0001104659-15-076585.txt : 20151110 0001104659-15-076585.hdr.sgml : 20151110 20151106124259 ACCESSION NUMBER: 0001104659-15-076585 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151106 DATE AS OF CHANGE: 20151106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wayside Technology Group, Inc. CENTRAL INDEX KEY: 0000945983 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 133136104 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26408 FILM NUMBER: 151203513 BUSINESS ADDRESS: STREET 1: 1157 SHREWSBURY AVE CITY: SHREWSBURY STATE: NJ ZIP: 07702 BUSINESS PHONE: 7323898950 MAIL ADDRESS: STREET 1: 1157 SHREWSBURY AVE CITY: SHREWSBURY STATE: NJ ZIP: 07702 FORMER COMPANY: FORMER CONFORMED NAME: PROGRAMMERS PARADISE INC DATE OF NAME CHANGE: 19950531 10-Q 1 a15-17997_110q.htm 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-26408

Wayside Technology Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware		13-3136104
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

1157 Shrewsbury Avenue, Shrewsbury, New Jersey 07702

(Address of principal executive offices)

(732) 389-8950

Registrant’s Telephone Number

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 and 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 x No o

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 x No o

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 the definitions of “large accelerated filer,” and “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Check One:

Large Accelerated Filer o		Accelerated Filer o

Non-Accelerated Filer o		Smaller Reporting Company x

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

There were 4,723,528 outstanding shares of common stock, par value $.01 per share, (“Common Stock”) as of November 2, 2015, not including 560,972 shares classified as treasury stock.

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Wayside Technology Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

	September 30,			December 31,
	2015			2014
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	19,607		$	23,124
Accounts receivable, net of allowances of $1,413 and $1,819, respectively	56,916			60,782
Inventory, net	2,012			1,491
Prepaid expenses and other current assets	1,094			933
Deferred income taxes	179			245
Total current assets	79,808			86,575

Equipment and leasehold improvements, net	390			412
Accounts receivable-long-term	6,139			7,660
Other assets	94			152
Deferred income taxes	182			182

	$	86,613		$	94,981

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Accounts payable and accrued expenses	$	48,537		$	55,414
Total current liabilities	48,537			55,414

Commitments and contingencies

Stockholders’ equity
Common Stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued; 4,740,380 and 4,890,756 shares outstanding, respectively	53			53
Additional paid-in capital	32,048			31,013
Treasury stock, at cost, 544,120 and 393,744 shares, respectively	(9,574		)	(6,166		)
Retained earnings	16,997			15,225
Accumulated other comprehensive loss	(1,448		)	(558		)
Total stockholders’ equity	38,076			39,567
	$	86,613		$	94,981

The accompanying notes are an integral part of these condensed consolidated financial statements.

Wayside Technology Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings

(Unaudited)

(Amounts in thousands, except per share data)

	Nine months ended						Three months ended
	September 30						September 30,
	2015			2014			2015			2014

Net sales	$	282,314		$	246,635		$	97,653		$	90,505

Cost of sales	262,652			228,782			90,773			84,329

Gross profit	19,662			17,853			6,880			6,176

Selling, general and administrative expenses	13,533			12,293			4,618			4,291

Income from operations	6,129			5,560			2,262			1,885

Other income:
Interest, net	297			375			100			121

Foreign currency transaction loss	(9		)	(8		)	(4		)	(4		)

Income before provision for income taxes	6,417			5,927			2,358			2,002

Provision for income taxes	2,199			2,016			805			632

Net income	$	4,218		$	3,911		$	1,553		$	1,370

Income per common share — Basic	$	0.91		$	0.84		$	0.34		$	0.29

Income per common share —Diluted	$	0.90		$	0.83		$	0.33		$	0.29

Weighted average common shares outstanding — Basic	4,652			4,639			4,624			4,716

Weighted average common shares outstanding — Diluted	4,673			4,685			4,643			4,736

Dividends paid per common share	$	0.51		$	0.51		$	0.17		$	0.17

The accompanying notes are an integral part of these condensed consolidated financial statements.

Wayside Technology Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Amounts in thousands)

	Nine months ended						Three months ended
	September 30,						September 30,
	2015			2014			2015			2014

Net income	$	4,218		$	3,911		$	1,553		$	1,370

Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(890		)	(357		)	(428		)	(293		)
Other comprehensive loss	(890		)	(357		)	(428		)	(293		)

Comprehensive income	$	3,328		$	3,554		$	1,125		$	1,077

The accompanying notes are an integral part of these condensed consolidated financial statements.

Wayside Technology Group, Inc. and Subsidiaries

Condensed Consolidated Statement of Stockholders’ Equity

(Unaudited)

(Amounts in thousands, except share amounts)

	Common Stock			Additional Paid-In			Treasury					Retained			Accumulated Other Comprehensive
	Shares	Amount		Capital			Shares		Amount			Earnings			Loss			Total

Balance at January 1, 2015	5,284,500	$	53	$	31,013		393,744		$	(6,166	)	$	15,225		$	(558	)	$	39,567
Net income												4,218						4,218
Translation adjustment															(890		)	(890		)
Dividends paid												(2,446		)				(2,446		)
Share-based compensation expense				797														797
Restricted stock grants (net of forfeitures)				(232		)	(39,535	)	232									—
Stock options exercised				298			(44,640	)	276									574
Tax benefit from share-based compensation				172														172
Treasury stock repurchased							234,551		(3,916		)							(3,916		)
Balance at September 30, 2015	5,284,500	$	53	$	32,048		544,120		$	(9,574	)	$	16,997		$	(1,448	)	$	38,076

The accompanying notes are an integral part of these condensed consolidated financial statements.

Wayside Technology Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

	Nine months ended
	September 30,
	2015			2014

Cash flows from operating activities
Net income	$	4,218		$	3,911
Adjustments to reconcile net income to net cash provided by ( used in) operating activities:
Depreciation and amortization expense	188			167
Deferred income tax expense (benefit)	67			(52		)
Provision for doubtful accounts receivable	6			43
Share-based compensation expense	797			853
Changes in operating assets and liabilities:
Accounts receivable	4,686			(1,080		)
Inventory	(531		)	(99		)
Prepaid expenses and other current assets	(176		)	1,266
Accounts payable and accrued expenses	(6,642		)	(8,262		)
Other assets	55			(8		)
Net cash provided by (used in) operating activities	2,668			(3,261		)

Cash flows used in investing activities
Purchase of equipment and leasehold improvements	(164		)	(197		)
Net cash used in investing activities	(164		)	(197		)

Cash flows used financing activities
Dividends paid	(2,446		)	(2,407		)
Purchase of treasury stock	(3,916		)	(456		)
Tax benefit from share-based compensation	172			713
Proceeds from stock option exercises	574			1,791
Net cash used in financing activities	(5,616		)	(359		)

Effect of foreign exchange rate on cash	(405		)	(186		)

Net decrease in cash and cash equivalents	(3,517		)	(4,003		)
Cash and cash equivalents at beginning of period	23,124			19,609
Cash and cash equivalents at end of period	$	19,607		$	15,606

Supplementary disclosure of cash flow information:
Income taxes paid	$	2,347		$	1,693

The accompanying notes are an integral part of these condensed consolidated financial statements.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

1. The accompanying unaudited condensed consolidated financial statements of Wayside Technology Group, Inc. and its subsidiaries (collectively, the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete audited financial statements.

The preparation of these condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to product returns, bad debts, inventories, investments, intangible assets, income taxes, stock-based compensation, and contingencies and litigation. The Company bases its estimates on its historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In the opinion of the Company’s management, all adjustments that are of a normal recurring nature, considered necessary for fair presentation, have been included in the accompanying financial statements. The Company’s actual results may differ from these estimates under different assumptions or conditions. The unaudited condensed consolidated statements of earnings for the interim periods are not necessarily indicative of results for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the Securities Exchange Commission for the year ended December 31, 2014.

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The FASB approved a one-year deferral in July 2015, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements.

In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “Simplifying the Measurement of Inventory (Topic 330)”, (“ASU 2015-11”). Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements.

2. Assets and liabilities of the Company’s foreign subsidiaries have been translated at current exchange rates, and related sales and expenses have been translated at average rates of exchange in effect during the period. The sales from our Canadian operations in the first nine months of 2015 were $16.5 million as compared to $17.3 million for the first nine months of 2014. The sales from our Canadian operations for the third quarter of 2015 were $5.5 million as compared to $5.7 million for the third quarter of 2014.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

3. Cumulative translation adjustments have been classified within accumulated other comprehensive loss, which is a separate component of stockholders’ equity in accordance with FASB Accounting Standards Codification (“ASC”) Topic 220, “Comprehensive Income.”

4. Revenue on product (software and hardware) and maintenance agreement sales are recognized once four criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed and determinable, (3) delivery (software and hardware) or fulfillment (maintenance) has occurred, and (4) there is reasonable assurance of collection of the sales proceeds. Revenues from the sales of hardware products, software products and licenses and maintenance agreements are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recorded as cost of sales.

Product delivery to customers occur in a variety of ways, including (i) as physical product shipped from the Company’s warehouse, (ii) via drop-shipment by the vendor, or (iii) via electronic delivery for software licenses. The Company leverages drop-ship arrangements with many of its vendors and suppliers to deliver products to customers without having to physically hold the inventory at its warehouse, thereby increasing efficiency and reducing costs. The Company recognizes revenue for drop-ship arrangements on a gross basis. Furthermore, in such drop-ship arrangements, the Company negotiates price with the customer, pays the supplier directly for the product shipped and bears credit risk of collecting payment from its customers. The Company serves as the principal with the customer and, therefore, recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product has shipped. Maintenance agreements allow customers to obtain technical support directly from the software publisher and to upgrade, at no additional cost, to the latest technology if new applications are introduced by the software publisher during the period that the maintenance agreement is in effect.

Sales are recorded net of discounts, rebates, and returns. Vendor rebates and price protection are recorded when earned as a reduction to cost of sales or merchandise inventory, as applicable.

Cooperative reimbursements from vendors, which are earned and available, are recorded in the period the related advertising expenditure is incurred. Cooperative reimbursements are recorded as a reduction of cost of sales in accordance with FASB ASC Topic 605-50 “Accounting by a Customer (including reseller) for Certain Consideration Received from a Vendor.” Provisions for returns are estimated based on historical sales returns and credit memo analysis which are adjusted to actual on a periodic basis.

Accounts receivable-long-term result from product sales with extended payment terms that are discounted to their present values at the prevailing market rates. In subsequent periods, the accounts receivable are increased to the amounts due and payable by the customers through the accretion of interest income on the unpaid accounts receivable due in future years. The amounts due under these long-term accounts receivable due within one year are reclassified to the current portion of accounts receivable.

5. The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximated fair value at September 30, 2015 and December 31, 2014 because of the relative short maturity of these instruments. The Company’s accounts receivable long-term is discounted to their present value at prevailing market rates so the balances approximate fair value.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

6. Balance Sheet Detail:

Equipment and leasehold improvements consist of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014

Equipment	$	2,904		$	2,744
Leasehold improvements	559			565
	3,463			3,309
Less accumulated depreciation and amortization	(3,073		)	(2,897		)
	$	390		$	412

Accounts payable and accrued expenses consist of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015		December 31, 2014

Trade accounts payable	$	45,548	$	52,328
Accrued expenses	2,989		3,086
	$	48,537	$	55,414

Accumulated other comprehensive loss consists of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014

Foreign currency translation adjustment	$	(1,448	)	$	(558	)
	$	(1,448	)	$	(558	)

7. On January 4, 2013, the Company entered into a $10,000,000 revolving credit facility (the “Credit Facility”) with Citibank, N.A. (“Citibank”) pursuant to a Business Loan Agreement (the “Loan Agreement”), Promissory Note (the “Note”), Commercial Security Agreements (the “Security Agreements”) and Commercial Pledge Agreement (the “Pledge Agreement”). The Credit Facility, which will be used for business and working capital purposes, including financing of larger extended payment terms sales transactions. The Credit Facility matures on January 4, 2016, at which time the Company must pay this loan in one payment of any outstanding principal plus all accrued unpaid interest. In addition, the Company will pay regular monthly payments of all accrued unpaid interest. The interest rate for any borrowings under the Credit Facility is subject to change from time to time based on the changes in an independent index which is the LIBOR Rate (the “Index”). If the Index becomes unavailable during the term of this loan, Citibank may designate a substitute index after notifying the Company. Interest on the unpaid principal balance of the Note will be calculated using a rate of 1.500 percentage points over the Index. The Credit Facility is secured by the assets of the Company.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

Among other affirmative covenants set forth in the Loan Agreement, the Company must maintain (i) a ratio of Total Liabilities to Tangible Net Worth (each as defined in the Loan Agreement) of not greater than 2.50 to 1.00, to be tested quarterly and (ii) a minimum Debt Service Coverage Ratio (as defined in the Loan Agreement) of 2.00 to 1.00. Additionally, the Loan Agreement contains negative covenants related to, among other items, prohibitions against the creation of certain liens, engaging in any business activities substantially different than those currently engaged in by the Company, and paying dividends on the Company’s stock other than (i) dividends payable in its stock and (ii) cash dividends in amounts and frequency consistent with past practice, without first securing the written consent of Citibank. The Company is in compliance with all covenants at September 30, 2015.

At September 30, 2015, the Company had no borrowings outstanding under the Credit Facility.

8. Basic Earnings Per Share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for potentially dilutive securities including unexercised stock option grants and nonvested shares of restricted stock.

A reconciliation of the numerators and denominators of the basic and diluted per share computations follows:

	Nine months ended				Three months ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerator:
Net income	$	4,218	$	3,911	$	1,553	$	1,370
Denominator:
Weighted average shares (Basic)	4,652		4,639		4,624		4,716
Dilutive effect of outstanding options and non-vested shares of restricted stock	21		46		19		20

Weighted average shares including assumed conversions (Diluted)	4,673		4,685		4,643		4,736

Basic income per share	$	0.91	$	0.84	$	0.34	$	0.29
Diluted income per share	$	0.90	$	0.83	$	0.33	$	0.29

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

9. The Company had one major vendor that accounted for 24.3% and 26.2% of total purchases during the nine months and three months, respectively, that ended September 30, 2015. The Company had one major vendor that accounted for 13.6% and 17.3% of total purchases during the nine months and three months, respectively, that ended September 30, 2014 .The Company had two major customers that accounted for 18.8% and 17.9%, respectively, of its total net sales during the nine months ended September 30, 2015, and 20.5%, and 18.1% of total net sales for the three months ended September 30, 2015. These same customers accounted for 11.9% and 18.8%, respectively, of total net accounts receivable as of September 30, 2015. The Company had three major customers that accounted for 16.7%, 16.4% and 10.9% of its total net sales during the nine months ended September 30, 2014, and 16.8%, 18.7% and 10.6% of total net sales for the three months ended September 30, 2014.

10. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company has identified its federal consolidated tax return and its state tax return in New Jersey and its Canadian tax return as major tax jurisdictions. As of September 30, 2015 the Company’s 2013 and 2014 Federal tax returns remain open for examination, as the Company recently concluded an Internal Revenue Service examination for the 2011 and 2012 tax years. This examination resulted in no change to the previously filed Federal corporate tax returns. The Company’s New Jersey and Canadian tax returns are open for examination for the years 2012 through 2014. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions it takes and expects to take on its tax returns, and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.

The effective tax rate for each of the nine and three months ended September 30, 2015 was 34.3% and 34.1% respectively, compared with 34.0% and 31.6% for the same periods last year. The current year effective tax rates are higher primarily due to fact that the prior year included an adjustment to reflect a change in state apportionment rules.

11. The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2012 Plan was 600,000. As of September 30, 2015, the number of shares of Common stock available for future award grants to employees and directors under the 2012 Plan is 474,713.

The 2006 Stock-Based Compensation Plan (the “2006 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses, and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2006 Plan was 800,000. As of September 30, 2015, there are no shares of Common Stock available for future award grants to employees and directors under the 2006 Plan.

During 2010, the Company granted a total of 150,500 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2010, a total of 5,875 shares of Restricted Stock were forfeited as a result of employees and officers terminating employment with the Company.

During 2011, the Company granted a total of 15,000 shares of Restricted Stock to employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2011, a total of 8,375 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

During 2012, the Company granted a total of 92,000 shares of Restricted Stock to officers, directors, and employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2012, a total of 3,525 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

During 2013, the Company granted a total of 56,500 shares of Restricted Stock to officers and employees. Included in these grants were 40,000 Restricted Shares granted to the Company’s CEO in accordance with the satisfaction of certain performance criteria included in his compensation plan. These 40,000 Restricted Shares vest over 16 equal quarterly installments. The remaining grants of Restricted Stock vest over 20 equal quarterly installments. In 2013, a total of 775 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

During 2014, the Company granted a total of 98,689 shares of Restricted Stock to officers, directors and employees. These shares of Restricted Stock vest between one and twenty equal quarterly installments. In 2014, a total of 34,487 shares of Restricted Stock were forfeited as a result of officers and employees terminating employment with the Company.

During 2015, the Company granted a total of 44,000 shares of Restricted Stock to officers. These shares of Restricted Stock vest over sixteen equal quarterly installments. In 2015, a total of 4,465 shares of Restricted Stock were forfeited as a result of officers and employees terminating employment with the Company.

Changes during 2015 in options outstanding under the Company’s combined plans (i.e., the 2012 Plan, the 2006 Plan, the 1995 Non-Employee Director Plan and the 1995 Stock Option Plan) were as follows:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value ($M)(1)
Outstanding at January 1, 2015	50,640		$	12.85
Granted in 2015	—		—
Canceled in 2015	(6,000	)	12.85
Exercised in 2015	(44,640	)	12.85
Outstanding at September 30, 2015	—		—		—	—
Exercisable at September 30, 2015	—		—		—	—

(1) The intrinsic value of an option is calculated as the difference between the market value on the last trading day of the quarter (September 30, 2015) and the exercise price of the outstanding options. The market value as of September 30, 2015 was $17.00 per share represented by the closing price as reported by The NASDAQ Global Market on that day.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

A summary of nonvested shares of Restricted Stock awards outstanding under the Company’s the 2012 Plan and 2006 Plan as of September 30, 2015, and changes during the nine months then ended is as follows:

	Shares		Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2015	162,609		$	14.36
Granted in 2015	44,000		14.99
Vested in 2015	(59,361	)	13.64
Forfeited in 2015	(4,465	)	12.80
Nonvested shares at September 30, 2015	142,783		$	15.22

As of September 30, 2015, there is approximately $2.2 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.9 years.

For the nine months ended September 30, 2015 and 2014, the Company recognized share-based compensation cost of $0.8 milliion and $0.9 million respectively, which is included in the Company’s general and administrative expense.

12. FASB ASC Topic 280, “Segment Reporting,” requires that public companies report profits and losses and certain other information on their “reportable operating segments” in their annual and interim financial statements. The internal organization used by the public company’s Chief Operating Decision Maker (CODM) to assess performance and allocate resources determines the basis for reportable operating segments. The Company’s CODM is the Chief Executive Officer.

The Company is organized into two reportable operating segments. The “Lifeboat Distribution” segment distributes technical software to corporate resellers, value added resellers (VARs), consultants and systems integrators worldwide. The “TechXtend” segment is a value-added reseller of software, hardware and services for corporations, government organizations and academic institutions in the United States and Canada.

As permitted by FASB ASC Topic 280, the Company has utilized the aggregation criteria in combining its operations in Canada with the domestic segments as the Canadian operations provide the same products and services to similar clients and are considered together when the Company’s CODM decides how to allocate resources.

Segment income is based on segment revenue less the respective segment’s cost of revenues as well as segment direct costs (including such items as payroll costs and payroll related costs, such as profit sharing, incentive awards and insurance) and excluding general and administrative expenses not attributed to an individual segment business unit. The Company only identifies accounts receivable and inventory by segment as shown below as “Selected Assets” by segment; it does not allocate its other assets, including capital expenditures by segment.

Wayside Technology Group, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(Amounts in tables in thousands, except share and per share amounts)

The following segment reporting information of the Company is provided:

	Nine months ended						Three months ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenue:
Lifeboat Distribution	$	250,287		$	206,655		$	86,082		$	77,416
TechXtend	32,027			39,980			11,571			13,089
	282,314			246,635			97,653			90,505
Gross Profit:
Lifeboat Distribution	$	15,837		$	13,475		$	5,493		$	4,747
TechXtend	3,825			4,378			1,387			1,429
	19,662			17,853			6,880			6,176
Direct Costs:
Lifeboat Distribution	5,759			$	4,044		$	2,051		$	1,565
TechXtend	1,725			2,409			521			815
	7,484			6,453			2,572			2,380
Segment Income:
Lifeboat Distribution	$	10,078		$	9,431		$	3,442		$	3,182
TechXtend	2,100			1,969			866			614
Segment Income	12,178			11,400			4,308			3,796

General and administrative	$	6,049		$	5,840		$	2,046		$	1,911
Interest, net	297			375			100			121
Foreign currency translation (loss)	(9		)	(8		)	(4		)	(4		)
Income before taxes	$	6,417		$	5,927		$	2,358		$	2,002

	As of September 30, 2015		As of December 31, 2014
Selected Assets By Segment:
Lifeboat Distribution	$	40,003	$	39,780
TechXtend	25,064		30,153
Segment Select Assets	65,067		69,933
Corporate Assets	21,546		25,048
Total Assets	$	86,613	$	94,981

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

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of risk and uncertainties, including those set forth under the heading “Certain Factors Affecting Results of Operations and Stock Price” and elsewhere in this report and those set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. The following discussion should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes included in this report and the consolidated financial statements and related notes included in our 2014 Annual Report on Form 10-K.

Overview

We offer an extensive line of products from leading publishers of software and tools for virtualization/cloud computing, security, networking, storage and infrastructure management, application lifecycle management and other technically sophisticated domains as well as computer hardware. We market these products through direct sales, the Internet, our catalogs, direct mail programs, advertisements in trade magazines and e-mail promotions.

The Company’s sales, gross profit and results of operations have fluctuated and are expected to continue to fluctuate on a quarterly basis as a result of a number of factors, including but not limited to: the condition of the software industry in general, shifts in demand for software products, pricing, level of extended payment terms sales transactions, industry shipments of new software products or upgrades, the timing of new merchandise and catalog offerings, fluctuations in response rates, fluctuations in merchandise returns, adverse weather conditions that affect response, distribution or shipping, shifts in the timing of holidays and changes in the Company’s product offerings. The Company’s operating expenditures are based on sales forecasts. If sales do not meet expectations in any given quarter, operating results may be materially adversely affected.

Results of Operations

The following table sets forth for the periods indicated certain financial information derived from the Company’s unaudited condensed consolidated statements of earnings expressed as a percentage of net sales. This comparison of financial results is not necessarily indicative of future results:

	Nine months ended September 30,				Three months ended September 30,
	2015		2014		2015		2014
Net sales	100	%	100	%	100	%	100	%
Cost of sales	93.0		92.8		93.0		93.2
Gross profit	7.0		7.2		7.0		6.8
Selling, general and administrative expenses	4.8		4.9		4.7		4.7
Income from operations	2.2		2.3		2.3		2.1
Interest income, net	0.1		0.1		0.1		0.1
Income before income taxes	2.3		2.4		2.4		2.2
Provision for income taxes	0.8		0.8		0.8		0.7
Net income	1.5	%	1.6	%	1.6	%	1.5	%

Net Sales

Net sales for the third quarter ended September 30, 2015 increased 8% or $7.1 million to $97.7 million compared to $90.5 million for the same period in 2014. Total sales for the third quarter of 2015 for our Lifeboat Distribution segment were $86.1 million compared to $77.4 million in the third quarter of 2014, representing an increase of $8.7 million or 11%. Total sales for the third quarter of 2015 for our TechXtend segment were $11.6 million compared to $13.1 million in the third quarter of 2014, representing a decrease of $1.5 million or 12%.

The 11% increase in net sales for the Lifeboat Distribution segment was mainly a result of the addition of several key product lines and our ongoing strategy of strengthening of our account penetration. The 12% decrease in net sales in the TechXtend segment was primarily due to a decrease in extended payment terms sales transactions as compared to the same period in 2014.

For the nine months ended September 30, 2015, net sales increased 14% or $35.7 million to $282.3 million compared to $246.6 million for the same period in 2014. Net sales for the nine months ended September 30, 2015 for our Lifeboat Distribution segment increased 21% or $43.6 million to $250.2 million compared to $206.6 million for the same period in 2014. Net sales for the nine months ended September 30, 2015 for our TechXtend segment decreased 20% or $8.0 million to $32.0 million compared to $40.0 million for the same period in 2014.

The 21% increase in net sales from our Lifeboat Distribution segment in the first nine months of 2015 compared to the same period in 2014 was mainly a result of the addition of several key product lines and our ongoing strategy of strengthening of our account penetration. The 20% decrease in net sales in the TechXtend segment was primarily due to a decrease in both extended payment terms sales transactions and large transactions as compared to the same period in 2014.

Gross Profit

Gross profit for the third quarter ended September 30, 2015 was $6.9 million, an 11% increase as compared to $6.2 million for the third quarter of 2014. Gross profit for our Lifeboat Distribution segment in the third quarter of 2015 was $5.5 million compared to $4.7 million for the third quarter of 2014, representing a 16% increase. Gross profit for our TechXtend segment in the third quarter of 2015 was virtually indentical to the gross profit in the third quarter of 2014.

For the nine months ended September 30, 2015 gross profit increased 10% or $1.8 million to $19.7 million compared to $17.8 million for the same period in 2014. Lifeboat Distribution gross profit for the nine months ended September 30, 2015 increased 18% to $15.8 million as compared to $13.5 million for the first nine months of 2014. The increase in gross profit for the Lifeboat Distribution segment was primarily due to higher sales volume. TechXtend gross profit for the nine months ended September 30, 2015 decreased by 13% to $3.8 million as compared to $4.4 million for the first nine months of 2014. The decrease in gross profit for the TechXtend segment was primarily caused by the decreased sales volume in the current year.

Gross profit margin (gross profit as a percentage of net sales) for the third quarter ended September 30, 2015 was 7.0% compared to 6.8% for the third quarter of 2014. Gross profit margin for the nine months ended September 30, 2015 was 7.0% compared to 7.2% in the same period in 2014. Gross profit margin for our Lifeboat Distribution segment for the third quarter of 2015 was 6.4% compared to 6.1% for the third quarter of 2014. The increase in gross profit margin for the Lifeboat Distribution segment was primarily caused by product mix and increased marketing funds. Gross profit margin for our TechXtend segment for the third quarter of 2015 was 12.0% compared to 10.9% for the third quarter of 2014, due primarily to a decline in extended payment term sales transaction in the third quarter of 2015 as compared to the same period in 2014.

Vendor rebates and discounts for the nine month period ended September 30, 2015 amounted to $1.5 million compared to $1.2 million for the nine month period ended September 30, 2014. Vendor rebates are dependent on reaching certain targets set by our vendors.

The Company monitors gross profits and gross profit margins carefully. Price competition in our market continued in 2015. We anticipate that margins, as well as discounts and rebates, for the remainder of the year will continue to be affected by this current trend. To the extent that the Company finances larger transactions with extended payment terms, as anticipated, gross margins also will be negatively impacted

Selling, General and Administrative Expenses

Total selling, general, and administrative (“SG&A”) expenses for the third quarter of 2015 were $4.6 million compared to $4.3 million for the third quarter of 2014, representing an increase of $0.3 million or 8%. This increase is primarily the result of an increase in employee and employee related expenses to support our growth in our Lifeboat Distribution segment (salaries, commissions, and benefits) in 2015 compared to 2014. As a percentage of net sales, SG&A expenses for the third quarter of 2015 and 2014 were each 4.7%.

For the nine months ended September 30, 2015, SG&A expenses were $13.5 million compared to $12.3 million in the same period in 2014, representing an increase of $1.2 million or 10%. This increase is primarily the result of an increase in employee and employee related expenses to support our growth in our Lifeboat Distribution segment (salaries, commissions, and benefits) in 2015 compared to 2014. As a percentage of net sales, SG&A expenses for the nine months ended September 30, 2015 were 4.8% compared to 4.9% for the nine months ended September 30, 2014. The decline in SG&A as a percentage of net sales is the result of the increase in net sales offset in part by the increase in employee and employee related expenses.

Direct selling costs (a component of SG&A) for the third quarter of 2015 were $2.6 million compared to $2.4 million for the third quarter of 2014. Total direct selling costs for our Lifeboat Distribution segment for the third quarter of 2015 were $2.1 million compared to $1.6 million for the same period in 2014. The increase was primarily due to the Company’s investment in a field sales and professional service teams as part of our growth strategy for the Lifeboat Distribution segment. Total direct selling costs for our TechXtend segment for the third quarter of 2015 were $0.5 million compared to $0.8 million for the same period in 2014.

The Company expects that its SG&A expenses, as a percentage of net sales, may vary by quarter depending on changes in sales volume, and levels of continuing investments in employee headcount and marketing. We plan to continue our investments in our Lifeboat Distribution segment and to monitor our SG&A expenses closely.

Income Taxes

For the three months ended September 30, 2015, the Company recorded a provision for income taxes of $0.8 million or 34.1% of income, compared to $0.6 million or 31.6% of income for the same period in 2014. The current year effective tax rates are higher primarily due to the fact that the prior year included an adjustment to reflect a change in state apportionment rules.

For the nine months ended September 30, 2015, the Company recorded a provision for income taxes of $2.2 million or 34.3% of income, compared to $2.0 million or 34.0% of income for the same period in 2014

Liquidity and Capital Resources

During the first nine months of 2015 our cash and cash equivalents decreased by $3.5 million to $19.6 million at September 30, 2015, from $23.1 million at December 31, 2014. During the first nine months of 2015, net cash provided by operating activities amounted to $2.7 million, net cash used in investing activities amounted to $0.2 million and net cash used in financing activities amounted to $5.6 million.

Net cash provided by operating activities in the first the nine months of 2015 was $2.7 million and primarily resulted from $5.3 million in net income excluding non-cash charges, and a $4.7 million decrease in accounts receivable offset in party by a decrease of $6.7 million in accounts payable and accrued expenses, an increase of $0.5 million in inventory and an increase of $0.2 million in prepaid expenses and other current assets. The decreases in accounts receivable and accounts payable and accrued expenses were mainly due to lower sales volume, in the third quarter of 2015 compared to the fourth quarter of 2014.

Net cash used in investing activities in the first nine months of 2015 amounted to $0.2 million. This was the result of capital expenditures of $0.2 million.

Net cash used in financing activities in the first nine months of 2015 amounted to $5.6 million. This consisted primarily of dividends paid of $2.4 million and treasury stock repurchases of $3.9 million offset in party by proceeds from stock option exercises of $0.6 million and the tax benefit from share based compensation of $0.1 million.

The Company’s current and anticipated use of its cash and cash equivalents is, and will continue to be, to fund working capital, operational expenditures, the Common Stock repurchase program and dividends if declared by the board of directors.

The Company’s Credit Facility with Citibank matures on January 4, 2016. As of September 30, 2015, the Company had no borrowings under the Credit Facility. The Company is considering whether or not to enter into a new credit facility with another lender, or to renew or renegotiate its Credit Facility with Citibank when the Credit Facility matures. If the Company decides to enter into a new or amended credit facility, there is no guaranty that the Company will be able to secure terms acceptable to the Company, if at all.

We believe that the funds held in cash and cash equivalents and our unused borrowings on our credit facility will be sufficient to fund our working capital and cash requirements for at least the next 12 months.

Contractual Obligations as of September 30, 2015 are summarized as follows:

Payment due by Period	Total		Less than 1 year		1-3 years		4-5 years	After 5 years

Operating Lease obligations (1)	$	434	$	245	$	189	—	—
Total Contractual Obligations	$	434	$	245	$	189	—

(1) Operating leases relate primarily to the leases of the space used for our operations in Shrewsbury and Eatontown, New Jersey, Mesa, Arizona, Mississauga, Canada and Amsterdam, Netherlands. The commitments for operating leases include the minimum rent payments.

As of September 30, 2015, the Company has no borrowings outstanding under lines of credit and no commitments relating to standby letters of credit, and has no standby repurchase obligations or other commercial commitments (see Note 7 in the Notes to our Consolidated Financial Statements).

Foreign Exchange

The Company’s Canadian business is subject to changes in demand or pricing resulting from fluctuations in currency exchange rates or other factors. We are subject to fluctuations primarily in the Canadian Dollar-to-U.S. Dollar exchange rate.

Off-Balance Sheet Arrangements

As of September 30, 2015, we did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Company recognizes revenue from the sale of software and hardware for microcomputers, servers and networks upon shipment or upon electronic delivery of the product. The Company expenses the advertising costs associated with producing its catalogs. The costs of these catalogs are expensed in the same month the catalogs are mailed.

On an on-going basis, the Company evaluates its estimates, including those related to product returns, bad debts, inventories, investments, intangible assets, income taxes, stock-based compensation, contingencies and litigation.

The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The Company believes the following critical accounting policies, used in the preparation of its unaudited condensed consolidated financial statements, affect its more significant judgments and estimates.

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-offs may be required.

The Company has considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance related to deferred tax assets. In the event the Company was to determine that it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination was made.

Under the fair value recognition provision stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense as it is amortized on a straight-line basis over the requisite service period, which is the vesting period. We make certain assumptions in order to value and expense our various share-based compensation awards. In connection with valuing stock options, we use the Black-Scholes model, which requires us to consider certain facts and to estimate certain subjective assumptions. The key facts and assumptions we consider are: (i) the expected volatility of our Common Stock; (ii) the expected term of the award; and (iii) the expected forfeiture rate. In connection with our restricted stock program we make assumptions principally related to the forfeiture rate. We review our valuation assumptions periodically and, as a result, we may change our valuation assumptions used to value stock based awards granted in future periods. Such changes may lead to a significant change in the expense we recognize in connection with share-based payments.

Certain Factors Affecting Results of Operations and Stock Price

This report includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements in this report regarding future events or conditions, including but not limited to statements regarding industry prospects and the Company’s expected financial position, results of operations, business and financing plans, are forward-looking statements. These statements can be identified by forward-looking words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” and “continue” or similar words.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Substantial risks and uncertainties unknown at this time could cause actual results to differ materially from those indicated by such forward-looking statements, including, but not limited to, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, contribution of key vendor relationships and support programs, including vendor rebates and discounts, as well as factors that affect the software industry in general and other factors generally. We strongly urge current and prospective investors to carefully consider the cautionary statements and risk factors contained in this report and our annual report on Form 10-K for the year ended December 31, 2014.

The Company operates in a rapidly changing business, and new risk factors emerge from time to time. Management cannot predict every risk factor, nor can it assess the impact, if any, of all such risk factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those projected in any forward-looking statements.

Accordingly, forward-looking statements should not be relied upon as a prediction of actual results and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The statements concerning future sales, future gross profit margin and future selling and administrative expenses are forward looking statements involving certain risks and uncertainties such as availability of products, product mix, pricing pressures, market conditions and other factors, which could result in a fluctuation of sales below recent experience.

Stock Volatility. The technology sector of the United States stock markets has experienced substantial volatility in recent periods. Numerous conditions which impact the technology sector or the stock market in general or the Company in particular, whether or not such events relate to or reflect upon the Company’s operating performance, could adversely affect the market price of the Company’s Common Stock. Furthermore, fluctuations in the Company’s operating results, announcements regarding litigation, the loss of a significant vendor, increased competition, reduced vendor incentives and trade credit, higher postage and operating expenses, and other developments, could have a significant impact on the market price of the Company’s Common Stock.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

In addition to its activities in the United States, 5.9% of the Company sales during the nine months ended September 30, 2015 were generated in Canada. We are subject to general risks attendant to the conduct of business in Canada, including economic uncertainties and foreign government regulations. In addition, the Company’s Canadian business is subject to changes in demand or pricing resulting from fluctuations in currency exchange rates or other factors. See “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Foreign Currency Transactions Gain (Loss).”

The Company’s cash balance is invested in short-term savings accounts with our primary banks, Citibank, and JPMorgan Chase Bank. As such, we believe that the risk of significant changes in the value of our cash invested is minimal.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. As required by Rule 13a-15(b) under the Exchange Act, our management carried out an evaluation of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures”, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. This evaluation was carried out under the supervision and with the participation of various members of our management, including our Company’s President, Chairman of the Board and Chief Executive Officer (principal executive officer) and Vice President and Chief Accounting Officer (principal financial officer). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Accounting Officer concluded that the Company’s disclosure controls and procedures were effective, as of the end of the period covered by this report, to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There has been no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) under the Exchange Act, that occurred during the quarter ended September 30, 2015, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

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

The table below sets forth the repurchase of Common Stock by the Company and its affiliated purchasers during the third quarter of 2015.

ISSUER PURCHASE OF EQUITY SECURITIES

	Total Number of Shares		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or	Average Price Paid Per Share		Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
Period	Purchased		(2)		Programs	(3)		(4)(5)

July 1, 2015- July 31, 2015	—		$	—	—	$	—	549,149
August 1, 2015- August 31, 2015	30,782	(1)	17.34		23,752	17.02		525,397
September 1, 2015- September 30, 2015	34,434		17.60		34,434	17.60		490,963
Total	65,216		$	17.48	58,186	$	17.36	490,963

(1) Includes 7,030 shares surrendered to the Company by employees to satisfy individual tax withholding obligations upon vesting of previously issued shares of Restricted Stock. These shares are not included in the Common Stock repurchase program referred to in footnote (4) below.

(2) Average price paid per share reflects the closing price the Company’s Common Stock on the business date the shares were surrendered by the employee stockholder to satisfy individual tax withholding obligations upon vesting of Restricted Stock or the price of the Common Stock paid on the open market purchase, as applicable.

(3) Average price paid per share reflects the price of the Company’s Common Stock purchased on the open market.

(4) On December 3, 2014, the Board of Directors authorized the purchase of 500,000 shares of our Common Stock. The Company expects to purchase shares of its Common Stock from time to time in the market or otherwise subject to market conditions. The Common Stock repurchase program does not have an expiration date.

(5) On August 14, 2015, the Board of Directors approved, and on August 18, 2015, the Company entered into a written purchase plan intended to comply with the requirements of Rule 10b5-1 under the Exchange Act, as amended (the “Plan”) . Purchases involving shares of the Company’s Common Stock under the Plan commenced August 18, 2015, and the Plan is intended to be in effect until February 18, 2016. Pursuant to the Plan, the Company’s broker shall effect purchases of up to an aggregate of 500,000 shares of Common Stock.

Item 6. Exhibits

(a) Exhibits

31.1		Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, of Simon F. Nynens, the Chairman of the Board , President and Chief Executive Officer (principal executive officer) of the Company.

31.2		Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, of Kevin T. Scull, the Vice President and Chief Accounting Officer (principal financial officer) of the Company.

32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Simon F. Nynens, the Chairman of the Board, President and Chief Executive Officer (principal executive officer) of the Company.

32.2		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Kevin T. Scull, the Vice President and Chief Accounting Officer (principal financial officer) of the Company.

101		The following financial information from Wayside Technology Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the SEC on November 6, 2015, formatted in XBRL (Extensible Business Reporting Language) includes: (1) Condensed Consolidated Balance Sheets, (2) Condensed Consolidated Statements of Earnings, (3) Condensed Consolidated Statements of Stockholders’ Equity, (4) Condensed Consolidated Statements of Comprehensive Income, (5) Condensed Consolidated Statements of Cash Flows, and (6) the Notes to the Unaudited Condensed Consolidated Financial Statements.

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.

	WAYSIDE TECHNOLOGY GROUP, INC

November 6, 2015	By:	/s/ Simon F. Nynens
Date		Simon F. Nynens, Chairman of the Board,
		President and Chief Executive Officer

November 6, 2015	By:	/s/ Kevin T. Scull
Date		Kevin T. Scull, Vice President and Chief Accounting Officer

EX-31.1 2 a15-17997_1ex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION

I, Simon F. Nynens, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Wayside Technology Group, Inc.;

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial information included in this 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 report;

4. The registrant’s other certifying officer(s) 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 15(d) -15(f)) for the registrant and have:

(a) 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 report is being prepared;

(b) 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based upon such evaluation; and

(d) Disclosed in this 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

5. The registrant’s other certifying officer(s) 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 registrant’s board of directors (or persons performing the equivalent functions):

(a) 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

(b) 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 6, 2015

/s/ Simon F. Nynens
Simon F. Nynens
Chairman of the Board
President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 a15-17997_1ex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION

I, Kevin T. Scull, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Wayside Technology Group, Inc.;

(b) 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 6, 2015

/s/ Kevin T. Scull
Kevin T. Scull
Vice President and Chief Accounting Officer
(Principal Financial Officer)

EX-32.1 4 a15-17997_1ex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wayside Technology Group, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Simon F. Nynens, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Simon F. Nynens
Simon F. Nynens
Chairman of the Board
President and Chief Executive Officer (Principal Executive Officer)
November 6, 2015

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 a15-17997_1ex32d2.htm EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wayside Technology Group, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin T. Scull, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kevin T. Scull
Kevin T. Scull
Vice President and Chief Accounting Officer
(Principal Financial Officer)
November 6, 2015

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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 65.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:54.92%;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.42%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.42%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;background-color: #CCEEFF;padding:0pt;"> Equipment </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,904 </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,744 </td> <td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;padding:0pt;"> Leasehold improvements </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>559 </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565 </td> <td valign="bottom" style="width:01.42%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.42%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,463 </td> <td valign="bottom" 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valign="top" style="width:54.92%;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.42%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>390 </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.26%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>412 </td> <td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.92%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;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" 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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> Trade accounts payable </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,548  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,328  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Accrued expenses </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,989  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,086  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48,537  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,414  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.32%;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:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.30%;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:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 64.00%;margin-left:61.2pt;"> <tr> <td valign="bottom" style="width:53.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.66%;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.66%;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.36%;background-color: #CCEEFF;padding:0pt;"> Foreign currency translation adjustment </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,448 </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(558 </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:53.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;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 solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.90%;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:03.88%;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 solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.90%;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:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,448 </td> <td valign="bottom" style="width:03.88%;"> ) </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(558 </td> <td valign="bottom" style="width:01.56%;"> ) </td> </tr> <tr> <td valign="top" style="width:53.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;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:16.90%;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:03.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.76%;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:16.90%;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:01.56%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:38.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.04%;padding:0pt;"> Nine months ended </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.04%;padding:0pt;"> Three months ended </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:38.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:38.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;padding:0pt;"> Net income </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,218  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,911  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,553  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,370  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;padding:0pt;"> Weighted average shares (Basic) </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,652  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,639  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,624  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,716  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;"> Dilutive effect of outstanding options and non-vested shares of restricted stock </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20  </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;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:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;"> Weighted average shares including assumed conversions (Diluted) </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,673  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,685  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,643  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,736  </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;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:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;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:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;background-color: #CCEEFF;padding:0pt;"> Basic income per share </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.91  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.84  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.34  </td> <td valign="bottom" style="width:03.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.29  </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.76%;padding:0pt;"> Diluted income per share </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.90  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.83  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.33  </td> <td valign="bottom" style="width:03.02%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.64%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.29  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> </table></div>     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 75.00%;margin-left:72pt;"> <tr> <td valign="bottom" style="width:53.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Grant Date Fair Value </td> <td valign="bottom" style="width:01.46%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;background-color: #CCEEFF;padding:0pt;"> Nonvested shares at January 1, 2015 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162,609 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.36 </td> <td valign="bottom" style="width:01.46%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;padding:0pt;"> Granted in 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,000 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.99 </td> <td valign="bottom" style="width:01.46%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;background-color: #CCEEFF;padding:0pt;"> Vested in 2015 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(59,361 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13.64 </td> <td valign="bottom" style="width:01.46%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;padding:0pt;"> Forfeited in 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,465 </td> <td valign="bottom" style="width:03.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.80 </td> <td valign="bottom" style="width:01.46%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;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:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;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:01.46%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;background-color: #CCEEFF;padding:0pt;"> Nonvested shares at September 30, 2015 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,783 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.22 </td> <td valign="bottom" style="width:01.46%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:53.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.92%;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:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:18.30%;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:01.46%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">     <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 91.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;padding:0pt;"> Nine months ended </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;padding:0pt;"> Three months ended </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Revenue: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,287 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>206,655 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,082 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77,416 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,027 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,980 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,571 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,089 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>282,314 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>246,635 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,653 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,505 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Gross Profit: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,837 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,475 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,493 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,747 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,825 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,378 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,387 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,429 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,662 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,853 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,880 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,176 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Direct Costs: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,759 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,044 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,051 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,565 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,725 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,409 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>521 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>815 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,484 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,453 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,572 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,380 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Segment Income: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,078 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,431 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,442 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,182 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,969 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>866 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Segment Income </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,178 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,400 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,308 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,796 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,049 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,840 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,046 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Interest, net </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>297 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Foreign currency translation (loss) </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4 </td> <td valign="bottom" style="width:01.08%;"> ) </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Income before taxes </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,417 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,927 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,358 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,002 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of September 30, 2015 </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> Selected Assets By Segment: </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,003  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,780  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,064  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,153  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Segment Select Assets </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,067  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,933  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> Corporate Assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,546  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,048  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Total Assets </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,613  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,981  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.32%;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:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.32%;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:01.48%;padding:0pt;">   </td> </tr> </table></div>     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <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:39.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Options </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Exercise Price </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Remaining Contractual Life </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Aggregate Intrinsic Value ($M)(1) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at January 1, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,640 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.85 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;padding:0pt;"> Granted in 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;background-color: #CCEEFF;padding:0pt;"> Canceled in 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.85 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;padding:0pt;"> Exercised in 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,640 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.85 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;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:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at September 30, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;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:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;padding:0pt;"> Exercisable at September 30, 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;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:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </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: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The intrinsic value of an option is calculated as the difference between the market value on the last trading day of the quarter (September 30, 2015) and the exercise price of the outstanding options. The market value as of September 30, 2015 was $17.00 per share represented by the closing price as reported by The NASDAQ Global Market on that day.</td></tr></table></div>       </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   12.FASB ASC Topic 280, “Segment Reporting,” requires that public companies report profits and losses and certain other information on their “reportable operating segments” in their annual and interim financial statements. The internal organization used by the public company’s Chief Operating Decision Maker (CODM) to assess performance and allocate resources determines the basis for reportable operating segments. The Company’s CODM is the Chief Executive Officer.   The Company is organized into two reportable operating segments.  The “Lifeboat Distribution” segment distributes technical software to corporate resellers, value added resellers (VARs), consultants and systems integrators worldwide.  The “TechXtend” segment is a value-added reseller of software, hardware and services for corporations, government organizations and academic institutions in the United States and Canada.   As permitted by FASB ASC Topic 280, the Company has utilized the aggregation criteria in combining its operations in Canada with the domestic segments as the Canadian operations provide the same products and services to similar clients and are considered together when the Company’s CODM decides how to allocate resources.   Segment income is based on segment revenue less the respective segment’s cost of revenues as well as segment direct costs (including such items as payroll costs and payroll related costs, such as profit sharing, incentive awards and insurance) and excluding general and administrative expenses not attributed to an individual segment business unit. The Company only identifies accounts receivable and inventory by segment as shown below as “Selected Assets” by segment; it does not allocate its other assets, including capital expenditures by segment.   The following segment reporting information of the Company is provided:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 91.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;padding:0pt;"> Nine months ended </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;padding:0pt;"> Three months ended </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Revenue: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,287 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>206,655 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,082 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77,416 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,027 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,980 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,571 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,089 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>282,314 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>246,635 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,653 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,505 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Gross Profit: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,837 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,475 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,493 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,747 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,825 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,378 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,387 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,429 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,662 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,853 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,880 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,176 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Direct Costs: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,759 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,044 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,051 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,565 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,725 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,409 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>521 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>815 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,484 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,453 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,572 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,380 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Segment Income: </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,078 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,431 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,442 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,182 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,969 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>866 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Segment Income </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,178 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,400 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,308 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,796 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,049 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,840 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,046 </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Interest, net </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>297 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;"> Foreign currency translation (loss) </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4 </td> <td valign="bottom" style="width:02.74%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.14%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4 </td> <td valign="bottom" style="width:01.08%;"> ) </td> </tr> <tr> <td valign="top" style="width:35.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:02.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.14%;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:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;"> Income before taxes </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,417 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,927 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,358 </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,002 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:02.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;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:11.90%;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:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of September 30, 2015 </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> Selected Assets By Segment: </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Lifeboat Distribution </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,003  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,780  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> TechXtend </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,064  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,153  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Segment Select Assets </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,067  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,933  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;"> Corporate Assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,546  </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,048  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;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:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;"> Total Assets </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,613  </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,981  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:54.98%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.32%;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:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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:16.32%;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:01.48%;padding:0pt;">   </td> </tr> </table></div>     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

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0 3 3 2 2 1 1 1 1 2.00 2.50 11400000 9431000 1969000 3796000 3182000 614000 12178000 10078000 2100000 4308000 3442000 866000 1 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">     9.The Company had one major vendor that accounted for 24.3% and 26.2% of total purchases during the nine months and three months, respectively, that ended September 30, 2015. The Company had one major vendor that accounted for 13.6% and 17.3% of total purchases during the nine months and three months, respectively, that ended September 30, 2014 .The Company had two major customers that accounted for 18.8% and 17.9%, respectively, of its total net sales during the nine months ended September 30, 2015, and 20.5%, and 18.1% of total net sales for the three months ended September 30, 2015. These same customers accounted for 11.9% and 18.8%, respectively, of total net accounts receivable as of September 30, 2015.  The Company had three major customers that accounted for 16.7%, 16.4% and 10.9% of its total net sales during the nine months ended September 30, 2014, and 16.8%, 18.7% and 10.6% of total net sales for the three months ended September 30, 2014. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   4.Revenue on product (software and hardware) and maintenance agreement sales are recognized once four criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed and determinable, (3) delivery (software and hardware) or fulfillment (maintenance) has occurred, and (4) there is reasonable assurance of collection of the sales proceeds.  Revenues from the sales of hardware products, software products and licenses and maintenance agreements are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recorded as cost of sales.   Product delivery to customers occur in a variety of ways, including (i) as physical product shipped from the Company’s warehouse, (ii) via drop-shipment by the vendor, or (iii) via electronic delivery for software licenses.  The Company leverages drop-ship arrangements with many of its vendors and suppliers to deliver products to customers without having to physically hold the inventory at its warehouse, thereby increasing efficiency and reducing costs.  The Company recognizes revenue for drop-ship arrangements on a gross basis.  Furthermore, in such drop-ship arrangements, the Company negotiates price with the customer, pays the supplier directly for the product shipped and bears credit risk of collecting payment from its customers.  The Company serves as the principal with the customer and, therefore, recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product has shipped.  Maintenance agreements allow customers to obtain technical support directly from the software publisher and to upgrade, at no additional cost, to the latest technology if new applications are introduced by the software publisher during the period that the maintenance agreement is in effect.   Sales are recorded net of discounts, rebates, and returns.  Vendor rebates and price protection are recorded when earned as a reduction to cost of sales or merchandise inventory, as applicable.   Cooperative reimbursements from vendors, which are earned and available, are recorded in the period the related advertising expenditure is incurred. Cooperative reimbursements are recorded as a reduction of cost of sales in accordance with FASB ASC Topic 605-50 “Accounting by a Customer (including reseller) for Certain Consideration Received from a Vendor.”  Provisions for returns are estimated based on historical sales returns and credit memo analysis which are adjusted to actual on a periodic basis.   Accounts receivable-long-term result from product sales with extended payment terms that are discounted to their present values at the prevailing market rates. In subsequent periods, the accounts receivable are increased to the amounts due and payable by the customers through the accretion of interest income on the unpaid accounts receivable due in future years. The amounts due under these long-term accounts receivable due within one year are reclassified to the current portion of accounts receivable. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 4 20 20 20 20 16 20 1 16

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Debt Instrument, Covenant Terms, Interest Coverage Ratio, Minimum Interest coverage ratio, minimum Long-term Line of Credit Borrowings outstanding Net Income (Loss) Available to Common Stockholders, Basic [Abstract] Numerator: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Denominator: Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Dilutive effect of outstanding options and non-vested shares of restricted stock (in shares) Concentration Risk [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Cost Of Sales [Member] Purchases Sales [Member] Net sales Accounts Receivable [Member] Net accounts receivable Customer [Axis] Name Of Major Customer [Domain] Customer [Domain] Represents information pertaining to customer one. Customer One [Member] Customer one Represents information pertaining to customer two. Customer Two [Member] Customer two Represents information pertaining to customer three. 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Stockholders' Equity and Stock Based Compensation (Details 2) - Options
9 Months Ended

Sep. 30, 2015

$ / shares

shares

Number of Options

Outstanding at the beginning of the period (in shares) | shares 50,640

Canceled (in shares) | shares (6,000)

Exercised (in shares) | shares (44,640)

Weighted Average Exercise Price

Outstanding at the beginning of the period (in dollars per share) $ 12.85

Canceled (in dollars per share) 12.85

Exercised (in dollars per share) 12.85

Aggregate Intrinsic Value

Market value (in dollars per share) $ 17.00

Stockholders' Equity and Stock Based Compensation (Details 2) - Options	9 Months Ended
Sep. 30, 2015 $ / shares shares
Number of Options
Outstanding at the beginning of the period (in shares) \| shares	50,640
Canceled (in shares) \| shares	(6,000)
Exercised (in shares) \| shares	(44,640)
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 12.85
Canceled (in dollars per share)	12.85
Exercised (in dollars per share)	12.85
Aggregate Intrinsic Value
Market value (in dollars per share)	$ 17.00

Foreign Currency Translation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue from external customers
Net sales	$ 97,653	$ 90,505	$ 282,314	$ 246,635
Canadian operations
Revenue from external customers
Net sales	$ 5,500	$ 5,700	$ 16,500	$ 17,300

XML 17 R9.htm IDEA: XBRL DOCUMENT

Foreign Currency Translation	9 Months Ended
Foreign Currency Translation	Sep. 30, 2015
Foreign Currency Translation
Foreign Currency Translation	2.Assets and liabilities of the Company’s foreign subsidiaries have been translated at current exchange rates, and related sales and expenses have been translated at average rates of exchange in effect during the period. The sales from our Canadian operations in the first nine months of 2015 were $16.5 million as compared to $17.3 million for the first nine months of 2014. The sales from our Canadian operations for the third quarter of 2015 were $5.5 million as compared to $5.7 million for the third quarter of 2014.

- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References + Details

XML 18 R29.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income	$ 1,553	$ 1,370	$ 4,218	$ 3,911
Denominator:
Weighted average shares (Basic)	4,624	4,716	4,652	4,639
Dilutive effect of outstanding options and non-vested shares of restricted stock (in shares)	19	20	21	46
Weighted average shares including assumed conversions (Diluted)	4,643	4,736	4,673	4,685
Basic income per share (in dollars per share)	$ 0.34	$ 0.29	$ 0.91	$ 0.84
Diluted income per share (in dollars per share)	$ 0.33	$ 0.29	$ 0.90	$ 0.83

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

XML 19 R28.htm IDEA: XBRL DOCUMENT

Credit Facility (Details) - Credit Facility	Jan. 04, 2013 USD ($) item	Sep. 30, 2015 USD ($)
Credit Facility
Maximum borrowing capacity	$ 10,000,000
Number of payments \| item	1
Total liabilities to tangible net worth ratio, maximum	2.50
Interest coverage ratio, minimum	2.00
Borrowings outstanding		$ 0
Index
Credit Facility
Interest rate margin (as a percent)	1.50%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 20 R30.htm IDEA: XBRL DOCUMENT

Major Customers and Vendors (Details)	3 Months Ended			9 Months Ended
Major Customers and Vendors (Details)	Sep. 30, 2015 entity customer	Sep. 30, 2014 entity customer	Mar. 31, 2014	Sep. 30, 2015 entity customer	Sep. 30, 2014 entity customer
Purchases \| Vendor concentration risk
Significant Customers and Vendors
Number of vendor \| entity	1	1		1	1
Purchases \| Vendor concentration risk \| Major vendor one
Significant Customers and Vendors
Percentage of concentration risk	26.20%	17.30%	13.60%	24.30%	13.60%
Net sales \| Customer concentration risk
Significant Customers and Vendors
Number of customers	2	3		2	3
Net sales \| Customer one \| Customer concentration risk
Significant Customers and Vendors
Percentage of concentration risk	20.50%	16.80%		18.80%	16.70%
Net sales \| Customer two \| Customer concentration risk
Significant Customers and Vendors
Percentage of concentration risk	18.10%	18.70%		17.90%	16.40%
Net sales \| Customer three \| Customer concentration risk
Significant Customers and Vendors
Percentage of concentration risk		10.60%			10.90%
Net accounts receivable \| Customer one \| Customer concentration risk
Significant Customers and Vendors
Percentage of concentration risk				11.90%
Net accounts receivable \| Customer two \| Customer concentration risk
Significant Customers and Vendors
Percentage of concentration risk				18.80%

XML 21 R31.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes
Effective tax rate (as a percent)	34.10%	31.60%	34.30%	34.00%

XML 22 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and New Accounting Pronouncements	9 Months Ended
Basis of Presentation and New Accounting Pronouncements	Sep. 30, 2015
Basis of Presentation
Basis of Presentation and New FASB Guidance	1.The accompanying unaudited condensed consolidated financial statements of Wayside Technology Group, Inc. and its subsidiaries (collectively, the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete audited financial statements. The preparation of these condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to product returns, bad debts, inventories, investments, intangible assets, income taxes, stock-based compensation, and contingencies and litigation. The Company bases its estimates on its historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In the opinion of the Company’s management, all adjustments that are of a normal recurring nature, considered necessary for fair presentation, have been included in the accompanying financial statements. The Company’s actual results may differ from these estimates under different assumptions or conditions. The unaudited condensed consolidated statements of earnings for the interim periods are not necessarily indicative of results for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the Securities Exchange Commission for the year ended December 31, 2014. In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The FASB approved a one-year deferral in July 2015, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “Simplifying the Measurement of Inventory (Topic 330)”, (“ASU 2015-11”). Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements.

XML 23 R32.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Stock Based Compensation (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015 installment shares	Dec. 31, 2014 installment shares	Dec. 31, 2013 installment shares	Dec. 31, 2012 installment shares	Dec. 31, 2011 installment shares	Dec. 31, 2010 installment shares
2006 Plan
Stock-based compensation
Number of shares of common stock initially available for award	800,000
Options reserved for future issuance (in shares)	0
2006 Plan \| Restricted stock
Stock-based compensation
Granted (in shares)				92,000	15,000	150,500
Number of equal quarterly installments for vesting of awards \| installment				20	20	20
Forfeited (in shares)				3,525	8,375	5,875
2012 Plan
Stock-based compensation
Number of shares of common stock initially available for award	600,000
Options reserved for future issuance (in shares)	474,713
2006 Plan and 2012 Plan \| Restricted stock
Stock-based compensation
Granted (in shares)	44,000	98,689	56,500
Number of equal quarterly installments for vesting of awards \| installment	16		20
Forfeited (in shares)	4,465	34,487	775
2006 Plan and 2012 Plan \| Restricted stock \| Minimum
Stock-based compensation
Number of equal quarterly installments for vesting of awards \| installment		1
2006 Plan and 2012 Plan \| Restricted stock \| Maximum
Stock-based compensation
Number of equal quarterly installments for vesting of awards \| installment		20
2006 Plan and 2012 Plan \| Restricted stock \| CEO
Stock-based compensation
Granted (in shares)			40,000
Number of equal quarterly installments for vesting of awards \| installment			16

XML 24 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 19,607	$ 23,124
Accounts receivable, net of allowances of $1,413 and $1,819, respectively	56,916	60,782
Inventory, net	2,012	1,491
Prepaid expenses and other current assets	1,094	933
Deferred income taxes	179	245
Total current assets	79,808	86,575
Equipment and leasehold improvements, net	390	412
Accounts receivable-long-term	6,139	7,660
Other assets	94	152
Deferred income taxes	182	182
Total assets	86,613	94,981
Current liabilities:
Accounts payable and accrued expenses	48,537	55,414
Total current liabilities	$ 48,537	$ 55,414
Commitments and contingencies
Stockholders' equity:
Common Stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued; 4,740,380 and 4,890,756 shares outstanding, respectively	$ 53	$ 53
Additional paid-in capital	32,048	31,013
Treasury stock, at cost, 544,120 and 393,744 shares, respectively	(9,574)	(6,166)
Retained earnings	16,997	15,225
Accumulated other comprehensive loss	(1,448)	(558)
Total stockholders' equity	38,076	39,567
Total liabilities and stockholders' equity	$ 86,613	$ 94,981

XML 25 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2014	$ 53	$ 31,013	$ (6,166)	$ 15,225	$ (558)	$ 39,567
Balance (in shares) at Dec. 31, 2014	5,284,500					5,284,500
Balance (in shares) at Dec. 31, 2014			393,744			393,744
Increase (Decrease) in Stockholders' Equity
Net income				4,218		$ 4,218
Translation adjustment					(890)	(890)
Dividends paid				(2,446)		(2,446)
Share-based compensation expense		797				797
Restricted stock grants (net of forfeitures)		(232)	$ 232
Restricted stock grants (net of forfeitures) (in shares)			(39,535)
Stock options exercised		298	$ 276			574
Stock options exercised (in shares)			(44,640)
Tax benefit from share-based compensation		172				172
Treasury stock repurchased			$ (3,916)			(3,916)
Treasury stock repurchased (in shares)			234,551
Balance at Sep. 30, 2015	$ 53	$ 32,048	$ (9,574)	$ 16,997	$ (1,448)	$ 38,076
Balance (in shares) at Sep. 30, 2015	5,284,500					5,284,500
Balance (in shares) at Sep. 30, 2015			544,120			544,120

XML 26 R35.htm IDEA: XBRL DOCUMENT

Industry, Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) item	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Industry, Segment and Geographic Information
Number of reportable operating segments \| item			2
Segment reporting information
Revenue	$ 97,653	$ 90,505	$ 282,314	$ 246,635
Gross Profit	6,880	6,176	19,662	17,853
Direct Costs	2,572	2,380	7,484	6,453
Segment Income	4,308	3,796	12,178	11,400
General and administrative	2,046	1,911	6,049	5,840
Interest, net	100	121	297	375
Foreign currency translation (loss)	(4)	(4)	(9)	(8)
Income before provision for income taxes	2,358	2,002	6,417	5,927
Total Assets	86,613		86,613		$ 94,981
Segment Total
Segment reporting information
Total Assets	65,067		65,067		69,933
Corporate Assets
Segment reporting information
Total Assets	21,546		21,546		25,048
Lifeboat Distribution
Segment reporting information
Revenue	86,082	77,416	250,287	206,655
Gross Profit	5,493	4,747	15,837	13,475
Direct Costs	2,051	1,565	5,759	4,044
Segment Income	3,442	3,182	10,078	9,431
Total Assets	40,003		40,003		39,780
TechXtend
Segment reporting information
Revenue	11,571	13,089	32,027	39,980
Gross Profit	1,387	1,429	3,825	4,378
Direct Costs	521	815	1,725	2,409
Segment Income	866	$ 614	2,100	$ 1,969
Total Assets	$ 25,064		$ 25,064		$ 30,153

XML 27 R22.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share

Schedule of reconciliation of the numerators and denominators for computations of the basic and diluted per share

	Nine months ended				Three months ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerator:
Net income	$	4,218	$	3,911	$	1,553	$	1,370
Denominator:
Weighted average shares (Basic)	4,652		4,639		4,624		4,716
Dilutive effect of outstanding options and non-vested shares of restricted stock	21		46		19		20


Weighted average shares including assumed conversions (Diluted)	4,673		4,685		4,643		4,736


Basic income per share	$	0.91	$	0.84	$	0.34	$	0.29
Diluted income per share	$	0.90	$	0.83	$	0.33	$	0.29

XML 28 R24.htm IDEA: XBRL DOCUMENT

Industry, Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2015

Industry, Segment and Geographic Information

Schedule of segment reporting information

	Nine months ended						Three months ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenue:
Lifeboat Distribution	$	250,287		$	206,655		$	86,082		$	77,416
TechXtend	32,027			39,980			11,571			13,089

	282,314			246,635			97,653			90,505

Gross Profit:
Lifeboat Distribution	$	15,837		$	13,475		$	5,493		$	4,747
TechXtend	3,825			4,378			1,387			1,429

	19,662			17,853			6,880			6,176

Direct Costs:
Lifeboat Distribution	5,759			$	4,044		$	2,051		$	1,565
TechXtend	1,725			2,409			521			815

	7,484			6,453			2,572			2,380

Segment Income:
Lifeboat Distribution	$	10,078		$	9,431		$	3,442		$	3,182
TechXtend	2,100			1,969			866			614

Segment Income	12,178			11,400			4,308			3,796


General and administrative	$	6,049		$	5,840		$	2,046		$	1,911
Interest, net	297			375			100			121
Foreign currency translation (loss)	(9		)	(8		)	(4		)	(4		)

Income before taxes	$	6,417		$	5,927		$	2,358		$	2,002

	As of September 30, 2015		As of December 31, 2014
Selected Assets By Segment:
Lifeboat Distribution	$	40,003	$	39,780
TechXtend	25,064		30,153

Segment Select Assets	65,067		69,933
Corporate Assets	21,546		25,048

Total Assets	$	86,613	$	94,981

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 4,218	$ 3,911
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense	188	167
Deferred income tax expense (benefit)	67	(52)
Provision for doubtful accounts receivable	6	43
Share-based compensation expense	797	853
Changes in operating assets and liabilities:
Accounts receivable	4,686	(1,080)
Inventory	(531)	(99)
Prepaid expenses and other current assets	(176)	1,266
Accounts payable and accrued expenses	(6,642)	(8,262)
Other assets	55	(8)
Net cash provided by (used in) operating activities	2,668	(3,261)
Cash flows used in investing activities
Purchase of equipment and leasehold improvements	(164)	(197)
Net cash used in investing activities	(164)	(197)
Cash flows used in financing activities
Dividends paid	(2,446)	(2,407)
Purchase of treasury stock	(3,916)	(456)
Tax benefit from share-based compensation	172	713
Proceeds from stock option exercises	574	1,791
Net cash used in financing activities	(5,616)	(359)
Effect of foreign exchange rate on cash	(405)	(186)
Net decrease in cash and cash equivalents	(3,517)	(4,003)
Cash and cash equivalents at beginning of period	23,124
Cash and cash equivalents at end of period	19,607	15,606
Supplementary disclosure of cash flow information:
Income taxes paid	$ 2,347	$ 1,693

XML 31 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Accounts receivable, allowances (in dollars)	$ 1,413	$ 1,819
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	10,000,000	10,000,000
Common Stock, shares issued	5,284,500	5,284,500
Common Stock, shares outstanding	4,740,380	4,890,756
Treasury stock, shares	544,120	393,744

XML 32 R17.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Taxes
Income Taxes	10.The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company has identified its federal consolidated tax return and its state tax return in New Jersey and its Canadian tax return as major tax jurisdictions. As of September 30, 2015 the Company’s 2013 and 2014 Federal tax returns remain open for examination, as the Company recently concluded an Internal Revenue Service examination for the 2011 and 2012 tax years. This examination resulted in no change to the previously filed Federal corporate tax returns. The Company’s New Jersey and Canadian tax returns are open for examination for the years 2012 through 2014. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions it takes and expects to take on its tax returns, and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The effective tax rate for each of the nine and three months ended September 30, 2015 was 34.3% and 34.1% respectively, compared with 34.0% and 31.6% for the same periods last year. The current year effective tax rates are higher primarily due to fact that the prior year included an adjustment to reflect a change in state apportionment rules.

XML 33 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information
Entity Registrant Name	Wayside Technology Group, Inc.
Entity Central Index Key	0000945983
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,723,528
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

XML 34 R18.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Stock Based Compensation

9 Months Ended

Sep. 30, 2015

Stockholders' Equity and Stock Based Compensation

Stockholders' Equity and Stock Based Compensation

11.The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2012 Plan was 600,000. As of September 30, 2015, the number of shares of Common stock available for future award grants to employees and directors under the 2012 Plan is 474,713.

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value ($M)(1)
Outstanding at January 1, 2015	50,640		$	12.85
Granted in 2015	—		—
Canceled in 2015	(6,000	)	12.85
Exercised in 2015	(44,640	)	12.85

Outstanding at September 30, 2015	—		—		—	—

Exercisable at September 30, 2015	—		—		—	—

(1)

The intrinsic value of an option is calculated as the difference between the market value on the last trading day of the quarter (September 30, 2015) and the exercise price of the outstanding options. The market value as of September 30, 2015 was $17.00 per share represented by the closing price as reported by The NASDAQ Global Market on that day.

	Shares		Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2015	162,609		$	14.36
Granted in 2015	44,000		14.99
Vested in 2015	(59,361	)	13.64
Forfeited in 2015	(4,465	)	12.80

Nonvested shares at September 30, 2015	142,783		$	15.22

XML 35 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Earnings
Net sales	$ 97,653	$ 90,505	$ 282,314	$ 246,635
Cost of sales	90,773	84,329	262,652	228,782
Gross profit	6,880	6,176	19,662	17,853
Selling, general and administrative expenses	4,618	4,291	13,533	12,293
Income from operations	2,262	1,885	6,129	5,560
Other income:
Interest, net	100	121	297	375
Foreign currency transaction loss	(4)	(4)	(9)	(8)
Income before provision for income taxes	2,358	2,002	6,417	5,927
Provision for income taxes	805	632	2,199	2,016
Net income	$ 1,553	$ 1,370	$ 4,218	$ 3,911
Income per common share-Basic (in dollars per share)	$ 0.34	$ 0.29	$ 0.91	$ 0.84
Income per common share-Diluted (in dollars per share)	$ 0.33	$ 0.29	$ 0.90	$ 0.83
Weighted average common shares outstanding-Basic (in shares)	4,624	4,716	4,652	4,639
Weighted average common shares outstanding-Diluted (in shares)	4,643	4,736	4,673	4,685
Dividends paid per common share (in dollars per share)	$ 0.17	$ 0.17	$ 0.51	$ 0.51

XML 36 R12.htm IDEA: XBRL DOCUMENT

Marketable securities	9 Months Ended
Marketable securities	Sep. 30, 2015
Marketable securities
Marketable securities	5.The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximated fair value at September 30, 2015 and December 31, 2014 because of the relative short maturity of these instruments. The Company’s accounts receivable long-term is discounted to their present value at prevailing market rates so the balances approximate fair value.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

XML 37 R11.htm IDEA: XBRL DOCUMENT

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2015
Revenue Recognition
Revenue Recognition	4.Revenue on product (software and hardware) and maintenance agreement sales are recognized once four criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed and determinable, (3) delivery (software and hardware) or fulfillment (maintenance) has occurred, and (4) there is reasonable assurance of collection of the sales proceeds. Revenues from the sales of hardware products, software products and licenses and maintenance agreements are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recorded as cost of sales. Product delivery to customers occur in a variety of ways, including (i) as physical product shipped from the Company’s warehouse, (ii) via drop-shipment by the vendor, or (iii) via electronic delivery for software licenses. The Company leverages drop-ship arrangements with many of its vendors and suppliers to deliver products to customers without having to physically hold the inventory at its warehouse, thereby increasing efficiency and reducing costs. The Company recognizes revenue for drop-ship arrangements on a gross basis. Furthermore, in such drop-ship arrangements, the Company negotiates price with the customer, pays the supplier directly for the product shipped and bears credit risk of collecting payment from its customers. The Company serves as the principal with the customer and, therefore, recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product has shipped. Maintenance agreements allow customers to obtain technical support directly from the software publisher and to upgrade, at no additional cost, to the latest technology if new applications are introduced by the software publisher during the period that the maintenance agreement is in effect. Sales are recorded net of discounts, rebates, and returns. Vendor rebates and price protection are recorded when earned as a reduction to cost of sales or merchandise inventory, as applicable. Cooperative reimbursements from vendors, which are earned and available, are recorded in the period the related advertising expenditure is incurred. Cooperative reimbursements are recorded as a reduction of cost of sales in accordance with FASB ASC Topic 605-50 “Accounting by a Customer (including reseller) for Certain Consideration Received from a Vendor.” Provisions for returns are estimated based on historical sales returns and credit memo analysis which are adjusted to actual on a periodic basis. Accounts receivable-long-term result from product sales with extended payment terms that are discounted to their present values at the prevailing market rates. In subsequent periods, the accounts receivable are increased to the amounts due and payable by the customers through the accretion of interest income on the unpaid accounts receivable due in future years. The amounts due under these long-term accounts receivable due within one year are reclassified to the current portion of accounts receivable.

XML 38 R23.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity and Stock Based Compensation

Schedule of changes in options outstanding under the combined plans

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value ($M)(1)
Outstanding at January 1, 2015	50,640		$	12.85
Granted in 2015	—		—
Canceled in 2015	(6,000	)	12.85
Exercised in 2015	(44,640	)	12.85

Outstanding at September 30, 2015	—		—		—	—

Exercisable at September 30, 2015	—		—		—	—

(1)

Summary of nonvested shares of Restricted Stock awards outstanding and the changes during the period

	Shares		Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2015	162,609		$	14.36
Granted in 2015	44,000		14.99
Vested in 2015	(59,361	)	13.64
Forfeited in 2015	(4,465	)	12.80

Nonvested shares at September 30, 2015	142,783		$	15.22

XML 39 R19.htm IDEA: XBRL DOCUMENT

Industry, Segment and Geographic Information

9 Months Ended

Sep. 30, 2015

Industry, Segment and Geographic Information

Industry, Segment and Geographic Information

12.FASB ASC Topic 280, “Segment Reporting,” requires that public companies report profits and losses and certain other information on their “reportable operating segments” in their annual and interim financial statements. The internal organization used by the public company’s Chief Operating Decision Maker (CODM) to assess performance and allocate resources determines the basis for reportable operating segments. The Company’s CODM is the Chief Executive Officer.

The following segment reporting information of the Company is provided:

	Nine months ended						Three months ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenue:
Lifeboat Distribution	$	250,287		$	206,655		$	86,082		$	77,416
TechXtend	32,027			39,980			11,571			13,089

	282,314			246,635			97,653			90,505

Gross Profit:
Lifeboat Distribution	$	15,837		$	13,475		$	5,493		$	4,747
TechXtend	3,825			4,378			1,387			1,429

	19,662			17,853			6,880			6,176

Direct Costs:
Lifeboat Distribution	5,759			$	4,044		$	2,051		$	1,565
TechXtend	1,725			2,409			521			815

	7,484			6,453			2,572			2,380

Segment Income:
Lifeboat Distribution	$	10,078		$	9,431		$	3,442		$	3,182
TechXtend	2,100			1,969			866			614

Segment Income	12,178			11,400			4,308			3,796


General and administrative	$	6,049		$	5,840		$	2,046		$	1,911
Interest, net	297			375			100			121
Foreign currency translation (loss)	(9		)	(8		)	(4		)	(4		)

Income before taxes	$	6,417		$	5,927		$	2,358		$	2,002

	As of September 30, 2015		As of December 31, 2014
Selected Assets By Segment:
Lifeboat Distribution	$	40,003	$	39,780
TechXtend	25,064		30,153

Segment Select Assets	65,067		69,933
Corporate Assets	21,546		25,048

Total Assets	$	86,613	$	94,981

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

XML 40 R15.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share

Earnings Per Share

8.Basic Earnings Per Share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for potentially dilutive securities including unexercised stock option grants and nonvested shares of restricted stock.

A reconciliation of the numerators and denominators of the basic and diluted per share computations follows:

	Nine months ended				Three months ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerator:
Net income	$	4,218	$	3,911	$	1,553	$	1,370
Denominator:
Weighted average shares (Basic)	4,652		4,639		4,624		4,716
Dilutive effect of outstanding options and non-vested shares of restricted stock	21		46		19		20


Weighted average shares including assumed conversions (Diluted)	4,673		4,685		4,643		4,736


Basic income per share	$	0.91	$	0.84	$	0.34	$	0.29
Diluted income per share	$	0.90	$	0.83	$	0.33	$	0.29

XML 41 R13.htm IDEA: XBRL DOCUMENT

Balance Sheet Detail

9 Months Ended

Sep. 30, 2015

Balance Sheet Detail

Balance Sheet Detail

6.Balance Sheet Detail:

Equipment and leasehold improvements consist of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014

Equipment	$	2,904		$	2,744
Leasehold improvements	559			565

	3,463			3,309
Less accumulated depreciation and amortization	(3,073		)	(2,897		)

	$	390		$	412

Accounts payable and accrued expenses consist of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015		December 31, 2014

Trade accounts payable	$	45,548	$	52,328
Accrued expenses	2,989		3,086

	$	48,537	$	55,414

Accumulated other comprehensive loss consists of the following as of September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014

Foreign currency translation adjustment	$	(1,448	)	$	(558	)

	$	(1,448	)	$	(558	)

XML 42 R14.htm IDEA: XBRL DOCUMENT

Credit Facility	9 Months Ended
Credit Facility	Sep. 30, 2015
Credit Facility.
Credit Facility	7.On January 4, 2013, the Company entered into a $10,000,000 revolving credit facility (the “Credit Facility”) with Citibank, N.A. (“Citibank”) pursuant to a Business Loan Agreement (the “Loan Agreement”), Promissory Note (the “Note”), Commercial Security Agreements (the “Security Agreements”) and Commercial Pledge Agreement (the “Pledge Agreement”). The Credit Facility, which will be used for business and working capital purposes, including financing of larger extended payment terms sales transactions. The Credit Facility matures on January 4, 2016, at which time the Company must pay this loan in one payment of any outstanding principal plus all accrued unpaid interest. In addition, the Company will pay regular monthly payments of all accrued unpaid interest. The interest rate for any borrowings under the Credit Facility is subject to change from time to time based on the changes in an independent index which is the LIBOR Rate (the “Index”). If the Index becomes unavailable during the term of this loan, Citibank may designate a substitute index after notifying the Company. Interest on the unpaid principal balance of the Note will be calculated using a rate of 1.500 percentage points over the Index. The Credit Facility is secured by the assets of the Company. Among other affirmative covenants set forth in the Loan Agreement, the Company must maintain (i) a ratio of Total Liabilities to Tangible Net Worth (each as defined in the Loan Agreement) of not greater than 2.50 to 1.00, to be tested quarterly and (ii) a minimum Debt Service Coverage Ratio (as defined in the Loan Agreement) of 2.00 to 1.00. Additionally, the Loan Agreement contains negative covenants related to, among other items, prohibitions against the creation of certain liens, engaging in any business activities substantially different than those currently engaged in by the Company, and paying dividends on the Company’s stock other than (i) dividends payable in its stock and (ii) cash dividends in amounts and frequency consistent with past practice, without first securing the written consent of Citibank. The Company is in compliance with all covenants at September 30, 2015. At September 30, 2015, the Company had no borrowings outstanding under the Credit Facility.

XML 43 R16.htm IDEA: XBRL DOCUMENT

Major Customers and Vendor	9 Months Ended
Major Customers and Vendor	Sep. 30, 2015
Major Customers and Vendors
Major Customers and Vendor	9.The Company had one major vendor that accounted for 24.3% and 26.2% of total purchases during the nine months and three months, respectively, that ended September 30, 2015. The Company had one major vendor that accounted for 13.6% and 17.3% of total purchases during the nine months and three months, respectively, that ended September 30, 2014 .The Company had two major customers that accounted for 18.8% and 17.9%, respectively, of its total net sales during the nine months ended September 30, 2015, and 20.5%, and 18.1% of total net sales for the three months ended September 30, 2015. These same customers accounted for 11.9% and 18.8%, respectively, of total net accounts receivable as of September 30, 2015. The Company had three major customers that accounted for 16.7%, 16.4% and 10.9% of its total net sales during the nine months ended September 30, 2014, and 16.8%, 18.7% and 10.6% of total net sales for the three months ended September 30, 2014.

XML 44 R34.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Stock Based Compensation (Details 3) - 2006 Plan and 2012 Plan - Restricted stock - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Shares
Nonvested shares at the beginning of the period	162,609
Granted (in shares)	44,000		98,689	56,500
Vested (in shares)	(59,361)
Forfeited (in shares)	(4,465)		(34,487)	(775)
Nonvested shares at the end of the period	142,783		162,609
Weighted Average Grant Date Fair Value
Nonvested shares at the beginning of period (in dollars per share)	$ 14.36
Granted (in dollars per share)	14.99
Vested (in dollars per share)	13.64
Forfeited (in dollars per share)	12.80
Nonvested shares at the end of period (in dollars per share)	$ 15.22		$ 14.36
Unrecognized compensation cost (in dollars)	$ 2.2
Weighted average period for recognition of unrecognized compensation cost	2 years 10 months 24 days
Share-based compensation cost (in dollars)	$ 0.8	$ 0.9

XML 45 R21.htm IDEA: XBRL DOCUMENT

Balance Sheet Detail (Tables)

9 Months Ended

Sep. 30, 2015

Balance Sheet Detail

Schedule of equipment and leasehold improvements, net

	September 30, 2015			December 31, 2014

Equipment	$	2,904		$	2,744
Leasehold improvements	559			565

	3,463			3,309
Less accumulated depreciation and amortization	(3,073		)	(2,897		)

	$	390		$	412

Schedule of accounts payable and accrued expenses

	September 30, 2015		December 31, 2014

Trade accounts payable	$	45,548	$	52,328
Accrued expenses	2,989		3,086

	$	48,537	$	55,414

Schedule of accumulated other comprehensive loss

	September 30, 2015			December 31, 2014

Foreign currency translation adjustment	$	(1,448	)	$	(558	)

	$	(1,448	)	$	(558	)

XML 46 R26.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Details) $ in Thousands	9 Months Ended
Revenue Recognition (Details) $ in Thousands	Sep. 30, 2015 USD ($) item
Revenue Recognition
Number of criteria \| item	4
Additional cost to obtain technical support directly from the software publisher and upgrade to latest technology	$ 0

XML 47 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Comprehensive Inc
Net income	$ 1,553	$ 1,370	$ 4,218	$ 3,911
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(428)	(293)	(890)	(357)
Other comprehensive loss	(428)	(293)	(890)	(357)
Comprehensive income	$ 1,125	$ 1,077	$ 3,328	$ 3,554

Comprehensive Income	9 Months Ended
Comprehensive Income	Sep. 30, 2015
Comprehensive Income
Comprehensive Income	3.Cumulative translation adjustments have been classified within accumulated other comprehensive loss, which is a separate component of stockholders’ equity in accordance with FASB Accounting Standards Codification (“ASC”) Topic 220, “Comprehensive Income.”

Balance Sheet Detail: (Details) 10Q - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Equipment and leasehold improvements
Gross	$ 3,463	$ 3,309
Less accumulated depreciation and amortization	(3,073)	(2,897)
Net	390	412
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	(1,448)	(558)
Accumulated other comprehensive income	38,076	39,567
Accounts payable and accrued expenses
Trade accounts payable	45,548	52,328
Accrued expenses	2,989	3,086
Accounts payable and accrued expenses	48,537	55,414
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income
Accumulated other comprehensive income	(1,448)	(558)
Accumulated Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	(1,448)	(558)
Equipment
Equipment and leasehold improvements
Gross	2,904	2,744
Leasehold improvements
Equipment and leasehold improvements
Gross	$ 559	$ 565

Basis of Presentation and New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements
New Accounting Pronouncements	1.The accompanying unaudited condensed consolidated financial statements of Wayside Technology Group, Inc. and its subsidiaries (collectively, the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete audited financial statements. The preparation of these condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to product returns, bad debts, inventories, investments, intangible assets, income taxes, stock-based compensation, and contingencies and litigation. The Company bases its estimates on its historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In the opinion of the Company’s management, all adjustments that are of a normal recurring nature, considered necessary for fair presentation, have been included in the accompanying financial statements. The Company’s actual results may differ from these estimates under different assumptions or conditions. The unaudited condensed consolidated statements of earnings for the interim periods are not necessarily indicative of results for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the Securities Exchange Commission for the year ended December 31, 2014. In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The FASB approved a one-year deferral in July 2015, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “Simplifying the Measurement of Inventory (Topic 330)”, (“ASU 2015-11”). Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements.