?F',NS(L5T3X%1]74UQ(D8SL*8O$JR?. M1,JF>I@T8ZK@/ MMH93% J9MHG0!*>,E89;PWE+>=X:#EP, 65(W4C1!R?[RO)Y*K:& YI(:$%# MK^'LI3Q[30+?B&*W$OB2LH(U^!I.7\K3UW"HHA4-<9E3QE@#K^'DI3QY34S7 MB3)&B=(502[,H-$7.'TI3U_@3#48)$^)CJR\1D C+W#R4IZ\P(%J?$$BY5)E MSQ+%E<9>X.RU>?8")ZHQ/HA5*E52*&3&@<9>X.RU>?8"!ZH'$._R1!C(!]F3 MQEW@W+59[JZ!DG6GS(E&4^ TM7F: D>D?.=RE5((0=OD H>HS>YR'X!O3"#3Y83!2/?N8DT6&L5\&AX!HYGF\0KT9B<9BUI4B=9,D\[*N1D M=B"TH'$4.4==GF[(.4KDO+Q";J2V"#+F4*,ND!9$GB9)EZ<<V*G5"G4N(N< MNRY/..0T_40%NBBOW51K"E#8BQI[,7Y@Q#A3;5">(Q,E1NUU"6G\)9HBIUH[Y= MY< $+[201=MU1.Q'1D3C$#EE1*8"E&KR!4C2C$X6['W^J7RI_BJ;E]VQG3W6 M75.[H9H" "7"@ & 'AL+W=OL@]>$B*\SZ9N^<8OA>A>@H ?2M)@OJ(= M:>63$V4-%G+)S@'O&,''P=3400A $C2X:OWM>MA[8]LUO8BZ:LD;\_BE:3#[ MMR,U[3<^]*>-]^I<"K41;-?!S7>L&M+RBK8>(Z>-_PI?"I@JR:#X79&>&_>> M@M]3^J$6/X\;'R@&4I.#4"&PO%Q)0>I:19(G_QV#?IVIC.;]%/W[D*[$WV-. M"EK_J8ZBE+3 ]X[DA"^U>*?]#S+F$*N !UKSX;]WN'!!F\GB>PW^U->J':Z] M?I).-KLA' WAS0"1TQ"-ANC.$&BR(:]O6.#MFM'>8_IC=%A]<_@2R3=W\/BP MR?3KDIEQN7O=IF =7%6<41(.DITI"6V*8J;(;Y) GG^#"&T02$.$)@2<'Y%J M""UI!TF MU%HGHV:L@ SH/VNM/)#.N:R=:>*:M29K8>Y&S7A8FJ XR>V_QSMEG*$H7GI; MKE8%9[TJMU.%3U.%SU.YVA8T^U:8+D1P-1N('E?EJ'E8EB[=G,C5OF#\1%W> M=::%DEQ4S6E<[0LF3U1C8IYC1[%+YARN-@C3)^HO?V/-\#M( ]26%KN'!8H>=L]JHB1&;2MK M*4WWWZ]D40Z'&')UJ6WEX<=+#NWAICG5WT[XVI^$O3^WY6/?#S_/SIGL]-_7CI=#QL,&BT)MCO3^M[^\NS[Z> M[^_:M_ZP/S5?SZON[7BLS_]NFT/[_GD-Z_G!M_WS2S\^V-S?;:[E'O?'YM3M MV]/JW#Q]7G^!VTI>D OQU[YY[X+OJ['SW]OVQ_CCC\?/ZV+L0W-H'OJQBGKX M^-GLFL-AK&EH^1]?Z4>;8\'P^US[;Q>Y0_>_UUVS:P]_[Q_[EZ&WQ7KUV#S5 M;X?^6_O^>^,UJ+'"A_;07?Y=/;QU?7N9KNUWJ, M*KA5P]P\K+K+P_,T(VN-O\'.OQ"%Z0+4& 0\H0^2 V0_O73B#7 M"=\"!L61:V 7$I9%RO^MI$I40KHIN&Z*::Q$6%[PY2577D[E95A>TBZ::20F MY#2)*)RP'+4+*;"N4!Q5AI1RV@%'58225B1TJ8PN%>J*^J(G72IHQ0H$#MH1 MJ(""@\H00HF&K:HBE-#6\*IT1I4.56E6E0[GH5!@6%DAY1+:RQ!""P6RL@@E MG;6\+).194)9;(>W)@P)$T1ZJ(I &B6K*H3 F8*E*DHIH7A5-J/*AJHLVV$; MM")0\=$50@#\)%@ZZRJ1\%RFNR[LKF,GP06M2*442^TH!8DU$U(@P,:)W@NC MF%!.\LI&_TTFR?&/5VVN2-3 6I(?' C=),Y:?G0\,R?*83[9X8DPDPA3@FD4 MCAWLBF)*82)0@?6Z65WH0HZ-L*UG?*Q:/D)VE#*:'8*24 R=L]9&\6$3IV<^Y)81VZ7B[A-"_/B$D=C<1)N*]W3P^!-.2 M7T85Q8R4B:T Y%P30MODHW$+U#=Y:81APZ,$:JUL8Q6%1&K&- UEB], R-%0K>Z3TTM\3/146IE,UCSJ21 M'/GXL=DAD+C@M^H$ MD%.ET5)I?DWO*#GLCH5VO#7%=2(BOW6MHCH!C4IMDT7.?X7(!<(L5=!N.="2 MWQ51(ZM3:2O[J)ZA2@=,J+1C%J?L-P;K='%IJ24X1.4<1 M>D%.$7K1PEM"E81*YI282HUOSDZ$69)3S")I2ZB24.F<8I;EE)R9"+LHI^3, M1&3-9%YH;G%.<8MSBEN<4]SBG")SYB*SYN*ERF)I3J%D+J?$=:9S2E1G+J?( MW%%14K.)]C/62P42S?&1W'J9$15?^UJOD6*2I2I"P8TU<;K;!*]2C\WY^?(2 MNUL]M&^G?@S[X.GU1?D7'%_%1L^W<+L#YGD)M]7T&ORC^ON[U_JY^;,^/^]/ MW>I[V_?M\?*V]JEM^V;H=W$S9-B7IGZ\_C@T3_WXU0S?S]/+\.E'W[[.[_:O M_\'@_C]02P,$% @ UF5D227W^LVN @ I D !@ !X;"]W;W)K*JWVT)[9A"36 MVB8%LMG^^X)QO)#.IKG8,'[OS3RP8.9G+E[E@3$5O'=M+Q?A0:GC+(KDYL Z M*A_XD?7ZRXZ+CBH]%?M('@6CVX'4M5$2QUG4T:8/J_D0>Q+5G)]4V_3L203R MU'54_%FREI\7(0HO@>=F?U F$%7S:.)MFX[ULN%](-AN$3ZBV;HTB 'PLV%G MZ8P#4_L+YZ]F\GV["&-3 FO91AD%JE]O;,7:U@CIQ+]'S8^4ANB.+^I?![>Z M^AJ9G[^QT4)J!#>\E<,SV)RDXMV%$@8=?;?O MIA_>9_LEQR,-)B0C(9D(4QZ8@$<"_B"0FP0R$LB]&=*1D%YEB*SW8>5JJF@U M%_P<"+O;1VI^*C1+]=YL CD$A=T0O7921]\JA/ \>C-"(R89,$L74R (4GLR M$R+2!4Q5)% 58X;$H2=0@I6+*$!(_5^1]28A%8@$ "Q H0 M5R!._2)SNQ86TUL,29,80JT\5(I*#*%J%X7+I,P@U-I%D1@7GVQ@>L-8ZJW, ME;',&DN=-%\0R2'0R@.E10R!:A=$$"BT]K-I5["I[(:IS#.5@::R>TQE]YC* M[C"5W6"J7_[%;DW$$=$_OA]I?!AI]Z90Y3)SHU&(^) MN<.NXDLT6R$@7NN&Q/8/'_+5_$CW[ <5^Z:7P0M7^N8/$TYE.+]IK$LLQ4T ND+A]^W*0L=9=-+DQ!W__ZE^MT,+\ M9*I?]4'K)OA3Y&5]-SLTS?$V#.N7@R[2^I,YZK+]9V^J(FW:R^HUK(^53G>] MJ,C#B! 9%FE6SA;S_MZW:C$W;TV>E?I;%=1O19%6?Y[&9V=;WS/7@]- M=R-:L;4YPELZ!(_PS'K.R/I^$?1:P,%T16 M$(V"*/8*F!6P4<"85\"M@']4(*Q 7 3**Y!6($@;("=9DE MX14D5I!OXP7->&6A M8:"8QGQB[Z=XASX/!?H'0PNPM)!=#4P2-/%I"OKQ-B,*NA%#MZ05O6H0G$R- MY=W5*=C6F<1S=_=8SF6,MYD5X-#5LP8(%>)ZL[#=#V *W5 V@+GAA,D$G:HM M (62:N)!IMX^04&C8'@#I*!3Q)(+F:!S>@])M 5^.-C31#"8G;>C4-!2F,*J MLJ1NL_COY=&^W0#HAG,,VD#HNK/;MQ8 .5UN2"MTWL./Z:O^FE:O65D'SZ9I M7^K[U^^],8UN(Y%/;:1#^]D[7N1ZWW2G<7M>#1^"PT5CCN?OVO'C>O$/4$L# M!!0 ( -9E9$E8TTPV6 4 (L; 8 >&PO=V]R:W-H965T&UL?9G;;N,V$(9?Q?!]UN0,CX%C8*6B:"\*+/:BO58<)3'6ME))V6S? MOCK9X1@SO+$M^2?Y#P\?3]N/IOW1O=9UO_IU.IZ[A_5KW[_=;S;=_K4^5=V7 MYJT^#_\\-^VIZH?']F73O;5U]30E.ATWH)3;G*K#>;W;3N^^M;MM\]X?#^?Z M6[OJWD^GJOVOJ(_-Q\-:KR\OOA]>7OOQQ6:WW5S3/1U.];D[-.=56S\_K+_J M^]*J43(I_C[4'UWR>S6:?VR:'^/#GT\/:S5ZJ(_UOA^SJ(:OGW59'X]C3D/) M_RZ9?I8Y)DQ_7W+_?0IWL/]8=779'/\Y//6O@UNU7CW5S]7[L?_>?/Q1+S'8 M,<-]<^RFS]7^O>N;TR7)>G6J?LW?A_/T_3'_$]22C$\ 2P*X)KB6PR? )0%^ M)C!3I+.S*:[?JK[:;=OF8]7.C?%6C6VN[W&HN?VJFUZVGG,&;->=)@A.@X59FJC,(@U)?-1&-)-$(&+A.-2S*(-S7NYF!< M8E-K$UA52548#._%9[QX$@QOQI-BO&>]I")K+>\D9)P$X@19)R$I)%C61RJY M<\KQ1F+&2"2=3;%&8EHEZ%@GJ28*33."3#0R_OGI!"+K9!$M5H+F>PI5J1@$ M.RR*+G8(9XSA[>AT&"+?1E0$4MVPT+J8 6*&+:=81-=R6,LE4>F PHC6.<)I MBCBAU^D6(241:2M!4^>HJ0DV+<\(G2+QSOK;>>OBA^#5:*G[Y=BI M"3RMYOU0-%JA>E(58)0:*T=031!J^5E%IWPT@:W#4E/0:F%>@1Q&@6"4#[N M%)!W&HW0+2!'2""$M#PA(86?B55 ;*"9R$'">!<-+RG(04@,*<2#5>L)(C)!!"6IZ00 @I MS(A4Y*15?(Z00 AI>4*"(]W%HG+X X(_Q^,/4JX!OXXJ;T2"EQSZ@*#/ M\>@#@KYT?B9FB,I+C9 C'Q#R.9Y\$,DPT,KQ2^I;G=0MD*7?9>]%Z.>$A0#F ML(8$:X['&FI:Q0!\BU-="$%H=,RM_I!PS?%C"M-UW9VX)\$<_9#0S_'T0Z2A MJ\@O@Z@.0Y"699CC'Q+^\5VG0+( ]!%Y!%(9@+'"M(O2:FJM0)AS4-URNLH6G[S M;8 .L1B$6DIUT:*7S@=S^V]#..V%=:7)GC$2KO)=OC I,)V._,Q#5%Z#9"<' M54.@ZGFHFI27T?"'B251&27M) Q+U4L%$ZIZJ=?D4&@("OD-7V'(;IC?69=$ M9%#J,#D0&@)"OFL6)@4<\M A&J.ENLT1T! "\F>]A4GA%FYFM+:= MXY\E_+L]0EF.VFT*-H?JM@$VR1W'J6Y?IKN?;K5OWL_]>*F0O+W>+WV%\8[D MYGVA[\OYEN@SF]WVK7JI_ZK:E\.Y6STV?=^^C+T]]>Z>KH^ M'.OG?OSIA]_M?%&PO=V]R:W-H965T&UL;5/;;N,@$/T5Q <4 M7YID-W(L;;*J=A\J57W8/A-['*,"XP*)T[]?+HZ;5'DQ,\,Y9PX#KD8T[[8' M<.2LI+8;VCLWK!FS30^*VP<<0/N=#HWBSJ?FP.Q@@+>1I"0KLFS)%!>:UE6L MO9BZPJ.30L.+(?:H%#>?6Y X;FA.+X57<>A=*+"Z8C.O%0JT%:B)@6Y#?^7K M;1D0$?!/P&BO8A*\[Q'?0_*WW= L6 )C0L*W"\GV(&40<@W_I@TOUH&XG5\ M47^*I_7N]]S"#N6;:%WOS6:4M-#QHW2O./Z!Z0B+(-B@M/%+FJ-UJ"X42A0_ MIU7HN(YI9_ESHMTG%!.AF E%,IX:19N_N>-U97 D)HUVX.$&\W7A!]$0&XLF MG=X;M;YZJO,?CQ4[!:$)4T3,]A:SF#',Z\]-BGM-RM2DN!%8WAQ%W5S.SLWP4(YI7VP$X\J:D MML>L%AF=#[* 4-W].('$\9IOL6G@1;>="@98%G7FU4*"M0$T,-,?L<7,X[0(B M GX*&.TB)L'[&?$U)-_K8Y8'"R"A89J:'A@W0O.'Z#:83[(%BAM/%+JL$Z5%=*1A1_2ZO0 M<1W3'_8PT=8);"*PF;#/H_'4*-K\PATO"X,C,6EK>QY.<'-@?B,J8F/1I.F] M4>NKEW*SWQ?T$H0F#(N8TPUF1E"O/K=@:RTF.EO0V3I]NT;?)H?;?SB\$=BM M">R2P.Y_(R;,Z1;S^4,3NMA3!::-5\>2"@<=+^JB.M_.1Q;/Y!U>%CUOX0&PO=V]R:W-H965TU#I2@/[;,7!K!B>ZAMEO3O MZPM+V(CV!=O#.6?.>,;EA.;%]@".O"JI[3'KG1L.E-JZ!\7M'0Z@_9\6C>+. M'TU'[6" -Y&D)&5Y_H$J+G16E3'V9*H21R>%AB=#[*@4-W].('$Z9KOL&G@6 M7>]"@%8E77B-4*"M0$T,M,?L87Y-&*AT<#M<'LKS2ZB]02P,$% @ UF5D23#+FH6B 0 L0, M !D !X;"]W;W)K&UL?5/;;IPP$/T5RQ\0LUZ2 MMBL6*9LH2AXJ17EHG[TP@!5?B&V6]._K"Q"V0GW!,\,Y9\[X4HS:O-L.P*%/ M*90]XLZY_D"(K3J0S-[H'I3_TV@CF?.I:8GM#; ZDJ0@-,ONB&1\PW/AC;>="P52%F3AU5R"LEPK9* YXOO=X90' M1 3\XC#:58R"][/6[R%YJ8\X"Q9 0.6" O/+!1Y B"#D&W],FE\M W$=S^I/ M<5KO_LPL/&CQF]>N\V8SC&IHV"#Q9.<'>@?B,J9&/1I.F] M4>NKEW+W@Q;D$H0F#(V8TQ5F01"OOK2@6RTF.EW1Z39]OT7?)X?[*X?[;8%\ M2R!/ OG_1DR8TS4F_Z<)6>VI!-/&JV-1I0<5+^JJNMS.>QK/Y M>%CUKX2P!=\[U>T)LU8%D]D;WH/R?1AO) MG$]-2VQO@-61) 6A679+).,*ET6L/9NRT(,37,&S07:0DIF/(P@]'O &7PHO MO.U<*)"R(#.OYA*4Y5HA \T!WV_VQVU 1,!O#J-=Q"AX/VG]&I)?]0%GP0(( MJ%Q08'XYPP,($81\X[=)\ZME("[CB_ICG-:[/S$+#UK\X;7KO-D,HQH:-@CW MHL>?,(VP"X*5%C9^4358I^6%@I%D[VGE*JYC^I/G$VV=0"<"G0G?LF@\-8HV M?S#'RL+H$9FTM3T+)[C94[\1%;*Q:-+TWJCUU7.Y^;XKR#D(31@:,<KY&SY/#_!\.KP2V:P+;)+#]WX@)<[S&W/[5A"SV5()I MX]6QJ-*#BA=U49UOYSV-9_(%+XN>M?#$3,N512?M_,G&8VBT=N!-9#<[C#K_ M?N9$0.-">.=CDZY42ISN+P]D?J7E)U!+ P04 " #6961)/9)#'Z,! "Q M P &0 'AL+W=OY#,WN@!E/_3:B.9\ZGIB!T,L":2I" TR[X1R;C"51EK M+Z8J]>@$5_!BD!VE9.;O$82>#CC'E\(K[WH7"J0JR<)KN 1EN5;(0'O C_G^ M6 1$!/SF,-E5C(+WD]9O(?G9'' 6+(" V@4%YIF\TP:J!EHW"O>OH!\PBW0;#6PL8OJD?KM+Q0,)+L M(ZUD$E;.[!P@OF>^HVHD8U% MDZ;W1JVOGJO\X:XDYR T8VC$'*\P"X)X]:4%W6HQT^F*3K?INRWZ+CG<73F\ MWQ8HM@2*)%#\;\2$.5YC'KXT(:L]E6"Z>'4LJO6HXD5=59?;^4CCF7S"JW)@ M'?QBIN/*HI-V_F3C,;1:._ FLIM;C'K_?I9$0.M">.=CDZY42IP>+@]D>:75 M/U!+ P04 " #6961)(8-VCJ(! "Q P &0 'AL+W=O<.>.QRPG-F^T!''E74MLC[9T;#HS9N@?%[0T.H/V? M%HWBSH>F8W8PP)M(4I(567;'%!>:5F7,O9BJQ-%)H>'%$#LJQ5/T;C>F\TH::#E MHW2O.#W"W,)M$*Q1VO@E]6@=JBN%$L7?TRIT7*?T9Y?/M&U",1.*A? UB\93 MH6CS&W>\*@U.Q*2C'7B88'XH_$'4Q,:D2=U[H]9G+Y6?5\DN06C&%!%S6F/R M!<&\^E*BV"HQTXMUB6WZ;HN^2PYW_W#X26"_);!/ OO_M9@PI\^8OYMDJS-5 M8+IX=2RI<=3QHJZRR^V\+^),/N!5.? .GKGIA+;DC,Y/-HZA173@360WMY3T M_OTL@836A>T7OS?I2J7 X7!](,LKK?X 4$L#!!0 ( -9E9$G*,8U[H@$ M +$# 9 >&PO=V]R:W-H965TQ%W5S.SLWR4$]H7 MUP-X\JJ5<2?:>S\<&7-U#UJX.QS A#\M6BU\2&W'W&!!-(FD%>-%\8%I(0VM MRE1[LE6)HU?2P),E;M1:V-]G4#B=Z([>"L^RZWTLL*ID"Z^1&HR3:(B%]D0? M=L?S(2(2X(>$R:UB$KU?$%]B\JTYT2): 6UCPHB+%=X!*6B4&C\:]9\:QF) MZ_BF_B5-&]Q?A(-'5#]EX_M@MJ"D@5:,RC_C]!7F$>ZC8(W*I2^I1^=1WRB4 M:/&:5VG2.N4_O)AIVP0^$_A"^)0(+#=*-C\++ZK2XD1LWMI!Q!/<'7G8B)JX M5+1Y^F#4A>JUX@4OV34*S1B>,.ZK!=NGJ.%+C:-)%7567V_G TYF\P:MR M$!U\%[:3QI$+^G"RZ1A:1 _!1'%W3TD?WL^2*&A]##^&V.8KE1./P^V!+*^T M^@-02P,$% @ UF5D2<&[QA>A 0 L , !D !X;"]W;W)K&UL?5/;;IPP$/T5RQ\0LUZVC58L4C95U#Q$BO+0/GMA "N^ M$-LLZ=_'%R"DHGW!,\.9,V<\XV+4YM5V Z]2Z'L"7?.]4=";-6!9/9&]Z#\ MGT8;R9QW34ML;X#5,4D*0K/L&Y&,*UP6,?9LRD(/3G %SP;904IF_IQ!Z/&$ M=W@.O/"V367H"S7"AEH3OAN=SSG 1$!OSB,=F6CH/VB]6MP'NL3 MSH($$%"YP,#\<85[$"(0^<)O$^=GR9"XMF?VA]BM5W]A%NZU^,UKUWFQ&48U M-&P0[D6//V%JX1 (*RUL_*)JL$[+.04CR=[3R54\Q_1GSMK&TPE/%_QM%G6G M.E'E#^9861@](I-NMF=A@+LC]?=0(1N#)C7O=5H?O98TRPMR#403AD;,>8W9 M+0CBV9<2=*O$E$[7);;3]UOI^Z1P_P^%7PCR+8(\$>3_:S%ASE\QA[^*D-6= M2C!MW!R+*CVHN*>KZ+*<=S3.Y!->%CUKX8F9EBN++MKYR<8Q-%H[\"*RFP-& MG7\^BR.@<<'\[FV3-BHY3O?S^U@>:?D!4$L#!!0 ( -9E9$G[G;6+H@$ M +$# 9 >&PO=V]R:W-H965TZ"=<_V>,5MUH+B]PAZT_].@4=SYU+3,]@9X'4E*LCS+;ICB0M.R MB+4G4Q8X."DT/!EB!Z6X^7,$B>.!;NBE\"S:SH4"*PLV\VJA0%N!FAAH#O1^ MLS_N B("7@2,=A&3X/V$^!:27_6!9L$"2*A<4.!^.<,#2!F$?./W2?.K92 N MXXOZ8YS6NS]Q"P\H7T7M.F\VHZ2&A@_2/>/X$Z81KH-@A=+&+ZD&ZU!=*)0H M_I%6H>,Z3G^V$VV=D$^$?";<9=%X:A1M_N".EX7!D9BTM3T/)[C9YWXC*F)C MT:3IO5'KJ^MT):&UL?5/;;IPP$/T5BP^(6>\F35&8XY\P97XH1S:OM !QY4U+;0]8YU^\IM54'BMLK[$'[ M/PT:Q9U/34MM;X#7D:0D97E^0Q47.BN+6'LR98&#DT+#DR%V4(J;OT>0.!ZR M378I/(NVT"AW7,?UA-Q-MG< F IL)MWDT MGAI%FS^XXV5A<"0F;6W/PPEN]LQO1$5L+)HTO3=J??5MT):R/Q*RW=02P,$% @ UF5D2<+AFDFB M 0 L0, !D !X;"]W;W)K&UL?5/+;J0P$/P5 MRQ\0@X?L1B,&*9,HRAY6BG+8/7N@ 2M^$-L,V;]?/QA"(I(+MINJZFIWNYRT M>;$]@$-O4BA[P+USPYX06_<@F;W2 RC_I]5&,N>/IB-V,,":2)*"T"S[023C M"E=EC#V9JM2C$US!DT%VE)*9?T<0>CK@'%\"S[SK70B0JB0+K^$2E.5:(0/M M =_F^V,1$!'PA\-D5WL4O)^T?@F'7\T!9\$""*A=4&!^.<,="!&$?.+76?,] M92"N]Q?UAUBM=W]B%NZT^,L;UWNS&48-M&P4[EE/CS"7F_4^NBYHGE6DG,0FC$T8HYK3+X@B%=?4M"M%#.=KE-LTW=;]%UR MN/O"X0>!8DN@2 +%=R4FS/$CYG.19'6G$DP71\>B6H\J#NHJNDSG+8T]>8=7 MY< Z^,U,QY5%)^U\9V,;6JT=>!/9U35&O7\_RT% Z\+VI]^;-%+IX/1P>2#+ M*ZW^ U!+ P04 " #6961)2+./!M)2E*6YY^HXD)G=15K3Z:N<')2:'@RQ$Y*5OT;K!F\TS MTD+')^F>.7-)-UJ&Z4C"C^FE:AXSJG/V6QT/8);"&PE? E MC\93HVCS*W>\K@S.Q*2M'7DXP>+(_$8TQ,:B2=-[H]97KS4K6$6O06C!L(@Y M;S'%BJ!>?6W!]EHL=+9ML4\_[-$/R>'AGGCU;&DP4G'B[JIKK?S@<4S>8/7U&PO=V]R:W-H965T0/-='G 4+(*!R08'YY0+W($00\HW?)\W/ MEH&XC*_JCW%:[_[,+-QK\9?7KO-F,XQJ:-@@W*L>GV :81<$*RUL_*)JL$[+ M*P4CR3[2RE5&H4;3XPQ\K"Z!&9M+4]"R>8'ZC? MB K96#1I>F_4^NJEI/FN()<@-&%HQ)R6F'Q&$*\^MZ!K+28Z7;98IV_6Z)OD MVZP'9-8)L$MC^-F#"GKYC]MR9DL:<23!NOCD65'E2\J(OJ?#OO:#R3 M3WA9]*R%W\RT7%ETULZ?;#R&1FL'WD1VL\.H\^]G3@0T+H1['YMTI5+B=']] M(/,K+?\#4$L#!!0 ( -9E9$D[A>\GS0$ . $ 9 >&PO=V]R:W-H M965T! [?Y1SDD(U"OJL&0*,/SCIUC!JM^P/&JFB 4W4G M>NC,3B4DI]HL98U5+X&6CL09)G&\PYRV791G+O8J\TP,FK4=O$JD!LZI_'<" M)L9CE$37P%M;-]H&<)[AF5>V'#K5B@Y)J([18W(X[2W" 7ZW,*K%'-GE)2[G5_5G5ZW)_DP5/ GVIRUU M8Y*-(U1"10>FW\3X E,)6RM8"*;<%Q6#TH)?*1'B],./;>?&T>_,-FN!)*@R1KSS5'L;ICL5@)IT&2-V81-]C=,]BN!;=!DC=E],<&+ M*\A!UJ[3%"K$T+F^7D3G9GXD[@I_PO.LIS7\HK)N.X7.0IM&<+>V$D*#22*^ M,^?9F.=F7C"HM)WNS5SZ#O0++?KK>S(_:OE_4$L#!!0 ( -9E9$DR@2J? MI $ +$# 9 >&PO=V]R:W-H965T#7$#DIQ\^\$$L=CMLFN@3?1=BX$:%G0F5<+!=H*U,1 M<\R>-H?3+B BX+> T2YL$FH_([X'YV=]S/)0 DBH7%#@_KC ,T@9A'SBOY/F M9\I 7-I7]>^Q6U_]F5MX1OE'U*[SQ>89J:'A@W1O./Z J85]$*Q0VO@EU6 = MJBLE(XI_I%/H>([IST,^T=8);"*P+P2:$L4R7[CC96%P)"9=;<_#!#<'YB^B M(C8&3>K>%VI]]%(R=E_02Q":,"QB3DO,9D90KSZG8&LI)CI;IEBG;]?HVU3A M=IG]<;\NL%L3V"6!W4V+#[0N_N&F%MN2,SD\VCJ%!=."+R._V&>G\^YD="8T+YKVW35JIY#CL MKP]D?J7E?U!+ P04 " #6961)R? ZROT! "Q!@ &0 'AL+W=OYYYQK<^UBHNR==P@)[X/@@1_]3HCQ "O.T0@ M?Z$C&N1*2QF!0@[9!?"1(=CH(()!% 0I(+ ?_++0SIX#+5'_U-XJ,)8033B1X\F?M?W ME/DSI>]J\*TY^H'R@#"JA:* LKFA"F&LF*3RKYGTKZ8*O.\O[%]TNM+^&7)4 M4?RS;T0GW0:^UZ 67K%XH]-7-.>P4X0UQ5Q_O?K*!25+B.\1^&':?M#M9%;2 M: YS!T1S0+0&9/EF0#P'Q&M 'NA,C3.=UV[>)/?8QBFP(PJ+15(&:XP",P9H6, M\;]9\\O2$M?SJ_HO5ZW)_DP4/ KV1FO=F63C"-70D)'I%S']AKF$S I6@BGW M1=6HM.!72H0X^? C[=TX^9V[>*:%"RB1-"WRQ0C,F<9C3&K-;$-BH+Q9)R&*F)VN+,'T? MHN]]AOLU/8[# FE((/4"Z:;$;%NBQYRVF#QLDOU@DFT$;H,F6\Q=V"3_P23? M"-P'33:8[/MQX=7MX"!;UP0*56+L7A MS1UU%ZH10H-)(KXQI7;F)5@6#!IMI[=F+GUS^(46P[75E_>F_ 102P,$% M @ UF5D28S%752D 0 L0, !D !X;"]W;W)K&UL=5/;;J,P$/T5RQ]0$Y/L5A%!:EI5NP\K57W8?79@ *N^4-N$[M_7%T)( M15^P/9QSYHQG7(S:O-D.P*$/*90]X,ZY?D^(K3J0S-[I'I3_TV@CF?-'TQ+; M&V!U)$E!:);]())QAC!":[@Q2 [2,G,_R,(/1[P!E\"K[SM7 B0 MLB SK^82E.5:(0/- 3]L]L=M0$3 7PZC7>Q1\'[2^BT?\%4 MPBX(5EK8^$758)V6%PI&DGVDE:NXCNE/3B?:.H%.!#H3[K-H/"6*-I^88V5A M](A,NMJ>A0YN]M1?1(5L#)I4O3=J??1/4Y!5U+ M,='I,L4Z/5^CY\EAOJ1GWPALUP2V26![4R*]+3%ACK>8_$L2LKA3"::-HV-1 MI0<5!W41G:?S(3:17.%ET;,6_C#34G4$L#!!0 ( -9E9$E=Q=!(P0$ 'L$ 9 M >&PO=V]R:W-H965TEJM7M8J>JA/3LP@%4;L[8)[=O7/X1"9?42V\/W-\1#,0GYICH C=XYZ]4Q MZK0>#ABKJ@-.U(T8H#=/&B$YT>8H6ZP&":1V),YP$L"%5U,.O:*B1Q*:8_2P.YQRBW" M%PJ36NV1S7X6XLT>_M;'*+81@$&EK0(QRP4>@3$K9(S_SYI?EI:XWE_5?[MN M3?HS4? HV"NM=6?"QA&JH2$CT\]B^@-S"YD5K 13[A=5H]*"7RD1XN3=K[1W MZ^2?I/6*TG=O M@BI3O91)EA;X8H5F3.(PIS5FMR"P45\LDI#%3$_6%F'Z/D3?^X3[-3U.PP)I M2"#U NFFQ6S;HL>FKWTP^$/6@S745^^-^4G4$L#!!0 ( -9E9$D[.O3Z ML0$ !8$ 9 >&PO=V]R:W-H965TIB9NW !:SZ06T3.G\_?A "%>H&VY?SNM@F'Y3^ M,"V 15^"2W-,6FN[ \:F;$%0DB5[WE3,*;1J87@NI_)^!J.":;Y%IX9TUK?0$7.9YX%1,@#5,2::B/ MRE/OSBM3HFJ8\ '$KK%:@;+O (G'LA9_PY:MXL M/7$^OZH_AVY=^C,U\*CX7U;9UH5-$U1!37MNW]7P F,+(6&IN E/5/;&*G&E M)$C0KS@R&<8AOLGV(VV=0$8"F0CW:0@>C4+,)VIID6LU(!T_;4?]#FX.Q'V( M$IE0U+%[%]2XZJ4@^TV.+UYHQ)" .%V M3D_OUP6R-8$L"F2+%LFRQ8@Y+3';=9/=#R:[A4"V:K+$[+Z9X-G&"=!-.)\& ME:J7X3;,JM,5>"!AXV_P(N]H [^I;I@TZ*RL.SYAKVNE++@0Z9U+T;I+.BTX MU-9/?[FYCNSWVH&C 0 L0, M !D !X;"]W;W)K&UL;5/;;J,P$/T5RQ]0@Y.F M5420FJZJ]J%2U8?VV8$!K/K"VB9T_WY](914O."9X9PS,YYQ,6KS93L A[ZE M4/: .^?Z/2&VZD R>Z-[4/Y/HXUDSKNF);8WP.I(DH+0+-L1R;C"91%C;Z8L M]. $5_!FD!VD9.;?$80>#SC'E\ [;SL7 J0LR,RKN01EN5;(0'/ #_G^N V( M"/C@,-J%C4+M)ZV_@O-2'W 62@ !E0L*S!]G> 0A@I!/_'?2_$D9B$O[HOX4 MN_75GYB%1RT^>>TZ7VR&40T-&X1[U^,S3"WA:BHE.ERG6Z9LU^B95N%G2\VQ=8+LF ML$T"VZL6[ZY;3)CC->;^5Q*RN%,)IHVK8U&E!Q47=1&=M_.!QIG\P,NB9RV\ M,M-R9=%).S_9.(9&:P>^B.SF%J/.OY_9$="X8-YYVZ252H[3_>6!S*^T_ ]0 M2P,$% @ UF5D21S(NVJ- @ *PH !D !X;"]W;W)K&ULC5;;CILP%/P5Q -T3^L%N&//@LZE;M@EOG'>O4<1.-]P@]D(ZW(HW M%T(;Q,4CO4:LHQB=55!31S".\ZA!51MNUVKNC6[7Y,[KJL5O-&#WID'TSP[7 MI-^$(!PFWJOKC"65:0-*+YLPB_@]0"AA"C$SPKW;#(.9/%' M0C[DP_?S)HQE#;C&)RXID+@]\![7M602F7\;TG\Y9>!T/+!_57)%^4?$\)[4 MOZHSOXEJXS XXPNZU_R=]-^PT9!)PA.IF;H&ISOCI!E"PJ!!G_I>M>K>ZS<% M-&'N &@"X!B0Q-Z Q 0D2P-2$Y". 2!5K=%25",.B*/MFI(^H'KU.B0W"7A- M1:M/ 5.35/=7M(*)V<<6YJMU])!$!@,59F=ABMB%V=L8X,(<+,R(B$258ZG0 M56JJ2X56BAF"Q$60:(+$(DC3JR6=$)^ M(&8KD"\G%/]YI##[/YZL>Y+/I'$Z<4ACV:.&:JP3%(" MYQXW("T6S&3Q&0E83BIGO R<%AFT9HNT.DTR5&&YI$Q<6G<&9+0"Z>_B)U^$R>W\:'&%RZ'A1A3?9;1#YQTP]%L/!]N_P)02P,$% @ UF5D M2?W=!^4# P ,PP !D !X;"]W;W)K&ULC5?; MCILP$/T5Q )AD-]9\\#.EPOFJRIHOW;,0EX7G\?V95CE_8A=:RS='UE2YD(_-R>.7 MAN:'UJ@J/>S[D5?E1>VNLG;MK5EE["K*HJ9OC<.O594W?U]HR6Y+%[G]PL_B M=!9JP5MEWF!W*"I:\X+53D./2_<9+5Y1JB MXE=!;]RX=Y3X=\8^U,/WP]+U ME09:TKU0+G)Y^:1K6I;*DV3^HYW>.96A>=][W[7A2OGO.:=K5OXN#N(LU?JN MH8B'*X9R5O?YW]E0M6]2:N4^5?W;6HV^NM>Q,EV@PVP-H M#P8831H$VB"X&TPSA-H@G,M M &9RQ!I@^AN0"8-8FT0#P8H;+/5[6Z;FTTN M\E76L)O3= 5UR57=HD4LL[]W>+O8="F7V>%R]7.%DRCS/I4CC<$MYL7$) B" MK$T(B-C:1#&$V=F89,!X,I A&@Q%HY5BRT$*2K4PJ0]A-C/\;&T_8- [&X,A MS*N-">"@ RCHH$MA8#D(80R(28%@CFB"([(X'FHP[@*-#(XP]4,?0FU,%$E3,A)P/"$FML0DX*[' M!DT0D3B&4!L3%:4^CF$QR828Q!*30C&_)&;,/JC7A& ?@5MG84(TDL9T0FQJ MB U\,$';U*Q7,K8EZELU2J->&CPC0A'87?711&C.V41@2^M58$L%!O==@W35 MCM& 3:2G":;.1D\3S,H=FFHV*)Q1]RB<1S354!#Y?TVO$1FI6)MGJJD@LZN$ M8,WOD-DO@B 8:1=HJE\@JV'$9,0%>,K[/4V4.II>*A3X=Z5VU0 H%> M'T"/)]0SYIB*-J=V1N7.GEUKH;Z=QNHP!S]C-0<]K*_18M--LWF9!35CL2'1D35*KSGV1AG.4$/SR4]"C4;2SOFVZF[1X$N_0C^O _ M8?4/4$L#!!0 ( -9E9$F+DRL92P, (H/ 9 >&PO=V]R:W-H965T MC$[-LWIWO?K[5$4 M:7TG3Z)43_:R*M)&758'OSY5(MUUI"+W(0ABOTBSJ^5)_6+V@]QO@+60 M#O$K$Y=Z=.ZUXM^E_&@O-KO%+&@UB%QLFS9$J@Z?8B7RO(VD,O_10?_G;(GC M\R'ZNDO^>UF(E\]_9KCDJM<',VXE]>LZ;-WE9"UU#U ;L[(Z7_@GCFH830!/@2B"ADT U@4XEA)H03B5$FA!-)<2:$$\E M,$U@4PE<$_A40J()R0W![]>O6_W'M$F7\TI>O*I_94]I.QGD/E'OU]:KNYM5 M_U*I]:_5W<\E#>C<_VP#:0QTF <3$V*8U1@#&.)QC. HY,E,%&&89Q,38YB7 M;\6LOQ>S,8(D5XBOFGKM+&"=I7UGP>"'> "*!0C[ -2HE)DBX[[2'E/V27@0 M,3Q-Z$@3&FFXF8;UJQN.TB2<<>68 09\<0(-29%#4C22%!&L\%4T2L0 (IN@ MB;C-&,=#QJVZ8X?NV&AE8B;J,2\&AEB2,$<29@0@:-5L5 VA86BMACL2<2,1 MX $2QP0D4R:@_2!9);0/1QHH5NR#!NEJ.;=72U G''(9SD)LM61M 6U-9(,U2Q ;*(>;R)A)=U T(]>6V"P/(Z@,L]P' /('A9)@APQ1- MFQL0M2A&S6I0#$8(R]L'J%D-?W'HE!<87 8#X?<._P2AP^%'P&<#"$"8=;;! M]?\#(J,UEMD&U+*&UL236N-R&#"^]!"CGP(8?^HI!PO&GD:=K[7[??R M'U!+ P04 " #6961)-BR6414" "[!@ &0 'AL+W=O.2PP1?..?Y^C.QJ8OQ=M(3(X*.G@]B'K93C#@!Q:DF/Q0L;R:#> M7!COL51#?@5BY 2?C:FG $91!GK<#6%=F;E77E?L)FDWD%<>B%O?8_[W0"B; M]F$NFLK]02H*[#XSEU/!M&Q(>#DL@^_Q+NFU HC^-612:SZ@68_,O:N M!S_.^S#2"(22D]0)6#5WTA!*=9!:^,^<^7]);5SW'^G?3+6*_H@%:1C]W9UE MJV"C,#B3"[Y1^<:F[V0N(=6!)T:%>0:GFY"L?UC"H,5P99:V!>>$&OG!/G+N. M\#];VK++QH?^U?#:G&JI#4&>!;/NT'2T%PWK/4Z/&_\9KG=8$R/PLZ$78L3>]^'[8^$"G0%M:2>V!J.&=%K1MM2,5^/?D\Q92"^WYU?O7L5J5_9X( M6K#V5W.0M4H6^-Z!'LFYE:_L\HU.)<3:8<5:,?YZU5E(UETEOM>1#S,V_3A> MS)<43#*W $T"- OF.&Y!. G"FR!Z*(@F0?2_$>))$-]%"$SMX\Z51)(\X^SB M<7/: ]&7"JYC=3:5)T8C-P>B]DXHZWL>AG$6O&M'$X-&9FLS*70AI8W!7%E,$9 E1ZX A4VD3J3\IY/=)TX6:8:N-$.S6:%=Y2IT.XA<#B+C(%KL M=K),TC"ES2"U MLRGU5('$75?RH*YD45>Z#).8NA(KS)<(A2L752PHA+&3*A<4A B$+FRWP' < M?G*O\(/*L'VO@/O$L!4F64'H/# ;BO#*Z:FT(9BF$#D/;$&A"$=W9076.]-1 M?AI?>.%5[-Q+_8>QK',3>4;ZG;JS;^&Z@ Y[J9J.Z1$W]WDVD!/]0?BIZ86W M9U*]CN-3=F1,4I4V>%(7K59M<5ZT]"CU%*LY-YW"+"0;KGUO;K[Y7U!+ P04 M " #6961)]=FM&X " !\" &0 'AL+W=O@OWD]W_>;&/2@=!W5F',K<^VZ=C6KCCO-X[#R@JWB#V1'G?BGQ.A+>)B M2L\.ZRE&QU'4-@YPW=!I4=W963K:7FB6D@MOZ@Z_4(M=VA;1OSO_;5 M\%J?*RX-3I8ZL^Y8M[AC->DLBD];^]G;[!-)C,#O&@]L,;9D[@="WN7DYW%K MNS(%W."22P](/#YPCIM&.A*!_TP^;R&E<#F^>O\^5BNR/R"&<]*\U4=>B61= MVSKB$[HT_)4,/_!40B =EJ1AXZ]57A@G[55B6RWZ5,^Z&Y^#^B=V)YE9 "8! MF 5S'+, 3@)X$_BK G\2^%^-$$R"X"Z"HVH?.U<@CK*4DL&B:K5[)#>5MPG$ MVI06&XU4+8CH'1/6CPS")'4^I*.) 2.S6S*Q9T**)7(C')' G 4P93%% LY M, 7(ET1L1(K_.MD_<**E"4UI0M4LN&R6[YH=^"8'OG+@:]V.]20CU0O%="/S MS0?W:Z*H7*- %!FI0J,\#[C0A.TU+ K@@]8$*Y4%6FON-DFH*@N686 "35"N M07X2FZ!"@Y+(Z&FO01X,'JQ7N%)5J%4%C%6%6L(A-%*Y1D&Q8,:Z-,H#7A0: M*].P.'ZTE:.5RB*M,FAV$*^!(U*@']7E;-XM[:8GL=;C5DEN71<-F9AG2_.9R#?S7?VG;?)/8.] M$!>MNA=O[K.T1V?\"]%SW3'K0+BX$<;7]XD0CD76[I/8Z97X%)@G#3YQ.8S$ MF*K;44TXZ:]W_?S!D?T#4$L#!!0 ( -9E9$E7F9>S(@( &4& 9 M>&PO=V]R:W-H965TG'P M6RF'?1"(NL44B2^"UN[12!X*R"&9>TU')[ M%+W;9]>;YVC?Y.%$/V8PQ( M?_-H#U7G:D^8(+?M4I4)%;V5,(Z+X*:%)@PPF.,2$\V(0*G/*8 KQ40'"SIP M):B6B!RX,T!7!FB+@*LB$K= [!*(K4"\$DC7)C-;AL7TM@MQN(M=J&J)@GD> M0;>99,-,LC*3N072C7:DGVE'MN$@VVI':MN1+0K-XQBX0-42E"1IZ+:2;UC) M5U9RM\!NHQF[SS1#W_=_6M O_WLZ)M!4:IH Y^E8H2 $RN%]Z)235;S" X,R:Q M\A<^J;/7JID_;P@^2[W,U)K;*6@WD@WWH3[_LY1_ 5!+ P04 " #6961) MB?ECBW<# :#P &0 'AL+W=O0G@G#F> M.>!CS^HNB_?R(D1E?69I7J[M2U5=EXY3'BXBB\N%O(I<_7.21197ZK$X.^6U M$/&Q"U3>Q^X%=R MOE3U@+-9.8^X8Y*)O$QD;A7BM+9?R'(/M(8TB-^)N)?:O54G_R;E>_WPX[BV MW3H'D8I#55/$ZO(A=B)-:R8U\]^.]#EG':C?]^S?FG)5^F]Q*78R_9,_?15>#7Q,>9%HVO];A5E8RZT-L*XL_VVN2-]=[^T_@=F%X M '0!\ AXS(,'>%V ]PR@DP&T"Z!S9_"[ '\P@]/6WB@7Q56\617R;A7MZ[[& M]5=%EKYZ-P>K; :+]H4H[4HU^K'Q:+AR/FJB#@,-9JMC H)!(AWR1#@J@4<6 M@&71S0!:.& 3['1$@$*B+TGV(R1&FAZ6IM>*Y>EB^2Y.0#$"VA)072:7FTGR M5HL6DS<8%A*"@78ZB/(098IT$ D" AAJ;Z" ;)6%Z;GR1GU6<@PX,X @N=Y+'0Q8#1@!( PP(![DY$ ]VF %\DG5.)&D1Y. M$$RH%,Q0*9BK4C!7I6"N2L%LE<()E4*CR)&/L=X!1F6J_]0H?%2G#O0H*R2, M$E0H$PD47$Y1 :(A)V.\1D;^2 (ZMZ=6,3P77=$;H):;Z\6&!2# M'2#LU (M7W?AH:C=+%1DH,ABZ()AI] -:8.:M=]:;I?$^+BI7FS2IN#B@R4 M2IKAI0U0(WY)IC820HUOG(U03)DV\6>MM"G;)J9O.8<7,XYR/Y(TZ<9^W:<5CRP;UXEZ]8)9ZJ-/U681?J[?M0-U.[X<4M;.= M 5,5!2A;9,(X!]S)#1A0SQM1"*9L&'0;AI'7!%/N!L;A=.Q< 5/N!F!0H'MF M!(;7C,PR=2X$\V XXE4PM:"!SDF43B3J: ?_3!3GIN4JK8.\Y56=J3;Z:.M> MH&XBC'=[\!U!+ P04 " #6961);J " MUCD# 1#P &0 'AL+W=OXT:E1H@+N X^_:;D. 2JL'<*.#W=[KS-XU, MS[3\K Z$U,9WGA75S#S4]?'&LJK-@>1)-:%'4K!?=K3,DYJ=EGNK.I8DV3:B M/+,ZBPMR*HTJE.>)^7?6Y+1\\P$L[WPD>X/-;]@ MS:?61;=-/)K2C_YR?-V9MH\!Y*1 M3]Q&?VC*9>FODXHL:/8[W=8'EJUM&ENR M2TY9_4'/3T36X/. &YI5S:>Q.54US5N):>3)M_A.B^;[+'Z);"G#!8X4.!*,"5PI<78$G!9ZNP)<"7U<02$&@*PBE(-051%(0Z0IB*8AU!=QSX9RM+;F8 M#=J2UF[0]AM:PT';<6@M!VW/H34=M%V'UG;H^VZ)FZ2YQ>Z2.IE/2WHV2C$7 MC@D?/W##5"RX43572W'KLKNL8E>_YJX?3ZTO'DDR3L/<*HSM8Y4!C'E0UPHPYE&-XV#,D\JX&/.LP?SL,NA*+UTB0I%7C0U\TRC\_6HR MR^O)K/ @%FNH2UYHJN<;J*>CT=PT0B>B. J^][KN4!D*9BB86Q\#6]L M#:];Y4"2_EB9ODZ9P5@*@5)FS_50.!ITR@QCU\&@91?R_!#P7,*Q7,).+@"] M92+1ZF%WRR?@8]!+#W)0ZEVE/!1:=B&81.' 'D=C=47*'@=XA'C,YUC'9_X( M&TZ"_WK-Z86$1+E.X(48=:=%W?^"6!/QY MU.X3C'5A+!](,-J&L9R$XQ1/MQF',-BN:M[XQ&OS5D9>$ [$P&>>;#-PM?IL M=*:!=[W/GB0DG0JCR!U8"I]^[5+^=:N6$FKOX*&:1H%P)<_/ WD\O)QG9U?PP9,>E>&,3)S4] MMB^@E[?@^3]02P,$% @ UF5D2:"TH) F! ;!4 !D !X;"]W;W)K M&ULC5C;UNVG!5D,#[ZG[^>Z?>"OEO[=[ICFZE*EQ<4K MU>EI\84\OC+90CK$CU3=*N/::X-_*XI?[7;KE-^&])I39%]C,]UN_.D_TTOW>>N_B08SV(!J WHW(!PU8-J S37@ MVH#/-0BU03C7(-(&T5R#6!O$K95G1_8OPFJ??,4BBSK,\LM59+80<,KAUPZ"&$D" ((MD-@5C0&LP"42N+0"CVRB'K.V,8XZMANA14:A>N]LD+/>X( 8>,P)0;FKWN"(&%HFGC-D M""9^(J;'S(:8P%)3CP$0F M^WNC,3V31'8:BJF6TNGNWE ZMP044RVU#@B"0^C) 1%<[?.Y$E+$J[@D'0_0C*98Q4%COB,W-FD""&V)Z9>20@$ MA-J/48Z-CF&3E%EG&AG *Y.S5C8'M;-0[J6-4./MR#?>^%R3=_4U*=_32^6] M%75=Y-V;GE-1U*KQ%3PTHCZKY'B_R=2I;B_CYKKL7P;V-W5Q'=YMWE^PKOX! M4$L#!!0 ( -9E9$F%:1?AQ0( (\+ 9 >&PO=V]R:W-H965T:9SGH3.9'-(SL;&MB21D"BG?+\">X?H(]I$>\UOC,C'$@BW\C MY%U.GK;+,)8UX 9ON R!Q.,#KW'3R$@B\Q\=]"NG))KC(?I]WZXH_PTQO";- M[WK+#Z+:. RV>(=.#7\AYT>L>\ADP UI6/\;;$Z,DW:@A$&+/M6S[OKG6;TI M8TUS$Z FP)&@E)@D))J0?!&@EY!J0CH20.DE9)J0S5DGG(RHYQT*D#N$3V?(WKAJ:"P M*@ NT=>%T6GB3E%Z4I0^S56*A]+4O(HGQ:P\>2JK%>@.(/\6)M64+R_+"9R? M&5T$ )=/\:T&J7;!5*5.LPUIX.6#?*]!VBU%E4[*"GR^!(DE[,0) $[;#<*F MLX3U605DET_JG09I4TYD__+4?&I>"(]O@7HONZ M8\$;X>)^T5\&=H1P+.+%5^*P',3M>)PT>,?EL!!CJNZ+:L+)<;C^CG?PU3]0 M2P,$% @ UF5D2>U[INZ>! .1D !D !X;"]W;W)K&ULC5G)DN(X$/T5!_=N:[-L$Q0175".F<-$=/1A^NP"L41[86Q3 M]/S]>)$IB5$FNH M7J8RT_F>);&ZU M?JTOJNI_.=1-F7?];7,,VTNC\OUH5!8A(T2&97ZN%NO5./:]6:_J:U><*_6] M"=IK6>;-OZ^JJ&\O"[J8!WZ;/_?WVHC2J*P5,_\S_:Z>>< M@Z%Y/7O/QG3[\-_S5FWJXN=YWYWZ:,DBV*M#?BVZ'_7M#Z5SB :'N[IHQ\]@ M=VV[NIQ-%D&9_YZ^S]7X?9M^28@VTXV S/<&^ MV&T_^K$6)%Z%'X,CC6$CYM7$)-0%V9J03T38!W"/@KFBT#,PPYRY)MB8B,0) MV3YU\O;<268Y2=V9<%8F4!)4VX!K=@C)/;(C)T^S"2GV"-C)BZE!"+:6+B(DO_A)G];$T=) MPB&';S90D@1,42(I2B/%F+OM8Z0_8I_^2) $JO&U%GCQ$Q5)D3&4/6\D9F- M9(+#]4N1\%,K?.8,/S6F^D)I_^P3*'Y_:&9#"1$IW.3#*PE,8?@1IJC.08,\ M..J!U!E82)REU*GYQ 3N&:=N MS0G$'L35(,VQ1$H!\=8;F3T@4X8T/::;-/%AK:ER*6<4? !/@7/X)E"D@L+1 M8[));=T$NI@Y94MW,2,^72UUH#+C UF',:R'& M,.%@PH.SS%PY4=8S VH9#Z3N&1M)$IO==@+8B/MER3#DX\^"L!NGG2V(.=R.P!*8F $\ DDZ.[USD!2]XX!U?&SX%S M^#8P@5^R'--+;NDE \XQN%.QYA:67BV,R0://0AK@01CP#S8@HA;VL* 70!W M:LN<;>J3KJ2']5?>7,\5VWP7G==78XGR8>Z[E0?-?G:%_BD\OW]IE"' M;KB,^^MF.MF?;KKZ,O]1&PO=V]R:W-H965TV$Z=O7%T+-R),-OG#^\QT;[&IA_$WTA,C@ M?:23.(:]E/,ABD33DQ&+)S:32;WI&!^Q5$-^B<3,"6Y-T4@C"$ >C7B8PKHR M0Z C$$H:J1VP:F[DF5"JC13XS^KY M'ZD+W?[=_9M9K4I_QH(\,_I[:&6OPH(P:$F'KU2^LN4[69>0:<.&46&>07,5 MDHWWDC 8\;MMA\FTBWV#P%KF+X!K =P*H UN02;F5RQQ77&V!-QN[8SU%XP/ M4&U$$P@SR>WJ55"A9F]U"O,JNFFC50.-YN1J8I1MFDCY;Q#H@R06 G>0PF^0 M^ Q2:Y#L#- ^96%36LUD-$F9)7Y*ZJ/DEI(Z#A#$Q1YC12=7%,=EGOHYV0-. MMN<@+\<5H23]9-/R!YA\CRF]&%>$8O0)IGB *788"+P85X0 */T8]. 70+M? MP+\8Y$;)2B?+#E,^P)0N!I3>/ZUT,'F>H(^8R#F",[Z0GYA?ADD$9R;5:39' MKV-,$N4%GM1W[M6=N0THZ:3N%JK/[35B!Y+-]TMQNYGK?U!+ P04 " #6 M961)ND90N@T >CO3QYK5+#T?=EV0(C\HD/T.N9F@M&E!Z*QI># %+9 M(D;]* @RGY&N]XK.N:5IF 7^3^ M4E=U#'K9\1X)J$_>!'=?("8P$HE,HH$-U< MX04H-4(:_&?6_$2:PG7_IO[-KE:[OQ )+YS^[BK5:K.!ARJHR4C5&Y^^P[R$ MU B6G$K[1>4H%6>W$@\Q\N':KK?MY&8.P5RV7Q#-!=%2$#GC#F1M?B6*%+G@ M$Q)N:P=B_F!XC/1&E$C:H'"KUT:ECEZ+) YR_VJ$YIS(YIS7.>&2X6OU!1'M M(>;R:%U^2/<%XCV!V'F,-Q[O.$CV!!(GD&P$HNTBL7/I8C*'25>8,,V^!/N8[ $FVV"274RVQN [$/P @C>0='?+\ IRP/B_/^.O MCB(#T=@;)U')Q][>[U5TN=3/D3W*G^E%/I &?A+1=+U$%Z[TA;"GM^9<@;81 M/.D];?6SLPPHU,ITL>X+=Q/=0/'A]JXLCUOQ#U!+ P04 " #6961)._H^ M"3\" !Z!P &0 'AL+W=O2VAU#;_#VG_]\-EZJ MF;(WWA(B@O>A'_DN;(68GJ.('ULR8/Y$)S+*D3-E Q:RR2X1GQC!)QTT]%$, M0!8-N!O#NM)]+ZRNZ%7TW4A>6,"OPX#9[SWIZ;P+87CO>.TNK5 =45U%C[A3 M-Y"1=W0,&#GOPD_PN8%:HA4_.C)SJQXH^ .E;ZKQ[;0+@6(@/3D*98%E<2,- MZ7OE)#/_6DS_YE2!=OWN_D5/5^(?,"<-[7]V)]%*6A &)W+&UUZ\TODK6>:0 M*L,C[;G^!L7W& M<5HW/ S,^8L/KG\!G)E3L&7'0& /D&!0N9&ZF832CUJ1EF@ ?+K& MUA5 R8 ?*-D 2AR@TDV4&:#$2@1A##\ &5WCZ-(R605*-X!2&RCQ)MJG5J*\ M7.6Q964!5W&R#9S,P8%>G,S*@U*TAN/*UE6*4?]P_"X^M M2R%$JT#%!E!A ^7>_5S8VP*DY>H".<(,%/$J4;E!5#I+A/P&ZN)5J\/_' M''JOJP4"PJT?M1S@1;3LB#CU[-#(NB4G?"'?,;MT(P\.5,@+5]^.9TH%D7;@ M2>[W5CZ$CT9/SD)5&[K/U!+ P04 " #6961)SFP$ MRG(" !#" &0 'AL+W=OQ=L,)"((.U25>VATFH/[=DA3H(6<&H[8?OOZP]"[,K07N*O-_/>#/9, MRI&R=WXF1 0??3?P77@6XK*-(MZ<28_Y$[V009X<*>NQD$MVBOB%$7S01GT7 MP3C.HAZW0UB5>N^5526]BJX=R"L+^+7O,?O]0CHZ[D(0WC?>VM-9J(VH*J/9 M[M#V9. M'0)&CKOP&6QKD"J(1OQHR:#$[RE]5XMOAUT8*PVD(XU0+K < M;J0F7:<\2>9?D],'IS*TYW?O7W2X4OX>I-@Z# SGB:R?>Z/B5 M3#$@Y;"A'=>_07/E@O9WDS#H\8<9VT&/HSDIXLG,;P G S@;S#Q^@V0R2!X& M.G614:;C^HP%KDI&QX"9CW'!ZIN#;2(SUP1<;S*3+AD9E[NW*DW3,KHI1Q,& M:LR+C0$S(I+>9PKHHYC,H64.?02U@]CX&1(?0V*"2)P@D-]!ZG.0&@>IXR!S M1>8F#(,93!:*(@4+/&B%!SD\N-V)?7P<$89LF2)&]=N4N"3F(6KAU8*QS@ORH'6"L=P*D="'IK!["+1UK\ M_5@CJV;WA)UT+^-!0Z^#;IW6[MPOGZ&N^0]X55[PB7S'[-0./-A3(3N'+O-' M2@61*N(G633.LJ//BXX^,! ! !0 &0 'AL+W=ODLTW37C39[$5[S2B.9D$L,./V[0OB6&S826_D MP_,_OX,"Y23DF^HHU=$[9X,ZQIW6XP$ 57>4$_4D1CJ8-ZV0G&@SE!>@1DE) M,Q=Q!E"2Y("3?HBKF7\7T ME2Y+R*QA+9B:GU%]55KP>TD<P#[>R#-@WL ^QR,4_@O!WBG8R07^IW(2S^HZ"RT.6CSJ6B% MT-28)4_F'W3F.EL'C+;:=@O3E^Z$NX$6X_V^6B_-Z@]02P,$% @ UF5D M20;KW&>[ P '1, !D !X;"]W;W)K&ULC5C; M4MLP$/T53SX 6Q=+#I-DI@F0]J$S# _MLTD4XL&V4ML0^O?U-=4&:1$/^';V MEFN"CR,MZ.3LVS>DV#.O=415I?:-/JFR?''15I$U[6;V$ M]:E2Z;XW*O*01I$(BS0K9ZM%?^^Q6BWT6Y-GI7JL@OJM*-+J[UKE^KR5JUW0NTO;PKC8JSSM/;>0_H]/_,3M#\WSR_M#3;=-_3FNUT?GO M;-\TZUMR*]O5WP5U?[,:EKQ=G;J]^[[B,5^$[YVC$4-[S!IB M8AMFXX&Y@QAAP]R;&&I#/)B(Q K9 B?S"R1LZW$I"K45A0U%H6:B/+8[8#8' M?'# %,)DY0#TP%3]AA""8FBR(;; EQ,I8D#"7$D(0X22F @,23$C4#Q7'S* M9X!M39B,B3.=&$DG-M(A]CCWLGFUB+D\<.YG.D3AS,XZPUWUNUCU*A#-0-^B=D;J'1BAB;>T1-')B M[EXBUA$VA0)S15"'"TSPQ$OQ!),\ 9H7S%I;8HJ9LFCXHAZQB8VC#Q:D-,X63NTX90XU@74DSD%(I<6(-14^2N*)B^*=2W M?3<=05Z4K)-@"@8F@;@:Q7P,!D&N-PQL7% P+J0K5>L,F-Y2N$^W4$RT%(A6 M$AO;S17(,5\I)D,*9"B9PP6VQU*O399BNRP%\I+V&1YYL+T".5+EF&(X$$/BF%(<>Y'D7B^2'-L9./-A"T )OXH3&A\!3NF+ M^IE6+UE9!\^Z:731__@_:-VHUE5TTW;T4:7[RT6N#DUW*MOS:OAZ,UPT^C1] MC+I\$5O] U!+ P04 " #6961)NA0ZU-4! '!0 &0 'AL+W=O&(3C&JE8YQBJ4)^06+B@%M#H@1%09 ABH?1KTJ3>^%5R:Z2#".\<$]<*<7\ M[S,0-I_\T+\G7H=++W4"525:>>U 810#&ST.WW] MS-B;#GZT)S_0%H! ([4"5L,-:B!$"ZF-_RR:_[?4Q.W\KO[-5*O8J)*-WBN]1_&['833C;%>*8*&Y M"=%"B%9"F#PDQ LA_D! UIFIZRN6N"HYFSUN_\6$]2\/C['J7.,)D^2V7:HR MH;*W*BG2$MVTT(*)#.9YBXEF4EU M_,U9[1B3H,2")]6:7KU*:T"@DWJ:JSFW%]4&DDWW9V=]^ZI_4$L#!!0 ( M -9E9$G281[E/@( /$& 9 >&PO=V]R:W-H965T=_++@3*"A#RR8\![ MAM%>DT@;A "D 4%-YQ>YMKVQ(J/Q&"V-\U;NFP\J%_,;PWQUHH M0U#DP<3;-P1WO*&=Q_!AY;_"Y395" WXU>"!6WM/Q;ZC]$,=?NQ7/E AX!97 M0BD@N9SQ!K>M$I*._XR:5Y>*:.\OZM]TMC+Z'>)X0]O?S5[4,EC@>WM\0*=6 MO-/A.QY32)1@15NN?[WJQ 4E%XKO$?1IUJ;3ZV"^9&"DN0GA2 @GPN3'38A& M0G0EQ \)\4B(O^HA&0G)C8? Y*XK5R*!BIS1P6.FVSU2EPHN$]F;RN/:R$Q# M9.VXM)Z+> 'RX*R$1DRH,6L;DT$7I+0A5T0@ YBB"%U1C!Y"BQZZ'&QL1.:$ ME/\5V=X1F849N<*,3+$BVP/(W *Q2R V O&LVC>E?#&U,)A.8Q+@Q&QL3!P! M%Z:T,3"#H0NTG8' XDY*R8.4$KLFB\7<2VK"32PO3PEP8 M14^=4#?3LD[3^C54 ^'&OH;+#7382SG=S3"^RA=YCX[X)V+'IN/>C@HYAO3, M.% JL P;/,M>U/+]F0XM/@BU?9%[9D:R.0C:7QZ8Z94K_@%02P,$% @ MUF5D2=U2*S^5 @ 10D !D !X;"]W;W)K&UL MC9;+;J,P%(9?!;%OP#;7B" U'8UF%B-57!;BLHXBOC^3#O,5O9!>/CE2UF$A;]DI MXA=&\$$G=6T$XSB+.MST85WIL6=65_0JVJ8GSRS@UZ[#[-^6M/2^"4$X#KPT MI[-0 U%=15/>H>E(SQO:!XP<-^$C6&]!J4)TQ.^&W+EU':CB=Y2^JIN?ATT8 MJQI(2_9"26!YNI$GTK9*29+_#J+O3)5H7X_JWW6[LOP=YN2)MG^:@SC+:N,P M.) COK;BA=Y_D*&'5 GN:@]8&9N+UB]0K"&#S'0O"^5R]%8G):JBFQ(: M8J".V=HQ8(J(I/J$@#[$D X=1.(70#X!9&I$CD#J%TA\ HD12!R!S&TR,U6: MF%['P").F,@++>;*?JX>>M J]#AB* :Y'"V^P09+HMLSR;(WF- M,I):@H(LJ!U1F&P"NP-R+\CIU).4.Z#P@$E+B@90&[0W#>^9&E0.A(S7UYI_XQ!EL+\XV\RLI:Y MCK"37LUYL*?77F\>K-%IQ_ (]3+Y'EY7%WPBOS [-3T/=E3(Q5:OC$=*!9&5 MQ"OYO9SEGF:Z:%V'8[$ZBS)IO\BRJ[I>#K,NL[3[K M8]B<:Y'M!Z.R""&*DK#,\FJV6@YC/^K54E[:(J_$CSIH+F69U?^^BD)>7V9D M-@[\S(^GMA\(5\OP9K?/2U$UN:R"6AQ>9M_)8LOB'C(@_LK%M3'>@S[Y3RE_ M]1]_[%]F49^#*,2N[5UDW>-+K$51])ZZR/]HI_>8O:'Y/GK_&.AVZ7]FC5C+ MXN]\WYZZ;*-9L!>'[%*T/^5U*S2'(<.=+)KA;["[-*TL1Y-94&:_U3.OAN=5 M_<(C;>8V &T -X-;'+'$!7DW(4[$QD0 OR<3=D1N;,#%1F<*5J9S9Z8F M!ER(-Q/!G9#WITX^GCO96$Z#%)G)=,I,76%%!?;3FR M),S:6KB8@;>VRV$'M<8'V!3&H,!.L,!&T-(^')O8%@S8'$5JS$X\(IP)%Q,HFQ4X)C M%NGS9KC1(,68IZF?,"96PI^OI@TQU0,D\8?"U$-L^?BV74P^,$D^@,D'K%,& MX<[V!*9\@*:^[C,1M[%Q<>0M(&!R!%N.T.X3DV M4*=FQP+&DPJ('81I@O4I?=#7("T%^\AM%? 93F_*%B[E2 &Q7D&M7@&>4PAU M-H*Q@'Q2 3%]T_GS7O).+7TC!TV&R9O9\O8<#9A3M9HP(U,(,VQ_999JX4%R M3/\/:H,\FS##I,TL:5-?P9P2&]FR26RQ;9'%S]EN;1!]C!,:ET"EJ(_#C6 3 M[.2E:GL?QNCMUO$[])=(#^-KLG@CCO%WLOAPC6_(8JON&N]A5\MS=A1_9O4Q MKYK@4[:M+(?[IX.4K>C81-\Z-B>1[6\?A3BT_6O:O=?JQE%]M/(\7J#>;G%7 M_P%02P,$% @ UF5D28RE6GUZ @ @P@ !D !X;"]W;W)K&ULC5;+CILP%/T5Q+X#YIV(($T>5;NH-)I%NW:($] IK8S M3/^^?A!B1X:93; OY]QS[C6VDP^8O-$*(>9\M$U'-V[%6+_V/%I6J(7T"?>H MXV_.F+20\2FY>+0G")XDJ6V\P/<3KX5UYQ:YC+V0(L=7UM0=>B$.O;8M)/^V MJ,'#Q@7N+?!:7RHF EZ1>Q/O5+>HHS7N'(+.&_<9K \@$!")^%VC@6IC1Y@_ M8OPF)C]/&]<7'E"#2B920/YX1SO4-"(35_X[)KUK"J(^OF7_+LOE]H^0HAUN M_M0G5G&WONN&_:*AQ]HK"$6"4O<4/GKE%?*<'NCN$X+/]2S[N1S4&\R M?Z39"<%("";"I&,GA",AO!.B14(T$J*O*L0C(7Y0\%3MLG-[R&"1$SPX1"UW M#\57!=8Q7YO2H3)(U(+PWE$>?2_B,,B]=Y%HQ 02L]4Q&;!!]CKDCO"X@IAIR,R*V3_:9+#3!+#9FBS&:IFA4:S0GN"R)8@4@DB(T%DFDQ5 M&0K3J3+\8*:;\8)*K*N AU8D2B765( ?S=22+*@D1BVQ52715*+,KI$N:*2& M1F+52#6-;R!.8KM,MB"3&3*I;5FVF2X3^\ &VAF@*/2MA@T0R!X72*4ZF"A_ M-=.]U4)9*Z.LS%K62O\. F!O\2S(L"*.Y5DOXJ7V448S*:Q'U;C[ /C*]@/6 M<^;F(OA\I?"/,3/&#/$;?M/?$M7_!_!-&G0F8EA MRL=$W9%JPG!_N_*G_QW%?U!+ P04 " #6961)HJM\5DX# P#P &0 M 'AL+W=O^I'.%9A=>OS5'QEKOHRRJ M9NX?V_9T&P3-]LC*K+GA)U:)+WM>EUDK7NM#T)QJENUZ4ED$$(914&9YY2]F M_=A3O9CQ9'8]L-!(M9<.7M\I)53-/W5VYZ;EI MLDX9Z#85ZVOK-?U@/2PJ,?^-&'U?4)S.@O?.D,1 C[G3,"0T898Z!IDP]SH& M3)@''8--F)6*00DU81Y5#"3&O-:Z+V+";&QV E';:X'!5& \%!@T)]1L )L, MD,$ U@Q$>I3Q4)$!4PT506$8FE"/*NI':D&M-51"+;"-"HO"2(5IJ1%':D1+ M+38;H([BTBG%C1P11)J!1,\T&@H2*9EBLXO8X2+67'Q9B0-FK6&HI9*)PTFB M&4"F/%:).F,IQ;8%X,)I :6.@%+7JI6%3=65!L3NJ-NTK)ZZCTKN8,Q=@@9? MY/O:EQ$Y8'I QI8Z!J3U%8K- 2%5LI%U,EPX/21C$QI#TKH0)183QC8DI8;P M%*TAE]R1IG=*S5- E(0!6=P8F\+H1NT*@"UM!1G;PIAL-"E9E^R1KFECW[Z3 M(*FU;G+-RV U%;AV O7H7?T$J0T%Q\0[J$**8VE-VR1PTF4=F48(J M2IR0[ZX"Y:_]E!W8KZP^Y%7CO?)6' #ZO_4]YRT3UL(;4:*C.+Y>7PJV;[O' M6#S7PX%N>&GY:3R?7@_)BW]02P,$% @ UF5D22<[,Q*% @ -PD !D M !X;"]W;W)K&ULC5;+DJ(P%/T5B@]H2'BIA52U MKYI93%57+V;64:-2#<1)8MOS]Y.7F-@1W4!R.>?<WQ17ZERA?TU8GA.FC_UEA^$VS@,MGB'3@U_)^> ZO5Q1'(9@DDN7N8F8"I(]1L4S68B^EEE.2BC M3RED,%!A9C9FY(4L;,@5$0D#O0OHBBP?BZP0:H'4$DASUV.ANZ4AG8(DF0^R> Q9V9 \]QO-!HQF M3J6)7R ?:%7^3*N* 0>%(Y#ZJIP75I40Q"XFU\VR,0#X9)8VI(@SO]?1@->1 MX_6.P'B@6^-GNB6WTKL6Y$-+(O?U8F9 NM(L+KQ-=4"I?Y4N'!!(L[&WL2X* MCN^L(^#=PRZ%N9O8C>?4V'%!HSMYO+O4)0]\_&T:S.#'^01FY6"^?9Z1MG_E:K_4$L# M!!0 ( -9E9$EJUVN>^5H $RC 0 4 >&PO,'0&Q1.KJVCT=(M\QF8Z.KJJ1 !Y6;ER MW2^_K>M5LEX4_[+.S\KU8O7WOSD\>OF;Y,M\MJC__C?3U6KYP_??U^-I/L_J M0;G,%_#DNJSFV0K^K&Z^KY=5GDWJ:9ZOYK/O1WM[1]_/LV+QF]_]MBY^]]O5 M[UZ7X_4\7ZR2;#%)WBQ6Q>H^>;?@$8IRD>PF]32K\OJWWZ]^]]OO\1O^[F7R M<[E836OX9I)/FD\O\^4@V=]+D]'>\*CY\'R\@H?#^$.[GM/X>O[TOECDR;M5 M/J__N?FMO/XQORGJ597!(!^R>=Y\Z^.;[W\^_:?D]^5L4BQNZA2&'P]:ACJ# ME539#%Z9Y%^2_Y7?MR[W(J^*$E<\25YGJV!2 Y"=__$_8KL^6U<5CO*VJ,
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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 67 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 69 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 189 274 1 false 73 0 false 8 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.remax.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00100 - Statement - Consolidated Balance Sheets Sheet http://www.remax.com/role/StatementConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00105 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.remax.com/role/StatementConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - Consolidated Statements of Income Sheet http://www.remax.com/role/StatementConsolidatedStatementsOfIncome Consolidated Statements of Income Statements 4 false false R5.htm 00300 - Statement - Consolidated Statements of Comprehensive Income Sheet http://www.remax.com/role/StatementConsolidatedStatementsOfComprehensiveIncome Consolidated Statements of Comprehensive Income Statements 5 false false R6.htm 00400 - Statement - Condensed Consolidated Statement of Stockholders' Equity Sheet http://www.remax.com/role/StatementCondensedConsolidatedStatementOfStockholdersEquity Condensed Consolidated Statement of Stockholders' Equity Statements 6 false false R7.htm 00500 - Statement - Consolidated Statements of Cash Flows Sheet http://www.remax.com/role/StatementConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 7 false false R8.htm 00505 - Statement - Consolidated Statements of Cash Flows (Paranthetical) Sheet http://www.remax.com/role/StatementConsolidatedStatementsOfCashFlowsParanthetical Consolidated Statements of Cash Flows (Paranthetical) Statements 8 false false R9.htm 10101 - Disclosure - Business and Organization Sheet http://www.remax.com/role/DisclosureBusinessAndOrganization Business and Organization Notes 9 false false R10.htm 10201 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.remax.com/role/DisclosureSummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 10 false false R11.htm 10301 - Disclosure - Non-controlling Interest Sheet http://www.remax.com/role/DisclosureNonControllingInterest Non-controlling Interest Notes 11 false false R12.htm 10401 - Disclosure - Earnings Per Share and Dividends Sheet http://www.remax.com/role/DisclosureEarningsPerShareAndDividends Earnings Per Share and Dividends Notes 12 false false R13.htm 10501 - Disclosure - Acquisitions and Dispositions Sheet http://www.remax.com/role/DisclosureAcquisitionsAndDispositions Acquisitions and Dispositions Notes 13 false false R14.htm 10601 - Disclosure - Intangible Assets and Goodwill Sheet http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwill Intangible Assets and Goodwill Notes 14 false false R15.htm 10701 - Disclosure - Accrued Liabilities Sheet http://www.remax.com/role/DisclosureAccruedLiabilities Accrued Liabilities Notes 15 false false R16.htm 10801 - Disclosure - Debt Sheet http://www.remax.com/role/DisclosureDebt Debt Notes 16 false false R17.htm 10901 - Disclosure - Income Taxes Sheet http://www.remax.com/role/DisclosureIncomeTaxes Income Taxes Notes 17 false false R18.htm 11001 - Disclosure - Equity-Based Compensation Sheet http://www.remax.com/role/DisclosureEquityBasedCompensation Equity-Based Compensation Notes 18 false false R19.htm 11101 - Disclosure - Leadership Changes and Restructuring Activities Sheet http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivities Leadership Changes and Restructuring Activities Notes 19 false false R20.htm 11201 - Disclosure - Commitments and Contingencies Sheet http://www.remax.com/role/DisclosureCommitmentsAndContingencies Commitments and Contingencies Notes 20 false false R21.htm 11301 - Disclosure - Related-Party Transactions Sheet http://www.remax.com/role/DisclosureRelatedPartyTransactions Related-Party Transactions Notes 21 false false R22.htm 30303 - Disclosure - Non-controlling Interest (Tables) Sheet http://www.remax.com/role/DisclosureNonControllingInterestTables Non-controlling Interest (Tables) Tables http://www.remax.com/role/DisclosureNonControllingInterest 22 false false R23.htm 30403 - Disclosure - Earnings Per Share and Dividends (Tables) Sheet http://www.remax.com/role/DisclosureEarningsPerShareAndDividendsTables Earnings Per Share and Dividends (Tables) Tables http://www.remax.com/role/DisclosureEarningsPerShareAndDividends 23 false false R24.htm 30503 - Disclosure - Acquisitions and Dispositions (Tables) Sheet http://www.remax.com/role/DisclosureAcquisitionsAndDispositionsTables Acquisitions and Dispositions (Tables) Tables http://www.remax.com/role/DisclosureAcquisitionsAndDispositions 24 false false R25.htm 30603 - Disclosure - Intangible Assets and Goodwill (Tables) Sheet http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwillTables Intangible Assets and Goodwill (Tables) Tables http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwill 25 false false R26.htm 30703 - Disclosure - Accrued Liabilities (Tables) Sheet http://www.remax.com/role/DisclosureAccruedLiabilitiesTables Accrued Liabilities (Tables) Tables http://www.remax.com/role/DisclosureAccruedLiabilities 26 false false R27.htm 30803 - Disclosure - Debt (Tables) Sheet http://www.remax.com/role/DisclosureDebtTables Debt (Tables) Tables http://www.remax.com/role/DisclosureDebt 27 false false R28.htm 31003 - Disclosure - Equity-Based Compensation (Tables) Sheet http://www.remax.com/role/DisclosureEquityBasedCompensationTables Equity-Based Compensation (Tables) Tables http://www.remax.com/role/DisclosureEquityBasedCompensation 28 false false R29.htm 31103 - Disclosure - Leadership Changes and Restructuring Activities (Tables) Sheet http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivitiesTables Leadership Changes and Restructuring Activities (Tables) Tables http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivities 29 false false R30.htm 40101 - Disclosure - Business and Organization (Details) Sheet http://www.remax.com/role/DisclosureBusinessAndOrganizationDetails Business and Organization (Details) Details http://www.remax.com/role/DisclosureBusinessAndOrganization 30 false false R31.htm 40201 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.remax.com/role/DisclosureSummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details 31 false false R32.htm 40301 - Disclosure - Non-controlling Interest - Narrative (Details) Sheet http://www.remax.com/role/DisclosureNonControllingInterestNarrativeDetails Non-controlling Interest - Narrative (Details) Details 32 false false R33.htm 40302 - Disclosure - Non-controlling Interest - Ownership of common units in RMCO (Details) Sheet http://www.remax.com/role/DisclosureNonControllingInterestOwnershipOfCommonUnitsInRmcoDetails Non-controlling Interest - Ownership of common units in RMCO (Details) Details 33 false false R34.htm 40303 - Disclosure - Non-controlling Interest - Net income reconciliation (Details) Sheet http://www.remax.com/role/DisclosureNonControllingInterestNetIncomeReconciliationDetails Non-controlling Interest - Net income reconciliation (Details) Details 34 false false R35.htm 40304 - Disclosure - Non-controlling Interest - Provision for income taxes reconciliation (Details) Sheet http://www.remax.com/role/DisclosureNonControllingInterestProvisionForIncomeTaxesReconciliationDetails Non-controlling Interest - Provision for income taxes reconciliation (Details) Details 35 false false R36.htm 40305 - Disclosure - Non-controlling Interest - Distributions Paid or Payable (Details) Sheet http://www.remax.com/role/DisclosureNonControllingInterestDistributionsPaidOrPayableDetails Non-controlling Interest - Distributions Paid or Payable (Details) Details 36 false false R37.htm 40401 - Disclosure - Earnings Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) Sheet http://www.remax.com/role/DisclosureEarningsPerShareAndDividendsReconciliationOfNumeratorAndDenominatorUsedInBasicAndDilutedEpsCalculationsDetails Earnings Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) Details 37 false false R38.htm 40402 - Disclosure - Earnings Per Share and Dividends - Additional Information (Details) Sheet http://www.remax.com/role/DisclosureEarningsPerShareAndDividendsAdditionalInformationDetails Earnings Per Share and Dividends - Additional Information (Details) Details 38 false false R39.htm 40501 - Disclosure - Acquisitions and Dispositions - Acquisitions (Details) Sheet http://www.remax.com/role/DisclosureAcquisitionsAndDispositionsAcquisitionsDetails Acquisitions and Dispositions - Acquisitions (Details) Details 39 false false R40.htm 40502 - Disclosure - Acquisitions and Dispositions - Additional Information (Details) Sheet http://www.remax.com/role/DisclosureAcquisitionsAndDispositionsAdditionalInformationDetails Acquisitions and Dispositions - Additional Information (Details) Details 40 false false R41.htm 40601 - Disclosure - Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) Sheet http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwillComponentsOfCompanySIntangibleAssetsDetails Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) Details 41 false false R42.htm 40602 - Disclosure - Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) Sheet http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwillEstimatedFutureAmortizationOfIntangibleAssetsOtherThanGoodwillDetails Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) Details 42 false false R43.htm 40603 - Disclosure - Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) Sheet http://www.remax.com/role/DisclosureIntangibleAssetsAndGoodwillScheduleOfChangesInGoodwillDetails Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) Details 43 false false R44.htm 40701 - Disclosure - Accrued Liabilities - Schedule of Accrued Liabilities (Details) Sheet http://www.remax.com/role/DisclosureAccruedLiabilitiesScheduleOfAccruedLiabilitiesDetails Accrued Liabilities - Schedule of Accrued Liabilities (Details) Details 44 false false R45.htm 40801 - Disclosure - Debt - Schedule of Debt (Details) Sheet http://www.remax.com/role/DisclosureDebtScheduleOfDebtDetails Debt - Schedule of Debt (Details) Details 45 false false R46.htm 40802 - Disclosure - Debt - Schedule of Maturities of Debt (Details) Sheet http://www.remax.com/role/DisclosureDebtScheduleOfMaturitiesOfDebtDetails Debt - Schedule of Maturities of Debt (Details) Details 46 false false R47.htm 40803 - Disclosure - Debt - Additional Information (Details) Sheet http://www.remax.com/role/DisclosureDebtAdditionalInformationDetails Debt - Additional Information (Details) Details 47 false false R48.htm 40804 - Disclosure - Debt - Schedule of Senior Secured Credit Facility (Details) Sheet http://www.remax.com/role/DisclosureDebtScheduleOfSeniorSecuredCreditFacilityDetails Debt - Schedule of Senior Secured Credit Facility (Details) Details 48 false false R49.htm 41001 - Disclosure - Equity-Based Compensation - Share-Based Compensation Expense (Details) Sheet http://www.remax.com/role/DisclosureEquityBasedCompensationShareBasedCompensationExpenseDetails Equity-Based Compensation - Share-Based Compensation Expense (Details) Details 49 false false R50.htm 41002 - Disclosure - Equity-Based Compensation - Activity for Restricted Stock Units (Details) Sheet http://www.remax.com/role/DisclosureEquityBasedCompensationActivityForRestrictedStockUnitsDetails Equity-Based Compensation - Activity for Restricted Stock Units (Details) Details 50 false false R51.htm 41101 - Disclosure - Leadership Changes and Restructuring Activities (Details) Sheet http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivitiesDetails Leadership Changes and Restructuring Activities (Details) Details http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivitiesTables 51 false false R52.htm 41102 - Disclosure - Leadership Changes and Restructuring Activities - Rollforward of Estimated Fair Value Liability Established for Total Severance and Other Related Costs (Details) Sheet http://www.remax.com/role/DisclosureLeadershipChangesAndRestructuringActivitiesRollforwardOfEstimatedFairValueLiabilityEstablishedForTotalSeveranceAndOtherRelatedCostsDetails Leadership Changes and Restructuring Activities - Rollforward of Estimated Fair Value Liability Established for Total Severance and Other Related Costs (Details) Details 52 false false R53.htm 41201 - Disclosure - Commitments and Contingencies (Details) Sheet http://www.remax.com/role/DisclosureCommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://www.remax.com/role/DisclosureCommitmentsAndContingencies 53 false false R54.htm 41301 - Disclosure - Related-Party Transactions (Details) Sheet http://www.remax.com/role/DisclosureRelatedPartyTransactionsDetails Related-Party Transactions (Details) Details http://www.remax.com/role/DisclosureRelatedPartyTransactions 54 false false All Reports Book All Reports rmax-20160930.xml rmax-20160930.xsd rmax-20160930_cal.xml rmax-20160930_def.xml rmax-20160930_lab.xml rmax-20160930_pre.xml true true ZIP 71 0001558370-16-009315-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001558370-16-009315-xbrl.zip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�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
!3<(7X*9D^3X6>:@49C" MO8[!!W'W CZ$M?!J6"_$,&:IPHW1U^#!3$1/0WK%?09'H@2<#>_Q&"$,A":! MD\>X$:7I.=SI^HKR B]I#0E\'U@PL?]HH*.86'SNR2BR^(02!C^!L=@PML#V M8+XZ=9TEE++A^8CGQOC*F\.81W)@XF!(IL>.!#%NIK',8NGWG,!MA]YVKD
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