Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
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 Common Stock, Shares Outstanding | ' | 9,575,547 |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
ASSETS | ' | ' |
Cash and cash equivalents | $16,044,751 | $19,569,683 |
Gross loans receivable | 1,164,367,908 | 1,112,307,335 |
Less: | ' | ' |
Unearned interest and fees | 315,506,368 | 298,387,520 |
Allowance for loan losses | -67,885,227 | -63,254,940 |
Loans receivable, net | 780,976,313 | 750,664,875 |
Property and equipment, net | 25,637,237 | 24,826,238 |
Deferred income taxes | 34,495,110 | 33,514,189 |
Other assets, net | 12,106,647 | 11,707,639 |
Goodwill | 5,967,127 | 5,967,127 |
Intangible assets, net | 3,638,920 | 3,777,810 |
Total assets | 878,866,105 | 850,027,561 |
Liabilities: | ' | ' |
Senior notes payable | 548,100,000 | 505,500,000 |
Income taxes payable | 20,013,098 | 9,521,285 |
Accounts payable and accrued expenses | 26,457,981 | 27,650,955 |
Total liabilities | 594,571,079 | 542,672,240 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 0 | 0 |
Additional paid-in capital | 122,060,139 | 118,365,503 |
Retained earnings | 165,748,908 | 193,095,944 |
Accumulated other comprehensive loss | -3,514,021 | -4,106,126 |
Total shareholders' equity | 284,295,026 | 307,355,321 |
Total liabilities and shareholders' equity | $878,866,105 | $850,027,561 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
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) | 9,612,467 | 10,262,384 |
Common stock, shares outstanding (in shares) | 9,612,467 | 10,262,384 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' |
Interest and fee income | $134,415,807 | $127,977,921 |
Insurance commissions and other income | 15,896,169 | 17,287,206 |
Total revenues | 150,311,976 | 145,265,127 |
Expenses: | ' | ' |
Provision for loan losses | 30,893,266 | 28,703,193 |
General and administrative expenses: | ' | ' |
Personnel | 54,239,292 | 53,309,675 |
Occupancy and equipment | 10,063,894 | 9,378,970 |
Advertising | 3,161,666 | 2,723,255 |
Amortization of intangible assets | 201,758 | 311,502 |
Other | 10,044,533 | 9,513,684 |
Total general and administrative expenses | 77,711,143 | 75,237,086 |
Interest expense | 5,564,455 | 4,676,454 |
Total expenses | 114,168,864 | 108,616,733 |
Income before income taxes | 36,143,112 | 36,648,394 |
Income taxes | 13,587,777 | 13,536,693 |
Net income | $22,555,335 | $23,111,701 |
Net income per common share: | ' | ' |
Basic (in dollars per share) | $2.26 | $1.93 |
Diluted (in dollars per share) | $2.19 | $1.87 |
Weighted average common shares outstanding: | ' | ' |
Basic (in shares) | 10,001,196 | 12,002,061 |
Diluted (in shares) | 10,289,755 | 12,342,690 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $22,555,335 | $23,111,701 |
Foreign currency translation adjustments | 592,105 | -3,019,747 |
Comprehensive income | $23,147,440 | $20,091,954 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] |
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 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' |
Proceeds from exercise of stock options, including tax benefits | 129,243 | 129,243 | ' | ' |
Common stock repurchases | -49,902,371 | ' | -49,902,371 | ' |
Issuance of restricted common stock under stock option plan | 1,672,572 | 1,672,572 | ' | ' |
Stock option expense | 1,892,821 | 1,892,821 | ' | ' |
Other comprehensive income | 592,105 | ' | ' | 592,105 |
Net income | 22,555,335 | ' | 22,555,335 | ' |
Balances at Jun. 30, 2014 | $284,295,026 | $122,060,139 | $165,748,908 | ($3,514,021) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Mar. 31, 2014 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' |
Proceeds from exercise of stock options (in shares) | 3,470 | 265,365 |
Proceeds from exercise of stock options, tax benefits | $51,869 | $2,867,621 |
Common stock repurchases (in shares) | 635,999 | 2,091,699 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flow from operating activities: | ' | ' |
Net income | $22,555,335 | $23,111,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of intangible assets | 201,758 | 311,502 |
Amortization of loan costs and discounts | 97,689 | 123,125 |
Provision for loan losses | 30,893,266 | 28,703,193 |
Depreciation | 1,623,242 | 1,598,027 |
Deferred income tax benefit | -931,699 | -1,213,790 |
Compensation related to stock option and restricted stock plans | 3,565,393 | 4,213,230 |
Change in accounts: | ' | ' |
Other assets, net | -493,041 | 737,003 |
Income taxes payable | 10,489,634 | 1,054,731 |
Accounts payable and accrued expenses | -1,210,718 | -3,183,373 |
Net cash provided by operating activities | 66,790,859 | 55,455,349 |
Cash flows from investing activities: | ' | ' |
Increase in loans receivable, net | -60,412,755 | -65,241,490 |
Net assets acquired from office acquisitions, primarily loans | -337,427 | -638,127 |
Purchases of property and equipment | -2,399,788 | -1,501,762 |
Increase in intangible assets from acquisitions | -62,868 | -253,200 |
Net cash used in investing activities | -63,212,838 | -67,634,579 |
Cash flow from financing activities: | ' | ' |
Borrowings from senior note payable | 92,300,000 | 104,350,000 |
Payments on senior note payable | -49,700,000 | -55,650,000 |
(Payments on)/proceeds from junior subordinated note payable | 0 | 0 |
Proceeds from exercise of stock options | 77,374 | 1,026,671 |
Repurchase of common stock | -49,902,371 | -37,734,861 |
Excess tax benefits from exercise of stock options | 51,869 | 177,737 |
Net cash provided by financing activities | -7,173,128 | 12,169,547 |
Increase in cash and cash equivalents | -3,595,107 | -9,683 |
Effects of foreign currency fluctuations on cash | 70,175 | -216,272 |
Cash and cash equivalents at beginning of period | 19,569,683 | 11,625,365 |
Cash and cash equivalents at end of period | $16,044,751 | $11,399,410 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The consolidated financial statements of the Company at June 30, 2014, and for the three months ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal recurring nature) necessary for a fair presentation of the financial position at June 30, 2014, and the results of operations and cash flows for the periods ended June 30, 2014 and 2013, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
The consolidated financial statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended March 31, 2014, included in the Company’s 2014 Annual Report to Shareholders. |
SUMMARY_OF_SIGNIFICANT_POLICIE
SUMMARY OF SIGNIFICANT POLICIES | 3 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT POLICIES | ' |
SUMMARY OF SIGNIFICANT POLICIES | |
Accounting Standards to be Adopted | |
Revenue from Contracts with Customers. | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09 which supersedes the revenue recognition requirements Topic 605 (Revenue Recognition), and most industry-specific guidance. ASU No. 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance allows for either a "full retrospective" adoption or a "modified retrospective" adoption, however early adoption is not permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. | |
We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements as a result of future adoption. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Fair Value Disclosures [Abstract] | ' | ||||||
FAIR VALUE | ' | ||||||
FAIR VALUE | |||||||
Fair Value Disclosures | |||||||
The Company may carry certain financial instruments and derivative assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||
Financial assets and liabilities measured at fair value are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are: | |||||||
• | Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||
• | Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in market that are less active. | ||||||
• | Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions. | ||||||
As of June 30, 2014 and March 31, 2014, the Company had no significant financial assets or liabilities that were measured at fair value. | |||||||
Fair Value of Long-Term Debt | |||||||
The book value and estimated fair value of our long-term debt was as follows (in thousands): | |||||||
June 30, | March 31, | ||||||
2014 | 2014 | ||||||
Book value and estimated fair value: | |||||||
Senior notes payable | $ | 548,100 | 505,500 | ||||
The carrying value of the senior notes payable approximated the fair value, as the senior notes payable are at a variable interest rate. | |||||||
Other | |||||||
There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2014 or March 31, 2014. |
ALLOWANCE_FOR_LOAN_LOSSES
ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Receivables [Abstract] | ' | |||||||||
ALLOWANCE FOR LOAN LOSSES | ' | |||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||
The following is a summary of the changes in the allowance for loan losses for the periods indicated: | ||||||||||
Three months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Balance at beginning of period | $ | 63,254,940 | 59,980,842 | |||||||
Provision for loan losses | 30,893,266 | 28,703,193 | ||||||||
Loan losses | (29,820,547 | ) | (30,114,074 | ) | ||||||
Recoveries | 3,512,797 | 3,312,182 | ||||||||
Translation adjustment | 44,771 | (251,176 | ) | |||||||
Balance at end of period | $ | 67,885,227 | 61,630,967 | |||||||
The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: | ||||||||||
June 30, 2014 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,995,703 | — | 5,995,703 | ||||||
91 days or more delinquent, excluding bankruptcy | 32,657,958 | — | 32,657,958 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,125,714,247 | 1,125,714,247 | |||||||
Gross loan balance | 38,653,661 | 1,125,714,247 | 1,164,367,908 | |||||||
Unearned interest and fees | (8,862,435 | ) | (306,643,933 | ) | (315,506,368 | ) | ||||
Net loans | 29,791,226 | 819,070,314 | 848,861,540 | |||||||
Allowance for loan losses | (29,791,226 | ) | (38,094,001 | ) | (67,885,227 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 780,976,313 | 780,976,313 | ||||||
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 | ||||||
June 30, 2013 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 6,072,085 | — | 6,072,085 | ||||||
91 days or more delinquent, excluding bankruptcy | 22,162,742 | — | 22,162,742 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,097,026,529 | 1,097,026,529 | |||||||
Gross loan balance | 28,234,827 | 1,097,026,529 | 1,125,261,356 | |||||||
Unearned interest and fees | (5,531,920 | ) | (301,236,964 | ) | (306,768,884 | ) | ||||
Net loans | 22,702,907 | 795,789,565 | 818,492,472 | |||||||
Allowance for loan losses | (22,702,907 | ) | (38,928,060 | ) | (61,630,967 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 756,861,505 | 756,861,505 | ||||||
The following is an assessment of the credit quality for the period indicated: | ||||||||||
June 30, | March 31, | June 30, | ||||||||
2014 | 2014 | 2013 | ||||||||
Credit risk | ||||||||||
Consumer loans- non-bankrupt accounts | $ | 1,158,372,205 | 1,106,428,510 | 1,119,189,271 | ||||||
Consumer loans- bankrupt accounts | 5,995,703 | 5,878,825 | 6,072,085 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
Consumer credit exposure | ||||||||||
Credit risk profile based on payment activity, performing | $ | 1,099,149,267 | 1,053,037,073 | 1,078,290,594 | ||||||
Contractual non-performing, 61 or more days delinquent | 65,218,641 | 59,270,262 | 46,970,762 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
Delinquent refinance | $ | 23,857,699 | 22,907,734 | 21,072,057 | ||||||
Credit risk profile based on customer type | ||||||||||
New borrower | $ | 152,914,153 | 151,025,603 | 130,749,464 | ||||||
Former borrower | 122,171,469 | 102,514,264 | 107,984,804 | |||||||
Refinance | 865,424,587 | 835,859,734 | 865,455,031 | |||||||
Delinquent refinance | 23,857,699 | 22,907,734 | 21,072,057 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
The following is a summary of the past due receivables as of: | ||||||||||
June 30, | March 31, | June 30, | ||||||||
2014 | 2014 | 2013 | ||||||||
Contractual basis: | ||||||||||
30-60 days past due | $ | 42,501,987 | 37,713,414 | 47,703,945 | ||||||
61-90 days past due | 32,171,291 | 30,607,515 | 24,451,964 | |||||||
91 days or more past due | 33,047,350 | 28,662,747 | 22,518,798 | |||||||
Total | $ | 107,720,628 | 96,983,676 | 94,674,707 | ||||||
Percentage of period-end gross loans receivable | 9.3 | % | 8.7 | % | 8.4 | % | ||||
AVERAGE_SHARE_INFORMATION
AVERAGE SHARE INFORMATION | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
AVERAGE SHARE INFORMATION | ' | |||||
AVERAGE SHARE INFORMATION | ||||||
The following is a summary of the basic and diluted average common shares outstanding: | ||||||
Three months ended June 30, | ||||||
2014 | 2013 | |||||
Basic: | ||||||
Weighted average common shares outstanding (denominator) | 10,001,196 | 12,002,061 | ||||
Diluted: | ||||||
Weighted average common shares outstanding | 10,001,196 | 12,002,061 | ||||
Dilutive potential common shares stock options | 288,559 | 340,629 | ||||
Weighted average diluted shares outstanding (denominator) | 10,289,755 | 12,342,690 | ||||
Options to purchase 575,240 and 556,692 shares of common stock at various prices were outstanding during the three months ended June 30, 2014 and 2013 respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
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, a total of 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 June 30, 2014, there were a total of 374,893 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 consolidated 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. | |||||||||||||
There were no option grants during the quarters ended June 30, 2014 or June 30, 2013. | |||||||||||||
Option activity for the three months ended June 30, 2014 was as follows: | |||||||||||||
Shares | Weighted Average Exercise | Weighted Average | Aggregate Intrinsic Value | ||||||||||
Price | Remaining | ||||||||||||
Contractual Term | |||||||||||||
Options outstanding, beginning of period | 1,096,000 | $ | 63.81 | ||||||||||
Granted during period | — | — | |||||||||||
Exercised during period | (3,470 | ) | 22.3 | ||||||||||
Forfeited during period | (13,100 | ) | 66.5 | ||||||||||
Expired during period | (500 | ) | 67.41 | ||||||||||
Options outstanding, end of period | 1,078,930 | $ | 63.91 | 7.37 | $ | 15,759,061 | |||||||
Options exercisable, end of period | 233,020 | $ | 44.47 | 4.76 | $ | 7,337,260 | |||||||
The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on June 30, 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 June 30, 2014. This amount will change as the stock’s market price changes. The total intrinsic value of options exercised during the periods ended June 30, 2014 and 2013 was as follows: | |||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Three months ended | $ | 197,660 | $ | 1,043,402 | |||||||||
As of June 30, 2014, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $18.5 million, which is expected to be recognized over a weighted-average period of approximately 3.4 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 June 30, 2014, 60,390 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 June 30, 2014, 373,360 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 5,223 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 approximately $1.8 million and $2.2 million of compensation expense for the three months ended June 30, 2014 and June 30, 2013, respectively, which is included as a component of general and administrative expenses in the Company’s Consolidated Statements of Operations. | |||||||||||||
As of June 30, 2014, there was approximately $16.2 million of unrecognized compensation cost related to unvested restricted stock awards granted, which is expected to be recognized over the next 2.4 years. In addition there was approximately $6.7 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 $6.7 million could be expensed in future periods. | |||||||||||||
A summary of the status of the Company’s restricted stock as of June 30, 2014, and changes during the three months ended June 30, 2014, are presented below: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | ||||||||||||
Outstanding at March 31, 2014 | 461,959 | $ | 76.49 | ||||||||||
Granted during the period | — | — | |||||||||||
Vested during the period | (5,223 | ) | 67.7 | ||||||||||
Forfeited during the period | (15,594 | ) | 73.84 | ||||||||||
Outstanding at June 30, 2014 | 441,142 | $ | 76.69 | ||||||||||
Total share-based compensation included as a component of net income during the three months ended June 30, 2014 and 2013 was as follows: | |||||||||||||
Three months ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Share-based compensation related to equity classified awards: | |||||||||||||
Share-based compensation related to stock options | $ | 1,892,821 | 2,495,913 | ||||||||||
Share-based compensation related to restricted stock units | 1,802,816 | 2,188,987 | |||||||||||
Total share-based compensation related to equity classified awards | $ | 3,695,637 | 4,684,900 | ||||||||||
ACQUISITIONS
ACQUISITIONS | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
ACQUISITIONS | ' | ||||||
ACQUISITIONS | |||||||
The Company evaluates each acquisition to determine if the acquired enterprise meets the definition of a business. Those acquired enterprises that meet the definition of a business are accounted for as a business combination under FASB ASC Topic 805-10 and all other acquisitions are accounted for as asset purchases. All acquisitions have been from independent third parties. | |||||||
The following table sets forth the acquisition activity of the Company for the three months ended June 30, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Number of business combinations | — | 1 | |||||
Number of asset purchases | 1 | 4 | |||||
Total acquisitions | 1 | 5 | |||||
Purchase Price | $ | 339,963 | 891,328 | ||||
Tangible assets: | |||||||
Net loans | 277,095 | 636,627 | |||||
Furniture, fixtures & equipment | — | 1,500 | |||||
277,095 | 638,127 | ||||||
Excess of purchase prices over carrying value of net tangible assets | $ | 62,868 | 253,201 | ||||
Customer lists | 57,868 | 157,363 | |||||
Non-compete agreements | 5,000 | 25,000 | |||||
Goodwill | — | 70,838 | |||||
Total intangible assets | $ | 62,868 | 253,201 | ||||
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 three months ended June 30, 2014, no acquisitions were 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. There was one acquisition recorded as an asset acquisition during the three months ended June 30, 2014. | |||||||
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 priced 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 360-10-5. 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 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 pro forma 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 consolidated results of operations as reported. |
DEBT
DEBT | 3 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
DEBT | ' |
DEBT | |
The Company's notes payable consist of a $680.0 million senior notes payable revolving credit facility with $548.1 million outstanding at June 30, 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 June 30, 2014 and March 31, 2014, the Company’s effective interest rate, including the commitment fee, was 4.3% and 4.4%, respectively, and the unused amount available under the revolver at June 30, 2014 was $71.9 million. The Company also had $60.0 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. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company is required to assess whether the earnings of our two Mexican foreign subsidiaries, Servicios World Acceptance Corporation de México, S. de R.L. de C.V. (“SWAC”) and WAC de México, S.A. de C.V., SOFOM ENR (“WAC de Mexico”), 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 June 30, 2014, the Company has determined that approximately $1.6 million of cumulative undistributed net earnings of SWAC and approximately $15.4 million of cumulative undistributed net earnings of WAC de México, as well as the future net earnings and losses of both foreign subsidiaries, will be permanently reinvested. | |
As of June 30, 2014 and March 31, 2014, the Company had $6.9 million and $6.4 million, respectively, of total gross unrecognized tax benefits including interest. Approximately $5.0 million and $4.6 million, respectively, represent the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At June 30, 2014, approximately $3.7 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. As of June 30, 2014, the Company had $729,000 accrued for gross interest, of which $115,000 was a current period end expense. | |
The Company is subject to U.S. and Mexican income taxes as well as income taxation by 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 carry forward 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. |
LITIGATION
LITIGATION | 3 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LITIGATION | ' |
LITIGATION | |
See Part 1, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Regulatory Matters-CFPB Investigation,” for information regarding the Company’s previously disclosed receipt of a Civil Investigative Demand (“CID”) from the Consumer Financial Protection Bureau (“CFPB”) on March 12, 2014 and the Company’s response thereto. | |
As previously disclosed, 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 above-referenced CID from the CFPB. 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. On June 25, 2014, the Company filed a motion to dismiss the complaint and has stipulated to an extension of time for a response from Operating Engineers Construction Industry and Miscellaneous Pension Fund which has been appointed lead plaintiff in the case. | |
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_Notes
Subsequent Events (Notes) | 3 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
On July 23, 2014, the Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock. This repurchase authorization follows, and is in addition to, a similar repurchase authorization of $50.0 million announced on March 17, 2014. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||
The book value and estimated fair value of our long-term debt was as follows (in thousands): | |||||||
June 30, | March 31, | ||||||
2014 | 2014 | ||||||
Book value and estimated fair value: | |||||||
Senior notes payable | $ | 548,100 | 505,500 | ||||
ALLOWANCE_FOR_LOAN_LOSSES_Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | |||||||||
Jun. 30, 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 periods indicated: | ||||||||||
Three months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Balance at beginning of period | $ | 63,254,940 | 59,980,842 | |||||||
Provision for loan losses | 30,893,266 | 28,703,193 | ||||||||
Loan losses | (29,820,547 | ) | (30,114,074 | ) | ||||||
Recoveries | 3,512,797 | 3,312,182 | ||||||||
Translation adjustment | 44,771 | (251,176 | ) | |||||||
Balance at end of period | $ | 67,885,227 | 61,630,967 | |||||||
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: | ||||||||||
June 30, 2014 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 5,995,703 | — | 5,995,703 | ||||||
91 days or more delinquent, excluding bankruptcy | 32,657,958 | — | 32,657,958 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,125,714,247 | 1,125,714,247 | |||||||
Gross loan balance | 38,653,661 | 1,125,714,247 | 1,164,367,908 | |||||||
Unearned interest and fees | (8,862,435 | ) | (306,643,933 | ) | (315,506,368 | ) | ||||
Net loans | 29,791,226 | 819,070,314 | 848,861,540 | |||||||
Allowance for loan losses | (29,791,226 | ) | (38,094,001 | ) | (67,885,227 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 780,976,313 | 780,976,313 | ||||||
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 | ||||||
June 30, 2013 | Loans individually | Loans collectively | Total | |||||||
evaluated for | evaluated for | |||||||||
impairment | impairment | |||||||||
(impaired loans) | ||||||||||
Bankruptcy, gross loans | $ | 6,072,085 | — | 6,072,085 | ||||||
91 days or more delinquent, excluding bankruptcy | 22,162,742 | — | 22,162,742 | |||||||
Loans less than 91 days delinquent and not in bankruptcy | — | 1,097,026,529 | 1,097,026,529 | |||||||
Gross loan balance | 28,234,827 | 1,097,026,529 | 1,125,261,356 | |||||||
Unearned interest and fees | (5,531,920 | ) | (301,236,964 | ) | (306,768,884 | ) | ||||
Net loans | 22,702,907 | 795,789,565 | 818,492,472 | |||||||
Allowance for loan losses | (22,702,907 | ) | (38,928,060 | ) | (61,630,967 | ) | ||||
Loans, net of allowance for loan losses | $ | — | 756,861,505 | 756,861,505 | ||||||
Assessment of the credit quality | ' | |||||||||
The following is an assessment of the credit quality for the period indicated: | ||||||||||
June 30, | March 31, | June 30, | ||||||||
2014 | 2014 | 2013 | ||||||||
Credit risk | ||||||||||
Consumer loans- non-bankrupt accounts | $ | 1,158,372,205 | 1,106,428,510 | 1,119,189,271 | ||||||
Consumer loans- bankrupt accounts | 5,995,703 | 5,878,825 | 6,072,085 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
Consumer credit exposure | ||||||||||
Credit risk profile based on payment activity, performing | $ | 1,099,149,267 | 1,053,037,073 | 1,078,290,594 | ||||||
Contractual non-performing, 61 or more days delinquent | 65,218,641 | 59,270,262 | 46,970,762 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
Delinquent refinance | $ | 23,857,699 | 22,907,734 | 21,072,057 | ||||||
Credit risk profile based on customer type | ||||||||||
New borrower | $ | 152,914,153 | 151,025,603 | 130,749,464 | ||||||
Former borrower | 122,171,469 | 102,514,264 | 107,984,804 | |||||||
Refinance | 865,424,587 | 835,859,734 | 865,455,031 | |||||||
Delinquent refinance | 23,857,699 | 22,907,734 | 21,072,057 | |||||||
Total gross loans | $ | 1,164,367,908 | 1,112,307,335 | 1,125,261,356 | ||||||
Summary of the past due receivables | ' | |||||||||
The following is a summary of the past due receivables as of: | ||||||||||
June 30, | March 31, | June 30, | ||||||||
2014 | 2014 | 2013 | ||||||||
Contractual basis: | ||||||||||
30-60 days past due | $ | 42,501,987 | 37,713,414 | 47,703,945 | ||||||
61-90 days past due | 32,171,291 | 30,607,515 | 24,451,964 | |||||||
91 days or more past due | 33,047,350 | 28,662,747 | 22,518,798 | |||||||
Total | $ | 107,720,628 | 96,983,676 | 94,674,707 | ||||||
Percentage of period-end gross loans receivable | 9.3 | % | 8.7 | % | 8.4 | % | ||||
AVERAGE_SHARE_INFORMATION_Tabl
AVERAGE SHARE INFORMATION (Tables) | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Summary of basic and diluted average common shares outstanding | ' | |||||
The following is a summary of the basic and diluted average common shares outstanding: | ||||||
Three months ended June 30, | ||||||
2014 | 2013 | |||||
Basic: | ||||||
Weighted average common shares outstanding (denominator) | 10,001,196 | 12,002,061 | ||||
Diluted: | ||||||
Weighted average common shares outstanding | 10,001,196 | 12,002,061 | ||||
Dilutive potential common shares stock options | 288,559 | 340,629 | ||||
Weighted average diluted shares outstanding (denominator) | 10,289,755 | 12,342,690 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Tabular disclosure of performance shares vesting based on EPS targets [Table Text Block] | ' | ||||||||||||
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% | ||||||||||||
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% | ||||||||||||
Summary schedule of stock option activity | ' | ||||||||||||
ption activity for the three months ended June 30, 2014 was as follows: | |||||||||||||
Shares | Weighted Average Exercise | Weighted Average | Aggregate Intrinsic Value | ||||||||||
Price | Remaining | ||||||||||||
Contractual Term | |||||||||||||
Options outstanding, beginning of period | 1,096,000 | $ | 63.81 | ||||||||||
Granted during period | — | — | |||||||||||
Exercised during period | (3,470 | ) | 22.3 | ||||||||||
Forfeited during period | (13,100 | ) | 66.5 | ||||||||||
Expired during period | (500 | ) | 67.41 | ||||||||||
Options outstanding, end of period | 1,078,930 | $ | 63.91 | 7.37 | $ | 15,759,061 | |||||||
Options exercisable, end of period | 233,020 | $ | 44.47 | 4.76 | $ | 7,337,260 | |||||||
Intrinsic value of options exercised | ' | ||||||||||||
The total intrinsic value of options exercised during the periods ended June 30, 2014 and 2013 was as follows: | |||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Three months ended | $ | 197,660 | $ | 1,043,402 | |||||||||
Shares vesting based on the compounded annual EPS growth | ' | ||||||||||||
Vesting Percentage | Compounded Annual EPS Growth | ||||||||||||
100% | 15% or higher | ||||||||||||
67% | 12% - 14.99% | ||||||||||||
33% | 10% - 11.99% | ||||||||||||
0% | Below 10% | ||||||||||||
Summary of the status and changes restricted stock | ' | ||||||||||||
A summary of the status of the Company’s restricted stock as of June 30, 2014, and changes during the three months ended June 30, 2014, are presented below: | |||||||||||||
Shares | Weighted Average Fair Value at Grant Date | ||||||||||||
Outstanding at March 31, 2014 | 461,959 | $ | 76.49 | ||||||||||
Granted during the period | — | — | |||||||||||
Vested during the period | (5,223 | ) | 67.7 | ||||||||||
Forfeited during the period | (15,594 | ) | 73.84 | ||||||||||
Outstanding at June 30, 2014 | 441,142 | $ | 76.69 | ||||||||||
Share-based compensation included as a component of net income | ' | ||||||||||||
Total share-based compensation included as a component of net income during the three months ended June 30, 2014 and 2013 was as follows: | |||||||||||||
Three months ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Share-based compensation related to equity classified awards: | |||||||||||||
Share-based compensation related to stock options | $ | 1,892,821 | 2,495,913 | ||||||||||
Share-based compensation related to restricted stock units | 1,802,816 | 2,188,987 | |||||||||||
Total share-based compensation related to equity classified awards | $ | 3,695,637 | 4,684,900 | ||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisition activity | ' | ||||||
ACQUISITIONS | |||||||
The Company evaluates each acquisition to determine if the acquired enterprise meets the definition of a business. Those acquired enterprises that meet the definition of a business are accounted for as a business combination under FASB ASC Topic 805-10 and all other acquisitions are accounted for as asset purchases. All acquisitions have been from independent third parties. | |||||||
The following table sets forth the acquisition activity of the Company for the three months ended June 30, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Number of business combinations | — | 1 | |||||
Number of asset purchases | 1 | 4 | |||||
Total acquisitions | 1 | 5 | |||||
Purchase Price | $ | 339,963 | 891,328 | ||||
Tangible assets: | |||||||
Net loans | 277,095 | 636,627 | |||||
Furniture, fixtures & equipment | — | 1,500 | |||||
277,095 | 638,127 | ||||||
Excess of purchase prices over carrying value of net tangible assets | $ | 62,868 | 253,201 | ||||
Customer lists | 57,868 | 157,363 | |||||
Non-compete agreements | 5,000 | 25,000 | |||||
Goodwill | — | 70,838 | |||||
Total intangible assets | $ | 62,868 | 253,201 | ||||
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 three months ended June 30, 2014, no acquisitions were 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. There was one acquisition recorded as an asset acquisition during the three months ended June 30, 2014. | |||||||
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 priced 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 360-10-5. 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 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 pro forma 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 consolidated results of operations as reported. | |||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||
The following table sets forth the acquisition activity of the Company for the three months ended June 30, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Number of business combinations | — | 1 | |||||
Number of asset purchases | 1 | 4 | |||||
Total acquisitions | 1 | 5 | |||||
Purchase Price | $ | 339,963 | 891,328 | ||||
Tangible assets: | |||||||
Net loans | 277,095 | 636,627 | |||||
Furniture, fixtures & equipment | — | 1,500 | |||||
277,095 | 638,127 | ||||||
Excess of purchase prices over carrying value of net tangible assets | $ | 62,868 | 253,201 | ||||
Customer lists | 57,868 | 157,363 | |||||
Non-compete agreements | 5,000 | 25,000 | |||||
Goodwill | — | 70,838 | |||||
Total intangible assets | $ | 62,868 | 253,201 | ||||
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes payable | $548,100,000 | $505,500,000 |
Reported Value Measurement [Member] | Senior notes payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes payable | $548,100,000 | $505,500,000 |
ALLOWANCE_FOR_LOAN_LOSSES_Deta
ALLOWANCE FOR LOAN LOSSES (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $63,254,940 | $59,980,842 | ' |
Provision for loan losses | 30,893,266 | 28,703,193 | ' |
Loan losses | -29,820,547 | -30,114,074 | ' |
Recoveries | 3,512,797 | 3,312,182 | ' |
Translation adjustment | 44,771 | -251,176 | ' |
Balance at end of period | 67,885,227 | 61,630,967 | ' |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' |
Bankruptcy, gross loans | 5,995,703 | 6,072,085 | 5,878,825 |
91 days or more delinquent, excluding bankruptcy | 32,657,958 | 22,162,742 | 28,186,637 |
Loans less than 91 days delinquent and not in bankruptcy | 1,125,714,247 | 1,097,026,529 | 1,078,241,873 |
Gross loan balance | 1,164,367,908 | 1,125,261,356 | 1,112,307,335 |
Unearned interest and fees | ' | -306,768,884 | -298,387,520 |
Net loans | 848,861,540 | 818,492,472 | 813,919,815 |
Allowance for loan losses | -67,885,227 | -61,630,967 | ' |
Loans receivable, net | 780,976,313 | 756,861,505 | 750,664,875 |
Loans individually evaluated for impairment (impaired loans) [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | ' | ' | 26,796,315 |
Balance at end of period | 29,791,226 | 22,702,907 | 26,796,315 |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' |
Bankruptcy, gross loans | 5,995,703 | 6,072,085 | 5,878,825 |
91 days or more delinquent, excluding bankruptcy | 32,657,958 | 22,162,742 | 28,186,637 |
Loans less than 91 days delinquent and not in bankruptcy | 0 | 0 | 0 |
Gross loan balance | 38,653,661 | 28,234,827 | 34,065,462 |
Unearned interest and fees | -8,862,435 | -5,531,920 | -7,269,147 |
Net loans | 29,791,226 | 22,702,907 | 26,796,315 |
Allowance for loan losses | -29,791,226 | -22,702,907 | -26,796,315 |
Loans receivable, net | 0 | 0 | 0 |
Loans collectively evaluated for impairment [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | ' | ' | 36,458,625 |
Balance at end of period | 38,094,001 | 38,928,060 | 36,458,625 |
Summary of loans individually and collectively evaluated for impairment [Abstract] | ' | ' | ' |
Bankruptcy, gross loans | 0 | 0 | 0 |
91 days or more delinquent, excluding bankruptcy | 0 | 0 | 0 |
Loans less than 91 days delinquent and not in bankruptcy | 1,125,714,247 | 1,097,026,529 | 1,078,241,873 |
Gross loan balance | 1,125,714,247 | 1,097,026,529 | 1,078,241,873 |
Unearned interest and fees | -306,643,933 | -301,236,964 | -291,118,373 |
Net loans | 819,070,314 | 795,789,565 | 787,123,500 |
Allowance for loan losses | -38,094,001 | -38,928,060 | -36,458,625 |
Loans receivable, net | $780,976,313 | $756,861,505 | $750,664,875 |
ALLOWANCE_FOR_LOAN_LOSSES_Asse
ALLOWANCE FOR LOAN LOSSES (Assessment of Credit Quality) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | $1,164,367,908 | $1,112,307,335 | $1,125,261,356 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 65,218,641 | 59,270,262 | 46,970,762 |
New borrower [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 152,914,153 | 151,025,603 | 130,749,464 |
Former borrower [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 122,171,469 | 102,514,264 | 107,984,804 |
Refinance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 865,424,587 | 835,859,734 | 865,455,031 |
Delinquent refinance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 23,857,699 | 22,907,734 | 21,072,057 |
Consumer loans- non-bankrupt accounts [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | 1,158,372,205 | 1,106,428,510 | 1,119,189,271 |
Consumer loans- bankrupt accounts [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Gross loan balance | $5,995,703 | $5,878,825 | $6,072,085 |
ALLOWANCE_FOR_LOAN_LOSSES_Summ
ALLOWANCE FOR LOAN LOSSES (Summary of Past Due Receivables) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $1,164,367,908 | $1,112,307,335 | $1,125,261,356 |
Contractual basis [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-60 days past due | 42,501,987 | 37,713,414 | 47,703,945 |
61-90 days past due | 32,171,291 | 30,607,515 | 24,451,964 |
91 days or more past due | 33,047,350 | 28,662,747 | 22,518,798 |
Financing Receivable, Recorded Investment, Past Due | 107,720,628 | 96,983,676 | 94,674,707 |
Percentage of period end gross loans receivable | 9.30% | 8.70% | 8.40% |
Performing Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $1,099,149,267 | $1,053,037,073 | $1,078,290,594 |
AVERAGE_SHARE_INFORMATION_Deta
AVERAGE SHARE INFORMATION (Details) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Basic: | ' | ' |
Weighted average common shares outstanding (in shares) | 10,001,196 | 12,002,061 |
Diluted: | ' | ' |
Weighted average common shares outstanding (in shares) | 10,001,196 | 12,002,061 |
Dilutive potential common shares stock options (in shares) | 288,559 | 340,629 |
Weighted average diluted shares outstanding (in shares) | 10,289,755 | 12,342,690 |
Antidilutive options excluded from computation of diluted earnings per share (in shares) | 575,240 | 556,692 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 30, 2011 | Nov. 30, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 07, 2011 | Nov. 07, 2011 | Nov. 07, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Group B Performance Award [Member] | Group B Performance Award [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] | Performance Shares [Member] | Maximum [Member] | Maximum [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] | 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] | 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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | ' | 56,660 | 443,700 | ' | ' | 8,590 | 70,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | 373,360 | ' | ' | ' | 60,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | 374,893 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value at the grant date | $44.41 | $36.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Activity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of year (in shares) | ' | ' | ' | ' | ' | 1,096,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -3,470 | ' | -265,365 | ' | ' | -3,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | -13,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | ' | -500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, end of period (in shares) | ' | ' | ' | ' | ' | 1,078,930 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period (in shares) | ' | ' | ' | ' | ' | 233,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of year (in dollars per share) | ' | ' | ' | ' | ' | $63.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | $22.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | $66.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | ' | ' | $67.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, end of period (in dollars per share) | ' | ' | ' | ' | ' | $63.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, end of period (in dollars per share) | ' | ' | ' | ' | ' | $44.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option Activity Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term, Options outstanding, end of period | ' | ' | ' | ' | ' | '7 years 4 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual terms, Options exercisable, end of period | ' | ' | ' | ' | ' | '4 years 9 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Options outstanding, end of period | ' | ' | ' | ' | ' | $15,759,061 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Options exercisable, end of period | ' | ' | ' | ' | ' | 7,337,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | ' | ' | ' | 197,660 | 1,043,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized stock-based compensation expense related to non-vested stock options | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition | ' | ' | ' | ' | ' | '3 years 4 months 10 days | ' | ' | ' | ' | ' | '2 years 4 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' |
EPS Target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.29 | 9.76 | 9.26 | ' | 13 | 14.5 | 16 | 18 | ' | ' | ' | ' | 9.26 |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition | ' | ' | ' | ' | ' | '3 years 4 months 10 days | ' | ' | ' | ' | ' | '2 years 4 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested restricted stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' |
Summary of the status and changes in restricted stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at March 31, 2012 (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461,959 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,200 | 15,077 | 11,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested during the period, net of cancellations (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,249 | -5,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at June 30, 2012 (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 441,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at March 31, 2012 (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested during the period, net of cancellations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled during the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at June 30, 2012 (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation related to stock option and restricted stock plans | $3,565,393 | $4,213,230 | ' | ' | ' | $1,892,821 | $2,495,913 | ' | ' | ' | ' | $1,802,816 | $2,188,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,695,637 | $4,684,900 | ' | ' | ' |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
asset_purchase | business_combination | |
acquisition | asset_purchase | |
business_combination | acquisition | |
Business Acquisition [Line Items] | ' | ' |
Number of offices purchased | 0 | 1 |
Merged into existing offices | 1 | 4 |
Total acquisitions | 1 | 5 |
Loans and Leases Receivable, Average Loan Period | '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 | 339,963 | 891,328 |
Business Combination, Acquired Receivables, Fair Value | 277,095 | 636,627 |
Furniture, fixtures & equipment | 0 | 1,500 |
Total tangible assets | 277,095 | 638,127 |
Intangible Assets, Net (Including Goodwill) | 62,868 | 253,201 |
Finite-Lived Customer Lists, Gross | 57,868 | 157,363 |
Finite-Lived Noncompete Agreements, Gross | 5,000 | 25,000 |
Goodwill, Fair Value Disclosure | 0 | 70,838 |
DEBT_Details
DEBT (Details) (Revolving Credit Facility [Member], USD $) | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity | $680,000,000 | ' |
Amount outstanding | 548,100,000 | ' |
Reference rate | '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) | 4.30% | 4.40% |
Unused amount available | 71,900,000 | ' |
Line Of Credit Facility Additional Remaining Borrowing Capacity | $60,000,000 | ' |
Commitment fee percentage (in hundredths) | 0.40% | ' |
Expiration date | 19-Nov-15 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
foreign_subsidiary | ||
Income Tax Contingency [Line Items] | ' | ' |
Number of foreign subsidiaries required to be assessed | 2 | ' |
Total gross unrecognized tax benefits including interest | $6,900,000 | $6,400,000 |
Unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate | 5,000,000 | 4,600,000 |
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 | ' |
Accrued gross interest | 729,000 | ' |
Current period gross interest expense | 115,000 | ' |
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 | 1,600,000 | ' |
WAC de Mexico, S.A. de C.V., SOFOM ENR [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Cumulative undistributed net earnings permanently reinvested in Mexican foreign subsidiaries | $15,400,000 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jul. 23, 2014 | Mar. 17, 2014 |
Subsequent Events [Abstract] | ' | ' |
Stock Repurchase Program, Authorized Amount | $25 | $50 |