World Acceptance (WRLD) 10-Q 30 Jul 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Jul. 29, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	WORLD ACCEPTANCE CORP
Entity Central Index Key	108,385
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		8,974,278
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
ASSETS
Cash and cash equivalents	$ 17,210,770	$ 38,338,935
Gross loans receivable	1,150,668,670	1,110,145,082
Less:
Financing Receivable Individually Evaluated for Impairment Unearned Interest and Fees	314,169,997	297,402,404
Unearned interest, insurance and fees		(297,402,404)
Allowance for loan losses	(71,959,969)	(70,437,988)
Loans receivable, net	764,538,704	742,304,690
Property and equipment, net	25,704,419	25,906,507
Deferred income taxes	37,481,624	37,345,605
Other assets, net	17,428,639	12,749,771
Goodwill	6,121,458	6,121,458
Intangible assets, net	3,223,464	3,363,753
Total assets	871,709,078	866,130,719
Liabilities:
Senior notes payable	488,950,000	501,150,000
Income taxes payable	18,588,841	18,204,186
Accounts payable and accrued expenses	27,914,815	31,208,814
Total liabilities	$ 535,453,656	$ 550,563,000
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value	$ 0	$ 0
Common stock, no par value	0	0
Additional paid-in capital	140,744,192	141,864,764
Retained earnings	212,237,356	188,605,305
Accumulated other comprehensive loss	(16,726,126)	(14,902,350)
Total shareholders' equity	336,255,422	315,567,719
Total liabilities and shareholders' equity	$ 871,709,078	$ 866,130,719

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Mar. 31, 2015
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)	8,974,278	8,969,948
Common stock, shares outstanding (in shares)	8,974,278	8,969,948

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2014
Revenues:
Interest and fee income	$ 122,838,572	$ 130,029,424
Insurance commissions and other income	14,386,210	15,896,169
Total revenues	137,224,782	145,925,593
Expenses:
Provision for loan losses	26,228,009	30,893,266
General and administrative expenses:
Personnel	43,219,745	50,641,357
Occupancy and equipment	10,392,735	10,063,894
Advertising	3,168,113	3,161,666
Amortization of intangible assets	140,289	201,758
Other	10,647,159	9,256,085
Total general and administrative expenses	67,568,041	73,324,760
Interest expense	5,471,996	5,564,455
Total expenses	99,268,046	109,782,481
Income before income taxes	37,956,736	36,143,112
Income taxes	14,324,685	13,587,777
Net income	$ 23,632,051	$ 22,555,335
Net income per common share:
Basic (in dollars per share)	$ 2.75	$ 2.36
Diluted (in dollars per share)	$ 2.71	$ 2.32
Weighted average common shares outstanding:
Basic (in shares)	8,588,647	9,548,108
Diluted (in shares)	8,711,960	9,740,663

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 23,632,051	$ 22,555,335
Foreign currency translation adjustments	(1,823,776)	592,105
Comprehensive income	$ 21,808,275	$ 23,147,440

CONSOLIDATED STATEMENTS OF SHAR

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, 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	7,530,624	7,530,624
Common stock repurchases	(115,324,097)		(115,324,097)
Issuance of restricted common stock under stock option plan	7,834,825	7,834,825
Stock option expense	8,133,812	8,133,812
Other comprehensive income	(10,796,224)			(10,796,224)
Net income	110,833,458		110,833,458
Balances at Mar. 31, 2015	315,567,719	141,864,764	188,605,305	(14,902,350)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options, including tax benefits	2,575,472	2,575,472
Issuance of restricted common stock under stock option plan	(4,973,005)	(4,973,005)
Stock option expense	1,276,961	1,276,961
Other comprehensive income	(1,823,776)			(1,823,776)
Net income	23,632,051		23,632,051
Balances at Jun. 30, 2015	$ 336,255,422	$ 140,744,192	$ 212,237,356	$ (16,726,126)

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)	48,803	159,348
Proceeds from exercise of stock options, tax benefits	$ 236,159	$ 989,776
Common stock repurchases (in shares)	0	1,432,058
Adjustments Related to Tax Withholding for Share-based Compensation	$ 1,563,185	$ 303,818

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flow from operating activities:
Net income	$ 23,632,051	$ 22,555,335
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	140,289	201,758
Amortization of loan costs and discounts	219,582	97,689
Provision for loan losses	26,228,009	30,893,266
Depreciation	1,651,280	1,623,242
Deferred income tax benefit	(294,549)	(931,699)
Compensation related to stock option and restricted stock plans	(3,696,045)	3,565,393
Gain (Loss) on Sales of Consumer Loans	1,795,432	0
Change in accounts:
Other assets, net	(147,324)	(493,041)
Income taxes payable	582,763	10,489,634
Accounts payable and accrued expenses	(2,850,047)	(1,210,718)
Net cash provided by operating activities	43,670,577	66,790,859
Cash flows from investing activities:
Increase in loans receivable, net	(49,818,408)	(60,412,755)
Proceeds from Sale of Loans Receivable	1,952,125	0
Net assets acquired from office acquisitions, primarily loans	0	(337,427)
Increase in intangible assets from acquisitions	0	(62,868)
Purchases of property and equipment	(1,622,083)	(2,586,806)
Proceeds from Sale of Property, Plant, and Equipment	69,109	187,018
Net cash used in investing activities	(49,419,257)	(63,212,838)
Cash flow from financing activities:
Borrowings from senior note payable	72,200,000	92,300,000
Payments on senior note payable	(84,400,000)	(49,700,000)
Proceeds from exercise of stock options	2,339,313	77,374
Payments of Loan Costs	5,500,000	0
Repurchase of common stock	0	(49,902,371)
Excess tax benefits from exercise of stock options	236,159	51,869
Net cash provided by financing activities	(15,124,528)	(7,173,128)
Increase in cash and cash equivalents	(21,128,165)	(3,524,932)
Effects of foreign currency fluctuations on cash	(254,957)	70,175
Cash and cash equivalents at beginning of period	38,338,935	19,569,683
Cash and cash equivalents at end of period	17,210,770	16,044,751
Interest Paid	5,164,502	5,512,754
Income Taxes Paid	$ 13,803,056	$ 4,676,474

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The consolidated financial statements of the Company at June 30, 2015 , 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, 2015 , and the results of operations and cash flows for the periods ended June 30, 2015 and 2014 , 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, 2015 , included in the Company’s 2015 Annual Report to Shareholders. Certain prior period amounts have been reclassified to conform to current presentation. Such reclassifications had no impact on previously reported net income or shareholders' equity.

SUMMARY OF SIGNIFICANT POLICIES

SUMMARY OF SIGNIFICANT POLICIES	3 Months Ended
	Jun. 30, 2015
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. ASU No. 2014-09 is effective for fiscal years, and interim periods, beginning after December 15, 2017, with early adoption not permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-15, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for annual and interim periods beginning after December 15, 2016 with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-03, which requires an entity to present debt issuance costs on the balance sheet as a direct deduction from the related debt liability as opposed to an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. We do not believe the adoption of this guidance will have a material impact 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, 2015
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. 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. The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: June 30, 2015 March 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 17,210,770 $ 17,210,770 $ 38,338,935 $ 38,338,935 Level 3 inputs Loans receivable, net 764,538,704 764,538,704 742,304,690 742,304,690 LIABILITIES Level 3 inputs Senior notes payable 488,950,000 488,950,000 501,150,000 501,150,000 There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2015 or March 31, 2015 .

ALLOWANCE FOR LOAN LOSSES

ALLOWANCE FOR LOAN LOSSES	3 Months Ended
	Jun. 30, 2015
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, 2015 2014 Balance at beginning of period $ 70,437,988 63,254,940 Provision for loan losses 26,228,009 30,893,266 Loan losses (29,875,432 ) (29,820,547 ) Recoveries (1) 5,374,848 3,512,797 Translation adjustment (205,444 ) 44,771 Balance at end of period $ 71,959,969 67,885,227 (1) Recoveries during the three months ended June 30, 2015 included $1.8 million of recoveries resulting from the sale of previously charged-off loans. The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: June 30, 2015 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,692,823 — 4,692,823 Gross loans contractually delinquent 47,139,095 — 47,139,095 Loans not contractually delinquent and not in bankruptcy — 1,098,836,752 1,098,836,752 Gross loan balance 51,831,918 1,098,836,752 1,150,668,670 Unearned interest, insurance and fees (12,820,008 ) (301,349,989 ) (314,169,997 ) Net loans 39,011,910 797,486,763 836,498,673 Allowance for loan losses (34,518,532 ) (37,441,437 ) (71,959,969 ) Loans, net of allowance for loan losses $ 4,493,378 760,045,326 764,538,704 March 31, 2015 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,821,691 — 4,821,691 Gross loans contractually delinquent 48,262,853 — 48,262,853 Loans not contractually delinquent and not in bankruptcy — 1,057,060,538 1,057,060,538 Gross loan balance 53,084,544 1,057,060,538 1,110,145,082 Unearned interest, insurance and fees (13,115,117 ) (284,287,287 ) (297,402,404 ) Net loans 39,969,427 772,773,251 812,742,678 Allowance for loan losses (35,352,658 ) (35,085,330 ) (70,437,988 ) Loans, net of allowance for loan losses $ 4,616,769 737,687,921 742,304,690 June 30, 2014 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 5,606,311 — 5,606,311 Gross loans contractually delinquent 30,213,323 — 30,213,323 Loans not contractually delinquent and not in bankruptcy — 1,128,548,274 1,128,548,274 Gross loan balance 35,819,634 1,128,548,274 1,164,367,908 Unearned interest, insurance and fees (7,472,523 ) (308,033,845 ) (315,506,368 ) Net loans 28,347,111 820,514,429 848,861,540 Allowance for loan losses (22,979,068 ) (44,906,159 ) (67,885,227 ) Loans, net of allowance for loan losses $ 5,368,043 775,608,270 780,976,313 The average investment in impaired loans was $52.5 million and $32.6 million , respectively, for the periods ended June 30, 2015 , and 2014 . It is not practical to compute the amount of interest earned on impaired loans. The following is an assessment of the credit quality for the period indicated: June 30, March 31, June 30, Credit risk Consumer loans- non-bankrupt accounts $ 1,145,206,726 1,104,179,016 1,158,372,205 Consumer loans- bankrupt accounts 5,461,944 5,966,066 5,995,703 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908 Consumer credit exposure Credit risk profile based on payment activity, performing $ 1,076,373,327 1,032,984,546 1,099,149,267 Contractual non-performing, 61 or more days delinquent (1) 74,295,343 77,160,536 65,218,641 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908 Delinquent refinance $ 24,677,336 23,957,779 23,857,699 Credit risk profile based on customer type New borrower $ 141,644,702 146,376,318 152,914,153 Former borrower 126,619,807 110,149,558 122,171,469 Refinance 857,726,825 829,661,427 865,424,587 Delinquent refinance 24,677,336 23,957,779 23,857,699 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908 (1) Loans in non-accrual status The following is a summary of the past due receivables as of: June 30, March 31, June 30, Contractual basis: 30-60 days past due $ 41,190,574 43,663,540 42,501,987 61-90 days past due 24,566,924 26,027,649 32,171,291 91 days or more past due 49,728,419 51,132,887 33,047,350 Total $ 115,485,917 120,824,076 107,720,628 Percentage of period-end gross loans receivable 10.0 % 10.9 % 9.3 %

AVERAGE SHARE INFORMATION

AVERAGE SHARE INFORMATION	3 Months Ended
	Jun. 30, 2015
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, 2015 2014 Basic: Weighted average common shares outstanding (denominator) 8,588,647 9,548,108 Diluted: Weighted average common shares outstanding 8,588,647 9,548,108 Dilutive potential common shares stock options 123,313 156,555 Weighted average diluted shares outstanding (denominator) 8,711,960 9,704,663 Options to purchase 415,372 and 575,240 shares of common stock at various prices were outstanding during the three months ended June 30, 2015 and 2014 respectively, but were not included in the computation of diluted EPS because the option exercise price was anti-dilutive. In connection with the preparation of the consolidated financial statements for the quarter ended September 30, 2014, errors in the computation and disclosure of earnings per share were identified. These errors resulted from the inclusion of restricted stock as outstanding in the basic weighted average common shares outstanding, as well as the inclusion of performance based restricted stock that had not met the necessary performance conditions as of the end of the reporting period as dilutive in the calculation of weighted average diluted shares outstanding. The Company evaluated the materiality of these errors in accordance with SEC Staff Accounting Bulletin No. 99, Materiality , SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements , and Accounting Standards Codification 250, Accounting for Changes and Error Corrections, and concluded that these errors, individually and in the aggregate, were immaterial to all prior periods impacted. While the adjustments were immaterial, the Company has elected to revise its previously reported basic and diluted earnings per share as shown in the following table: Three months ended June 30, 2014 As Reported As Revised Net income (numerator) 22,555,335 22,555,335 Basic: Weighted average common shares outstanding (denominator) 10,001,196 9,548,108 Diluted: Weighted average common shares outstanding 10,001,196 9,548,108 Dilutive potential restricted stock and stock options 288,559 156,555 Weighted average common shares outstanding (denominator) 10,289,755 9,704,663 Net income per common share: Basic 2.26 2.36 Diluted 2.19 2.32 The corrections have no impact on the Company’s consolidated balance sheets, net income, consolidated statement of comprehensive income, consolidated statements of shareholders equity, or consolidated statements of cash flows.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2015
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, 2015 , there were a total of 255,388 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. The weighted-average fair value at the grant date for options issued during the three months ended June 30, 2015 was $32.05 . There were no option grants during the three months ended June 30, 2014 . Fair value was estimated at grant date using the weighted-average assumptions listed below: Three months ended June 30, 2015 2014 Dividend Yield —% —% Expected Volatility 37.64% —% Average risk-free rate 1.65% —% Expected Life 6.0 years 0.0 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 the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term. Option activity for the three months ended June 30, 2015 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of period 1,083,767 $ 69.15 Granted during period 2,800 82.51 Exercised during period (48,803 ) 47.93 Forfeited during period (23,010 ) 71.66 Expired during period — — Options outstanding, end of period 1,014,754 $ 70.15 7.22 $ 3,947,612 Options exercisable, end of period 292,680 $ 59.73 5.50 $ 3,136,779 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, 2015 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, 2015 . This amount will change as the stock’s market price changes. The total intrinsic value of options exercised during the periods ended June 30, 2015 and 2014 was as follows: June 30, June 30, Three months ended $ 1,953,575 $ 197,660 As of June 30, 2015 , total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $16.0 million , which is expected to be recognized over a weighted-average period of approximately 3.0 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. Group A awards vested 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, 2015 , 347,360 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% 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 a net reduction of compensation expense of $3.4 million for the three months ended June 30, 2015 and $1.8 million of compensation expense for the three months ended June 30, 2014 , which is included as a component of general and administrative expenses in the Company’s Consolidated Statements of Operations. As of June 30, 2015 , there was approximately $3.1 million of unrecognized compensation cost related to unvested performance based restricted stock awards, which is expected to be recognized over the next 1.5 years based on current estimates. In addition there was approximately $8.5 million of unrecognized compensation cost related to unvested performance based restricted stock awards, which are not expected to vest based on current estimates. If these estimates change, the $8.5 million will be expensed, accordingly, in future periods. A summary of the status of the Company’s restricted stock as of June 30, 2015 , and changes during the three months ended June 30, 2015 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2015 433,750 $ 76.84 Granted during the period — — Vested during the period (60,390 ) 76.34 Forfeited during the period (26,000 ) 74.08 Outstanding at June 30, 2015 347,360 $ 77.14 Total share-based compensation included as a component of net income during the periods ended June 30, 2015 and 2014 was as follows: Three months ended June 30, 2015 2014 Share-based compensation related to equity classified awards: Share-based compensation related to stock options 1,276,961 1,892,821 Share-based compensation related to restricted stock units (3,409,820 ) 1,802,816 Total share-based compensation related to equity classified awards (2,132,859 ) 3,695,637 The Company no longer believes that achieving the earnings per share target of $16.00 per share is probable during the measurement period which ends on March 31, 2017, therefore the Company released approximately $3.4 million of compensation expense during the period ended June 30, 2015.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jun. 30, 2015
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. There were no acquisitions during the three months ended June 30, 2015. The following table sets forth the acquisition activity of the Company for the three months ended June 30, 2014 : 2014 Number of business combinations — Number of asset purchases 1 Total acquisitions 1 Purchase Price 339,963 Tangible assets: Net loans 277,095 Furniture, fixtures & equipment — 277,095 Excess of purchase prices over carrying value of net tangible assets 62,868 Customer lists 57,868 Non-compete agreements 5,000 Goodwill — When the acquisition results in a new branch, 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 branch 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. 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. 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. 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, 2015
Debt Disclosure [Abstract]
DEBT	DEBT The Company's notes payable consist of a $600.0 million senior revolving credit facility with borrowings of $489.0 million outstanding on the borrowing facility and $750,000 standby letters of credit related to workers compensation outstanding at June 30, 2015 . To the extent that the letters of credit are drawn upon, the disbursement will be funded by the credit facility. There are no amounts due related to the letters of credit as of June 30, 2015 and they expire on December 31, 2015. The base credit facility will reduce from $600.0 million to $500.0 million on March 31, 2016 and to $400.0 million on March 31, 2017. Subject to a borrowing base formula, the Company may borrow at the rate of LIBOR plus 4.0% with a minimum rate of 5.0% . At June 30, 2015 and March 31, 2015 , the Company’s effective interest rate, including the commitment fee, was 4.4% and 4.3% , respectively, and the unused amount available under the revolver at June 30, 2015 was $110.3 million . The revolving credit facility has a commitment fee of 0.50% per annum on the unused portion of the commitment. Borrowings under the revolving credit facility mature on June 15, 2017 . Substantially all of the Company’s assets, excluding the assets of the Company's Mexican subsidiaries, are pledged as collateral for borrowings under the revolving credit agreement.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2015
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, 2015 , the Company has determined that approximately $1.5 million of cumulative undistributed net earnings of SWAC and approximately $18.9 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, 2015 and March 31, 2015 , the Company had $9.1 million and $8.6 million , respectively, of total gross unrecognized tax benefits including interest. Approximately $7.0 million and $6.6 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, 2015 , approximately $4.6 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, 2015 , the Company had $1,074,670 accrued for gross interest, of which $133,864 was a current period-end expense for the three months ended June 30, 2015 . 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 2011, although carry forward attributes that were generated prior to 2011 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, 2015
Commitments and Contingencies Disclosure [Abstract]
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 original complaint seeks class certification, unspecified monetary damages, costs and attorneys’ fees. The lead plaintiff’s amended complaint contains similar allegations to the original complaint, but expands the class period and includes additional allegations that the Company’s loan growth and volume figures were inflated because of a weakness in the Company’s internal controls relating to its accounting treatment of certain small-dollar loan re-financings. The Company and the individual defendants subsequently moved to dismiss the amended complaint. On May 18, 2015, the Court issued an order denying the Company’s motion to dismiss. On May 28, 2015, the Company filed a motion asking the Court to certify its May 18, 2015 order for immediate appeal to the United States Court of Appeals for the Fourth Circuit, pursuant to 28 U.S.C. Section 1292(b), and to stay proceedings pending the resolution of that appeal, on grounds that the Court’s decision involves a controlling question of law over which there is substantial ground for difference of opinion and an immediate appeal may materially advance the ultimate termination of the litigation. This motion is still pending before the Court. On July 1, 2015, the Company filed an answer to the amended complaint, denying all liability. 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 condition. 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, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 11 – SUBSEQUENT EVENTS On July 15, 2015, an alleged shareholder filed, purportedly on behalf of the Company, a derivative complaint against the Company, certain of our current and former executive officers and our directors in the United States District Court for the District of South Carolina, captioned Irwin J. Lipton, derivatively on behalf of World Acceptance Corporation v. A. Alexander McLean, III, John L. Calmes, Jr., Mark C. Roland, James R. Gilreath, Charles D. Way, Ken R. Bramlett, Jr., Scott J. Vassalluzzo and Darrell E. Whitaker and World Acceptance Corporation ( case number 6:15-cv-02796). The complaint alleges, among other things, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, and misappropriation of information. The factual allegations underlying these claims are similar to the factual allegations described above in the Epstein case. The complaint seeks unspecified damages and restitution for the Company from the individual defendants, the payment of costs and attorney’s fees, and that the Company be directed to reform certain governance and internal control practices.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Jun. 30, 2015
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 carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: June 30, 2015 March 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 17,210,770 $ 17,210,770 $ 38,338,935 $ 38,338,935 Level 3 inputs Loans receivable, net 764,538,704 764,538,704 742,304,690 742,304,690 LIABILITIES Level 3 inputs Senior notes payable 488,950,000 488,950,000 501,150,000 501,150,000

ALLOWANCE FOR LOAN LOSSES (Tabl

ALLOWANCE FOR LOAN LOSSES (Tables)	3 Months Ended
	Jun. 30, 2015
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, 2015 2014 Balance at beginning of period $ 70,437,988 63,254,940 Provision for loan losses 26,228,009 30,893,266 Loan losses (29,875,432 ) (29,820,547 ) Recoveries (1) 5,374,848 3,512,797 Translation adjustment (205,444 ) 44,771 Balance at end of period $ 71,959,969 67,885,227
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, 2015 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,692,823 — 4,692,823 Gross loans contractually delinquent 47,139,095 — 47,139,095 Loans not contractually delinquent and not in bankruptcy — 1,098,836,752 1,098,836,752 Gross loan balance 51,831,918 1,098,836,752 1,150,668,670 Unearned interest, insurance and fees (12,820,008 ) (301,349,989 ) (314,169,997 ) Net loans 39,011,910 797,486,763 836,498,673 Allowance for loan losses (34,518,532 ) (37,441,437 ) (71,959,969 ) Loans, net of allowance for loan losses $ 4,493,378 760,045,326 764,538,704 March 31, 2015 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,821,691 — 4,821,691 Gross loans contractually delinquent 48,262,853 — 48,262,853 Loans not contractually delinquent and not in bankruptcy — 1,057,060,538 1,057,060,538 Gross loan balance 53,084,544 1,057,060,538 1,110,145,082 Unearned interest, insurance and fees (13,115,117 ) (284,287,287 ) (297,402,404 ) Net loans 39,969,427 772,773,251 812,742,678 Allowance for loan losses (35,352,658 ) (35,085,330 ) (70,437,988 ) Loans, net of allowance for loan losses $ 4,616,769 737,687,921 742,304,690 June 30, 2014 Loans individually evaluated for impairment (impaired loans) Loans collectively evaluated for impairment Total Gross loans in bankruptcy, excluding contractually delinquent $ 5,606,311 — 5,606,311 Gross loans contractually delinquent 30,213,323 — 30,213,323 Loans not contractually delinquent and not in bankruptcy — 1,128,548,274 1,128,548,274 Gross loan balance 35,819,634 1,128,548,274 1,164,367,908 Unearned interest, insurance and fees (7,472,523 ) (308,033,845 ) (315,506,368 ) Net loans 28,347,111 820,514,429 848,861,540 Allowance for loan losses (22,979,068 ) (44,906,159 ) (67,885,227 ) Loans, net of allowance for loan losses $ 5,368,043 775,608,270 780,976,313
Assessment of the credit quality	The following is an assessment of the credit quality for the period indicated: June 30, March 31, June 30, Credit risk Consumer loans- non-bankrupt accounts $ 1,145,206,726 1,104,179,016 1,158,372,205 Consumer loans- bankrupt accounts 5,461,944 5,966,066 5,995,703 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908 Consumer credit exposure Credit risk profile based on payment activity, performing $ 1,076,373,327 1,032,984,546 1,099,149,267 Contractual non-performing, 61 or more days delinquent (1) 74,295,343 77,160,536 65,218,641 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908 Delinquent refinance $ 24,677,336 23,957,779 23,857,699 Credit risk profile based on customer type New borrower $ 141,644,702 146,376,318 152,914,153 Former borrower 126,619,807 110,149,558 122,171,469 Refinance 857,726,825 829,661,427 865,424,587 Delinquent refinance 24,677,336 23,957,779 23,857,699 Total gross loans $ 1,150,668,670 1,110,145,082 1,164,367,908
Summary of the past due receivables	The following is a summary of the past due receivables as of: June 30, March 31, June 30, Contractual basis: 30-60 days past due $ 41,190,574 43,663,540 42,501,987 61-90 days past due 24,566,924 26,027,649 32,171,291 91 days or more past due 49,728,419 51,132,887 33,047,350 Total $ 115,485,917 120,824,076 107,720,628 Percentage of period-end gross loans receivable 10.0 % 10.9 % 9.3 %

AVERAGE SHARE INFORMATION (Tabl

AVERAGE SHARE INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2015
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, 2015 2014 Basic: Weighted average common shares outstanding (denominator) 8,588,647 9,548,108 Diluted: Weighted average common shares outstanding 8,588,647 9,548,108 Dilutive potential common shares stock options 123,313 156,555 Weighted average diluted shares outstanding (denominator) 8,711,960 9,704,663
Schedule of Error Corrections and Prior Period Adjustments	In connection with the preparation of the consolidated financial statements for the quarter ended September 30, 2014, errors in the computation and disclosure of earnings per share were identified. These errors resulted from the inclusion of restricted stock as outstanding in the basic weighted average common shares outstanding, as well as the inclusion of performance based restricted stock that had not met the necessary performance conditions as of the end of the reporting period as dilutive in the calculation of weighted average diluted shares outstanding. The Company evaluated the materiality of these errors in accordance with SEC Staff Accounting Bulletin No. 99, Materiality , SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements , and Accounting Standards Codification 250, Accounting for Changes and Error Corrections, and concluded that these errors, individually and in the aggregate, were immaterial to all prior periods impacted. While the adjustments were immaterial, the Company has elected to revise its previously reported basic and diluted earnings per share as shown in the following table: Three months ended June 30, 2014 As Reported As Revised Net income (numerator) 22,555,335 22,555,335 Basic: Weighted average common shares outstanding (denominator) 10,001,196 9,548,108 Diluted: Weighted average common shares outstanding 10,001,196 9,548,108 Dilutive potential restricted stock and stock options 288,559 156,555 Weighted average common shares outstanding (denominator) 10,289,755 9,704,663 Net income per common share: Basic 2.26 2.36 Diluted 2.19 2.32

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]	There were no option grants during the three months ended June 30, 2014 . Fair value was estimated at grant date using the weighted-average assumptions listed below: Three months ended June 30, 2015 2014 Dividend Yield —% —% Expected Volatility 37.64% —% Average risk-free rate 1.65% —% Expected Life 6.0 years 0.0 years
Tabular disclosure of performance shares vesting based on EPS targets [Table Text Block]	Group A awards vested 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, 2015 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of period 1,083,767 $ 69.15 Granted during period 2,800 82.51 Exercised during period (48,803 ) 47.93 Forfeited during period (23,010 ) 71.66 Expired during period — — Options outstanding, end of period 1,014,754 $ 70.15 7.22 $ 3,947,612 Options exercisable, end of period 292,680 $ 59.73 5.50 $ 3,136,779
Intrinsic value of options exercised	The total intrinsic value of options exercised during the periods ended June 30, 2015 and 2014 was as follows: June 30, June 30, Three months ended $ 1,953,575 $ 197,660
Summary of the status and changes restricted stock	A summary of the status of the Company’s restricted stock as of June 30, 2015 , and changes during the three months ended June 30, 2015 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2015 433,750 $ 76.84 Granted during the period — — Vested during the period (60,390 ) 76.34 Forfeited during the period (26,000 ) 74.08 Outstanding at June 30, 2015 347,360 $ 77.14
Share-based compensation included as a component of net income	Total share-based compensation included as a component of net income during the periods ended June 30, 2015 and 2014 was as follows: Three months ended June 30, 2015 2014 Share-based compensation related to equity classified awards: Share-based compensation related to stock options 1,276,961 1,892,821 Share-based compensation related to restricted stock units (3,409,820 ) 1,802,816 Total share-based compensation related to equity classified awards (2,132,859 ) 3,695,637

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Jun. 30, 2015
Business Acquisition [Line Items]
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. There were no acquisitions during the three months ended June 30, 2015. The following table sets forth the acquisition activity of the Company for the three months ended June 30, 2014 : 2014 Number of business combinations — Number of asset purchases 1 Total acquisitions 1 Purchase Price 339,963 Tangible assets: Net loans 277,095 Furniture, fixtures & equipment — 277,095 Excess of purchase prices over carrying value of net tangible assets 62,868 Customer lists 57,868 Non-compete agreements 5,000 Goodwill — When the acquisition results in a new branch, 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 branch 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. 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. 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. 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 : 2014 Number of business combinations — Number of asset purchases 1 Total acquisitions 1 Purchase Price 339,963 Tangible assets: Net loans 277,095 Furniture, fixtures & equipment — 277,095 Excess of purchase prices over carrying value of net tangible assets 62,868 Customer lists 57,868 Non-compete agreements 5,000 Goodwill —

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Loans and Leases Receivable, Average Loan Period	8 months
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	$ 488,950,000	$ 501,150,000
Reported Value Measurement [Member] | Senior notes payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	488,950,000	501,150,000
Estimate of Fair Value Measurement [Member] | Senior notes payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	488,950,000	501,150,000
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	17,210,770	38,338,935
Receivables, Fair Value Disclosure	764,538,704	742,304,690
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	17,210,770	38,338,935
Receivables, Fair Value Disclosure	$ 764,538,704	$ 742,304,690

ALLOWANCE FOR LOAN LOSSES (Deta

ALLOWANCE FOR LOAN LOSSES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	$ 52,500,000	$ 32,600,000
Allowance for Loan Losses [Roll Forward]
Balance at beginning of period	70,437,988	63,254,940
Provision for loan losses	26,228,009	30,893,266	$ 30,893,266
Loan losses	(29,875,432)	(29,820,547)
Recoveries	5,374,848	3,512,797
Translation adjustment	(205,444)	44,771
Balance at end of period	71,959,969	67,885,227	63,254,940
Summary of loans individually and collectively evaluated for impairment [Abstract]
Bankruptcy, gross loans				$ 4,692,823	$ 4,821,691	$ 5,606,311
91 days or more delinquent, excluding bankruptcy				47,139,095	48,262,853	30,213,323
Loans less than 91 days delinquent and not in bankruptcy				1,098,836,752	1,057,060,538	1,128,548,274
Gross loan balance				1,150,668,670	1,110,145,082	1,164,367,908
Unearned interest and fees				(314,169,997)	(297,402,404)	(315,506,368)
Net loans				836,498,673	812,742,678	848,861,540
Allowance for loan losses	(70,437,988)	(63,254,940)	$ (63,254,940)	(71,959,969)	(70,437,988)	(67,885,227)
Loans receivable, net				764,538,704	742,304,690	780,976,313
Loans individually evaluated for impairment (impaired loans) [Member]
Allowance for Loan Losses [Roll Forward]
Balance at beginning of period	35,352,658
Balance at end of period	34,518,532	22,979,068
Summary of loans individually and collectively evaluated for impairment [Abstract]
Bankruptcy, gross loans				4,692,823	4,821,691	5,606,311
91 days or more delinquent, excluding bankruptcy				47,139,095	48,262,853	30,213,323
Loans less than 91 days delinquent and not in bankruptcy				0	0	0
Gross loan balance				51,831,918	53,084,544	35,819,634
Unearned interest and fees				(12,820,008)	(13,115,117)	(7,472,523)
Net loans				39,011,910	39,969,427	28,347,111
Allowance for loan losses	(35,352,658)	(22,979,068)		(34,518,532)	(35,352,658)	(22,979,068)
Loans receivable, net				4,493,378	4,616,769	5,368,043
Loans collectively evaluated for impairment [Member]
Allowance for Loan Losses [Roll Forward]
Balance at beginning of period	35,085,330
Balance at end of period	37,441,437	44,906,159
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				1,098,836,752	1,057,060,538	1,128,548,274
Gross loan balance				1,098,836,752	1,057,060,538	1,128,548,274
Unearned interest and fees				(301,349,989)	(284,287,287)	(308,033,845)
Net loans				797,486,763	772,773,251	820,514,429
Allowance for loan losses	$ (35,085,330)	$ (44,906,159)		(37,441,437)	(35,085,330)	(44,906,159)
Loans receivable, net				$ 760,045,326	$ 737,687,921	$ 775,608,270

ALLOWANCE FOR LOAN LOSSES (Asse

ALLOWANCE FOR LOAN LOSSES (Assessment of Credit Quality) (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	$ 1,150,668,670	$ 1,110,145,082	$ 1,164,367,908
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	74,295,343	77,160,536	65,218,641
New borrower [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	141,644,702	146,376,318	152,914,153
Former borrower [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	126,619,807	110,149,558	122,171,469
Refinance [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	857,726,825	829,661,427	865,424,587
Delinquent refinance [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	24,677,336	23,957,779	23,857,699
Consumer loans- non-bankrupt accounts [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	1,145,206,726	1,104,179,016	1,158,372,205
Consumer loans- bankrupt accounts [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	5,461,944	5,966,066	5,995,703
Performing Financing Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross loan balance	$ 1,076,373,327	$ 1,032,984,546	$ 1,099,149,267

ALLOWANCE FOR LOAN LOSSES (Summ

ALLOWANCE FOR LOAN LOSSES (Summary of Past Due Receivables) (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	$ 1,150,668,670	$ 1,110,145,082	$ 1,164,367,908
Contractual basis [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-60 days past due	41,190,574	43,663,540	42,501,987
61-90 days past due	24,566,924	26,027,649	32,171,291
91 days or more past due	49,728,419	51,132,887	33,047,350
Financing Receivable, Recorded Investment, Past Due	$ 115,485,917	$ 120,824,076	$ 107,720,628
Percentage of period end gross loans receivable	10.00%	10.90%	9.30%
Performing Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	$ 1,076,373,327	$ 1,032,984,546	$ 1,099,149,267

AVERAGE SHARE INFORMATION (Deta

AVERAGE SHARE INFORMATION (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Mar. 31, 2014
Basic:
Weighted average common shares outstanding (in shares)	8,588,647	9,548,108		9,548,108
Diluted:
Weighted average common shares outstanding (in shares)	8,588,647	9,548,108		9,548,108
Dilutive potential common shares stock options (in shares)	123,313	156,555
Weighted average diluted shares outstanding (in shares)	8,711,960	9,704,663		9,740,663
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	415,372	575,240
Net Income (Loss) Attributable to Parent	$ 23,632,051	$ 22,555,335	$ 110,833,458	$ 22,555,335
Earnings Per Share, Basic	$ 2.75			$ 2.36
Earnings Per Share, Diluted	$ 2.71			$ 2.32
Scenario, Previously Reported
Basic:
Weighted average common shares outstanding (in shares)		10,001,196
Diluted:
Weighted average common shares outstanding (in shares)		10,001,196
Dilutive potential common shares stock options (in shares)		288,559
Weighted average diluted shares outstanding (in shares)		10,289,755
Earnings Per Share, Basic		$ 0
Earnings Per Share, Diluted		$ 0
Scenario, Actual
Basic:
Weighted average common shares outstanding (in shares)		9,548,108
Diluted:
Weighted average common shares outstanding (in shares)		9,548,108
Dilutive potential common shares stock options (in shares)		156,555
Weighted average diluted shares outstanding (in shares)		9,704,663
Earnings Per Share, Basic		$ 0
Earnings Per Share, Diluted		$ 0

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	37.64%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.65%	0.00%
Stock Option Plans [Abstract]
Weighted-average fair value at the grant date	$ 32.05
Options Activity [Roll Forward]
Exercised (in shares)	(48,803)			(159,348)
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Compensation related to stock option and restricted stock plans	$ 3,696,045	$ (3,565,393)
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years 14 days
Group B Performance Award [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
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	347,360
Stock Options Plans [Member]
Stock Option Plans [Abstract]
Shares of authorized common stock reserved for issuance (in shares)	4,100,000
Number of shares available for grant (in shares)	255,388
Options Activity [Roll Forward]
Options outstanding, beginning of year (in shares)	1,083,767
Granted (in shares)	2,800
Exercised (in shares)	(48,803)
Forfeited (in shares)	(23,010)
Expired (in shares)	0
Options outstanding, end of period (in shares)	1,014,754			1,083,767
Options exercisable, end of period (in shares)	292,680
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning of year (in dollars per share)	$ 69.15
Granted (in dollars per share)	82.51
Exercised (in dollars per share)	47.93
Forfeited (in dollars per share)	71.66
Expired (in dollars per share)	0
Options outstanding, end of period (in dollars per share)	70.15			$ 69.15
Options exercisable, end of period (in dollars per share)	$ 59.73
Stock Option Activity Additional Disclosures [Abstract]
Weighted-average remaining contractual term, Options outstanding, end of period	7 years 2 months 19 days
Weighted-average remaining contractual terms, Options exercisable, end of period	5 years 6 months
Aggregate intrinsic value, Options outstanding, end of period	$ 3,947,612
Aggregate intrinsic value, Options exercisable, end of period	3,136,779
Intrinsic value of options exercised	1,953,575	$ 197,660
Compensation Cost Not yet Recognized [Abstract]
Total unrecognized stock-based compensation expense related to non-vested stock options	$ 16,000,000
Weighted average period for recognition	3 years 15 days
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Weighted average period for recognition	3 years 15 days
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Compensation related to stock option and restricted stock plans	$ (1,276,961)	(1,892,821)
Group A Performance Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					8,590	70,800
Restricted Stock [Member]
Restricted Stock [Abstract]
Awards granted (in shares)	0
Grant date fair value (in dollars per share)	$ 0
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$ 3,100,000
Summary of the status and changes in restricted stock [Roll Forward]
Outstanding at March 31, 2012 (in shares)	433,750
Vested during the period, net of cancellations (in shares)	(60,390)
Outstanding at June 30, 2012 (in shares)	347,360			433,750
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at March 31, 2012 (in dollars per share)	$ 76.84
Grant date fair value (in dollars per share)	0
Vested during the period, net of cancellations (in dollars per share)	76.34
Cancelled during the period (in dollars per share)	$ 74.08
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	(26,000)
Outstanding at June 30, 2012 (in dollars per share)	$ 77.14			$ 76.84
Compensation related to stock option and restricted stock plans	$ 3,409,820	(1,802,816)
Restricted Stock [Member] | EPS Target [Member] | $10.29 EPS [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	100.00%
EPS Target	$ 10.29
Restricted Stock [Member] | EPS Target [Member] | $9.76 EPS [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	67.00%
EPS Target	$ 9.76
Restricted Stock [Member] | EPS Target [Member] | $9.26 EPS [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	33.00%
EPS Target	$ 9.26
Restricted Stock [Member] | EPS Target [Member] | Below $9.26 EPS [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	0.00%
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $13.00 [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	25.00%
EPS Target	$ 13
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $14.50 [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	25.00%
EPS Target	$ 14.50
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $16.00 [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	25.00%
EPS Target	$ 16
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $18.00 [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Vesting Percentage (in hundredths)	25.00%
EPS Target	$ 18
Equity Securities [Member]
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Compensation related to stock option and restricted stock plans	$ 2,132,859	$ (3,695,637)
Performance Shares [Member]
Compensation Cost Not yet Recognized [Abstract]
Weighted average period for recognition	1 year 6 months 15 days
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
Weighted average period for recognition	1 year 6 months 15 days
Unrecognized compensation cost related to unvested restricted stock awards granted	$ 8,500,000
Maximum [Member] | Stock Options Plans [Member]
Stock Option Plans [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Vesting period	5 years
Maximum [Member] | Restricted Stock [Member] | EPS Target [Member] | Below $9.26 EPS [Member]
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract]
EPS Target	$ 9.26

ACQUISITIONS (Details)

ACQUISITIONS (Details)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014USD ($)asset_purchaseacquisitionbusiness_combination
Business Acquisition [Line Items]
Number of offices purchased | business_combination		0
Merged into existing offices | asset_purchase		1
Total acquisitions | acquisition		1
Loans and Leases Receivable, Average Loan Period	8 months
Series of Business Acquisitions [Member]
Business Acquisition [Line Items]
Purchase Price		$ 339,963
Business Combination, Acquired Receivables, Fair Value		277,095
Furniture, fixtures & equipment		0
Total tangible assets		277,095
Intangible Assets, Net (Including Goodwill)		62,868
Finite-Lived Customer Lists, Gross		57,868
Finite-Lived Noncompete Agreements, Gross		5,000
Goodwill, Fair Value Disclosure		$ 0

DEBT (Details)

DEBT (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	$ 750,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000,000
Amount outstanding	$ 489,000,000
Reference rate	LIBOR
Basis spread on variable rate (in hundredths)	4.00%
Debt instrument interest rate, minimum (in hundredths)	5.00%
Debt instrument effective interest rate (in hundredths)	4.40%	4.30%
Unused amount available	$ 110,300,000
Commitment fee percentage (in hundredths)	0.50%
Expiration date	Jun. 15, 2017

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Jun. 30, 2015USD ($)foreign_subsidiary	Mar. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Number of foreign subsidiaries required to be assessed | foreign_subsidiary	2
Total gross unrecognized tax benefits including interest	$ 9,100,000	$ 8,600,000
Unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate	7,000,000	$ 6,600,000
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	4,600,000
Accrued gross interest	1,074,670
Current period gross interest expense	133,864
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	1,500,000
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	$ 18,900,000