Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | 28-May-14 | Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'WORLD ACCEPTANCE CORP | ' | ' |
Entity Central Index Key | '0000108385 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $836,894,612 |
Entity Common Stock, Shares Outstanding | ' | 9,910,401 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $19,569,683 | $11,625,365 |
Gross loans receivable | 1,112,307,335 | 1,067,051,763 |
Less: | ' | ' |
Unearned interest and fees | -298,387,520 | -284,956,195 |
Allowance for loan losses | -63,254,940 | -59,980,842 |
Loans receivable, net | 750,664,875 | 722,114,726 |
Property and equipment, net | 24,826,238 | 23,935,439 |
Deferred income taxes | 33,514,189 | 29,415,996 |
Other assets, net | 11,707,639 | 11,712,319 |
Goodwill | 5,967,127 | 5,896,288 |
Intangible assets, net | 3,777,810 | 4,624,832 |
Total assets | 850,027,561 | 809,324,965 |
Liabilities: | ' | ' |
Senior notes payable | 505,500,000 | 400,250,000 |
Income taxes payable | 9,521,285 | 13,941,632 |
Accounts payable and accrued expenses | 27,650,955 | 28,737,074 |
Total liabilities | 542,672,240 | 442,928,706 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding | 0 | 0 |
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 12,171,075 and 13,898,265 shares at March 31, 2013 and March 31, 2012, respectively | 0 | 0 |
Additional paid-in capital | 118,365,503 | 89,789,789 |
Retained earnings | 193,095,944 | 277,024,787 |
Accumulated other comprehensive (loss)/income | -4,106,126 | -418,317 |
Total shareholders' equity | 307,355,321 | 366,396,259 |
Commitments and contingencies | ' | ' |
Total liabilities and shareholders' equity | $850,027,561 | $809,324,965 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Shareholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 95,000,000 | 95,000,000 |
Common stock, shares issued (in shares) | 10,262,384 | 12,171,075 |
Common stock, shares outstanding (in shares) | 10,262,384 | 12,171,075 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Revenues: | ' | ' | ' |
Interest and fee income | $542,155,901 | $505,495,331 | $466,481,109 |
Insurance commissions and other income | 75,493,350 | 78,222,382 | 73,680,573 |
Total revenues | 617,649,251 | 583,717,713 | 540,161,682 |
Expenses: | ' | ' | ' |
Provision for loan losses | 126,575,392 | 114,322,525 | 105,705,536 |
General and administrative expenses: | ' | ' | ' |
Personnel | 202,794,384 | 194,422,717 | 175,402,913 |
Occupancy and equipment | 38,879,460 | 36,278,134 | 33,864,579 |
Advertising | 16,062,076 | 14,849,980 | 14,228,002 |
Amortization of intangible assets | 1,057,620 | 1,365,473 | 1,698,241 |
Other | 40,840,744 | 38,794,090 | 35,490,422 |
Total general and administrative expenses | 299,634,284 | 285,710,394 | 260,684,157 |
Interest expense | 21,195,370 | 17,393,963 | 13,898,648 |
Total expenses | 447,405,046 | 417,426,882 | 380,288,341 |
Income before income taxes | 170,244,205 | 166,290,831 | 159,873,341 |
Income taxes | 63,636,273 | 62,201,083 | 59,178,898 |
Net income | $106,607,932 | $104,089,748 | $100,694,443 |
Net income per common share: | ' | ' | ' |
Basic (in dollars per share) | $9.36 | $8.04 | $6.75 |
Diluted (in dollars per share) | $9.08 | $7.88 | $6.59 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in shares) | 11,391,706 | 12,940,007 | 14,906,662 |
Diluted (in shares) | 11,741,305 | 13,214,271 | 15,289,111 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Net income | $106,607,932 | $104,089,748 | $100,694,443 |
Foreign currency translation adjustments | -3,687,809 | 2,318,117 | -2,872,633 |
Comprehensive income | $102,920,123 | $106,407,865 | $97,821,810 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] |
Balances at Mar. 31, 2011 | $442,575,169 | $47,352,738 | $395,086,232 | $136,199 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' |
Proceeds from exercise of stock options, including tax benefits | 11,660,188 | 11,660,188 | ' | ' |
Common stock repurchases | -139,799,981 | ' | -139,799,981 | ' |
Issuance of restricted common stock under stock option plan | 1,750,596 | 1,750,596 | ' | ' |
Stock option expense | 4,867,231 | 4,867,231 | ' | ' |
Other comprehensive income | -2,872,633 | ' | ' | -2,872,633 |
Net income | 100,694,443 | ' | 100,694,443 | ' |
Balances at Mar. 31, 2012 | 418,875,013 | 65,630,753 | 355,980,694 | -2,736,434 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' |
Proceeds from exercise of stock options, including tax benefits | 12,993,709 | 12,993,709 | ' | ' |
Common stock repurchases | -183,045,655 | ' | -183,045,655 | ' |
Issuance of restricted common stock under stock option plan | 3,842,674 | 3,842,674 | ' | ' |
Stock option expense | 7,322,653 | 7,322,653 | ' | ' |
Other comprehensive income | 2,318,117 | ' | ' | 2,318,117 |
Net income | 104,089,748 | ' | 104,089,748 | ' |
Balances at Mar. 31, 2013 | 366,396,259 | 89,789,789 | 277,024,787 | -418,317 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' |
Proceeds from exercise of stock options, including tax benefits | 13,662,510 | 13,662,510 | ' | ' |
Common stock repurchases | -190,536,775 | ' | -190,536,775 | ' |
Issuance of restricted common stock under stock option plan | 5,234,480 | 5,234,480 | ' | ' |
Stock option expense | 9,678,724 | 9,678,724 | ' | ' |
Other comprehensive income | -3,687,809 | ' | ' | -3,687,809 |
Net income | 106,607,932 | ' | 106,607,932 | ' |
Balances at Mar. 31, 2014 | $307,355,321 | $118,365,503 | $193,095,944 | ($4,106,126) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' |
Proceeds from exercise of stock options (in shares) | 332,665 | 324,140 | 447,250 |
Proceeds from exercise of stock options, tax benefits | $3,049,108 | $2,072,030 | $1,923,628 |
Common stock repurchases (in shares) | 2,569,597 | 2,181,045 | 1,298,057 |
Issuance of restricted common stock under stock option plan (in shares) | 524,500 | 60,416 | 54,951 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Cash flow from operating activities: | ' | ' | ' |
Net income | $106,607,932 | $104,089,748 | $100,694,443 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Amortization of intangible assets | 1,057,620 | 1,365,473 | 1,698,241 |
Amortization of loan costs and discounts | 373,441 | 612,021 | 311,624 |
Provision for loan losses | 126,575,392 | 114,322,525 | 105,705,536 |
Amortization of convertible note discount | 0 | ' | 1,819,600 |
Depreciation | 6,282,255 | 6,442,292 | 6,493,817 |
Deferred income tax benefit | -4,098,193 | -10,941,998 | -3,993,974 |
Compensation related to stock option and restricted stock plans | 14,913,204 | 11,165,327 | 6,617,827 |
Unrealized gains on interest rate swap | 0 | 0 | -319,235 |
Change in accounts: | ' | ' | ' |
Other assets, net | -360,471 | -811,921 | -490,705 |
Income taxes payable | -4,420,347 | 2,413,396 | -1,575,266 |
Accounts payable and accrued expenses | -967,249 | 3,387,226 | 2,439,394 |
Net cash provided by operating activities | 245,963,584 | 232,044,089 | 219,401,302 |
Cash flows from investing activities: | ' | ' | ' |
Increase in loans receivable, net | -157,149,864 | -171,985,755 | -167,224,562 |
Net assets acquired from office acquisitions, primarily loans | -774,549 | -1,951,646 | -3,383,421 |
Increase in intangible assets from acquisitions | -281,436 | -716,169 | -869,189 |
Purchases of property and equipment, net | -7,384,059 | -6,884,296 | -6,855,688 |
Net cash used in investing activities | -165,589,908 | -181,537,866 | -178,332,860 |
Cash flow from financing activities: | ' | ' | ' |
Borrowings from lines of credit | 425,640,000 | 443,515,466 | 405,020,000 |
Payments on lines of credit | -320,390,000 | -272,515,466 | -258,020,000 |
Repayment of convertible senior subordinated notes | 0 | ' | -77,000,000 |
(Payments on)/proceeds from junior subordinated note payable | 0 | -50,000,000 | 20,000,000 |
Proceeds from exercise of stock options | 10,794,889 | 9,944,601 | 9,588,160 |
Repurchase of common stock | -190,536,775 | -183,045,655 | -139,799,981 |
Excess tax benefits from exercise of stock options | 2,867,621 | 3,049,108 | 2,072,030 |
Net cash used in financing activities | -71,828,265 | -50,036,946 | -38,139,791 |
(Decrease) increase in cash and cash equivalents | 8,545,411 | 469,277 | 2,928,651 |
Effects of foreign currency fluctuations on cash | -601,093 | 387,912 | -191,055 |
Cash and cash equivalents at beginning of period | 11,625,365 | 10,768,176 | 8,030,580 |
Cash and cash equivalents at end of period | 19,569,683 | 11,625,365 | 10,768,176 |
Line of Credit [Member] | ' | ' | ' |
Cash flow from financing activities: | ' | ' | ' |
Payments of loan cost | ($204,000) | ' | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The Company's accounting and reporting policies are in accordance with U.S. generally accepted accounting principles("GAAP") and conform to general practices within the finance company industry. The following is a description of the more significant of these policies used in preparing the Consolidated Financial Statements. | |
Nature of Operations | |
The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina, that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. | |
The Company also markets computer software and related services to financial services companies through its ParaData Financial Systems (“ParaData”) subsidiary. | |
As of March 31, 2014, the Company operated 1,138 offices in Alabama, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. The Company also operated 133 offices in Mexico. The Company is subject to numerous lending regulations that vary by jurisdiction. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. | |
The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “Accumulated other comprehensive (loss)/income.” | |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. Actual results could differ from those estimates. | |
Business Segments | |
The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. | |
The Company has one reportable segment, which is the consumer finance company. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, buying club and the automobile club, are done in the existing branch network in conjunction with or as a complement to the lending operation. There is no discrete financial information available for these activities and they do not meet the criteria under FASB ASC Topic 280 to be reported separately. | |
ParaData provides data processing systems to 102 separate finance companies, including the Company. At March 31, 2014 and 2013, ParaData had total assets of $1.3 million and $0.9 million, which represented less than 1% of total consolidated assets at each fiscal year end. Total net revenues (system sales and support) for ParaData for the years ended March 31, 2014, 2013 and 2012 were $2.4 million, $2.1 million and $2.3 million, respectively, which represented less than 1% of consolidated revenue for each year. Although ParaData is an operating segment under FASB ASC Topic 280, it does not meet the criteria to require separate disclosure. | |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. | |
Loans and Interest Income | |
The Company is licensed to originate consumer loans in the states of Georgia, South Carolina, Texas, Oklahoma, Louisiana, Tennessee, Missouri, Illinois, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, and Mississippi. In addition, the Company also originates consumer loans in Mexico. During fiscal 2014 and 2013, the Company originated loans generally ranging up to $4,000, with terms of 42 months or less. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancing as a new loan. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts, so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. | |
Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full. | |
Loans are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for loan losses. For the fiscal year ended March 31, 2012, the Company recognized interest revenue on its loans using the rule of 78s, and the collection method, which is a cash method of recognizing the revenue. The combination of using the rule of 78s and the cash collections method to recognize interest revenue approximated the actuarial accrual method required by U.S. generally accepted accounting principles. As of March 31, 2013, the Company converted to the actuarial accrual method for recognizing revenue. | |
Charges for late payments are credited to income when collected. | |
The Company generally offers its loans at the prevailing statutory rates for terms not to exceed 42 months. Management believes that the carrying value approximates the fair value of its loan portfolio. | |
Nonaccrual Policy | |
The accrual of interest is discontinued when a loan is 60 days past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, no interest revenue is recognized. | |
Allowance for Loan Losses | |
The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. | |
The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. | |
The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of all loans 91 or more days past due on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. | |
A process is then performed to determine the adequacy of the allowance for loan losses, as well as considering trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings are compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model, when determining if any adjustments are needed. | |
The Company's policy is to charge off at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. However, the Company's practice is to charge off an account the earlier of when the account is deemed uncollectible or 120 days past due on a recency basis. The Company's charge-off policy and practice have been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate for the past 11 years has ranged from 13.3% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. | |
FASB ASC Topic 310 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310. Therefore, the Company records acquired loans (not within the scope of FASB ASC Topic 310) at fair value. | |
Impaired Loans | |
The Company defines impaired loans as bankrupt accounts and accounts 90 days or more past due. In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2014, bankrupt accounts that had not been charged off were approximately $5.9 million. Bankrupt accounts 91 days or more past due are reserved 100%. The Company also considers accounts 91 days or more past due as impaired and the accounts are reserved 100%. | |
Additional requirements from ASU 2010-20 about the credit quality of the Company’s receivables are disclosed in Note 2. | |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: building, 40 years; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. | |
Operating Leases | |
The Company’s office leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years, or the lease term that considers renewal periods that are reasonably assured. | |
Other Assets | |
Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. | |
Derivatives and Hedging Activities | |
The Company has used interest rate swaps and foreign currency options to economically hedge variable cash flows and currency fluctuations, respectively. Interest rate swap agreements were carried at fair value. Changes to fair value were recorded each period as a component of the consolidated statement of operations. See Note 7 for further discussion related to the interest rate swaps. As of March 31, 2014 and 2013, the Company did not have any foreign currency options or interest rate swaps outstanding. | |
Intangible Assets and Goodwill | |
Intangible assets include the cost of acquiring existing customers, and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 5 to 20 years with a weighted average of approximately 11 years. Non-compete agreements are amortized on a straight line basis over the term of the agreement. | |
The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has one reporting unit, the consumer finance company, and the Company has multiple components, the lowest level of which is individual offices. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. The Company writes off goodwill when it closes an office that has goodwill assigned to it. As of March 31, 2014, the Company had 90 offices with recorded goodwill. | |
Impairment of Long-Lived Assets | |
The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the office level based on the operating cash flows of the office and the Company’s plans for office closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal year ended 2014, 2013, or 2012. | |
Fair Value of Financial Instruments | |
FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable, and senior notes payable. Fair value approximates carrying value for all of these instruments. | |
Loans receivable are originated at prevailing market rates and have an average life of approximately eight months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. | |
Insurance Premiums | |
Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts using a method similar to that used for the recognition of interest and fee income. | |
Non-filing Insurance | |
Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 9). Claims paid by the third party insurance company result in a reduction to loan losses. | |
Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |
Supplemental Cash Flow Information | |
For the years ended March 31, 2014, 2013, and 2012, the Company paid interest of $19,922,148, $16,028,399 and $11,076,970, respectively. | |
For the years ended March 31, 2014, 2013, and 2012, the Company paid income taxes of $67,404,899, $66,921,031 and $60,760,661, respectively. | |
Earnings Per Share | |
Earnings per share (“EPS”) are computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options, restricted stock and warrants, which are computed using the treasury stock method. Potential common stock related to the Company's formerly outstanding convertible senior notes are included in the diluted EPS computation using the method prescribed by FASB ASC Topic 260-10-45. See Note 12 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. | |
Stock-Based Compensation | |
FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 13). | |
At March 31, 2014, the Company had several share-based employee compensation plans, which are described more fully in Note 13. The Company uses the modified prospective transition method in accordance with FASB ASC Topic 718. Under this method of transition, compensation cost recognized during fiscal years 2012, 2013, and 2014 was based on the grant-date fair value estimated in accordance with the provisions of FASB ASC Topic 718. Since this compensation cost is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. FASB ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has elected to expense grants of awards with graded vesting on a straight-line basis over the requisite service period for each separately vesting portion of the award. | |
Comprehensive Income | |
Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are comprised of foreign currency translation adjustments. | |
Concentration of Risk | |
During the year ended March 31, 2014, the Company operated in fourteen states in the United States as well as in Mexico. For the years ended March 31, 2014, 2013 and 2012, total revenue within the Company's four largest states (measured by total revenues) accounted for approximately 58%, 56% and 56%, respectively, of the Company's total revenues. | |
Advertising Costs | |
Advertising costs are expensed when incurred. Advertising costs were approximately $16.1 million, $14.8 million and $14.2 million for fiscal years 2014, 2013 and 2012, respectively. | |
New Accounting Pronouncements Adopted | |
Comprehensive Income | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the reporting of reclassifications out of accumulated other comprehensive income or loss. The amendments require an entity to present (either on the face of the statement where net income is presented or in the notes) the effect of significant reclassifications out of accumulated other comprehensive income or loss on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The amendments in this ASU became effective prospectively for the Company for our fiscal year beginning April 1, 2013. The adoption of this ASU did not have a material effect on our consolidated statements of financial condition, results of operations, or cash flows. | |
Accounting Standards to be Adopted | |
We reviewed significant newly issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected on the financial statements as a result of future adoption. |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality Indicators | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivables [Abstract] | ' | |||||||||
Allowance for Loan Losses and Credit Quality Indicators | ' | |||||||||
Allowance for Loan Losses and Credit Quality Indicators | ||||||||||
The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2014, 2013, and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance at beginning of period | $ | 59,980,842 | 54,507,299 | 48,354,994 | ||||||
Provision for loan losses | 126,575,392 | 114,322,525 | 105,705,536 | |||||||
Loan losses | (137,307,358 | ) | (121,514,261 | ) | (110,373,643 | ) | ||||
Recoveries | 14,287,889 | 12,471,699 | 11,025,950 | |||||||
Translation adjustment | (281,825 | ) | 193,580 | (205,538 | ) | |||||
Balance at end of period | $ | 63,254,940 | 59,980,842 | 54,507,299 | ||||||
The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: | ||||||||||
March 31, 2014 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,878,825 | — | 5,878,825 | ||||||
91 days or more delinquent, excluding bankruptcy | 28,186,637 | — | 28,186,637 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,078,241,873 | 1,078,241,873 | |||||||
Gross loan balance | 34,065,462 | 1,078,241,873 | 1,112,307,335 | |||||||
Unearned interest and fees | (7,269,147 | ) | (291,118,373 | ) | (298,387,520 | ) | ||||
Net loans | 26,796,315 | 787,123,500 | 813,919,815 | |||||||
Allowance for loan losses | (26,796,315 | ) | (36,458,625 | ) | (63,254,940 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 750,664,875 | 750,664,875 | ||||||
March 31, 2013 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,910,206 | — | 5,910,206 | ||||||
91 days or more delinquent, excluding bankruptcy | 23,536,170 | — | 23,536,170 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,037,605,387 | 1,037,605,387 | |||||||
Gross loan balance | 29,446,376 | 1,037,605,387 | 1,067,051,763 | |||||||
Unearned interest and fees | (6,036,018 | ) | (278,920,177 | ) | (284,956,195 | ) | ||||
Net loans | 23,410,358 | 758,685,210 | 782,095,568 | |||||||
Allowance for loan losses | (23,410,358 | ) | (36,570,484 | ) | (59,980,842 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 722,114,726 | 722,114,726 | ||||||
March 31, 2012 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,646,956 | — | 5,646,956 | ||||||
91 days or more delinquent, excluding bankruptcy | 20,882,907 | — | 20,882,907 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 946,192,901 | 946,192,901 | |||||||
Gross loan balance | 26,529,863 | 946,192,901 | 972,722,764 | |||||||
Unearned interest and fees | (7,085,222 | ) | (250,552,597 | ) | (257,637,819 | ) | ||||
Net loans | 19,444,641 | 695,640,304 | 715,084,945 | |||||||
Allowance for loan losses | (19,444,641 | ) | (35,062,658 | ) | (54,507,299 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 660,577,646 | 660,577,646 | ||||||
The following is an assessment of the credit quality for the period indicated: | ||||||||||
March 31, | March 31, | |||||||||
2014 | 2013 | |||||||||
Credit risk | ||||||||||
Consumer loans- non-bankrupt accounts | $ | 1,106,428,510 | 1,061,141,557 | |||||||
Consumer loans- bankrupt accounts | 5,878,825 | 5,910,206 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
Consumer credit exposure | ||||||||||
Credit risk profile based on payment activity, performing | $ | 1,053,037,073 | 1,020,337,490 | |||||||
Contractual non-performing, 61 or more days delinquent | 59,270,262 | 46,714,273 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
Delinquent refinance | $ | 22,907,734 | 19,799,064 | |||||||
Credit risk profile based on customer type | ||||||||||
New borrower | $ | 151,025,603 | 130,897,466 | |||||||
Former borrower | 102,514,264 | 90,281,773 | ||||||||
Refinance | 835,859,734 | 826,073,460 | ||||||||
Delinquent refinance | 22,907,734 | 19,799,064 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
The following is a summary of the past due receivables as of: | ||||||||||
March 31, | March 31, | March 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Contractual basis: | ||||||||||
30-60 days past due | $ | 37,713,414 | 37,674,267 | 24,853,508 | ||||||
61-90 days past due | 30,607,515 | 22,773,063 | 17,320,264 | |||||||
91 days or more past due | 28,662,747 | 23,941,210 | 21,306,902 | |||||||
Total | $ | 96,983,676 | 84,388,540 | 63,480,674 | ||||||
Percentage of period-end gross loans receivable | 8.7 | % | 7.9 | % | 6.5 | % |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property and Equipment | ' | ||||||
Property and Equipment | |||||||
Property and equipment consist of: | |||||||
March 31, 2014 | March 31, 2013 | ||||||
Land | $ | 250,443 | 250,443 | ||||
Building and leasehold improvements | 19,083,381 | 17,380,828 | |||||
Furniture and equipment | 41,422,708 | 38,643,075 | |||||
60,756,532 | 56,274,346 | ||||||
Less accumulated depreciation and amortization | (35,930,294 | ) | (32,338,907 | ) | |||
Total | $ | 24,826,238 | 23,935,439 | ||||
Depreciation expense was approximately $6.3 million, $6.4 million and $6.5 million for the years ended March 31, 2014, 2013 and 2012, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||
Intangible Assets | ' | |||||||||||||
Intangible Assets | ||||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | ||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Cost of acquiring existing customers | $ | 22,255,204 | (18,630,930 | ) | $ | 22,079,607 | (17,650,898 | ) | ||||||
Value assigned to non-compete agreements | 8,324,643 | (8,171,107 | ) | 8,289,643 | (8,093,520 | ) | ||||||||
Total | $ | 30,579,847 | (26,802,037 | ) | $ | 30,369,250 | (25,744,418 | ) | ||||||
The estimated amortization expense for intangible assets for future years ended March 31 is as follows: $0.7 million for 2015; $0.5 million for 2016; $0.4 million for 2017; $0.4 million for 2018; $0.3 million for 2019; and an aggregate of $1.5 million for the years thereafter. |
Goodwill
Goodwill | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Goodwill [Abstract] | ' | ||||||
Goodwill | ' | ||||||
Goodwill | |||||||
The following summarizes the changes in the carrying amount of goodwill for the year ended March 31, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Balance at beginning of year: | |||||||
Goodwill | $ | 5,921,681 | 5,716,327 | ||||
Accumulated goodwill impairment losses | (25,393 | ) | (25,393 | ) | |||
Goodwill acquired during the year | $ | 70,839 | 205,354 | ||||
Impairment losses | — | — | |||||
Balance at end of year: | |||||||
Goodwill | $ | 5,992,520 | 5,921,681 | ||||
Accumulated goodwill impairment losses | (25,393 | ) | (25,393 | ) | |||
Total | $ | 5,967,127 | 5,896,288 | ||||
The Company performed an annual impairment test during the fourth quarter of fiscal 2014 and 2013, and determined that none of the recorded goodwill was impaired. |
Notes_Payable
Notes Payable | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Notes Payable | ' | |||
Notes Payable | ||||
Senior Notes Payable $680,000,000 Revolving Credit Facility | ||||
This facility provides for borrowings of up to $680.0 million with $505.5 million outstanding at March 31, 2014. Subject to a borrowing base formula, the Company may borrow at the rate of LIBOR plus 3.0% with a minimum of 4.0%. At March 31, 2014 and March 31, 2013, the Company’s effective interest rate, including the commitment fee, was 4.4% and 4.6%, respectively, and the unused amount available under the revolver at March 31, 2014 was $88.9 million. The Company also had $85.6 million that may become available under the revolving credit facility if it grows the net eligible finance receivables. The revolving credit facility has a commitment fee of 0.40% per annum on the unused portion of the commitment. Borrowings under the revolving credit facility mature on November 19, 2015. | ||||
Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement. | ||||
Junior Subordinated Note Payable | ||||
On September 17, 2010, the Company entered into a $75.0 million Junior Subordinated Note Payable with Wells Fargo Preferred Capital, Inc. (“Wells Fargo”) providing for a non-revolving line of credit maturing on September 17, 2015. Wells Fargo is also a lender under the Revolving Credit Agreement. The Company repaid the junior subordinated note in May 2012. | ||||
Debt Covenants | ||||
The debt agreement contain restrictions on the amounts of permitted indebtedness, investments, working capital, and cash dividends. In addition, the agreements restrict liens on assets and the sale or transfer of subsidiaries. | ||||
Debt Maturities | ||||
As of March 31, 2014, the aggregate annual maturities of the notes payable for each of the fiscal years subsequent to March 31, 2014 were as follows: | ||||
2015 | $ | — | ||
2016 | 505,500,000 | |||
2017 | — | |||
2018 | — | |||
2019 | — | |||
Total future debt payments | $ | 505,500,000 | ||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivative Financial Instruments | ' | |||||||||
Derivative Financial Instruments | ||||||||||
On December 8, 2008, the Company entered into an interest rate swap with a notional amount of $20.0 million to economically hedge a portion of the cash flows from its floating rate revolving credit facility. Under the terms of the interest rate swap, the Company paid a fixed rate of 2.4% on the $20.0 million notional amount and received payments from a counterparty based on the 1 month LIBOR rate for a term that ended December 8, 2011. Interest rate differentials paid or received under the swap agreement were recognized as adjustments to interest expense. As of March 31, 2014 and 2013 the Company did not have any interest rate derivative instruments. | ||||||||||
The gains (losses) recognized in the Company’s Consolidated Statements of Operations as a result of the interest rate swaps are as follows: | ||||||||||
March 31, | March 31, | March 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Realized losses | ||||||||||
Interest rate swaps - included as a component of interest expense | $ | — | — | (305,459 | ) | |||||
Unrealized gains | ||||||||||
Interest rate swaps - included as a component of other income | $ | — | — | 319,235 | ||||||
The Company does not enter into derivative financial instruments for trading or speculative purposes. The purpose of these instruments was to reduce the exposure to variability in future cash flows attributable to a portion of its LIBOR-based borrowings. The Company is currently not accounting for these derivative instruments using the cash flow hedge accounting provisions of FASB ASC Topic 815-10-15; therefore, the changes in fair value of the swaps are included in earnings as other income or expense. | ||||||||||
By using derivative instruments, the Company is exposed to credit and market risk. Credit risk, which is the risk that a counterparty to a derivative instrument will fail to perform, exists to the extent of the fair value gain in a derivative. Market risk is the adverse effect on the financial instruments from a change in interest rates. The Company manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The market risk associated with derivatives used for interest rate risk management activities is fully incorporated in the Company’s market risk sensitivity analysis. |
Insurance_Commissions_and_Othe
Insurance Commissions and Other Income | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Insurance Commissions and other income [Abstract] | ' | |||||||||
Insurance Commissions and Other Income | ' | |||||||||
Insurance Commissions and Other Income | ||||||||||
Insurance commissions and other income for the years ending March 31, 2014, 2013 and 2012 consist of: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Insurance commissions | $ | 50,379,798 | 51,345,424 | 47,223,398 | ||||||
Tax return preparation revenue | 9,118,639 | 8,696,976 | 7,923,581 | |||||||
Auto club membership revenue | 4,585,904 | 5,493,653 | 5,624,142 | |||||||
World Class Buying Club revenue | 3,881,915 | 4,761,257 | 4,991,111 | |||||||
Other | 7,527,094 | 7,925,072 | 7,918,341 | |||||||
Insurance commissions and other income | $ | 75,493,350 | 78,222,382 | 73,680,573 | ||||||
Nonfiling_Insurance
Non-filing Insurance | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Non-file Insurance [Abstract] | ' | |||||||||
Non-filing Insurance | ' | |||||||||
Non-filing Insurance | ||||||||||
The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Insurance premiums written | $ | 7,241,274 | 7,361,547 | 7,200,590 | ||||||
Recoveries on claims paid | $ | 1,086,381 | 1,005,757 | 750,804 | ||||||
Claims paid | $ | 7,501,154 | 7,576,902 | 7,463,662 | ||||||
Leases
Leases | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
The Company conducts most of its operations from leased facilities, except for its owned corporate office building. The Company's leases typically have a lease term of three to five years and contain lessee renewal options. A majority of the leases provide that the lessee pays property taxes, insurance and common area maintenance costs. It is expected that in the normal course of business, expiring leases will be renewed at the Company's option or replaced by other leases or acquisitions of other properties. All of the Company’s leases are operating leases. | ||||
The future minimum lease payments under noncancelable operating leases as of March 31, 2014, are as follows: | ||||
2015 | $ | 22,030,600 | ||
2016 | 15,000,980 | |||
2017 | 7,595,930 | |||
2018 | 2,368,577 | |||
2019 | 940,482 | |||
Thereafter | 223,413 | |||
Total future minimum lease payments | $ | 48,159,982 | ||
Rental expense for cancelable and noncancelable operating leases for the years ended March 31, 2014, 2013 and 2012, was approximately $23.9 million, $21.9 million and $20.0 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
Income tax expense (benefit) consists of: | ||||||||||
Current | Deferred | Total | ||||||||
Year ended March 31, 2014 | ||||||||||
U.S. Federal | $ | 59,218,428 | (3,513,833 | ) | 55,704,595 | |||||
State and local | 6,679,439 | (428,210 | ) | 6,251,229 | ||||||
Foreign | 1,836,599 | (156,150 | ) | 1,680,449 | ||||||
$ | 67,734,466 | (4,098,193 | ) | 63,636,273 | ||||||
Year ended March 31, 2013 | ||||||||||
U.S. Federal | $ | 63,140,638 | (8,792,012 | ) | 54,348,626 | |||||
State and local | 8,372,748 | (857,958 | ) | 7,514,790 | ||||||
Foreign | 1,629,695 | (1,292,028 | ) | 337,667 | ||||||
$ | 73,143,081 | (10,941,998 | ) | 62,201,083 | ||||||
Year ended March 31, 2012 | ||||||||||
U.S. Federal | $ | 55,179,487 | (2,302,615 | ) | 52,876,872 | |||||
State and local | 5,745,452 | 112,857 | 5,858,309 | |||||||
Foreign | 2,247,933 | (1,804,216 | ) | 443,717 | ||||||
$ | 63,172,872 | (3,993,974 | ) | 59,178,898 | ||||||
Income tax expense was $63,636,273, $62,201,083 and $59,178,898, for the years ended March 31, 2014, 2013 and 2012, respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax income from continuing operations as a result of the following: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Expected income tax | $ | 59,585,472 | 58,201,791 | 55,955,669 | ||||||
Increase (reduction) in income taxes resulting from: | ||||||||||
State tax, net of federal benefit | 4,063,299 | 4,884,614 | 3,807,901 | |||||||
Insurance income exclusion | (86,189 | ) | (123,289 | ) | (118,656 | ) | ||||
Uncertain tax positions | 3,001,452 | 283,084 | (323,651 | ) | ||||||
State tax adjustment for amended returns | (1,937,724 | ) | — | — | ||||||
Foreign income adjustments | (1,487,116 | ) | (961,771 | ) | (533,246 | ) | ||||
Other, net | 497,079 | (83,346 | ) | 390,881 | ||||||
$ | 63,636,273 | 62,201,083 | 59,178,898 | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2014 and 2013 are presented below: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 24,701,417 | 23,078,422 | |||||||
Unearned insurance commissions | 13,042,940 | 13,190,468 | ||||||||
Accounts payable and accrued expenses primarily related to employee benefits | 11,176,823 | 8,021,707 | ||||||||
Reserve for uncollectible interest | 2,147,953 | 5,473,804 | ||||||||
Convertible notes | 226,938 | 383,206 | ||||||||
Other | 551,312 | 728,658 | ||||||||
Gross deferred tax assets | 51,847,383 | 50,876,265 | ||||||||
Less valuation allowance | (1,274 | ) | (1,274 | ) | ||||||
Net deferred tax assets | 51,846,109 | 50,874,991 | ||||||||
Deferred tax liabilities: | ||||||||||
Fair value adjustment for loans | (10,409,728 | ) | (13,563,946 | ) | ||||||
Property and equipment | (4,072,587 | ) | (4,134,286 | ) | ||||||
Intangible assets | (1,636,414 | ) | (1,531,635 | ) | ||||||
Deferred net loan origination fees | (1,652,645 | ) | (1,728,710 | ) | ||||||
Prepaid expenses | (560,546 | ) | (500,418 | ) | ||||||
Gross deferred tax liabilities | (18,331,920 | ) | (21,458,995 | ) | ||||||
Net deferred tax assets | $ | 33,514,189 | 29,415,996 | |||||||
The valuation allowance for deferred tax assets as of March 31, 2014 and 2013 was $1,274. The valuation allowance against the total deferred tax assets as of March 31, 2014 and 2013 relates to state net operating losses. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income prior to the expiration of the deferred tax assets governed by the tax code. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at March 31, 2014. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. | ||||||||||
The Company is required to assess whether the earnings of the Company's Mexican foreign subsidiary will be permanently reinvested in the respective foreign jurisdiction or if previously untaxed foreign earnings of the Company will no longer be permanently reinvested and thus become taxable in the United States. If these earnings were ever repatriated to the United States, the Company would be required to accrue and pay taxes on the cumulative undistributed earnings. As of March 31, 2014, the Company has determined that approximately $15.5 million of cumulative undistributed net earnings, as well as the future net earnings, of the Mexican foreign subsidiaries will be permanently reinvested. | ||||||||||
As of March 31, 2014 and 2013, the Company had $6.4 million and $3.2 million of total gross unrecognized tax benefits including interest, respectively. Of these totals, approximately $4.6 million and $1.6 million, respectively, represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||
Unrecognized tax benefits balance at March 31, 2013 | $ | 2,785,091 | ||||||||
Gross increases for tax positions of current year | 3,533,497 | |||||||||
Gross increases for tax positions of prior years | — | |||||||||
Federal and state tax settlements | — | |||||||||
Lapse of statute of limitations | (507,876 | ) | ||||||||
Unrecognized tax benefits balance at March 31, 2014 | $ | 5,810,712 | ||||||||
At March 31, 2014, approximately $3.7 million of gross unrecognized tax benefits are expected to be resolved during the next 12 months through settlements with taxing authorities or the expiration of the statute of limitations. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2014, the Company had $614,279 accrued for gross interest, of which $379,417 was a current period expense. | ||||||||||
The Company is subject to U.S. and Mexican income taxes, as well as various other state and local jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010, although carryforward attributes that were generated prior to 2010 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | |||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: | |||||||||||
For the year ended March 31, 2014 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 106,607,932 | 11,391,706 | $ | 9.36 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 349,599 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 106,607,932 | 11,741,305 | $ | 9.08 | ||||||
For the year ended March 31, 2013 | |||||||||||
Income | Shares | Per Share Amount | |||||||||
(Numerator) | (Denominator) | ||||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 104,089,748 | 12,940,007 | $ | 8.04 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 274,264 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 104,089,748 | 13,214,271 | $ | 7.88 | ||||||
For the year ended March 31, 2012 | |||||||||||
Income | Shares | Per Share Amount | |||||||||
(Numerator) | (Denominator) | ||||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 100,694,443 | 14,906,662 | $ | 6.75 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 373,489 | |||||||||
Convertible notes payable | — | 8,960 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 100,694,443 | 15,289,111 | $ | 6.59 | ||||||
Options to purchase 404,421, 403,123 and 86,578 shares of common stock at various prices were outstanding during the years ended March 31, 2014, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Benefit Plans | ' | ||||||||||||
Benefit Plans | |||||||||||||
Retirement Plan | |||||||||||||
The Company provides a defined contribution employee benefit plan (401(k) plan) covering full-time employees, whereby employees can invest up to the maximum designated for that year. The Company makes a matching contribution equal to 50% of the employees' contributions for the first 6% of gross pay. The Company's expense under this plan was $1,483,712, $1,432,170 and $1,290,659, for the years ended March 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||
The Company has instituted a Supplemental Executive Retirement Plan (“SERP”), which is a non-qualified executive benefit plan in which the Company agrees to pay the executive additional benefits in the future, usually at retirement, in return for continued employment by the executive. The SERP is an unfunded plan, as such, there are no specific assets set aside by the Company in connection with the establishment of the plan. The executive has no rights under the agreement beyond those of a general creditor of the Company. In May 2009, the Company instituted a second Supplemental Executive Retirement Plan to provide to one executive the same type of benefits as are in the original SERP but for which he would not have qualified due to age. This second SERP is also an unfunded plan with no specific assets set aside by the Company in connection with the plan. For the years ended March 31, 2014, 2013 and 2012, contributions of $909,466, $1,022,979 and $971,779, respectively, were charged to expense related to the SERP. The expense for the year ended March 31, 2014 was offset by the reversal of $904,138 of expense accrued for two executives who resigned during the year. The unfunded liability was $7,186,076, $7,470,918 and $6,732,123, as of March 31, 2014, 2013 and 2012, respectively. | |||||||||||||
For the three years presented, the unfunded liability was estimated using the following assumptions: an annual salary increase of 3.5% for all 3 years; a discount rate of 6.0% for all 3 years; and a retirement age of 65. | |||||||||||||
Executive Deferred Compensation Plan | |||||||||||||
The Company has an Executive Deferral Plan. Eligible executives and directors may elect to defer all or a portion of their incentive compensation to be paid under the Executive Deferral Plan. As of March 31, 2014 and 2013, no executive had deferred compensation under this plan. | |||||||||||||
Stock Option Plans | |||||||||||||
The Company has a 2002 Stock Option Plan, a 2005 Stock Option Plan, a 2008 Stock Option Plan, and a 2011 Stock Option Plan for the benefit of certain directors, officers, and key employees. Under these plans, 4,100,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation and Stock Option Committee of the Board of Directors. Stock options granted under these plans have a maximum duration of 10 years, may be subject to certain vesting requirements, which are generally five years for officers, directors, and key employees, and are priced at the market value of the Company's common stock on the date of grant of the option. At March 31, 2014, there were 345,699 shares available for grant under the plans. | |||||||||||||
Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the financial statements based on their grant date fair values. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. The Company has applied the Black-Scholes valuation model in determining the grant date fair value of the stock option awards. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated based on historical experience and future expectations. | |||||||||||||
The weighted-average fair value at the grant date for options issued during the years ended March 31, 2014, 2013 and 2012 was $43.80, $36.06 and $35.94 per share, respectively. The following is a summary of the Company’s weighted-average assumptions used to estimate the weighted-average per share fair value of options granted on the date of grant using the Black-Scholes option-pricing model: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 53.91 | % | 56.15 | % | 56.85 | % | |||||||
Average risk-free interest rate | 1.51 | % | 0.8 | % | 1.12 | % | |||||||
Expected life | 5.4 years | 5.6 years | 6.0 years | ||||||||||
The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero-coupon U.S. governmental bonds that have a remaining life similar to the expected option term. | |||||||||||||
Option activity for the year ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual Term | ||||||||||||
Options outstanding, beginning of year | 1,249,585 | $ | 54.9 | ||||||||||
Granted | 211,860 | 89.3 | |||||||||||
Exercised | (265,365 | ) | 40.68 | ||||||||||
Forfeited | (99,340 | ) | 68.09 | ||||||||||
Expired | (740 | ) | 32.62 | ||||||||||
Options outstanding, end of period | 1,096,000 | $ | 63.81 | 7.62 | $ | 15,293,020 | |||||||
Options exercisable, end of period | 236,990 | $ | 44.2 | 5.01 | $ | 7,319,193 | |||||||
The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on March 31, 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by option holders had all option holders exercised their options as of March 31, 2014. This amount will change as the market price per share changes. The total intrinsic value of options exercised during the periods ended March 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
$13,844,546 | $14,049,751 | $12,049,546 | |||||||||||
As of March 31, 2014, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $20.9 million, which is expected to be recognized over a weighted-average period of approximately 3.6 years. | |||||||||||||
Restricted Stock | |||||||||||||
During Fiscal 2014 and 2013 the Company granted 8,590 and 70,800 Group A performance based restricted stock awards to certain officers. As of March 31, 2014, 62,390 remain unforfeited. Group A awards will vest on April 30, 2015 based on the Company's achievement of the following performance goals as of March 31, 2015: | |||||||||||||
EPS Target | Restricted Shares Eligible for Vesting | ||||||||||||
(Percentage of Award) | |||||||||||||
$10.29 | 100% | ||||||||||||
$9.76 | 67% | ||||||||||||
$9.26 | 33% | ||||||||||||
Below $9.26 | 0% | ||||||||||||
During Fiscal 2014 and 2013 the Company granted 56,660 and 443,700 Group B performance based restricted stock awards to certain officers. As of March 31, 2014, 386,360 remain unforfeited. Group B awards will vest as follows, if the Company achieves the following performance goals during any successive trailing four quarters during the measurement period ending on March 31, 2017: | |||||||||||||
Trailing 4 quarter EPS Target | Restricted Shares Eligible for Vesting | ||||||||||||
(Percentage of Award) | |||||||||||||
$13.00 | 25% | ||||||||||||
$14.50 | 25% | ||||||||||||
$16.00 | 25% | ||||||||||||
$18.00 | 25% | ||||||||||||
On November 7, 2011, the Company granted 15,077 shares of restricted stock (which are equity classified), with a grant date fair value of $67.70 per share, to certain executive officers. One-third of the restricted stock vested immediately, one-third vested on November 7, 2012, and 3,249 vested on November 7, 2013, respectively. On that same date, the Company granted an additional 24,200 shares of restricted stock (which are equity classified), with a grant date fair value of $67.70 per share, to certain officers. One-third of the restricted stock vested on November 7, 2012, and one-third of the restricted stock vested on November 7, 2013 and one-third of the restricted stock will vest on November 7, 2014, respectively. On that same date, the Company granted an additional 11,139 shares of restricted stock (which are equity classified), with a grant date fair value of $67.70 per share, to certain executive officers. The remaining unforfeited 7,275 shares vested on April 30, 2014 based on the Company’s compounded annual EPS growth according to the following schedule: | |||||||||||||
Vesting Percentage | Compounded Annual EPS Growth | ||||||||||||
100% | 15% or higher | ||||||||||||
67% | 12% - 14.99% | ||||||||||||
33% | 10% - 11.99% | ||||||||||||
0% | Below 10% | ||||||||||||
Compensation expense related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. The Company recognized $6.0 million, $4.8 million and $2.9 million of compensation expense for the years ended March 31, 2014, 2013 and 2012, respectively, related to restricted stock, which is included as a component of general and administrative expenses in the Consolidated Statements of Operations. | |||||||||||||
As of March 31, 2014, there was approximately $16.9 million of unrecognized compensation cost related to unvested restricted stock awards granted, which is expected to be recognized over the next 2.6 years. In addition there was approximately $6.6 million of unrecognized compensation cost related to unvested restricted stock awards granted, which are not expected to vest based on current estimates. If these estimates change the $6.6 million could be expensed in future periods. | |||||||||||||
A summary of the status of the Company’s restricted stock as of March 31, 2014, and changes during the year ended March 31, 2014, are presented below: | |||||||||||||
Shares | Weighted Average Fair | ||||||||||||
Value at Grant Date | |||||||||||||
Outstanding at March 31, 2013 | 562,456 | $ | 73.32 | ||||||||||
Granted during the period | 65,250 | 90.07 | |||||||||||
Vested during the period | (27,106 | ) | 53.26 | ||||||||||
Forfeited during the period | (138,641 | ) | 74.54 | ||||||||||
Outstanding at March 31, 2014 | 461,959 | $ | 76.49 | ||||||||||
Total share-based compensation included as a component of net income during the years ended March 31, 2014, 2013 and 2012 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Share-based compensation related to equity classified units: | |||||||||||||
Share-based compensation related to stock options | $ | 9,678,724 | 7,322,653 | 4,867,231 | |||||||||
Share-based compensation related to restricted stock | 6,026,553 | 4,818,956 | 2,865,857 | ||||||||||
Total share-based compensation related to equity classified awards | $ | 15,705,277 | 12,141,609 | 7,733,088 | |||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisitions | ' | |||||||||
Acquisitions | ||||||||||
The following table sets forth the acquisition activity of the Company for the last three fiscal years ($ in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Number of business combinations | 1 | 3 | 2 | |||||||
Number of asset purchases | 6 | 9 | 23 | |||||||
Total acquisitions | 7 | 12 | 25 | |||||||
Purchase Price | $ | 1,056 | 2,649 | 4,253 | ||||||
Tangible assets: | ||||||||||
Net loans | 773 | 1,925 | 3,368 | |||||||
Furniture, fixtures & equipment | 2 | 8 | 16 | |||||||
775 | 1,933 | 3,384 | ||||||||
Excess of purchase prices over carrying value of net tangible assets | $ | 281 | 716 | 869 | ||||||
Customer lists | $ | 175 | 451 | 717 | ||||||
Non-compete agreements | 35 | 60 | 96 | |||||||
Goodwill | 71 | 205 | 56 | |||||||
Total intangible assets | $ | 281 | 716 | 869 | ||||||
The Company evaluates each acquisition to determine if the transaction meets the definition of a business combination. Those transactions that meet the definition of a business combination are accounted for as such under FASB ASC Topic 805-10 and all other acquisitions are accounted for as asset purchases. All acquisitions have been with independent third parties. | ||||||||||
When the acquisition results in a new office, the Company records the transaction as a business combination, since the office acquired will continue to generate loans. The Company typically retains the existing employees and the office location. The purchase price is allocated to the estimated fair value of the tangible assets acquired and to the estimated fair value of the identified intangible assets acquired (generally non-compete agreements and customer lists). The remainder is allocated to goodwill. During the year ended March 31, 2014, one acquisition was recorded as a business combination. | ||||||||||
When the acquisition is of a portfolio of loans only, the Company records the transaction as an asset purchase. In an asset purchase, no goodwill is recorded. The purchase price is allocated to the estimated fair value of the tangible and intangible assets acquired. During the year ended March 31, 2014, six acquisitions were recorded as asset acquisitions. | ||||||||||
The Company’s acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below. | ||||||||||
Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally eight months, and that these loans are subject to continual repricing at current rates, management believes the net loan balances approximate their fair value. | ||||||||||
Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values. | ||||||||||
Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. The fair value of the customer lists is based on a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer list, and non-compete agreements is allocated to goodwill. The offices the Company acquires are small, privately-owned offices, which do not have sufficient historical data to determine attrition. The Company believes that the customers acquired have the same characteristics and perform similarly to its customers. Therefore, the Company utilized the attrition patterns of its customers when developing the method. This method is re-evaluated periodically. | ||||||||||
Customer lists are allocated at an office level and are evaluated for impairment at an office level when a triggering event occurs, in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to an office is generally less than $100,000, and management believes that in the event a triggering event were to occur, the impairment loss to an unamortized customer list would be immaterial. | ||||||||||
The results of all acquisitions have been included in the Company’s Consolidated Financial Statements since the respective acquisition dates. The proforma impact of these purchases as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported. |
Fair_Value
Fair Value | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Fair Value Disclosures [Abstract] | ' | ||||||
Fair Value | ' | ||||||
As of March 31, 2014 and 2013, the Company had no significant financial assets or liabilities that were measured at fair value. | |||||||
Fair Value of Debt | |||||||
The book value and estimated fair value of our debt was as follows (in thousands): | |||||||
31-Mar-14 | 31-Mar-13 | ||||||
Book value: | |||||||
Senior notes payable | $ | 505,500 | 400,250 | ||||
The carrying value of the senior notes payable approximated the fair value as the notes payable are at a variable interest rate. | |||||||
Other | |||||||
There were no assets or liabilities measured at fair value on a non-recurring basis during fiscal 2014 or fiscal 2013. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||||||||||
Quarterly Information (Unaudited) | |||||||||||||||||||||||||
The following sets forth selected quarterly operating data: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||
(Dollars in thousands, except for earnings per share data) | |||||||||||||||||||||||||
Total revenues | $ | 145,265 | 149,964 | 160,493 | 161,927 | 132,836 | 139,398 | 149,640 | 161,844 | ||||||||||||||||
Provision for loan losses | 28,703 | 38,188 | 41,116 | 18,569 | 23,615 | 32,402 | 37,395 | 20,911 | |||||||||||||||||
General and administrative expenses | 75,237 | 71,988 | 77,298 | 75,110 | 69,159 | 66,158 | 74,798 | 75,595 | |||||||||||||||||
Interest expense | 4,676 | 5,281 | 5,546 | 5,692 | 3,926 | 4,066 | 4,404 | 4,998 | |||||||||||||||||
Income tax expense | 13,537 | 12,942 | 13,579 | 23,579 | 13,521 | 13,871 | 12,369 | 22,440 | |||||||||||||||||
Net income | $ | 23,112 | 21,565 | 22,954 | 38,977 | 22,615 | 22,901 | 20,674 | 37,900 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | 1.93 | 1.85 | 2.05 | 3.63 | 1.66 | 1.76 | 1.61 | 3.08 | ||||||||||||||||
Diluted | $ | 1.87 | 1.8 | 1.98 | 3.52 | 1.63 | 1.72 | 1.58 | 3.01 | ||||||||||||||||
Litigation
Litigation | 12 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Litigation | |
As previously disclosed, on March 12, 2014, the Company received a Civil Investigative Demand (“CID”) from the Consumer Financial Protection Bureau (the “CFPB”). The CID states that “[t]he purpose of this investigation is to determine whether finance companies or other unnamed persons have been or are engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536, the Truth in Lending Act, 15 U.S.C. §§ 1601, et seq., Regulation Z, 12 C.F.R. pt. 1026, or any other Federal consumer financial law” and “also to determine whether Bureau action to obtain legal or equitable relief would be in the public interest.” The CID contains broad requests for production of documents, answers to interrogatories and written reports related to loans made by the Company and numerous other aspects of the Company’s business. The Company has provided all of the information it believes was requested by the CID within the deadlines specified in the CID, and the Company currently has received no response from the CFPB to the information it has provided. While the Company believes its marketing and lending practices are lawful, there can be no assurance that CFPB's ongoing investigation or future exercise of its enforcement, regulatory, discretionary or other powers will not result in findings or alleged violations of federal consumer financial protection laws that could lead to enforcement actions, proceedings or litigation and the imposition of damages, fines, penalties, restitution, other monetary liabilities, sanctions, settlements or changes to the Company’s business practices or operations that could have a material adverse effect on the Company’s business, financial condition or results of operations or eliminate altogether the Company's ability to operate its business profitably or on terms substantially similar to those on which it currently operates. | |
See Note 18 for a discussion of certain litigation initiated subsequent to the fiscal year ended March 31, 2014. | |
In addition, from time to time the Company is involved in routine litigation matters relating to claims arising out of its operations in the normal course of business, including matters in which damages in various amounts are claimed. | |
Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above. Based on information currently available, the Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to the Company’s results of operations or financial conditions. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On April 22, 2014, a shareholder filed a putative class action complaint, Edna Selan Epstein v. World Acceptance Corporation et al., in the United States District Court for the District of South Carolina (case number 6:14-cv-01606), against the Company and certain of its current and former officers on behalf of all persons who purchased or otherwise acquired the Company’s common stock between April 25, 2013 and March 12, 2014. The complaint alleges that the Company made false and misleading statements in various SEC reports and other public statements in violation of federal securities laws preceding the Company’s disclosure in a Form 8-K filed March 13, 2014 that it had received a Civil Investigative Demand from the Consumer Financial Protection Bureau on March 12, 2014. The complaint seeks class certification, unspecified monetary damages, costs and attorneys’ fees. The Company believes the complaint is without merit and intends to vigorously defend itself in the matter. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Nature of Operations | |
The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina, that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. | |
The Company also markets computer software and related services to financial services companies through its ParaData Financial Systems (“ParaData”) subsidiary. | |
As of March 31, 2014, the Company operated 1,138 offices in Alabama, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. The Company also operated 133 offices in Mexico. The Company is subject to numerous lending regulations that vary by jurisdiction. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. | |
The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “Accumulated other comprehensive (loss)/income.” | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. Actual results could differ from those estimates. | |
Reclassifications [Text Block] | ' |
Business Segments | ' |
Business Segments | |
The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. | |
The Company has one reportable segment, which is the consumer finance company. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, buying club and the automobile club, are done in the existing branch network in conjunction with or as a complement to the lending operation. There is no discrete financial information available for these activities and they do not meet the criteria under FASB ASC Topic 280 to be reported separately. | |
ParaData provides data processing systems to 102 separate finance companies, including the Company. At March 31, 2014 and 2013, ParaData had total assets of $1.3 million and $0.9 million, which represented less than 1% of total consolidated assets at each fiscal year end. Total net revenues (system sales and support) for ParaData for the years ended March 31, 2014, 2013 and 2012 were $2.4 million, $2.1 million and $2.3 million, respectively, which represented less than 1% of consolidated revenue for each year. Although ParaData is an operating segment under FASB ASC Topic 280, it does not meet the criteria to require separate disclosure. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. | |
Loans and Interest Income | ' |
Loans and Interest Income | |
The Company is licensed to originate consumer loans in the states of Georgia, South Carolina, Texas, Oklahoma, Louisiana, Tennessee, Missouri, Illinois, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, and Mississippi. In addition, the Company also originates consumer loans in Mexico. During fiscal 2014 and 2013, the Company originated loans generally ranging up to $4,000, with terms of 42 months or less. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancing as a new loan. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts, so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. | |
Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full. | |
Loans are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for loan losses. For the fiscal year ended March 31, 2012, the Company recognized interest revenue on its loans using the rule of 78s, and the collection method, which is a cash method of recognizing the revenue. The combination of using the rule of 78s and the cash collections method to recognize interest revenue approximated the actuarial accrual method required by U.S. generally accepted accounting principles. As of March 31, 2013, the Company converted to the actuarial accrual method for recognizing revenue. | |
Charges for late payments are credited to income when collected. | |
The Company generally offers its loans at the prevailing statutory rates for terms not to exceed 42 months. Management believes that the carrying value approximates the fair value of its loan portfolio. | |
Nonaccrual Policy | ' |
Nonaccrual Policy | |
The accrual of interest is discontinued when a loan is 60 days past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, no interest revenue is recognized. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. | |
The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. | |
The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of all loans 91 or more days past due on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. | |
A process is then performed to determine the adequacy of the allowance for loan losses, as well as considering trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings are compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model, when determining if any adjustments are needed. | |
The Company's policy is to charge off at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. However, the Company's practice is to charge off an account the earlier of when the account is deemed uncollectible or 120 days past due on a recency basis. The Company's charge-off policy and practice have been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate for the past 11 years has ranged from 13.3% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. | |
FASB ASC Topic 310 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310. Therefore, the Company records acquired loans (not within the scope of FASB ASC Topic 310) at fair value. | |
Impaired Loans | ' |
Impaired Loans | |
The Company defines impaired loans as bankrupt accounts and accounts 90 days or more past due. In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2014, bankrupt accounts that had not been charged off were approximately $5.9 million. Bankrupt accounts 91 days or more past due are reserved 100%. The Company also considers accounts 91 days or more past due as impaired and the accounts are reserved 100%. | |
Additional requirements from ASU 2010-20 about the credit quality of the Company’s receivables are disclosed in Note 2. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: building, 40 years; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. | |
Operating Leases | ' |
Operating Leases | |
The Company’s office leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years, or the lease term that considers renewal periods that are reasonably assured. | |
Other Assets | ' |
Other Assets | |
Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. | |
Derivatives and Hedging Activities | ' |
Derivatives and Hedging Activities | |
The Company has used interest rate swaps and foreign currency options to economically hedge variable cash flows and currency fluctuations, respectively. Interest rate swap agreements were carried at fair value. Changes to fair value were recorded each period as a component of the consolidated statement of operations. See Note 7 for further discussion related to the interest rate swaps. | |
Intangible Assets and Goodwill | ' |
Intangible Assets and Goodwill | |
Intangible assets include the cost of acquiring existing customers, and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 5 to 20 years with a weighted average of approximately 11 years. Non-compete agreements are amortized on a straight line basis over the term of the agreement. | |
The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has one reporting unit, the consumer finance company, and the Company has multiple components, the lowest level of which is individual offices. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. The Company writes off goodwill when it closes an office that has goodwill assigned to it. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the office level based on the operating cash flows of the office and the Company’s plans for office closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable, and senior notes payable. Fair value approximates carrying value for all of these instruments. | |
Loans receivable are originated at prevailing market rates and have an average life of approximately eight months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. | |
Insurance Premiums | ' |
Insurance Premiums | |
Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts using a method similar to that used for the recognition of interest and fee income. | |
Non-filing Insurance | ' |
Non-filing Insurance | |
Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 9). Claims paid by the third party insurance company result in a reduction to loan losses. | |
Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Supplemental Cash Flow Information | |
For the years ended March 31, 2014, 2013, and 2012, the Company paid interest of $19,922,148, $16,028,399 and $11,076,970, respectively. | |
For the years ended March 31, 2014, 2013, and 2012, the Company paid income taxes of $67,404,899, $66,921,031 and $60,760,661, respectively. | |
Earnings Per Share | ' |
Earnings Per Share | |
Earnings per share (“EPS”) are computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options, restricted stock and warrants, which are computed using the treasury stock method. Potential common stock related to the Company's formerly outstanding convertible senior notes are included in the diluted EPS computation using the method prescribed by FASB ASC Topic 260-10-45. See Note 12 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 13). | |
At March 31, 2014, the Company had several share-based employee compensation plans, which are described more fully in Note 13. The Company uses the modified prospective transition method in accordance with FASB ASC Topic 718. Under this method of transition, compensation cost recognized during fiscal years 2012, 2013, and 2014 was based on the grant-date fair value estimated in accordance with the provisions of FASB ASC Topic 718. Since this compensation cost is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. FASB ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has elected to expense grants of awards with graded vesting on a straight-line basis over the requisite service period for each separately vesting portion of the award. | |
Comprehensive Income | ' |
Comprehensive Income | |
Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are comprised of foreign currency translation adjustments. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of Risk | |
During the year ended March 31, 2014, the Company operated in fourteen states in the United States as well as in Mexico. For the years ended March 31, 2014, 2013 and 2012, total revenue within the Company's four largest states (measured by total revenues) accounted for approximately 58%, 56% and 56%, respectively, of the Company's total revenues. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are expensed when incurred. | |
New Accounting Pronouncements Adopted | ' |
New Accounting Pronouncements Adopted | |
Comprehensive Income | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the reporting of reclassifications out of accumulated other comprehensive income or loss. The amendments require an entity to present (either on the face of the statement where net income is presented or in the notes) the effect of significant reclassifications out of accumulated other comprehensive income or loss on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The amendments in this ASU became effective prospectively for the Company for our fiscal year beginning April 1, 2013. The adoption of this ASU did not have a material effect on our consolidated statements of financial condition, results of operations, or cash flows. |
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality Indicators (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivables [Abstract] | ' | |||||||||
Summary of changes in the allowance for loan losses | ' | |||||||||
The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2014, 2013, and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance at beginning of period | $ | 59,980,842 | 54,507,299 | 48,354,994 | ||||||
Provision for loan losses | 126,575,392 | 114,322,525 | 105,705,536 | |||||||
Loan losses | (137,307,358 | ) | (121,514,261 | ) | (110,373,643 | ) | ||||
Recoveries | 14,287,889 | 12,471,699 | 11,025,950 | |||||||
Translation adjustment | (281,825 | ) | 193,580 | (205,538 | ) | |||||
Balance at end of period | $ | 63,254,940 | 59,980,842 | 54,507,299 | ||||||
Summary of loans individually and collectively evaluated for impairment | ' | |||||||||
The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: | ||||||||||
March 31, 2014 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,878,825 | — | 5,878,825 | ||||||
91 days or more delinquent, excluding bankruptcy | 28,186,637 | — | 28,186,637 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,078,241,873 | 1,078,241,873 | |||||||
Gross loan balance | 34,065,462 | 1,078,241,873 | 1,112,307,335 | |||||||
Unearned interest and fees | (7,269,147 | ) | (291,118,373 | ) | (298,387,520 | ) | ||||
Net loans | 26,796,315 | 787,123,500 | 813,919,815 | |||||||
Allowance for loan losses | (26,796,315 | ) | (36,458,625 | ) | (63,254,940 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 750,664,875 | 750,664,875 | ||||||
March 31, 2013 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,910,206 | — | 5,910,206 | ||||||
91 days or more delinquent, excluding bankruptcy | 23,536,170 | — | 23,536,170 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,037,605,387 | 1,037,605,387 | |||||||
Gross loan balance | 29,446,376 | 1,037,605,387 | 1,067,051,763 | |||||||
Unearned interest and fees | (6,036,018 | ) | (278,920,177 | ) | (284,956,195 | ) | ||||
Net loans | 23,410,358 | 758,685,210 | 782,095,568 | |||||||
Allowance for loan losses | (23,410,358 | ) | (36,570,484 | ) | (59,980,842 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 722,114,726 | 722,114,726 | ||||||
March 31, 2012 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,646,956 | — | 5,646,956 | ||||||
91 days or more delinquent, excluding bankruptcy | 20,882,907 | — | 20,882,907 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 946,192,901 | 946,192,901 | |||||||
Gross loan balance | 26,529,863 | 946,192,901 | 972,722,764 | |||||||
Unearned interest and fees | (7,085,222 | ) | (250,552,597 | ) | (257,637,819 | ) | ||||
Net loans | 19,444,641 | 695,640,304 | 715,084,945 | |||||||
Allowance for loan losses | (19,444,641 | ) | (35,062,658 | ) | (54,507,299 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 660,577,646 | 660,577,646 | ||||||
Assessment of the credit quality | ' | |||||||||
The following is an assessment of the credit quality for the period indicated: | ||||||||||
March 31, | March 31, | |||||||||
2014 | 2013 | |||||||||
Credit risk | ||||||||||
Consumer loans- non-bankrupt accounts | $ | 1,106,428,510 | 1,061,141,557 | |||||||
Consumer loans- bankrupt accounts | 5,878,825 | 5,910,206 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
Consumer credit exposure | ||||||||||
Credit risk profile based on payment activity, performing | $ | 1,053,037,073 | 1,020,337,490 | |||||||
Contractual non-performing, 61 or more days delinquent | 59,270,262 | 46,714,273 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
Delinquent refinance | $ | 22,907,734 | 19,799,064 | |||||||
Credit risk profile based on customer type | ||||||||||
New borrower | $ | 151,025,603 | 130,897,466 | |||||||
Former borrower | 102,514,264 | 90,281,773 | ||||||||
Refinance | 835,859,734 | 826,073,460 | ||||||||
Delinquent refinance | 22,907,734 | 19,799,064 | ||||||||
Total gross loans | $ | 1,112,307,335 | 1,067,051,763 | |||||||
Summary of the past due receivables | ' | |||||||||
The following is a summary of the past due receivables as of: | ||||||||||
March 31, | March 31, | March 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Contractual basis: | ||||||||||
30-60 days past due | $ | 37,713,414 | 37,674,267 | 24,853,508 | ||||||
61-90 days past due | 30,607,515 | 22,773,063 | 17,320,264 | |||||||
91 days or more past due | 28,662,747 | 23,941,210 | 21,306,902 | |||||||
Total | $ | 96,983,676 | 84,388,540 | 63,480,674 | ||||||
Percentage of period-end gross loans receivable | 8.7 | % | 7.9 | % | 6.5 | % |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property and Equipment | ' | ||||||
Property and equipment consist of: | |||||||
March 31, 2014 | March 31, 2013 | ||||||
Land | $ | 250,443 | 250,443 | ||||
Building and leasehold improvements | 19,083,381 | 17,380,828 | |||||
Furniture and equipment | 41,422,708 | 38,643,075 | |||||
60,756,532 | 56,274,346 | ||||||
Less accumulated depreciation and amortization | (35,930,294 | ) | (32,338,907 | ) | |||
Total | $ | 24,826,238 | 23,935,439 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||
Gross carrying amount and related accumulated amortization of definite-lived intangible assets | ' | |||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | ||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Cost of acquiring existing customers | $ | 22,255,204 | (18,630,930 | ) | $ | 22,079,607 | (17,650,898 | ) | ||||||
Value assigned to non-compete agreements | 8,324,643 | (8,171,107 | ) | 8,289,643 | (8,093,520 | ) | ||||||||
Total | $ | 30,579,847 | (26,802,037 | ) | $ | 30,369,250 | (25,744,418 | ) | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Goodwill [Abstract] | ' | ||||||
Changes in the carrying amount of goodwill | ' | ||||||
The following summarizes the changes in the carrying amount of goodwill for the year ended March 31, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Balance at beginning of year: | |||||||
Goodwill | $ | 5,921,681 | 5,716,327 | ||||
Accumulated goodwill impairment losses | (25,393 | ) | (25,393 | ) | |||
Goodwill acquired during the year | $ | 70,839 | 205,354 | ||||
Impairment losses | — | — | |||||
Balance at end of year: | |||||||
Goodwill | $ | 5,992,520 | 5,921,681 | ||||
Accumulated goodwill impairment losses | (25,393 | ) | (25,393 | ) | |||
Total | $ | 5,967,127 | 5,896,288 | ||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Aggregate annual maturities of the notes payable | ' | |||
As of March 31, 2014, the aggregate annual maturities of the notes payable for each of the fiscal years subsequent to March 31, 2014 were as follows: | ||||
2015 | $ | — | ||
2016 | 505,500,000 | |||
2017 | — | |||
2018 | — | |||
2019 | — | |||
Total future debt payments | $ | 505,500,000 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Gains (losses) recognized in the Consolidated Statements of Operations | ' | |||||||||
The gains (losses) recognized in the Company’s Consolidated Statements of Operations as a result of the interest rate swaps are as follows: | ||||||||||
March 31, | March 31, | March 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Realized losses | ||||||||||
Interest rate swaps - included as a component of interest expense | $ | — | — | (305,459 | ) | |||||
Unrealized gains | ||||||||||
Interest rate swaps - included as a component of other income | $ | — | — | 319,235 | ||||||
Insurance_Commissions_and_Othe1
Insurance Commissions and Other Income (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Insurance Commissions and other income [Abstract] | ' | |||||||||
Insurance Commissions and Other Income | ' | |||||||||
Insurance commissions and other income for the years ending March 31, 2014, 2013 and 2012 consist of: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Insurance commissions | $ | 50,379,798 | 51,345,424 | 47,223,398 | ||||||
Tax return preparation revenue | 9,118,639 | 8,696,976 | 7,923,581 | |||||||
Auto club membership revenue | 4,585,904 | 5,493,653 | 5,624,142 | |||||||
World Class Buying Club revenue | 3,881,915 | 4,761,257 | 4,991,111 | |||||||
Other | 7,527,094 | 7,925,072 | 7,918,341 | |||||||
Insurance commissions and other income | $ | 75,493,350 | 78,222,382 | 73,680,573 | ||||||
Nonfiling_Insurance_Tables
Non-filing Insurance (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Non-file Insurance [Abstract] | ' | |||||||||
Non-filing Insurance | ' | |||||||||
The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Insurance premiums written | $ | 7,241,274 | 7,361,547 | 7,200,590 | ||||||
Recoveries on claims paid | $ | 1,086,381 | 1,005,757 | 750,804 | ||||||
Claims paid | $ | 7,501,154 | 7,576,902 | 7,463,662 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Leases [Abstract] | ' | |||
Schedule of future minimum rental payments for operating leases | ' | |||
The future minimum lease payments under noncancelable operating leases as of March 31, 2014, are as follows: | ||||
2015 | $ | 22,030,600 | ||
2016 | 15,000,980 | |||
2017 | 7,595,930 | |||
2018 | 2,368,577 | |||
2019 | 940,482 | |||
Thereafter | 223,413 | |||
Total future minimum lease payments | $ | 48,159,982 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income tax expense (benefit) | ' | |||||||||
Income tax expense (benefit) consists of: | ||||||||||
Current | Deferred | Total | ||||||||
Year ended March 31, 2014 | ||||||||||
U.S. Federal | $ | 59,218,428 | (3,513,833 | ) | 55,704,595 | |||||
State and local | 6,679,439 | (428,210 | ) | 6,251,229 | ||||||
Foreign | 1,836,599 | (156,150 | ) | 1,680,449 | ||||||
$ | 67,734,466 | (4,098,193 | ) | 63,636,273 | ||||||
Year ended March 31, 2013 | ||||||||||
U.S. Federal | $ | 63,140,638 | (8,792,012 | ) | 54,348,626 | |||||
State and local | 8,372,748 | (857,958 | ) | 7,514,790 | ||||||
Foreign | 1,629,695 | (1,292,028 | ) | 337,667 | ||||||
$ | 73,143,081 | (10,941,998 | ) | 62,201,083 | ||||||
Year ended March 31, 2012 | ||||||||||
U.S. Federal | $ | 55,179,487 | (2,302,615 | ) | 52,876,872 | |||||
State and local | 5,745,452 | 112,857 | 5,858,309 | |||||||
Foreign | 2,247,933 | (1,804,216 | ) | 443,717 | ||||||
$ | 63,172,872 | (3,993,974 | ) | 59,178,898 | ||||||
Income tax expense reconciliation to U.S federal income tax rate to pretax income | ' | |||||||||
Income tax expense was $63,636,273, $62,201,083 and $59,178,898, for the years ended March 31, 2014, 2013 and 2012, respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax income from continuing operations as a result of the following: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Expected income tax | $ | 59,585,472 | 58,201,791 | 55,955,669 | ||||||
Increase (reduction) in income taxes resulting from: | ||||||||||
State tax, net of federal benefit | 4,063,299 | 4,884,614 | 3,807,901 | |||||||
Insurance income exclusion | (86,189 | ) | (123,289 | ) | (118,656 | ) | ||||
Uncertain tax positions | 3,001,452 | 283,084 | (323,651 | ) | ||||||
State tax adjustment for amended returns | (1,937,724 | ) | — | — | ||||||
Foreign income adjustments | (1,487,116 | ) | (961,771 | ) | (533,246 | ) | ||||
Other, net | 497,079 | (83,346 | ) | 390,881 | ||||||
$ | 63,636,273 | 62,201,083 | 59,178,898 | |||||||
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | ' | |||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2014 and 2013 are presented below: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 24,701,417 | 23,078,422 | |||||||
Unearned insurance commissions | 13,042,940 | 13,190,468 | ||||||||
Accounts payable and accrued expenses primarily related to employee benefits | 11,176,823 | 8,021,707 | ||||||||
Reserve for uncollectible interest | 2,147,953 | 5,473,804 | ||||||||
Convertible notes | 226,938 | 383,206 | ||||||||
Other | 551,312 | 728,658 | ||||||||
Gross deferred tax assets | 51,847,383 | 50,876,265 | ||||||||
Less valuation allowance | (1,274 | ) | (1,274 | ) | ||||||
Net deferred tax assets | 51,846,109 | 50,874,991 | ||||||||
Deferred tax liabilities: | ||||||||||
Fair value adjustment for loans | (10,409,728 | ) | (13,563,946 | ) | ||||||
Property and equipment | (4,072,587 | ) | (4,134,286 | ) | ||||||
Intangible assets | (1,636,414 | ) | (1,531,635 | ) | ||||||
Deferred net loan origination fees | (1,652,645 | ) | (1,728,710 | ) | ||||||
Prepaid expenses | (560,546 | ) | (500,418 | ) | ||||||
Gross deferred tax liabilities | (18,331,920 | ) | (21,458,995 | ) | ||||||
Net deferred tax assets | $ | 33,514,189 | 29,415,996 | |||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||
Unrecognized tax benefits balance at March 31, 2013 | $ | 2,785,091 | ||||||||
Gross increases for tax positions of current year | 3,533,497 | |||||||||
Gross increases for tax positions of prior years | — | |||||||||
Federal and state tax settlements | — | |||||||||
Lapse of statute of limitations | (507,876 | ) | ||||||||
Unrecognized tax benefits balance at March 31, 2014 | $ | 5,810,712 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Summary of basic and diluted average common shares outstanding | ' | ||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: | |||||||||||
For the year ended March 31, 2014 | |||||||||||
Income | Shares | Per Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 106,607,932 | 11,391,706 | $ | 9.36 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 349,599 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 106,607,932 | 11,741,305 | $ | 9.08 | ||||||
For the year ended March 31, 2013 | |||||||||||
Income | Shares | Per Share Amount | |||||||||
(Numerator) | (Denominator) | ||||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 104,089,748 | 12,940,007 | $ | 8.04 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 274,264 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 104,089,748 | 13,214,271 | $ | 7.88 | ||||||
For the year ended March 31, 2012 | |||||||||||
Income | Shares | Per Share Amount | |||||||||
(Numerator) | (Denominator) | ||||||||||
Basic EPS | |||||||||||
Income available to common shareholders | $ | 100,694,443 | 14,906,662 | $ | 6.75 | ||||||
Effect of Dilutive Securities Options and restricted stock | — | 373,489 | |||||||||
Convertible notes payable | — | 8,960 | |||||||||
Diluted EPS | |||||||||||
Income available to common shareholders plus assumed exercises of stock options | $ | 100,694,443 | 15,289,111 | $ | 6.59 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of weighted-average assumptions | ' | ||||||||||||
The following is a summary of the Company’s weighted-average assumptions used to estimate the weighted-average per share fair value of options granted on the date of grant using the Black-Scholes option-pricing model: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 53.91 | % | 56.15 | % | 56.85 | % | |||||||
Average risk-free interest rate | 1.51 | % | 0.8 | % | 1.12 | % | |||||||
Expected life | 5.4 years | 5.6 years | 6.0 years | ||||||||||
Summary schedule of stock option activity | ' | ||||||||||||
Option activity for the year ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual Term | ||||||||||||
Options outstanding, beginning of year | 1,249,585 | $ | 54.9 | ||||||||||
Granted | 211,860 | 89.3 | |||||||||||
Exercised | (265,365 | ) | 40.68 | ||||||||||
Forfeited | (99,340 | ) | 68.09 | ||||||||||
Expired | (740 | ) | 32.62 | ||||||||||
Options outstanding, end of period | 1,096,000 | $ | 63.81 | 7.62 | $ | 15,293,020 | |||||||
Options exercisable, end of period | 236,990 | $ | 44.2 | 5.01 | $ | 7,319,193 | |||||||
Intrinsic value of options exercised | ' | ||||||||||||
The total intrinsic value of options exercised during the periods ended March 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
$13,844,546 | $14,049,751 | $12,049,546 | |||||||||||
Shares vesting based on the compounded annual EPS growth | ' | ||||||||||||
following performance goals as of March 31, 2015: | |||||||||||||
EPS Target | Restricted Shares Eligible for Vesting | ||||||||||||
(Percentage of Award) | |||||||||||||
$10.29 | 100% | ||||||||||||
$9.76 | 67% | ||||||||||||
$9.26 | 33% | ||||||||||||
Below $9.26 | 0% | ||||||||||||
The remaining unforfeited 7,275 shares vested on April 30, 2014 based on the Company’s compounded annual EPS growth according to the following schedule: | |||||||||||||
Vesting Percentage | Compounded Annual EPS Growth | ||||||||||||
100% | 15% or higher | ||||||||||||
67% | 12% - 14.99% | ||||||||||||
33% | 10% - 11.99% | ||||||||||||
0% | Below 10% | ||||||||||||
the following performance goals during any successive trailing four quarters during the measurement period ending on March 31, 2017: | |||||||||||||
Trailing 4 quarter EPS Target | Restricted Shares Eligible for Vesting | ||||||||||||
(Percentage of Award) | |||||||||||||
$13.00 | 25% | ||||||||||||
$14.50 | 25% | ||||||||||||
$16.00 | 25% | ||||||||||||
$18.00 | 25% | ||||||||||||
Summary of the status and changes restricted stock | ' | ||||||||||||
A summary of the status of the Company’s restricted stock as of March 31, 2014, and changes during the year ended March 31, 2014, are presented below: | |||||||||||||
Shares | Weighted Average Fair | ||||||||||||
Value at Grant Date | |||||||||||||
Outstanding at March 31, 2013 | 562,456 | $ | 73.32 | ||||||||||
Granted during the period | 65,250 | 90.07 | |||||||||||
Vested during the period | (27,106 | ) | 53.26 | ||||||||||
Forfeited during the period | (138,641 | ) | 74.54 | ||||||||||
Outstanding at March 31, 2014 | 461,959 | $ | 76.49 | ||||||||||
Share-based compensation included as a component of net income | ' | ||||||||||||
Total share-based compensation included as a component of net income during the years ended March 31, 2014, 2013 and 2012 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Share-based compensation related to equity classified units: | |||||||||||||
Share-based compensation related to stock options | $ | 9,678,724 | 7,322,653 | 4,867,231 | |||||||||
Share-based compensation related to restricted stock | 6,026,553 | 4,818,956 | 2,865,857 | ||||||||||
Total share-based compensation related to equity classified awards | $ | 15,705,277 | 12,141,609 | 7,733,088 | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisition activity | ' | |||||||||
The following table sets forth the acquisition activity of the Company for the last three fiscal years ($ in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Number of business combinations | 1 | 3 | 2 | |||||||
Number of asset purchases | 6 | 9 | 23 | |||||||
Total acquisitions | 7 | 12 | 25 | |||||||
Purchase Price | $ | 1,056 | 2,649 | 4,253 | ||||||
Tangible assets: | ||||||||||
Net loans | 773 | 1,925 | 3,368 | |||||||
Furniture, fixtures & equipment | 2 | 8 | 16 | |||||||
775 | 1,933 | 3,384 | ||||||||
Excess of purchase prices over carrying value of net tangible assets | $ | 281 | 716 | 869 | ||||||
Customer lists | $ | 175 | 451 | 717 | ||||||
Non-compete agreements | 35 | 60 | 96 | |||||||
Goodwill | 71 | 205 | 56 | |||||||
Total intangible assets | $ | 281 | 716 | 869 | ||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Fair Value Disclosures [Abstract] | ' | ||||||
Book value and estimated fair value of the Company's long-term debt | ' | ||||||
The book value and estimated fair value of our debt was as follows (in thousands): | |||||||
31-Mar-14 | 31-Mar-13 | ||||||
Book value: | |||||||
Senior notes payable | $ | 505,500 | 400,250 | ||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||||||||||
The following sets forth selected quarterly operating data: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||
(Dollars in thousands, except for earnings per share data) | |||||||||||||||||||||||||
Total revenues | $ | 145,265 | 149,964 | 160,493 | 161,927 | 132,836 | 139,398 | 149,640 | 161,844 | ||||||||||||||||
Provision for loan losses | 28,703 | 38,188 | 41,116 | 18,569 | 23,615 | 32,402 | 37,395 | 20,911 | |||||||||||||||||
General and administrative expenses | 75,237 | 71,988 | 77,298 | 75,110 | 69,159 | 66,158 | 74,798 | 75,595 | |||||||||||||||||
Interest expense | 4,676 | 5,281 | 5,546 | 5,692 | 3,926 | 4,066 | 4,404 | 4,998 | |||||||||||||||||
Income tax expense | 13,537 | 12,942 | 13,579 | 23,579 | 13,521 | 13,871 | 12,369 | 22,440 | |||||||||||||||||
Net income | $ | 23,112 | 21,565 | 22,954 | 38,977 | 22,615 | 22,901 | 20,674 | 37,900 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | 1.93 | 1.85 | 2.05 | 3.63 | 1.66 | 1.76 | 1.61 | 3.08 | ||||||||||||||||
Diluted | $ | 1.87 | 1.8 | 1.98 | 3.52 | 1.63 | 1.72 | 1.58 | 3.01 | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
segments | |||||||||||
Schedule of Subsidiaries Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature of Operations [Text Block] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature of Operations | |||||||||||
The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina, that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. | |||||||||||
The Company also markets computer software and related services to financial services companies through its ParaData Financial Systems (“ParaData”) subsidiary. | |||||||||||
As of March 31, 2014, the Company operated 1,138 offices in Alabama, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. The Company also operated 133 offices in Mexico. The Company is subject to numerous lending regulations that vary by jurisdiction. | |||||||||||
Business Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Total assets | $850,027,561 | ' | ' | ' | $809,324,965 | ' | ' | ' | $850,027,561 | $809,324,965 | ' |
Total revenues | 161,927,000 | 160,493,000 | 149,964,000 | 145,265,000 | 161,844,000 | 149,640,000 | 139,398,000 | 132,836,000 | 617,649,251 | 583,717,713 | 540,161,682 |
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periods of maturity of highly liquid investments (in months) | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' |
Loans and Interest Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct consumer loans, Maximum | 4,000 | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' |
Consumer direct cash loan terms, Maximum (in months) | ' | ' | ' | ' | ' | ' | ' | ' | '42 months | ' | ' |
Percentage of present value of new loan terms to remaining cash flows under original loan, Minimum (in hundredths) | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal loans more than ninety days past due included in loan loss reserves (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
General reserve percentage | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days past due for loans to be classified as impaired, Minimum (in days) | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Net investment in loans deemed uncollectible charged-off (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Bankrupt accounts that had not been charged off | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' |
Accounts past due, reserved (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of offices operated in the United States of America | 1,138 | ' | ' | ' | ' | ' | ' | ' | 1,138 | ' | ' |
Number Of Offices In Mexico In Which Entity Operates | 133 | ' | ' | ' | ' | ' | ' | ' | 133 | ' | ' |
ParaData [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of finance companies provided data processing systems | ' | ' | ' | ' | ' | ' | ' | ' | 102 | ' | ' |
Total assets | 1,300,000 | ' | ' | ' | 900,000 | ' | ' | ' | 1,300,000 | 900,000 | ' |
Percentage of consolidated assets, Maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Percentage of consolidated revenues, Maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $2,400,000 | $2,100,000 | $2,300,000 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historial loss ratio, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 13.30% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historial loss ratio, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 16.70% | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Mar. 31, 2014 | |
Operating Leases [Abstract] | ' |
Operating lease terms, Minimum (in years) | '3 years |
Operating lease terms, Maximum (in years) | '5 years |
Amortization period for leasehold improvements operating leases (in years) | '5 years |
Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '40 years |
Furniture and fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '5 years |
Furniture and fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '10 years |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '7 years |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '3 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Additional Disclosures) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
segments | |||
states | |||
offices | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Number of reportable segments | 1 | ' | ' |
Number of offices recording goodwill | 90 | ' | ' |
Impairment of Long-Lived Assets [Abstract] | ' | ' | ' |
Impairment charge | $0 | $0 | ' |
Income Taxes [Abstract] | ' | ' | ' |
Income tax position, likelihood of being sustained (in hundredths) | 50.00% | ' | ' |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest paid | 19,922,148 | 16,028,399 | 11,076,970 |
Income taxes paid | 67,404,899 | 66,921,031 | 60,760,661 |
Concentration of Risk [Abstract] | ' | ' | ' |
Number of states in which entity operates | 14 | ' | ' |
Number of states with largest concentration of revenue | 4 | ' | ' |
Percentage of total revenues in the four largest sates (in hundredths) | 58.00% | 56.00% | 56.00% |
Advertising Costs [Abstract] | ' | ' | ' |
Advertising | $16,062,076 | $14,849,980 | $14,228,002 |
Customer lists [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life (in years) | '11 years | ' | ' |
Customer lists [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life (in years) | '5 years | ' | ' |
Customer lists [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life (in years) | '20 years | ' | ' |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality Indicators (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | $59,980,842 | ' | ' | ' | $54,507,299 | $59,980,842 | $54,507,299 | $48,354,994 |
Provision for loan losses | 18,569,000 | 41,116,000 | 38,188,000 | 28,703,000 | 20,911,000 | 37,395,000 | 32,402,000 | 23,615,000 | 126,575,392 | 114,322,525 | 105,705,536 |
Loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -137,307,358 | -121,514,261 | -110,373,643 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 14,287,889 | 12,471,699 | 11,025,950 |
Translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -281,825 | 193,580 | -205,538 |
Balance at end of period | 63,254,940 | ' | ' | ' | 59,980,842 | ' | ' | ' | 63,254,940 | 59,980,842 | 54,507,299 |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy, gross loans | 5,878,825 | ' | ' | ' | 5,910,206 | ' | ' | ' | 5,878,825 | 5,910,206 | 5,646,956 |
91 days or more delinquent, excluding bankruptcy | 28,186,637 | ' | ' | ' | 23,536,170 | ' | ' | ' | 28,186,637 | 23,536,170 | 20,882,907 |
Loans less than 91 days delinquent and not in bankruptcy | 1,078,241,873 | ' | ' | ' | 1,037,605,387 | ' | ' | ' | 1,078,241,873 | 1,037,605,387 | 946,192,901 |
Gross loan balance | 1,112,307,335 | ' | ' | ' | 1,067,051,763 | ' | ' | ' | 1,112,307,335 | 1,067,051,763 | 972,722,764 |
Unearned interest and fees | ' | ' | ' | ' | -284,956,195 | ' | ' | ' | ' | -284,956,195 | -257,637,819 |
Net loans | 813,919,815 | ' | ' | ' | 782,095,568 | ' | ' | ' | 813,919,815 | 782,095,568 | 715,084,945 |
Allowance for loan losses | -63,254,940 | ' | ' | ' | -59,980,842 | ' | ' | ' | -63,254,940 | -59,980,842 | -54,507,299 |
Loans receivable, net | 750,664,875 | ' | ' | ' | 722,114,726 | ' | ' | ' | 750,664,875 | 722,114,726 | 660,577,646 |
Loans individually evaluated for impairment (impaired loans) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 26,796,315 | ' | ' | ' | 23,410,358 | ' | ' | ' | 26,796,315 | 23,410,358 | 19,444,641 |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy, gross loans | 5,878,825 | ' | ' | ' | 5,910,206 | ' | ' | ' | 5,878,825 | 5,910,206 | 5,646,956 |
91 days or more delinquent, excluding bankruptcy | 28,186,637 | ' | ' | ' | 23,536,170 | ' | ' | ' | 28,186,637 | 23,536,170 | 20,882,907 |
Loans less than 91 days delinquent and not in bankruptcy | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Gross loan balance | 34,065,462 | ' | ' | ' | 29,446,376 | ' | ' | ' | 34,065,462 | 29,446,376 | 26,529,863 |
Unearned interest and fees | -7,269,147 | ' | ' | ' | -6,036,018 | ' | ' | ' | -7,269,147 | -6,036,018 | -7,085,222 |
Net loans | 26,796,315 | ' | ' | ' | 23,410,358 | ' | ' | ' | 26,796,315 | 23,410,358 | 19,444,641 |
Allowance for loan losses | -26,796,315 | ' | ' | ' | -23,410,358 | ' | ' | ' | -26,796,315 | -23,410,358 | -19,444,641 |
Loans receivable, net | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Loans collectively evaluated for impairment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 36,458,625 | ' | ' | ' | 36,570,484 | ' | ' | ' | 36,458,625 | 36,570,484 | 35,062,658 |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy, gross loans | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
91 days or more delinquent, excluding bankruptcy | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Loans less than 91 days delinquent and not in bankruptcy | 1,078,241,873 | ' | ' | ' | 1,037,605,387 | ' | ' | ' | 1,078,241,873 | 1,037,605,387 | 946,192,901 |
Gross loan balance | 1,078,241,873 | ' | ' | ' | 1,037,605,387 | ' | ' | ' | 1,078,241,873 | 1,037,605,387 | 946,192,901 |
Unearned interest and fees | -291,118,373 | ' | ' | ' | -278,920,177 | ' | ' | ' | -291,118,373 | -278,920,177 | -250,552,597 |
Net loans | 787,123,500 | ' | ' | ' | 758,685,210 | ' | ' | ' | 787,123,500 | 758,685,210 | 695,640,304 |
Allowance for loan losses | -36,458,625 | ' | ' | ' | -36,570,484 | ' | ' | ' | -36,458,625 | -36,570,484 | -35,062,658 |
Loans receivable, net | $750,664,875 | ' | ' | ' | $722,114,726 | ' | ' | ' | $750,664,875 | $722,114,726 | $660,577,646 |
Allowance_for_Loan_Losses_and_3
Allowance for Loan Losses and Credit Quality Indicators (Assessment of Credit Quality) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | $1,112,307,335 | $1,067,051,763 | $972,722,764 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 59,270,262 | 46,714,273 | ' |
New borrower [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 151,025,603 | 130,897,466 | ' |
Former borrower [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 102,514,264 | 90,281,773 | ' |
Refinance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 835,859,734 | 826,073,460 | ' |
Delinquent refinance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 22,907,734 | 19,799,064 | ' |
Consumer loans- non-bankrupt accounts [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 1,106,428,510 | 1,061,141,557 | ' |
Consumer loans- bankrupt accounts [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 5,878,825 | 5,910,206 | ' |
Performing Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | $1,053,037,073 | $1,020,337,490 | ' |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality Indicators (Summary of Past Due Receivables) (Details) (Contractual basis [Member], USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Contractual basis [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-60 days past due | $37,713,414 | $37,674,267 | $24,853,508 |
61-90 days past due | 30,607,515 | 22,773,063 | 17,320,264 |
91 days or more past due | 28,662,747 | 23,941,210 | 21,306,902 |
Total | $96,983,676 | $84,388,540 | $63,480,674 |
Percentage of period end gross loans receivable | 8.70% | 7.90% | 6.50% |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $60,756,532 | $56,274,346 | ' |
Less accumulated depreciation and amortization | -35,930,294 | -32,338,907 | ' |
Total | 24,826,238 | 23,935,439 | ' |
Depreciation | 6,282,255 | 6,442,292 | 6,493,817 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 250,443 | 250,443 | ' |
Building and leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 19,083,381 | 17,380,828 | ' |
Furniture and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $41,422,708 | $38,643,075 | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $30,579,847 | $30,369,250 |
Accumulated Amortization | -26,802,037 | -25,744,418 |
Estimated amortization expense for intangible assets for future years [Abstract] | ' | ' |
2014 | 700,000 | ' |
2015 | 500,000 | ' |
2016 | 400,000 | ' |
2017 | 400,000 | ' |
2018 | 300,000 | ' |
Thereafter | 1,500,000 | ' |
Cost of acquiring existing customers [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 22,255,204 | 22,079,607 |
Accumulated Amortization | -18,630,930 | -17,650,898 |
Value assigned to non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 8,324,643 | 8,289,643 |
Accumulated Amortization | ($8,171,107) | ($8,093,520) |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Balance at beginning of year | ' | ' |
Goodwill | $5,921,681 | $5,716,327 |
Accumulated goodwill impairment losses | -25,393 | -25,393 |
Goodwill acquired during the year | 70,839 | 205,354 |
Impairment losses | 0 | 0 |
Balance at end of year | ' | ' |
Goodwill | 5,992,520 | 5,921,681 |
Accumulated goodwill impairment losses | -25,393 | -25,393 |
Goodwill, net | $5,967,127 | $5,896,288 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 17, 2010 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Wells Fargo Non Revolving Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $680,000,000 | ' | $75,000,000 |
Amount outstanding | ' | 505,500,000 | ' | ' |
Description of variable rate basis | ' | 'LIBOR | ' | ' |
Basis spread on variable rate (in hundredths) | ' | 3.00% | ' | ' |
Debt instrument interest rate, Minimum (in hundredths) | ' | 4.00% | ' | ' |
Debt instrument effective interest rate (in hundredths) | ' | 4.40% | 4.60% | ' |
Unused amount available | ' | 88,900,000 | ' | ' |
Additional remaining borrowing capacity | ' | 85,600,000 | ' | ' |
Commitment fee percentage (in hundredths) | ' | 0.40% | ' | ' |
Expiration date | ' | 19-Nov-15 | ' | ' |
Aggregate annual maturities of notes payable [Abstract] | ' | ' | ' | ' |
2014 | 0 | ' | ' | ' |
2015 | 505,500,000 | ' | ' | ' |
2016 | 0 | ' | ' | ' |
2017 | 0 | ' | ' | ' |
2018 | 0 | ' | ' | ' |
Total long-term debt | $505,500,000 | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2012 |
Derivative [Line Items] | ' |
Notional amount | $20 |
Fixed interest rate (in hundredths) | 2.40% |
Description of variable rate basis | '1 month LIBOR rate |
Derivative_Financial_Instrumen3
Derivative Financial Instruments, Gain (Loss) by Income Statement Location (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | $0 | $0 | ($305,459) |
Unrealized Gain (Loss) on Derivatives | $0 | $0 | $0 | $319,235 |
Insurance_Commissions_and_Othe2
Insurance Commissions and Other Income (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | $75,493,350 | $78,222,382 | $73,680,573 |
Insurance commissions [Member] | ' | ' | ' |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | 50,379,798 | 51,345,424 | 47,223,398 |
Tax return preparation revenue [Member] | ' | ' | ' |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | 9,118,639 | 8,696,976 | 7,923,581 |
Auto club membership revenue [Member] | ' | ' | ' |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | 4,585,904 | 5,493,653 | 5,624,142 |
World Class Buying Club revenue [Member] | ' | ' | ' |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | 3,881,915 | 4,761,257 | 4,991,111 |
Other [Member] | ' | ' | ' |
Components of Other Income [Line Items] | ' | ' | ' |
Insurance commissions and other income | $7,527,094 | $7,925,072 | $7,918,341 |
Nonfiling_Insurance_Details
Non-filing Insurance (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Non-file Insurance [Abstract] | ' | ' | ' |
Insurance premiums written | $7,241,274 | $7,361,547 | $7,200,590 |
Recoveries on claims paid | 1,086,381 | 1,005,757 | 750,804 |
Claims paid | $7,501,154 | $7,576,902 | $7,463,662 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Operating Leases [Abstract] | ' | ' | ' |
Operating lease terms, Minimum (in years) | '3 years | ' | ' |
Operating lease terms, Maximum (in years) | '5 years | ' | ' |
Future minimum lease payments under noncancelable operating leases [Abstract] | ' | ' | ' |
2014 | $22,030,600 | ' | ' |
2015 | 15,000,980 | ' | ' |
2016 | 7,595,930 | ' | ' |
2017 | 2,368,577 | ' | ' |
2018 | 940,482 | ' | ' |
Thereafter | 223,413 | ' | ' |
Total future minimum lease payments | 48,159,982 | ' | ' |
Rental expense | $23,900,000 | $21,900,000 | $20,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | $23,579,000 | $13,579,000 | $12,942,000 | $13,537,000 | $22,440,000 | $12,369,000 | $13,871,000 | $13,521,000 | $63,636,273 | $62,201,083 | $59,178,898 |
U.S. federal income tax rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' |
Valuation allowance for deferred tax assets | 1,274 | ' | ' | ' | 1,274 | ' | ' | ' | 1,274 | 1,274 | ' |
Total gross unrecognized tax benefits including interest | 6,400,000 | ' | ' | ' | 3,200,000 | ' | ' | ' | 6,400,000 | 3,200,000 | ' |
Unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate | 4,600,000 | ' | ' | ' | 1,600,000 | ' | ' | ' | 4,600,000 | 1,600,000 | ' |
Gross unrecognized tax benefits expected to be resolved during the next 12 months through settlements with taxing authorities or the expiration of the statute of limitations | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' |
Accrued gross interest | 614,279 | ' | ' | ' | ' | ' | ' | ' | 614,279 | ' | ' |
Current period gross interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 379,417 | ' | ' |
Servicios World Acceptance Corporation de Mexico, S. de R.L. de C.V. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative undistributed net earnings permanently reinvested in Mexican foreign subsidiaries | $15,500,000 | ' | ' | ' | ' | ' | ' | ' | $15,500,000 | ' | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Current Income Tax Expense (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal | ' | ' | ' | ' | ' | ' | ' | ' | $59,218,428 | $63,140,638 | $55,179,487 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 6,679,439 | 8,372,748 | 5,745,452 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,836,599 | 1,629,695 | 2,247,933 |
Current income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 67,734,466 | 73,143,081 | 63,172,872 |
Deferred Income Tax Expense (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal | ' | ' | ' | ' | ' | ' | ' | ' | -3,513,833 | -8,792,012 | -2,302,615 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -428,210 | -857,958 | 112,857 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -156,150 | -1,292,028 | -1,804,216 |
Deferred income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -4,098,193 | -10,941,998 | -3,993,974 |
Income Tax Expense (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal | ' | ' | ' | ' | ' | ' | ' | ' | 55,704,595 | 54,348,626 | 52,876,872 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 6,251,229 | 7,514,790 | 5,858,309 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,680,449 | 337,667 | 443,717 |
Income tax expense reconciliation to U.S. federal tax rate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected income tax | ' | ' | ' | ' | ' | ' | ' | ' | 59,585,472 | 58,201,791 | 55,955,669 |
Increase (reduction) in income taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State tax, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 4,063,299 | 4,884,614 | 3,807,901 |
Insurance income exclusion | ' | ' | ' | ' | ' | ' | ' | ' | -86,189 | -123,289 | -118,656 |
Uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | 3,001,452 | 283,084 | -323,651 |
Tax Adjustments, Settlements, and Unusual Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -1,937,724 | 0 | 0 |
Foreign income adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -1,487,116 | -961,771 | -533,246 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 497,079 | -83,346 | 390,881 |
Income taxes | 23,579,000 | 13,579,000 | 12,942,000 | 13,537,000 | 22,440,000 | 12,369,000 | 13,871,000 | 13,521,000 | 63,636,273 | 62,201,083 | 59,178,898 |
Deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | 24,701,417 | ' | ' | ' | 23,078,422 | ' | ' | ' | 24,701,417 | 23,078,422 | ' |
Unearned insurance commissions | 13,042,940 | ' | ' | ' | 13,190,468 | ' | ' | ' | 13,042,940 | 13,190,468 | ' |
Accounts payable and accrued expenses primarily related to employee benefits | 11,176,823 | ' | ' | ' | 8,021,707 | ' | ' | ' | 11,176,823 | 8,021,707 | ' |
Reserve for uncollectible interest | 2,147,953 | ' | ' | ' | 5,473,804 | ' | ' | ' | 2,147,953 | 5,473,804 | ' |
Convertible notes | 226,938 | ' | ' | ' | 383,206 | ' | ' | ' | 226,938 | 383,206 | ' |
Other | 551,312 | ' | ' | ' | 728,658 | ' | ' | ' | 551,312 | 728,658 | ' |
Gross deferred tax assets | 51,847,383 | ' | ' | ' | 50,876,265 | ' | ' | ' | 51,847,383 | 50,876,265 | ' |
Less valuation allowance | -1,274 | ' | ' | ' | -1,274 | ' | ' | ' | -1,274 | -1,274 | ' |
Net deferred tax assets | 51,846,109 | ' | ' | ' | 50,874,991 | ' | ' | ' | 51,846,109 | 50,874,991 | ' |
Deferred tax liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value adjustment for loans | -10,409,728 | ' | ' | ' | -13,563,946 | ' | ' | ' | -10,409,728 | -13,563,946 | ' |
Property and equipment | -4,072,587 | ' | ' | ' | -4,134,286 | ' | ' | ' | -4,072,587 | -4,134,286 | ' |
Intangible assets | -1,636,414 | ' | ' | ' | -1,531,635 | ' | ' | ' | -1,636,414 | -1,531,635 | ' |
Deferred net loan origination fees | -1,652,645 | ' | ' | ' | -1,728,710 | ' | ' | ' | -1,652,645 | -1,728,710 | ' |
Prepaid expenses | -560,546 | ' | ' | ' | -500,418 | ' | ' | ' | -560,546 | -500,418 | ' |
Gross deferred tax liabilities | -18,331,920 | ' | ' | ' | -21,458,995 | ' | ' | ' | -18,331,920 | -21,458,995 | ' |
Net deferred tax assets | 33,514,189 | ' | ' | ' | 29,415,996 | ' | ' | ' | 33,514,189 | 29,415,996 | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits balance at beginning of period | ' | ' | ' | 2,785,091 | ' | ' | ' | ' | 2,785,091 | ' | ' |
Gross increases for tax positions of current year | ' | ' | ' | ' | ' | ' | ' | ' | 3,533,497 | ' | ' |
Gross increases for tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Federal and state tax settlements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Lapse of statute of limitations | ' | ' | ' | ' | ' | ' | ' | ' | -507,876 | ' | ' |
Unrecognized tax benefits balance at end of period | $5,810,712 | ' | ' | ' | $2,785,091 | ' | ' | ' | $5,810,712 | $2,785,091 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common shareholders | $38,977,000 | $22,954,000 | $21,565,000 | $23,112,000 | $37,900,000 | $20,674,000 | $22,901,000 | $22,615,000 | $106,607,932 | $104,089,748 | $100,694,443 |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common shareholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,391,706 | 12,940,007 | 14,906,662 |
Effect of Dilutive Securities Options and restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 349,599 | 274,264 | 373,489 |
Convertible notes payable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,960 |
Income available to common shareholders plus assumed exercises of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,741,305 | 13,214,271 | 15,289,111 |
Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common shareholders (in dollars per share) | $3.63 | $2.05 | $1.85 | $1.93 | $3.08 | $1.61 | $1.76 | $1.66 | $9.36 | $8.04 | $6.75 |
Income available to common shareholders plus assumed exercises of stock options (in dollars per share) | $3.52 | $1.98 | $1.80 | $1.87 | $3.01 | $1.58 | $1.72 | $1.63 | $9.08 | $7.88 | $6.59 |
Antidilutive options excluded from computation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 404,421 | 403,123 | 86,578 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 07, 2011 | Nov. 08, 2010 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 07, 2011 | Nov. 07, 2011 | Nov. 07, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | |
Stock Options Plans [Member] | Stock Options Plans [Member] | Stock Options Plans [Member] | Group A Performance Award [Member] | Group A Performance Award [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Equity Securities [Member] | Equity Securities [Member] | Group B Performance Award [Member] [Member] | Group B Performance Award [Member] [Member] | Equity Classified Awards [Member] | Performance Shares [Member] | Maximum [Member] | Maximum [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | Expense Reversal [Member] | ||||
15% or higher [Member] | 12% - 14.99% [Member] | 10% - 11.99% [Member] | Below 10% [Member] | Vesting Percentage 100% [Member] | Vesting Percentage 100% [Member] | Vesting Percentage 67% [Member] | Vesting Percentage 67% [Member] | Vesting Percentage 33% [Member] | Vesting Percentage 33% [Member] | Vesting Percentage 0% [Member] | Vesting Percentage 0% [Member] | Service Based Award [Member] | Service Based Award [Member] | Performance Based Awards [Member] | Performance Based Awards [Member] | EPS Target [Member] | EPS Target [Member] | EPS Target [Member] | EPS Target [Member] | Trailing Four Quarter EPS Target [Member] | Trailing Four Quarter EPS Target [Member] | Trailing Four Quarter EPS Target [Member] | Trailing Four Quarter EPS Target [Member] | Stock Options Plans [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||
Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | $10.29 EPS [Member] | $9.76 EPS [Member] | $9.26 EPS [Member] | Below $9.26 EPS [Member] | $13.00 [Member] | $14.50 [Member] | $16.00 [Member] | $18.00 [Member] | EPS Target [Member] | |||||||||||||||||||||||||||||||||||||
Below $9.26 EPS [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | ' | ' | ' | ' | 8,590 | 70,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,660 | 443,700 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | 62,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 386,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum contribution from employer | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer matching contribution, percent | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cost recognized | $1,483,712 | $1,432,170 | $1,290,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909,466 | 1,022,979 | 971,779 | 904,138 |
Unfunded liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,186,076 | 7,470,918 | 6,732,123 | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual salary increase used for estimating unfunded liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' |
Discount rate used for estimating unfunded liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' |
Retirement age used for estimating unfunded liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '65 years | '65 years | ' | ' |
Stock Option Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of authorized common stock reserved for issuance (in shares) | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Number of shares available for grant (in shares) | ' | ' | ' | 345,699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value at the grant date | $43.80 | $36.06 | $35.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Activity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of year (in shares) | ' | ' | ' | 1,249,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 211,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -332,665 | -324,140 | -447,250 | -265,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | -99,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | -740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, end of period (in shares) | ' | ' | ' | 1,096,000 | 1,249,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period (in shares) | ' | ' | ' | 236,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of year (in dollars per share) | ' | ' | ' | $54.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $89.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $40.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $68.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | $32.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, end of period (in dollars per share) | ' | ' | ' | $63.81 | $54.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period (in dollars per share) | ' | ' | ' | $44.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option Activity Additional Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term, Options outstanding, end of period | ' | ' | ' | '7 years 7 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual terms, Options exercisable, end of period | ' | ' | ' | '5 years 0 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Options outstanding, end of period | ' | ' | ' | 15,293,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Options exercisable, end of period | ' | ' | ' | 7,319,193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | ' | 13,844,546 | 14,049,751 | 12,049,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized stock-based compensation expense related to non-vested stock options | ' | ' | ' | 20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition | ' | ' | ' | '3 years 7 months 13 days | ' | ' | ' | ' | ' | ' | '2 years 6 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,200 | 15,077 | 11,139 | 7,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $90.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.70 | $67.70 | $67.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of restricted stock vesting immediately (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of restricted stock vesting after year one (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of restricted stock vesting after year two (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Target (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.29 | 9.76 | 9.26 | ' | 13 | 14.5 | 16 | 18 | ' | ' | ' | ' | ' | ' | ' | 9.26 | ' | ' | ' | ' |
Vesting Percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 67.00% | 33.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 67.00% | 33.00% | 0.00% | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compounded Annual EPS Growth, Minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 12.00% | 12.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compounded Annual EPS Growth, Maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.99% | 14.99% | 11.99% | 11.99% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation related to stock option and restricted stock plans | 14,913,204 | 11,165,327 | 6,617,827 | 9,678,724 | 7,322,653 | 4,867,231 | ' | ' | ' | ' | 6,026,553 | 4,818,956 | 2,865,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,705,277 | 12,141,609 | ' | ' | 7,733,088 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested restricted stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition | ' | ' | ' | '3 years 7 months 13 days | ' | ' | ' | ' | ' | ' | '2 years 6 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the status and changes in restricted stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 562,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | 524,500 | 60,416 | 54,951 | ' | ' | ' | ' | ' | ' | ' | 65,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461,959 | 562,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $90.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.70 | $67.70 | $67.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested during the period, net of cancellations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled during the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $74.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76.49 | $73.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Stock_Grant_Fair
Benefit Plans- Stock Grant Fair Value Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 53.91% | 56.15% | 56.85% |
Average risk-free interest rate | 1.51% | 0.80% | 1.12% |
Expected life | '5 years 4 months 28 days | '5 years 7 months 6 days | '6 years |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
asset_purchase | asset_purchase | business_combination | |
business_combination | business_combination | asset_purchase | |
acquisition | acquisition | acquisition | |
Business Acquisition [Line Items] | ' | ' | ' |
Number of business combinations | 1 | 3 | 2 |
Number of asset purchases | 6 | 9 | 23 |
Total acquisitions | 7 | 12 | 25 |
Acquired loans term | '8 months | ' | ' |
Original fair value of customer list for an office acquisition, description | 'less than $100,000 | ' | ' |
Series of Business Acquisitions [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price | 1,056 | 2,649 | 4,253 |
Excess of purchase prices over carrying value of net tangible assets | ' | ' | 869 |
Finite-lived intangible assets | 35 | 60 | 96 |
Goodwill | 71 | 205 | 56 |
Intangible Assets, Net (Including Goodwill) | 281 | 716 | ' |
Total intangible assets | ' | ' | 869 |
Finite-Lived Customer Lists, Gross | 175 | 451 | 717 |
Business Combination, Acquired Receivables, Fair Value | 773 | 1,925 | 3,368 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2 | 8 | 16 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 775 | 1,933 | 3,384 |
Fair_Value_Details
Fair Value (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Book value of debt [Abstract] | ' | ' |
Senior notes payable | $505,500,000 | $400,250,000 |
Total long-term debt | 505,500,000 | ' |
Book value [Member] | Senior notes payable [Member] | ' | ' |
Book value of debt [Abstract] | ' | ' |
Senior notes payable | $505,500,000 | $400,250,000 |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $161,927,000 | $160,493,000 | $149,964,000 | $145,265,000 | $161,844,000 | $149,640,000 | $139,398,000 | $132,836,000 | $617,649,251 | $583,717,713 | $540,161,682 |
Provision for loan losses | 18,569,000 | 41,116,000 | 38,188,000 | 28,703,000 | 20,911,000 | 37,395,000 | 32,402,000 | 23,615,000 | 126,575,392 | 114,322,525 | 105,705,536 |
General and administrative expenses | 75,110,000 | 77,298,000 | 71,988,000 | 75,237,000 | 75,595,000 | 74,798,000 | 66,158,000 | 69,159,000 | 299,634,284 | 285,710,394 | 260,684,157 |
Interest expense | 5,692,000 | 5,546,000 | 5,281,000 | 4,676,000 | 4,998,000 | 4,404,000 | 4,066,000 | 3,926,000 | 21,195,370 | 17,393,963 | 13,898,648 |
Income tax expense | 23,579,000 | 13,579,000 | 12,942,000 | 13,537,000 | 22,440,000 | 12,369,000 | 13,871,000 | 13,521,000 | 63,636,273 | 62,201,083 | 59,178,898 |
Net income | $38,977,000 | $22,954,000 | $21,565,000 | $23,112,000 | $37,900,000 | $20,674,000 | $22,901,000 | $22,615,000 | $106,607,932 | $104,089,748 | $100,694,443 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $3.63 | $2.05 | $1.85 | $1.93 | $3.08 | $1.61 | $1.76 | $1.66 | $9.36 | $8.04 | $6.75 |
Diluted (in dollars per share) | $3.52 | $1.98 | $1.80 | $1.87 | $3.01 | $1.58 | $1.72 | $1.63 | $9.08 | $7.88 | $6.59 |