Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 22, 2017 | Sep. 30, 2016 | |
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 | Accelerated Filer | ||
Entity Public Float | $ 290,902,289 | ||
Entity Common Stock, Shares Outstanding | 8,815,550 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 15,200,410 | $ 12,377,024 |
Loans and Leases Receivable, Gross | 1,059,804,132 | 1,066,964,342 |
Less: | ||
Loans and Leases Receivable, Deferred Income | 291,908,651 | 290,659,162 |
Allowance for loan losses | (72,194,892) | (69,565,804) |
Loans receivable, net | 695,700,589 | 706,739,376 |
Property and equipment, net | 24,184,207 | 25,296,913 |
Deferred income taxes | 39,025,069 | 38,130,982 |
Other assets, net | 13,797,098 | 14,636,573 |
Goodwill | 6,067,220 | 6,121,458 |
Intangible assets, net | 6,614,182 | 2,916,537 |
Total assets | 800,588,775 | 806,218,863 |
Liabilities: | ||
Senior notes payable | 295,136,200 | 374,685,000 |
Income taxes payable | 12,519,417 | 8,258,642 |
Accounts payable and accrued expenses | 31,869,581 | 31,373,640 |
Total liabilities | 339,525,198 | 414,317,282 |
Shareholders' equity: | ||
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding | 0 | 0 |
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 12,171,075 and 13,898,265 shares at March 31, 2013 and March 31, 2012, respectively | 0 | 0 |
Additional paid-in capital | 144,241,105 | 138,835,064 |
Retained earnings | 344,605,347 | 276,000,862 |
Accumulated other comprehensive (loss)/income | (27,782,875) | (22,934,345) |
Total shareholders' equity | 461,063,577 | 391,901,581 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 800,588,775 | $ 806,218,863 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
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) | 8,782,949 | 8,812,250 |
Common stock, shares outstanding (in shares) | 8,782,949 | 8,812,250 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | |||
Interest and fee income | $ 468,759,262 | $ 495,133,436 | $ 524,277,341 |
Insurance commissions and other income | 62,975,462 | 62,342,271 | 85,935,535 |
Total revenues | 531,734,724 | 557,475,707 | 610,212,876 |
Expenses: | |||
Provision for loan losses | 128,572,162 | 123,598,318 | 118,829,863 |
General and administrative expenses: | |||
Personnel | 171,958,682 | 169,573,039 | 192,419,147 |
Occupancy and equipment | 42,437,711 | 44,460,905 | 41,716,893 |
Advertising | 17,866,422 | 16,863,076 | 17,299,665 |
Amortization of intangible assets | 489,836 | 528,747 | 723,071 |
Other | 34,908,572 | 37,713,908 | 39,892,743 |
Total general and administrative expenses | 267,661,223 | 269,139,675 | 292,051,519 |
Interest expense | 21,504,208 | 26,849,250 | 23,301,156 |
Total expenses | 417,737,593 | 419,587,243 | 434,182,538 |
Income before income taxes | 113,997,131 | 137,888,464 | 176,030,338 |
Income taxes | 40,396,837 | 50,492,907 | 65,196,880 |
Net income | $ 73,600,294 | $ 87,395,557 | $ 110,833,458 |
Net income per common share: | |||
Basic (in dollars per share) | $ 8.45 | $ 10.12 | $ 12.12 |
Diluted (in dollars per share) | $ 8.38 | $ 10.05 | $ 11.90 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 8,705,658 | 8,636,269 | 9,146,003 |
Diluted (in shares) | 8,778,044 | 8,692,191 | 9,316,629 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ 73,600,294 | $ 87,395,557 | $ 110,833,458 |
Foreign currency translation adjustments | (4,848,530) | (8,031,995) | (10,796,224) |
Comprehensive income | $ 68,751,764 | $ 79,363,562 | $ 100,037,234 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] |
Balances at Mar. 31, 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 | 3,327,067 | 3,327,067 | ||
Issuance of restricted common stock under stock option plan | (10,322,230) | (10,322,230) | ||
Stock option expense | 3,965,463 | 3,965,463 | ||
Other comprehensive income | (8,031,995) | (8,031,995) | ||
Net income | 87,395,557 | 87,395,557 | ||
Balances at Mar. 31, 2016 | 391,901,581 | 138,835,064 | 276,000,862 | (22,934,345) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Proceeds from exercise of stock options, including tax benefits | 595,343 | 595,343 | ||
Stock Repurchased and Retired During Period, Value | 4,995,809 | |||
Issuance of restricted common stock under stock option plan | 1,320,036 | 1,320,036 | ||
Stock option expense | 3,490,662 | 3,490,662 | ||
Other comprehensive income | (4,848,530) | (4,848,530) | ||
Net income | 73,600,294 | 73,600,294 | ||
Balances at Mar. 31, 2017 | $ 461,063,577 | $ 144,241,105 | $ 344,605,347 | $ (27,782,875) |
CONSOLIDATED STATEMENTS OF SHA7
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||
Proceeds from exercise of stock options (in shares) | 33,702 | 89,403 | 159,348 |
Proceeds from exercise of stock options, tax benefits | $ 78,382 | $ 989,776 | |
Common stock repurchases (in shares) | 95,703 | 0 | 1,432,058 |
Issuance of restricted common stock under stock option plan (in shares) | $ 284,221 | $ 2,289,017 | $ 303,818 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flow from operating activities: | |||
Net income | $ 73,600,294 | $ 87,395,557 | $ 110,833,458 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 489,836 | 528,747 | 723,071 |
Amortization of loan costs and discounts | 2,029,719 | 2,769,596 | 418,847 |
Provision for loan losses | 128,572,162 | 123,598,318 | 118,829,863 |
Depreciation | 6,918,525 | 6,503,561 | 6,538,638 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (29,583) | 1,401,391 | (42,506) |
Deferred income tax benefit | (894,086) | (785,377) | (3,831,417) |
Compensation related to stock option and restricted stock plans | 4,810,698 | (6,356,767) | 15,968,637 |
Gain (Loss) on Sales of Consumer Loans | 0 | 1,474,182 | 16,027,999 |
Change in accounts: | |||
Other assets, net | 492,233 | 1,923,196 | (1,060,038) |
Income taxes payable | 4,277,275 | (9,945,544) | 8,494,879 |
Accounts payable and accrued expenses | (904,326) | 511,863 | 1,041,341 |
Net cash provided by operating activities | 219,362,747 | 206,070,359 | 241,886,774 |
Cash flows from investing activities: | |||
Increase in loans receivable, net | (104,765,019) | (93,980,511) | (116,921,675) |
Net assets acquired from office acquisitions, primarily loans | (16,703,456) | (92,097) | (1,516,149) |
Increase in intangible assets from acquisitions | (4,133,242) | (81,531) | (463,345) |
Purchases of property and equipment, net | (6,813,582) | (8,654,804) | (8,586,963) |
Proceeds from Sale of Property, Plant, and Equipment | 801,797 | 889,946 | 399,306 |
Proceeds from Sale of Loans Receivable | 0 | 26,218 | 18,880,496 |
Net cash used in investing activities | (131,613,502) | (101,892,779) | (108,208,330) |
Cash flow from financing activities: | |||
Borrowings from lines of credit | 274,901,200 | 295,095,000 | 310,721,600 |
Payments on lines of credit | (354,450,000) | (421,560,000) | (315,071,600) |
Payments of Loan Costs | 201,200 | 5,500,000 | 337,500 |
Proceeds from exercise of stock options | 1,160,505 | 3,248,685 | 6,540,848 |
Repurchase of common stock | (4,995,809) | 0 | (115,324,097) |
Excess tax benefits from exercise of stock options | (565,162) | 78,382 | 989,776 |
Net cash used in financing activities | (84,150,466) | (128,637,933) | (112,480,973) |
(Decrease) increase in cash and cash equivalents | 2,823,386 | (25,961,911) | 18,769,252 |
Effects of foreign currency fluctuations on cash | (775,393) | (1,501,558) | (2,428,219) |
Cash and cash equivalents at beginning of period | 12,377,024 | 38,338,935 | 19,569,683 |
Cash and cash equivalents at end of period | 15,200,410 | 12,377,024 | 38,338,935 |
Interest Paid | 19,251,788 | 23,811,210 | 22,714,147 |
Income Taxes Paid | $ 38,042,020 | $ 62,530,594 | $ 61,027,849 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company's accounting and reporting policies are in accordance with U.S. generally accepted accounting principles ("GAAP") and conform to general practices within the finance company industry. The following is a description of the more significant of these policies used in preparing the Consolidated Financial Statements. Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2017 , the Company operated 1,169 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 158 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData Financial Systems (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “Accumulated other comprehensive loss.” Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. Actual results could differ from those estimates. Reclassification 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. Business Segments The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has two reportable segments, which are the U.S. and Mexico operating segments. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done in the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. At March 31, 2017 and 2016 , the Company's Mexico operations accounted for approximately 8.7% and 8.2% of total consolidated assets. Total revenues for the years ended March 31, 2017 , 2016 and 2015 were $40.9 million , $42.2 million , $52.4 million , respectively, which represented 7.7% , 7.6% , and 8.6% of consolidated revenues, respectively. For additional financial information regarding the results of our two reportable segments for each of the last three fiscal years, refer to Note 17—Segments in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. As of March 31, 2017 and 2016 the Company had $3.9 million and $2.2 million in restricted cash associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of South Carolina, Georgia, Texas, Oklahoma, Louisiana, Tennessee, Illinois, Missouri, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, Mississippi and Idaho. In addition, the Company also originates consumer loans in Mexico. During fiscal 2017 , 2016 and 2015 the Company originated loans generally ranging up to $4,000 , with terms of 42 months or less. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as a new loan. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. Gross loans receivable at March 31, 2017 and 2016 consisted of the following: 2017 2016 Small loans (U.S.) $ 630,802,614 650,494,287 Large loans (U.S.) 312,458,275 312,642,395 Sales finance loans (U.S.) 54,247 1,414,177 Payroll deduct "Viva" loans (Mexico) 69,087,314 55,276,506 Traditional installment loans (Mexico) 47,401,682 47,136,977 Total gross loans $ 1,059,804,132 1,066,964,342 Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Loans are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for loan losses. The Company recognizes interest and fee income using the interest method. Charges for late payments are credited to income when collected. The Company generally offers its loans at the prevailing statutory rates for terms generally not to exceed 42 months . Management believes that the carrying value approximates the fair value of its loan portfolio. Nonaccrual Policy The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest revenue is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for incurred losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable incurred losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of the gross loan balance of all loans 91 days or more days past due (151 days or more past due for payroll deduct loans) on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. A process is then performed to determine the adequacy of the allowance for loan losses, as well as considering trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings are compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model, when determining if any adjustments are needed. The Company's policy is to charge off loans at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. The Company's charge-off policy has been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate (net charge-offs as a percentage of average net loans receivable) for the past 10 years has ranged from 12.9% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. FASB ASC Topic 310-30 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310-30 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310-30. Impaired Loans The Company defines impaired loans as bankrupt accounts and accounts 91 days or more past due (151 days or more past due for payroll deduct loans). In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2017 , bankrupt accounts that had not been charged off were approximately $6.0 million . Bankrupt accounts 91 days or more past due are reserved at 100% of the gross loan balance. The Company also considers accounts 91 days or more past due (151 days or more past due for payroll deduct loans) as impaired, and the accounts are reserved at 100% of the gross loan balance. Delinquency is the primary credit quality indicator used to determine the credit quality of the Company's receivables (additional requirements from ASC 310-10 are disclosed in Note 2). Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years ; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. Operating Leases The Company’s branch leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years , or the lease term that considers renewal periods that are reasonably assured. Other Assets Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. Intangible Assets and Goodwill Intangible assets include the cost of acquiring existing customers ("customer lists"), and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 2 to 23 years with a weighted average of approximately 11 years . Non-compete agreements are amortized on a straight line basis over the term of the agreement, ranging from 3 to 5 years with a weighted average of approximately 4.9 years . Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs, in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to a branch 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. 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 branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer 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 attrition of acquired customers. This method is re-evaluated periodically. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has two reporting units (U.S. and Mexico), and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal year ended 2017 , 2016 , or 2015 . Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable, and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately 8 months . Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. Non-filing Insurance Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 8). Claims paid by the third party insurance company result in a reduction to loan losses. Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. Earnings Per Share Earnings per share (“EPS”) are computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options and restricted stock, which are computed using the treasury stock method. See Note 11 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 12). At March 31, 2017 , the Company had several share-based employee compensation plans, which are described more fully in Note 12. The Company uses the modified prospective transition method in accordance with FASB ASC Topic 718. Under this method of transition, compensation cost recognized during fiscal years 2015 , 2016 , and 2017 was based on the grant-date fair value estimated in accordance with the provisions of FASB ASC Topic 718. Since this compensation cost is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. FASB ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has elected to expense grants of awards with graded vesting on a straight-line basis over the requisite service period for each separately vesting portion of the award. Share Repurchases On March 10, 2015, the Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock. As of March 31, 2017 , the Company had $6.5 million in aggregate remaining repurchase capacity under the March 10, 2015 repurchase authorization. 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. Although the repurchase authorization above has no stated expiration date, the Company’s stock repurchase program may be suspended or discontinued at any time. The Company continues to believe stock repurchases to be a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our amended credit facility limits share repurchases to 50% of consolidated adjusted net income in any fiscal year commencing with the fiscal year ending March 31, 2017. Our first priority is to ensure we have enough capital to fund loan growth. To the extent we have excess capital, we may continue repurchasing stock, if appropriate and as authorized by our Board of Directors. As of March 31, 2017 our debt outstanding was $295.1 million and our shareholders' equity was $461.1 million resulting in a debt-to-equity ratio of 0.6 :1.0. We will continue to monitor our debt-to-equity ratio and are committed to maintaining a debt level that will allow us to continue to execute our business objectives, while not putting undue stress on our consolidated balance sheet. Comprehensive Income Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are comprised of foreign currency translation adjustments. Concentration of Risk The Company generally serves individuals with limited access to other sources of consumer credit, such as banks, credit unions, other consumer finance businesses and credit card lenders. During the year ended March 31, 2017 , the Company operated in fifteen states in the United States as well as in Mexico. For the years ended March 31, 2017 , 2016 and 2015 , total revenue within the Company's four largest states ( Texas , Tennessee , Georgia , South Carolina ) accounted for approximately 53% , 53% and 54% , respectively, of the Company's total revenues. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. Advertising Costs Advertising costs are expensed when incurred. Advertising costs were approximately $17.9 million , $16.9 million and $17.3 million for fiscal years 2017 , 2016 and 2015 , respectively. Recently Adopted Accounting Standards Accounting Changes In January 2017, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2017-03, which, among other things, requires entities to make certain disclosures regarding their adoption of ASUs No. 2014-09, No. 2016-02, and No. 2016-13. The Update directs entities to evaluate the ASUs in question that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If an entity does not know or cannot reasonably estimate the impact that adoption of those ASUs is expected to have on the financial statements, then in addition to making a statement to that effect, that entity should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have when adopted. Additional qualitative disclosures may include a description of the effect of the accounting policies that the entity expects to apply, if determined, and a comparison to the entity’s current accounting policies. An entity should also describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. ASU No. 2017-03 was adopted March 31, 2017 with no impact on our consolidated financial statements except for the addition of certain disclosures as required. Disclosures about Short-Duration Contracts In May 2015, the Financial Accounting Standards Board issued Accounting ASU No. 2015-09, which requires insurance entities to disclose for annual reporting periods the following information about the liability for unpaid claims and claim adjustment expenses: 1. Incurred and paid claims development information by accident year, on a net basis after risk mitigation through reinsurance, for the number of years for which claims incurred typically remain outstanding. 2. A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses. 3. For each accident year presented of incurred claims development information, the total of incurred-but-not-reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. 4. For each accident year presented of incurred claims development information, quantitative information about claim frequency (unless it is impracticable to do so) accompanied by a qualitative description of methodologies used for determining claim frequency information. 5. For all claims except health insurance claims, the average annual percentage payout of incurred claims by age (that is, history of claims duration) for the same number of accident years as presented in (3) and (4) above. ASU No. 2015-09 was adopted March 31, 2017 with no impact on our consolidated financial statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the Financial Accounting Standards Board issued Accounting ASU No. 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. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting). ASU No. 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented on the balance sheet as an asset. ASU No. 2015-03 and No. 2015-15 were adopted April 1, 2016 with no impact 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 ASU No. 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 No. 2014-15 was adopted September 30, 2016 with no impact on our consolidated financial statements. Recently Issued Accounting Standards to be Adopted Scope of Modification Accounting In May 2017, the Financial Accounting Standards Board issued ASU No. 2017-09, Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. According to ASU No. 2017-09 an entity should account for the effects of a modification unless all the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Simplifying the Test for Goodwill Impairment In January 2017, the Financial Accounting Standards Board issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carry |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Indicators | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses and Credit Quality Indicators | Allowance for Loan Losses and Credit Quality Indicators The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2017 , 2016 , and 2015 : 2017 2016 2015 Balance at beginning of period $ 69,565,804 70,437,988 63,254,940 Provision for loan losses 128,572,162 123,598,318 118,829,863 Loan losses (141,878,119 ) (141,758,366 ) (126,093,332 ) Recoveries 16,519,929 18,196,110 15,467,059 Translation adjustment (584,884 ) (908,246 ) (1,020,542 ) Balance at end of period $ 72,194,892 69,565,804 70,437,988 The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: March 31, 2017 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,903,728 — 4,903,728 Gross loans contractually delinquent 54,310,791 — 54,310,791 Loans not contractually delinquent and not in bankruptcy — 1,000,589,613 1,000,589,613 Gross loan balance 59,214,519 1,000,589,613 1,059,804,132 Unearned interest and fees (15,336,248 ) (276,572,403 ) (291,908,651 ) Net loans 43,878,271 724,017,210 767,895,481 Allowance for loan losses (39,182,951 ) (33,011,941 ) (72,194,892 ) Loans, net of allowance for loan losses $ 4,695,320 691,005,269 695,700,589 March 31, 2016 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,560,322 — 4,560,322 Gross loans contractually delinquent 46,373,923 — 46,373,923 Loans not contractually delinquent and not in bankruptcy — 1,016,030,097 1,016,030,097 Gross loan balance 50,934,245 1,016,030,097 1,066,964,342 Unearned interest and fees (12,726,898 ) (277,932,264 ) (290,659,162 ) Net loans 38,207,347 738,097,833 776,305,180 Allowance for loan losses (33,840,839 ) (35,724,965 ) (69,565,804 ) Loans, net of allowance for loan losses $ 4,366,508 702,372,868 706,739,376 The average net balance of impaired loans was $42.2 million , $41.2 million and $36.3 million respectively, for the years ended March 31, 2017 , 2016 and 2015 . It is not practicable to compute the amount of interest earned on impaired loans nor is it practicable to compute the interest income recognized using the cash-basis method during the period such loans are impaired. The following is an assessment of the credit quality for the fiscal years indicated: March 31, March 31, Credit risk Consumer loans- non-bankrupt accounts $ 1,053,769,654 1,061,436,900 Consumer loans- bankrupt accounts 6,034,478 5,527,442 Total gross loans $ 1,059,804,132 1,066,964,342 Consumer credit exposure Credit risk profile based on payment activity, performing $ 977,171,570 991,386,552 Contractual non-performing, 61 days or more delinquent (1) 82,632,562 75,577,790 Total gross loans $ 1,059,804,132 1,066,964,342 Credit risk profile based on customer type New borrower $ 168,656,845 141,980,629 Former borrower 108,100,688 111,608,375 Refinance 765,373,325 793,913,695 Delinquent refinance 17,673,274 19,461,643 Total gross loans $ 1,059,804,132 1,066,964,342 (1) Loans in non-accrual status The following is a summary of the past due receivables as of: March 31, March 31, March 31, Contractual basis: 30-60 days past due $ 35,527,103 40,094,824 43,663,540 61-90 days past due 25,823,757 27,082,385 26,027,649 91 days or more past due 56,808,805 48,495,405 51,132,887 Total $ 118,159,665 115,672,614 120,824,076 Percentage of period-end gross loans receivable 11.1 % 10.8 % 10.9 % |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of: March 31, 2017 March 31, 2016 Land $ 576,977 576,977 Building and leasehold improvements 21,410,067 20,790,360 Furniture and equipment 44,377,741 45,008,085 66,364,785 66,375,422 Less accumulated depreciation and amortization (42,180,578 ) (41,078,509 ) Total $ 24,184,207 25,296,913 Depreciation expense was approximately $6.9 million , $6.5 million and $6.5 million for the years ended March 31, 2017 , 2016 and 2015 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: March 31, 2017 March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Cost of customer lists $ 26,678,992 (20,161,116 ) 6,517,876 $ 22,615,749 (19,759,253 ) 2,856,496 Value assigned to non-compete agreements 8,424,644 (8,328,338 ) 96,306 8,354,643 (8,294,602 ) 60,041 Total $ 35,103,636 (28,489,454 ) 6,614,182 $ 30,970,392 (28,053,855 ) 2,916,537 The estimated amortization expense for intangible assets for future years ended March 31 is as follows: $2.4 million for 2018 ; $2.4 million for 2019 ; $0.4 million for 2020 ; $0.3 million for 2021 ; $0.3 million for 2022 ; and an aggregate of $0.8 million for the years thereafter. On February 28, 2017, the Company completed an acquisition of fourteen branches from Mathes Management Enterprises, Inc. As of March 31, 2017 the accounting related to this acquisition is preliminary. The final determination of the fair value of the customer lists and goodwill will be completed within the twelve month measurement period from the date of the acquisition as required by FASB ASC Topic 805-10-25. See Part II, Item 8, Footnote 13 "Acquisitions" for further discussion of the Company's acquisitions. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill | Goodwill The following summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2017 and 2016 : 2017 2016 Balance at beginning of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (25,393 ) (25,393 ) Goodwill acquired during the year $ — — Impairment losses (54,238 ) — Balance at end of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (79,631 ) (25,393 ) Total $ 6,067,220 6,121,458 The Company performed an annual impairment test during the fourth quarters of fiscal 2017 and 2016 , and determined that none of the recorded goodwill was impaired. However, the Company did merge one branch during fiscal 2017 that had goodwill associated with it. The goodwill associated with that branch, which was immaterial on a consolidated level, was written off. On February 28, 2017, the Company completed an acquisition of fourteen branches from Mathes Management Enterprises, Inc. As of March 31, 2017 the accounting related to this acquisition is preliminary. The final determination of the fair value of the customer lists and goodwill will be completed within the twelve month measurement period from the date of the acquisition as required by FASB ASC Topic 805-10-25. See Part II, Item 8, Footnote 13 "Acquisitions" for further discussion of the Company's acquisitions. |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Senior Notes Payable Revolving Credit Facility At March 31, 2017 the Company's notes payable consist of a $370.0 million senior revolving credit facility with borrowings of $295.1 million outstanding and $0.6 million standby letters of credit related to workers compensation outstanding. To the extent that the letter of credit is drawn upon, the disbursement will be funded by the credit facility. There are no amounts due related to the letters of credit as of March 31, 2017 , and they expire on December 31, 2017. The letters of credit are automatically extended for one year on the expiration date. Subject to a borrowing base formula, the Company may borrow at the rate of LIBOR plus 4.0% with a minimum of 5.0% . For the years ended March 31, 2017 , 2016 and 2015 the Company’s effective interest rate, including the commitment fee, was 5.8% , 5.6% , and 4.3% respectively, and the unused amount available under the revolver at March 31, 2017 was $74.3 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, 2018 . In May 2017, the credit facility was amended to, among other things, extend the term through June 15, 2019 and increase the aggregate commitments to $480.0 million. For additional information on the May 2017 amendment to our credit facility, see Part II, Item 8, Footnote 18 "Subsequent Events" in the Notes to Consolidated Financial Statements for the year ended March 31, 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. Debt Covenants The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement also contains financial covenants, including a minimum consolidated net worth of $265.0 million , a minimum fixed charge coverage ratio of 2.5 to 1.0, a maximum ratio of total debt to consolidated adjusted net worth of 2.75 to 1.0, and a maximum ratio of subordinated debt to consolidated adjusted net worth of 1.0 to 1.0. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. In addition, the agreement establishes a maximum specified level for the collateral performance indicator. The collateral performance indicator is equal to the sum of (a) a three-month rolling average rate of receivables at least sixty days past due and (b) an eight-month rolling average net charge-off rate. The Company was in compliance with these covenants at March 31, 2017 and does not believe that these covenants will materially limit its business and expansion strategy. The agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, invalidity of subordination provisions of subordinated debt, certain changes of control of the Company, and the occurrence of certain regulatory events (including the entry of any stay, order, judgment, ruling or similar event related to the Company’s or any of its subsidiaries’ originating, holding, pledging, collecting or enforcing its eligible finance receivables that is material to the Company or any subsidiary) which remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry and is reasonably likely to cause a material adverse change. If it is determined that a violation of the FCPA has occurred, as described in Note 16, such violation may give rise to an event of default under the agreement if such violation were to have a material adverse effect on the Company’s business, operations, properties, assets, or condition (financial or otherwise) or if the amount of any settlement resulted in the Company failing to satisfy any financial covenants. Debt Maturities As of March 31, 2017 , the aggregate annual maturities of the notes payable for each of the five fiscal years subsequent to March 31, 2017 were as follows: 2018 $ — 2019 295,136,200 2020 — 2021 — 2022 — Total future debt payments $ 295,136,200 |
Insurance Commissions and Other
Insurance Commissions and Other Income | 12 Months Ended |
Mar. 31, 2017 | |
Insurance Commissions and other income [Abstract] | |
Insurance Commissions and Other Income | Insurance and Other Income Insurance and other income for the years ending March 31, 2017 , 2016 and 2015 consist of: 2017 2016 2015 Insurance revenue $ 40,848,245 43,346,884 47,822,485 Tax return preparation revenue 14,695,633 11,920,669 9,896,378 Auto club membership revenue 2,515,282 2,516,634 3,671,192 World Class Buying Club revenue 136 1,410 2,438,314 Net gain (loss) on sale of loans receivable — (1,572,536 ) 16,027,999 Other 4,916,166 6,129,210 6,079,167 Insurance and other income $ 62,975,462 62,342,271 85,935,535 |
Non-filing Insurance
Non-filing Insurance | 12 Months Ended |
Mar. 31, 2017 | |
Non-file Insurance [Abstract] | |
Non-filing Insurance | Non-filing Insurance The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2017 , 2016 and 2015 : 2017 2016 2015 Insurance premiums written $ 5,673,653 6,197,928 6,804,275 Recoveries on claims paid $ 1,165,092 1,125,524 1,128,347 Claims paid $ 6,312,511 6,884,185 7,196,437 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Leases | Leases The Company conducts most of its operations from leased facilities, except for its owned corporate office building. The Company's leases typically have a lease term of three to five years and contain lessee renewal options. A majority of the leases provide that the lessee pays property taxes, insurance and common area maintenance costs. It is expected that in the normal course of business, expiring leases will be renewed at the Company's option or replaced by other leases or acquisitions of other properties. All of the Company’s leases are operating leases. The future minimum lease payments under noncancelable operating leases as of March 31, 2017 , are as follows: 2018 $ 23,882,791 2019 14,987,827 2020 7,065,190 2021 1,427,826 2022 599,993 Thereafter 207,928 Total future minimum lease payments $ 48,171,555 Rental expense for cancelable and noncancelable operating leases for the years ended March 31, 2017 , 2016 and 2015 , was approximately $26.9 million , $27.1 million and $26.0 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consists of: Current Deferred Total Year ended March 31, 2017 U.S. Federal $ 34,930,677 (14,658 ) 34,916,019 State and local 3,215,621 25,852 3,241,473 Foreign 3,144,625 (905,280 ) 2,239,345 $ 41,290,923 (894,086 ) 40,396,837 Year ended March 31, 2016 U.S. Federal $ 44,781,123 (839,117 ) 43,942,006 State and local 4,866,596 169,985 5,036,581 Foreign 1,630,565 (116,245 ) 1,514,320 $ 51,278,284 (785,377 ) 50,492,907 Year ended March 31, 2015 U.S. Federal $ 61,284,205 (3,524,067 ) 57,760,138 State and local 6,112,487 (411,543 ) 5,700,944 Foreign 1,631,605 104,193 1,735,798 $ 69,028,297 (3,831,417 ) 65,196,880 Income tax expense was $40,396,837 , $50,492,907 and $65,196,880 , for the years ended March 31, 2017 , 2016 and 2015 , respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax income from continuing operations as a result of the following: 2017 2016 2015 Expected income tax $ 39,898,996 48,260,962 61,610,618 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 2,106,957 3,273,778 3,705,614 Insurance income exclusion — — (73,826 ) Uncertain tax positions (1,015,222 ) 1,624,865 1,914,990 State tax adjustment for amended returns 238,301 (370,659 ) — Foreign income adjustments (332,023 ) (257,873 ) (1,453,438 ) Other, net (500,172 ) (2,038,166 ) (507,078 ) $ 40,396,837 50,492,907 65,196,880 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2017 and 2016 are presented below: 2017 2016 Deferred tax assets: Allowance for loan losses $ 28,125,727 27,116,483 Unearned insurance commissions 12,419,811 12,840,362 Accrued expenses primarily related to employee benefits 15,849,041 13,743,022 Reserve for uncollectible interest 1,125,188 1,192,215 Other — 259,822 Gross deferred tax assets 57,519,767 55,151,904 Less valuation allowance (1,274 ) (1,274 ) Net deferred tax assets 57,518,493 55,150,630 Deferred tax liabilities: Fair value adjustment for loans receivable (9,450,239 ) (9,269,247 ) Property and equipment (3,560,296 ) (2,945,625 ) Intangible assets (2,341,393 ) (2,050,975 ) Deferred net loan origination costs (1,985,387 ) (1,977,619 ) Prepaid expenses (977,906 ) (776,182 ) Other (178,203 ) — Gross deferred tax liabilities (18,493,424 ) (17,019,648 ) Deferred income taxes, net $ 39,025,069 38,130,982 The valuation allowance for deferred tax assets as of March 31, 2017 , and 2016 was $1,274 . The valuation allowance against the total deferred tax assets as of March 31, 2017 , and 2016 relates to the state of Colorado net operating losses in the amount of $54,318 which expires in 2025. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income prior to the expiration of the deferred tax assets governed by the tax code. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the related temporary differences are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at March 31, 2017 . The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. The Company is required to assess whether the earnings of the Company's Mexican foreign subsidiary will be permanently reinvested in the respective foreign jurisdiction or if previously untaxed foreign earnings of the Company will no longer be permanently reinvested and thus become taxable in the United States. If these earnings were ever repatriated to the United States, the Company would be required to accrue and pay taxes on the cumulative undistributed earnings. As of March 31, 2017 , the Company has determined that approximately $26.1 million of cumulative undistributed net earnings, as well as the future net earnings, of the Mexican foreign subsidiaries will be permanently reinvested. At March 31, 2017 , there was an unrecognized taxable temporary difference in the amount of $8.2 million related to investment in the Mexican subsidiaries. As of March 31, 2017 , 2016 and 2015 , the Company had $8.9 million , $10.7 million and $8.6 million of total gross unrecognized tax benefits including interest, respectively. Of these totals, approximately $7.2 million , $8.2 million and $6.6 million , respectively, represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2017 , 2016 and 2015 are presented below: 2017 2016 2015 Unrecognized tax benefit balance beginning of year $ 9,395,413 7,621,327 5,810,712 Gross increases for tax positions of current year (237,746 ) 783,265 2,209,048 Gross increases for tax positions of prior years 637,166 1,798,505 — Settlements with tax authorities (2,403,982 ) — — Lapse of statute of limitations (125,885 ) (807,684 ) (398,433 ) Unrecognized tax benefit balance end of year $ 7,264,966 9,395,413 7,621,327 At March 31, 2017 , approximately $4.4 million of gross unrecognized tax benefits are expected to be resolved during the next 12 months through settlements with taxing authorities or the expiration of the statute of limitations. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2017 and 2016 , the Company had $1,641,916 and $1,312,129 accrued for gross interest, respectively, of which $658,891 , $599,136 , and $474,484 represented the current period expense for the periods ended March 31, 2017 , 2016 , and 2015 . The Company is subject to U.S. and Mexican income taxes, as well as various other state and local jurisdictions. With the exception of a few states, 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 2013, although carryforward attributes that were generated prior to 2013 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: For the year ended March 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 73,600,294 8,705,658 $ 8.45 Effect of dilutive securities options and restricted stock — 72,386 Diluted EPS Income available to common shareholders including dilutive securities $ 73,600,294 8,778,044 $ 8.38 For the year ended March 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 87,395,557 8,636,269 $ 10.12 Effect of dilutive securities options and restricted stock — 55,922 Diluted EPS Income available to common shareholders including dilutive securities $ 87,395,557 8,692,191 $ 10.05 For the year ended March 31, 2015 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 110,833,458 9,146,003 $ 12.12 Effect of dilutive securities options and restricted stock — 170,626 Diluted EPS Income available to common shareholders including dilutive securities $ 110,833,458 9,316,629 $ 11.90 Options to purchase 733,053 , 825,505 and 543,879 shares of common stock at various prices were outstanding during the years ended March 31, 2017 , 2016 and 2015 , respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | Benefit Plans Retirement Plan The Company provides a defined contribution employee benefit plan (401(k) plan) covering full-time employees, whereby employees can invest up to the maximum designated for that year. The Company matches 50% of each employee's contributions up to the first 6% of the employee's eligible compensation, providing a maximum employer contribution of 3% of compensation. The Company's expense under this plan was $1,377,371 , $1,453,468 and $1,470,600 , for the years ended March 31, 2017 , 2016 and 2015 , respectively. Supplemental Executive Retirement Plan The Company has instituted a Supplemental Executive Retirement Plan (“SERP”), which is a non-qualified executive benefit plan in which the Company agrees to pay the executive additional benefits in the future, usually at retirement, in return for continued employment by the executive. The SERP is an unfunded plan, and as such, there are no specific assets set aside by the Company in connection with the establishment of the plan. The executive has no rights under the agreement beyond those of a general creditor of the Company. In May 2009 the Company instituted a second Supplemental Executive Retirement Plan to provide to one executive the same type of benefits as are in the original SERP but for which he would not have qualified due to age. This second SERP is also an unfunded plan with no specific assets set aside by the Company in connection with the plan. For the years ended March 31, 2017 , 2016 and 2015 , contributions of $618,013 , $1,796,998 and $642,710 , respectively, were charged to expense related to the SERP. The unfunded liability was $8,447,283 , $8,886,195 and $7,516,249 , as of March 31, 2017 , 2016 and 2015 , respectively. For the three years presented, the unfunded liability was estimated using the following assumptions: an annual salary increase of 3.5% for all 3 years; a discount rate of 6.0% for all 3 years; and a retirement age of 65 . Executive Deferred Compensation Plan The Company has an Executive Deferral Plan. Eligible executives and directors may elect to defer all or a portion of their incentive compensation to be paid under the Executive Deferral Plan. As of March 31, 2017 and 2016 no executive or director had deferred compensation under this plan. Stock Option Plans The Company has a 2002 Stock Option Plan, a 2005 Stock Option Plan, a 2008 Stock Option Plan, and a 2011 Stock Option Plan for the benefit of certain directors, officers, and key employees. Under these plans, 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 ten years , may be subject to certain vesting requirements, which are generally three to five years for officers, directors, and key employees, and are priced at the market value of the Company's common stock on the grant date of the option. At March 31, 2017 there were a total of 441,499 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 years ended March 31, 2017 , 2016 and 2015 was $22.25 , $10.82 and $34.50 per share, respectively. This fair value was estimated at grant date using the weighted-average assumptions listed below. 2017 2016 2015 Dividend yield 0 % 0 % 0 % Expected volatility 48.90 % 41.41 % 44.62 % Average risk-free interest rate 1.20 % 1.38 % 1.77 % Expected life 5.0 years 5.0 years 6.1 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 year ended March 31, 2017 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of year 950,651 $ 67.20 Granted 62,625 51.38 Exercised (33,702 ) 34.43 Forfeited (68,284 ) 64.72 Expired (43,149 ) 71.10 Options outstanding, end of period 868,141 $ 67.33 6.32 $ 2,952,869 Options exercisable, end of period 553,541 $ 69.32 5.55 $ 1,439,488 The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on March 31, 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by option holders had all option holders exercised their options as of March 31, 2017 . This amount will change as the stock's market price changes. The total intrinsic value of options exercised during the periods ended March 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 $661,164 $2,445,011 $6,454,022 As of March 31, 2017 , total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $5.2 million , which is expected to be recognized over a weighted-average period of approximately 2.0 years. Restricted Stock During fiscal 2017 , the Company granted 74,490 shares of restricted stock (which are equity classified), to certain executive officers, with a grant date weighted average fair value of $51.15 . One-third of these awards will vest on each anniversary of the grant date over the next three years. 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 March 31, 2017 no Group B awards remain unforfeited and outstanding. Group B awards would have vested as follows, if the Company achieved 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% During fiscal 2016 the Company determined that the earnings per share targets associated with the Group B stock awards were not achievable during the measurement period which ended on March 31, 2017. Subsequently, the Compensation and Stock Option Committee of the Board of Directors amended the awards allowing 25% of the Group B awards to vest for certain officers. The officers were required to forfeit their remaining Group B shares as a part of the amendment. FASB Topic ASC 718 defines a grant modification as a change in any of the terms or conditions of a stock-based compensation award to include accelerated vesting. The Company determined that since the Group B awards would not have otherwise vested pre-modification, the accelerated vesting qualified as a Type III modification. During the year ended March 31, 2016, the Company released approximately $9.7 million of compensation expense associated with the Group B awards, including $2.9 million related to the Type III modification. 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 compensation expense of $1.6 million , a net reduction in compensation expense of $8.0 million and compensation expense of $8.1 million for the years ended March 31, 2017 , 2016 and 2015 , respectively, which is included as a component of general and administrative expenses in the Company's Consolidated Statements of Operations. As of March 31, 2017 , there was approximately $3.3 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 2.3 years based on current estimates. A summary of the status of the Company’s restricted stock as of March 31, 2017 and changes during the year ended March 31, 2017 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2016 93,550 $ 40.92 Granted during the period 74,490 51.15 Vested during the period (20,589 ) 28.29 Forfeited during the period (36,090 ) 62.49 Outstanding at March 31, 2017 111,361 $ 43.11 Total share-based compensation included as a component of net income during the years ended March 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 Share-based compensation related to equity classified units: Share-based compensation related to stock options $ 3,490,662 3,965,463 8,133,512 Share-based compensation related to restricted stock 1,604,257 (8,033,213 ) 8,138,643 Total share-based compensation related to equity classified awards $ 5,094,919 (4,067,750 ) 16,272,155 |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as asset purchases. The following table sets forth the acquisition activity of the Company for the years ended March 31, 2017 , 2016 and 2015 : 2017 2016 2015 Number of branches acquired through business combinations 14 — 2 Number of asset purchases — 1 3 Total acquisitions 14 1 5 Purchase price $ 20,836,699 173,628 1,979,494 Tangible assets: Loans receivable, net 16,617,242 92,097 1,512,149 Property and equipment 86,214 — 4,000 16,703,456 92,097 1,516,149 Excess of purchase prices over carrying value of net tangible assets $ 4,133,243 81,531 463,345 Customer lists $ 4,063,243 76,531 284,014 Non-compete agreements 70,000 5,000 25,000 Goodwill — — 154,331 Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill. During the year ended March 31, 2017 the Company acquired fourteen branches through one business combination, as described below. Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. In an asset purchase, no goodwill is recorded. During the year ended March 31, 2017 , the Company did not record any acquisitions as asset purchases. 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 8 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. Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to an office is 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. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer lists, and non-compete agreements is allocated to goodwill. On February 28, 2017, the Company completed an acquisition of fourteen branches from Mathes Management Enterprises, Inc. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. All acquired branches are located in the state of Georgia. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition as a business combination. In conjunction with the acquisition, the Company allocated the purchase price, tangible assets, and intangible assets among the acquired branches based on the fair values of their respective acquired assets. As of March 31, 2017 the accounting related to this acquisition is preliminary. The final determination of the fair value of the customer lists and goodwill will be completed within the twelve month measurement period from the date of the acquisition as required by FASB ASC Topic 805-10-25. The Company recorded no goodwill in its preliminary accounting for this acquisition. The results of all acquisitions have been included in the Company’s Consolidated Financial Statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported. |
Fair Value
Fair Value | 12 Months Ended |
Mar. 31, 2017 | |
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 8 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 Company also considered its creditworthiness in its determination of fair value. The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2017 March 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 15,200,410 $ 15,200,410 $ 12,377,024 $ 12,377,024 Level 3 inputs Loans receivable, net 695,700,589 695,700,589 706,739,376 706,739,376 LIABILITIES Level 3 inputs Senior notes payable 295,136,200 295,136,200 374,685,000 374,685,000 There were no significant assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2017 and 2016 . |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Quarterly Information (Unaudited) The following sets forth selected quarterly operating data: 2017 2016 First Second Third Fourth First Second Third Fourth (Dollars in thousands, except for earnings per share data) Total revenues $ 127,080 129,269 130,815 144,571 137,225 136,412 139,696 144,143 Provision for loan losses 32,014 35,871 39,985 20,702 26,228 37,557 35,441 24,373 General and administrative expenses 62,949 63,456 71,237 70,020 67,568 63,436 71,580 66,555 Interest expense 5,586 5,519 5,274 5,125 5,472 7,269 7,149 6,959 Income tax expense 9,913 8,932 4,679 16,873 14,325 8,963 10,775 16,430 Net income $ 16,618 15,491 9,640 31,851 23,632 19,187 14,751 29,826 Earnings per share: Basic $ 1.91 1.78 1.11 3.67 2.75 2.23 1.70 3.44 Diluted $ 1.89 1.76 1.10 3.64 2.71 2.22 1.70 3.42 The Company's highest loan demand occurs generally from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results from the Company's third fiscal quarter are generally lower than in other quarters and operating results for its fourth fiscal quarter are generally higher than in other quarters. |
Litigation
Litigation | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation Internal Investigation The Company is conducting an internal investigation of its operations in Mexico, focusing on the legality under the FCPA and certain local laws of certain payments related to loans, the maintenance of the Company’s books and records associated with such payments, and the treatment of compensation matters for certain employees. The internal investigation continues to address whether and to what extent improper payments, which may violate the FCPA and other local laws, were made approximately between 2010 and 2017 by or on behalf of WAC de México SOFOM, a subsidiary of the Company, to government officials in Mexico relating to loans made to unionized employees. The Company has voluntarily contacted the SEC and the DOJ to advise both agencies that an internal investigation is underway and that the Company intends to cooperate with both agencies. A conclusion cannot be drawn at this time as to whether either agency will open a proceeding to investigate the matter or, if a proceeding is opened, what potential remedies these agencies may seek. In addition, although management will seek to avoid disruption to its operations in Mexico, the Company cannot determine at this time the ultimate effect that the investigation or any remedial measures will have on such operations. If violations of the FCPA or other local laws occurred, the Company could be subject to fines, civil and criminal penalties, equitable remedies, including profit disgorgement and related interest, and injunctive relief. In addition, any disposition of these matters could adversely impact our ability to collect on outstanding loans and result in modifications to our business practices and compliance programs, including significant restructuring or curtailment of our operations in Mexico. Any disposition could also potentially require that a monitor be appointed to review future business practices with the goal of ensuring compliance with the FCPA and other applicable laws. The Company could also face fines, sanctions, and other penalties from authorities in Mexico, as well as third-party claims by shareholders and/or other stakeholders of the Company. In addition, disclosure of the investigation could adversely affect the Company’s reputation and its ability to obtain new business or retain existing business from its current clients and potential clients, to attract and retain employees, and to access the capital markets. If it is determined that a violation of the FCPA has occurred, such violation may give rise to an event of default under the Company’s credit agreement if such violation were to have a material adverse effect on the Company’s business, operations, properties, assets, or condition (financial or otherwise) or if the amount of any settlement resulted in the Company failing to satisfy any financial covenants. Additional potential FCPA violations or violations of other laws or regulations may be uncovered through the investigation. In June 2017, we held discussions with the DOJ and SEC regarding the potential resolution of this matter. The discussions with the government are at an early stage, and the Company is currently unable to assess whether the government will accept voluntary settlement terms that would be acceptable to the Company. In addition to the ultimate liability for disgorgement and related interest, the Company believes that it could be further liable for fines and penalties as part of any settlement. At this time, the Company is not able to reasonably estimate the amount of any fine or penalty that it may have to pay as a part of any possible settlement. Furthermore, the Company cannot currently assess the potential liability that might be incurred if a settlement is not reached and the government were to litigate the matter. As such, based on the information available at this time, any additional liability related to this matter is not reasonably estimable. The Company will continue to evaluate the amount of its liability pending final resolution of the investigation and any related settlement discussions with the government[; the amount of the actual liability for any fines, penalties, disgorgement, or interest that may be recorded in connection with a final settlement could be significantly higher than the liability accrued to date]. To be updated as appropriate pending any recognition of accruals. CFPB Investigation As previously disclosed, on March 12, 2014, the Company received a CID from the Consumer Financial Protection Bureau CFPB. The stated purpose of the CID is to determine whether the Company has been or is “engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536, the Truth in Lending Act, 15 U.S.C. §§ 1601, et seq., Regulation Z, 12 C.F.R. pt. 1026, or any other Federal consumer financial law” and “also to determine whether Bureau action to obtain legal or equitable relief would be in the public interest.” The Company responded, within the deadlines specified in the CID, to broad requests for production of documents, answers to interrogatories and written reports related to loans made by the Company and numerous other aspects of the Company’s business. Also, as previously disclosed, on August 7, 2015, the Company received a letter from the CFPB’s Enforcement Office notifying the Company that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the staff of CFPB’s Enforcement Office is considering recommending that the CFPB take legal action against the Company (the “NORA Letter”). The NORA Letter states that the staff of the CFPB’s Enforcement Office expects to allege that the Company violated the Consumer Financial Protection Act of 2010, 12 U.S.C. §5536. The NORA Letter confirms that the Company has the opportunity to make a NORA submission, which is a written statement setting forth any reasons of law or policy why the Company believes the CFPB should not take legal action against it. The Company understands that a NORA Letter is intended to ensure that potential subjects of enforcement actions have the opportunity to present their positions to the CFPB before an enforcement action is recommended or commenced. The Company has made NORA submissions to the CFPB's Enforcement Office. The Company expects that there will continue to be additional requests or demands for information from the CFPB and ongoing interactions between the CFPB, the Company and Company counsel as part of the investigation. We are currently unable to predict the ultimate timing or outcome of the CFPB investigation. While the Company believes its marketing and lending practices are lawful, there can be no assurance that the CFPB's ongoing investigation or future exercise of its enforcement, regulatory, discretionary or other powers will not result in findings or alleged violations of federal consumer financial protection laws that could lead to enforcement actions, proceedings or litigation and the imposition of damages, fines, penalties, restitution, other monetary liabilities, sanctions, settlements or changes to the Company’s business practices or operations that could have a material adverse effect on the Company’s business, financial condition or results of operations or eliminate altogether the Company's ability to operate its business profitably or on terms substantially similar to those on which it currently operates. See Part I, Item 1, “Business-Government Regulation-Federal legislation,” for a further discussion of these matters and the federal regulations to which the Company’s operations are subject and Part I, Item 1A,”Risk Factors,” for more information regarding these regulations and related risks. Shareholder Complaints 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) (the “Edna Epstein Putative Class Action”), 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. Two amended complaints have been filed by the plaintiffs, and several other motions have been filed in the proceedings. The complaint, as currently amended, alleges that (i) 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 the above-referenced CID from the CFPB, (ii) 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, and (iii) additional allegations regarding, among other things, the Company’s receipt of a Notice and Opportunity to Respond and Advise letter from the CFPB on August 7, 2015. The complaint seeks class certification for a class consisting of all persons who purchased or otherwise acquired the Company’s common stock between January 30, 2013 and August 10, 2015, unspecified monetary damages, costs and attorneys’ fees. The Company denied that the claims had any merit and opposed certification of the proposed class. On June 7, 2017, during a court-ordered mediation, the parties reached an agreement in principle to settle the Edna Epstein Putative Class Action. The settlement will resolve the claims asserted against all defendants in the action. The terms agreed upon by the parties contemplate a settlement payment to the class of $16 million, all of which will be funded by the Company’s directors and officers (D&O) liability insurance carriers. The settlement is subject to formal documentation and court approval. Neither the Company nor any of its present or former officers have admitted any wrongdoing or liability in connection with the settlement. As previously disclosed, on July 15, 2015, a shareholder filed a putative derivative complaint, Irwin J. Lipton, et al. v. McLean, et al., in the United States District Court for the District of South Carolina (case number 6:15-cv-02796-MGL) (the “Lipton Derivative Action”), on behalf of the Company against certain of our current and former officers and directors. On September 21, 2015, another shareholder filed a putative derivative complaint, Paul Parshall, et al. v. McLean, et al., in the United States District Court for the District of South Carolina (case number 6:15-cv-03779-MGL) (the “Parshall Derivative Action”), asserting substantially similar claims on behalf of the Company against certain of our current and former officers and directors. On October 14, 2015, the Court entered an order consolidating the Lipton Derivative Action and the Parshall Derivative Action as In re World Acceptance Corp. Derivative Litigation (Lead Case No. 6:15-cv-02796-MGL). The plaintiffs subsequently filed an amended complaint, and the amended consolidated complaint alleges, among other things: (i) that the defendants breached their fiduciary duties by disseminating false and misleading information to the Company’s shareholders regarding the Company’s loan growth, loan renewals, allowances for loan losses, revenue sources, revenue growth, compliance with U.S. generally accepted accounting principles ("GAAP"), and the sufficiency of the Company’s internal controls and accounting procedures; (ii) that the defendants breached their fiduciary duties by failing to ensure that the Company maintained adequate internal controls; (iii) that the defendants breached their fiduciary duties by failing to exercise prudent oversight and supervision of the Company’s officers and other employees to ensure conformity with all applicable laws and regulations; (iv) that the defendants were unjustly enriched as a result of the compensation they received while allegedly breaching their fiduciary duties owed to the Company; (v) that the defendants wasted corporate assets by paying excessive compensation to certain of the Company’s executive officers, awarding self-interested stock options to certain of the Company’s officers and directors, incurring legal liability and legal costs to defend the defendants’ unlawful actions, and authorizing the repurchase of Company stock at artificially inflated prices; (vi) that certain of the defendants breached their fiduciary duty to the Company by selling shares of the Company’s stock at artificially inflated prices while in the possession of material, nonpublic information regarding the Company’s financial condition; (vii) that the defendants violated Section 10(b) of the Securities Exchange Act of 1934 by making false and misleading statements regarding the Company’s practices regarding loan renewals, loan modifications, and accounting for loans; (viii) that the defendants violated Section 14(a) of the Securities Exchange Act of 1934 by failing to disclose alleged material facts in the Company’s 2014 and 2015 proxy statements; and (ix) allegations similar to those made in connection with the Edna Epstein Putative Class Action described above. The consolidated complaint seeks, among other things, unspecified monetary damages and an order directing the Company to take steps to reform and improve its corporate governance and internal procedures to comply with applicable laws and to protect the Company and its shareholders from future wrongdoing such as that described in the consolidated complaint. On February 28, 2017, the Court entered an order dismissing the derivative litigation. The plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit on March 27, 2017. On June 14, 2017, following mediation, the parties reached an agreement in principle to settle the derivative litigation. The settlement will resolve the claims asserted against all defendants in the action. The settlement provides that the Company will adopt certain corporate governance practices and pay plaintiffs’ attorney’s fees and expenses in an amount approved by the court not to exceed $475,000, which fees and expenses will be funded by the Company’s directors and officers (D&O) liability insurance carriers. The settlement is subject to formal documentation and court approval. Neither the Company nor any of its present or former directors and officers have admitted any wrongdoing or liability in connection with the settlement. General 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. |
Segments Segment (Notes)
Segments Segment (Notes) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | Segments The Company evaluates segment reporting in accordance with the FASB Accounting Standards Codification 280, Segment Reporting each reporting period, including evaluating the reporting package reviewed by the Chief Operation Decision Maker (“CODM”). The Company has concluded the Chief Executive Officer qualifies as the CODM. Management believes there are four possible approaches to consider when determining the Company’s operating segments: by nationality, by division, by business line, and by function. In all, these approaches present a total of 13 unique entity components. Of the 13 unique entity components, Management has determined that only the U.S. and Mexico components meet the tests in ASC 280-10-50-1 to be classified as operating segments. The U.S. component is housed within the Nationality approach while the Mexico component is shared by the Nationality and Division approaches. At March 31, 2017 only the U.S. operating segment meets one or more of the quantitative thresholds that trigger separately disclosed reporting. However, Management believes separately disclosed information about the Mexico operating segment would be useful to readers of the financial statements. Therefore, the Company has two reportable segments, which are the U.S. and Mexico components. The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2017 2016 2015 Revenues: U.S. $ 490,821,420 515,300,873 557,818,594 Mexico 40,913,304 42,174,834 52,394,282 Consolidated revenues 531,734,724 557,475,707 610,212,876 Provision for loan losses: U.S. $ 119,095,712 114,427,629 107,223,759 Mexico 9,476,450 9,170,689 11,606,104 Consolidated provision for loan losses 128,572,162 123,598,318 118,829,863 General and administrative expenses: (1) U.S. $ 244,753,946 244,370,502 263,166,854 Mexico 22,907,277 24,769,173 28,884,665 Consolidated general and administrative expenses 267,661,223 269,139,675 292,051,519 Interest expense: (2) U.S. $ 21,504,208 26,849,250 23,301,156 Mexico — — — Consolidated interest expense 21,504,208 26,849,250 23,301,156 Income tax expense: U.S. $ 38,157,492 48,978,587 63,461,082 Mexico 2,239,345 1,514,320 1,735,798 Consolidated income tax expense 40,396,837 50,492,907 65,196,880 Net income: U.S. $ 67,310,062 80,674,905 100,665,743 Mexico 6,290,232 6,720,652 10,167,715 Consolidated net income 73,600,294 87,395,557 110,833,458 (1) In accordance with transfer pricing agreements between the segments, the Mexico segment reimburses the U.S. segment for personnel-related and other administrative costs incurred by the U.S. for the benefit of Mexico. For fiscal years 2017, 2016, and 2015 these charges totaled $0.4 million , $2.7 million , and $2.8 million , respectively. (2) In accordance with the Company's revolving credit facility, substantially all of the Company’s assets, excluding the Company’s Mexico subsidiaries, are pledged as collateral. Any working capital contributions made by the U.S. to Mexico are treated as contributions of capital. Therefore, the Mexico segment incurs no interest expense. The following table presents long-lived assets (other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets) for the Company’s two reportable segments: March 31, 2017 2016 Total long-lived assets U.S. $ 20,724,777 21,300,123 Mexico 3,459,430 3,996,790 Consolidated total assets 24,184,207 25,296,913 The following table presents total assets for the Company’s two reportable segments: March 31, 2017 2016 Total assets U.S. $ 730,985,558 739,870,383 Mexico 69,603,217 66,348,480 Consolidated total assets 800,588,775 806,218,863 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events Eleventh Amendment to Amended and Restated Revolving Credit Facility On May 8, 2017, the Company entered into an eleventh amendment (the “Eleventh Amendment”) to the Amended and Restated Revolving Credit Agreement, originally dated as of September 17, 2010 (as cumulatively amended, the “Revolving Credit Agreement”), among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as successor Administrative Agent and successor Collateral Agent. The Eleventh Amendment amends the Revolving Credit Agreement to, among other things: (i) extend the maturity date under the Revolving Credit Agreement from June 15, 2018 to June 15, 2019; (ii) increase the commitments under the Revolving Credit Agreement from $370.0 million to $480.0 million; (iii) reduce the maximum permissible ratio of total debt to consolidated adjusted net worth from 2.75 to 1.0 to 2.0 to 1.0; (iv) further narrow the definition of “Eligible Finance Receivables;” (v) expand the circumstances under which the Company may make restricted payments by allowing for certain share repurchases in an aggregate amount of up to 50% of consolidated adjusted net income in any fiscal year, commencing with the fiscal year ending March 31, 2017; and (vi) restrict certain bulk purchases of finance receivables by the Company. In addition, pursuant to the Eleventh Amendment, Bank United, N.A. became a lender under the Revolving Credit Agreement. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2017 , the Company operated 1,169 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 158 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData Financial Systems (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “Accumulated other comprehensive loss.” |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. Actual results could differ from those estimates. |
Reclassifications [Text Block] | Reclassification 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. |
Business Segments | Business Segments The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has two reportable segments, which are the U.S. and Mexico operating segments. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done in the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. At March 31, 2017 and 2016 , the Company's Mexico operations accounted for approximately 8.7% and 8.2% of total consolidated assets. Total revenues for the years ended March 31, 2017 , 2016 and 2015 were $40.9 million , $42.2 million , $52.4 million , respectively, which represented 7.7% , 7.6% , and 8.6% of consolidated revenues, respectively. For additional financial information regarding the results of our two reportable segments for each of the last three fiscal years, refer to Note 17—Segments in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. As of March 31, 2017 and 2016 the Company had $3.9 million and $2.2 million in restricted cash associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. |
Loans and Interest Income | Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of South Carolina, Georgia, Texas, Oklahoma, Louisiana, Tennessee, Illinois, Missouri, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, Mississippi and Idaho. In addition, the Company also originates consumer loans in Mexico. During fiscal 2017 , 2016 and 2015 the Company originated loans generally ranging up to $4,000 , with terms of 42 months or less. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as a new loan. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. Gross loans receivable at March 31, 2017 and 2016 consisted of the following: 2017 2016 Small loans (U.S.) $ 630,802,614 650,494,287 Large loans (U.S.) 312,458,275 312,642,395 Sales finance loans (U.S.) 54,247 1,414,177 Payroll deduct "Viva" loans (Mexico) 69,087,314 55,276,506 Traditional installment loans (Mexico) 47,401,682 47,136,977 Total gross loans $ 1,059,804,132 1,066,964,342 Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Loans are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for loan losses. The Company recognizes interest and fee income using the interest method. Charges for late payments are credited to income when collected. The Company generally offers its loans at the prevailing statutory rates for terms generally not to exceed 42 months . Management believes that the carrying value approximates the fair value of its loan portfolio. |
Nonaccrual Policy | Nonaccrual Policy The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest revenue is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. |
Allowance for Loan Losses | Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for incurred losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable incurred losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of the gross loan balance of all loans 91 days or more days past due (151 days or more past due for payroll deduct loans) on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. A process is then performed to determine the adequacy of the allowance for loan losses, as well as considering trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings are compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model, when determining if any adjustments are needed. The Company's policy is to charge off loans at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. The Company's charge-off policy has been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate (net charge-offs as a percentage of average net loans receivable) for the past 10 years has ranged from 12.9% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. FASB ASC Topic 310-30 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310-30 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310-30. |
Impaired Loans | Impaired Loans The Company defines impaired loans as bankrupt accounts and accounts 91 days or more past due (151 days or more past due for payroll deduct loans). In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2017 , bankrupt accounts that had not been charged off were approximately $6.0 million . Bankrupt accounts 91 days or more past due are reserved at 100% of the gross loan balance. The Company also considers accounts 91 days or more past due (151 days or more past due for payroll deduct loans) as impaired, and the accounts are reserved at 100% of the gross loan balance. Delinquency is the primary credit quality indicator used to determine the credit quality of the Company's receivables (additional requirements from ASC 310-10 are disclosed in Note 2). |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years ; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. |
Operating Leases | Operating Leases The Company’s branch leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years , or the lease term that considers renewal periods that are reasonably assured. |
Other Assets | Other Assets Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets include the cost of acquiring existing customers ("customer lists"), and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 2 to 23 years with a weighted average of approximately 11 years . Non-compete agreements are amortized on a straight line basis over the term of the agreement, ranging from 3 to 5 years with a weighted average of approximately 4.9 years . Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs, in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to a branch 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. 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 branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer 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 attrition of acquired customers. This method is re-evaluated periodically. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has two reporting units (U.S. and Mexico), and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal year ended 2017 , 2016 , or 2015 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable, and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately 8 months . Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. |
Insurance Premiums | Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. |
Non-filing Insurance | Non-filing Insurance Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 8). Claims paid by the third party insurance company result in a reduction to loan losses. Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) are computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options and restricted stock, which are computed using the treasury stock method. See Note 11 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. |
Stock-Based Compensation | Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 12). At March 31, 2017 , the Company had several share-based employee compensation plans, which are described more fully in Note 12. The Company uses the modified prospective transition method in accordance with FASB ASC Topic 718. Under this method of transition, compensation cost recognized during fiscal years 2015 , 2016 , and 2017 was based on the grant-date fair value estimated in accordance with the provisions of FASB ASC Topic 718. Since this compensation cost is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. FASB ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has elected to expense grants of awards with graded vesting on a straight-line basis over the requisite service period for each separately vesting portion of the award. |
Treasury Stock [Text Block] | Share Repurchases On March 10, 2015, the Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock. As of March 31, 2017 , the Company had $6.5 million in aggregate remaining repurchase capacity under the March 10, 2015 repurchase authorization. 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. Although the repurchase authorization above has no stated expiration date, the Company’s stock repurchase program may be suspended or discontinued at any time. The Company continues to believe stock repurchases to be a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our amended credit facility limits share repurchases to 50% of consolidated adjusted net income in any fiscal year commencing with the fiscal year ending March 31, 2017. Our first priority is to ensure we have enough capital to fund loan growth. To the extent we have excess capital, we may continue repurchasing stock, if appropriate and as authorized by our Board of Directors. As of March 31, 2017 our debt outstanding was $295.1 million and our shareholders' equity was $461.1 million resulting in a debt-to-equity ratio of 0.6 :1.0. We will continue to monitor our debt-to-equity ratio and are committed to maintaining a debt level that will allow us to continue to execute our business objectives, while not putting undue stress on our consolidated balance sheet. |
Comprehensive Income | Comprehensive Income Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are comprised of foreign currency translation adjustments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company generally serves individuals with limited access to other sources of consumer credit, such as banks, credit unions, other consumer finance businesses and credit card lenders. During the year ended March 31, 2017 , the Company operated in fifteen states in the United States as well as in Mexico. For the years ended March 31, 2017 , 2016 and 2015 , total revenue within the Company's four largest states ( Texas , Tennessee , Georgia , South Carolina ) accounted for approximately 53% , 53% and 54% , respectively, of the Company's total revenues. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. |
Advertising Costs | Advertising Costs Advertising costs are expensed when incurred. Advertising costs were approximately $17.9 million , $16.9 million and $17.3 million for fiscal years 2017 , 2016 and 2015 , respectively. |
New Accounting Pronouncements Adopted | Scope of Modification Accounting In May 2017, the Financial Accounting Standards Board issued ASU No. 2017-09, Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. According to ASU No. 2017-09 an entity should account for the effects of a modification unless all the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Simplifying the Test for Goodwill Impairment In January 2017, the Financial Accounting Standards Board issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. The amendments in this Update are effective for public entities who are SEC filers for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Clarifying the Definition of a Business In January 2017, the Financial Accounting Standards Board issued ASU No. 2017-01, Clarifying the Definition of a Business. Current GAAP does not specify the minimum inputs and processes required for a "set" of assets and activities to meet the definition of a business. That lack of clarity led to broad interpretations of the definition of a business. The amendments in this Update provide a more robust framework to use in determining when a set of assets and activities is a business. For public business entities the amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Restricted Cash In November 2016, the Financial Accounting Standards Board issued ASU No. 2016-18, Restricted Cash. GAAP currently does not include specific guidance to address how to classify and present changes in restricted cash or restricted cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into restricted cash or restricted cash equivalents or direct cash payments made from restricted cash or restricted cash equivalents. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. For public business entities the amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the Financial Accounting Standards Board issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendments in this Update eliminate the exception for an intra-entity transfer of an asset other than inventory. For public business entities the amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments In August 2016, the Financial Accounting Standards Board issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendment addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: • Debt Prepayment or Debt Extinguishment Costs • Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing • Contingent Consideration Payments Made after a Business Combination • Proceeds from the Settlement of Insurance Claims • Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies • Distributions Received from Equity Method Investees • Beneficial Interests in Securitization Transactions • Separately Identifiable Cash Flows and Application of the Predominance Principle For public business entities the amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, Financial Instruments - Credit Losses. The amendment seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. The adoption of this ASU could have a material impact on the provision for loan losses in the consolidated statements of operations and allowance for loan losses in the consolidated balance sheets. Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In April 2016, the Financial Accounting Standards Board issued ASU No. 2016-10, Identifying Performance Obligations and Licensing. The amendments clarify the following two aspects of Topic 606: (a) identifying performance obligations; and (b) the licensing implementation guidance. The amendments do not change the core principle of the guidance in Topic 606. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Early application for public entities is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Improvements to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for share-based payment transactions, income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendment in this ASU becomes effective on a modified retrospective transition for accounting in tax benefits recognized, retrospectively for accounting related to the presentation of employee taxes paid, prospective for accounting related to recognition of excess tax benefits, and either a prospective or retrospective method for accounting related to presentation of excess employee tax benefits for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. We have adopted the new standard effective April 1, 2017. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-08, Principal versus Agent Considerations, which clarifies the implementation of the guidance on principal versus agent considerations from ASU 2014-09, Revenue from Contracts with Customers. ASU 2016-08 does not change the core principle of the guidance in ASU 2014-09, but rather clarifies the distinction between principal versus agent considerations when implementing ASU 2014-09. As these are technical corrections and improvements only, the we do not believe that this ASU will have a material effect on our consolidated financial statements. Leases In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, Leases (Topic 842). The ASU will require lessees to recognize assets and liabilities on leases with terms greater than 12 months and to disclose information related to the amount, timing and uncertainty of cash flows arising from leases, including various qualitative and quantitative requirements. The amendments of this ASU become effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. We expect the standard to have an impact on our assets and liabilities for the addition of right-of-use assets and lease liabilities, but we do not expect it to have a material impact to our results of operations or liquidity. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the Financial Accounting Standards Board issued ASU No. 2016-01, which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for the Company beginning in its first quarter of 2019 and early adoption is not permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board issued 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, as amended by ASU 2015-14 and ASU 2016-20, is effective for fiscal years, and interim periods, beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We are currently evaluating the overall impact the adoption of this guidance will have on our consolidated financial statements. We believe the adoption of this update will not have a material impact on our consolidated financial statements due to our interest and fees income not being in the scope of this update. 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. |
Allowance for Loan Losses and28
Allowance for Loan Losses and Credit Quality Indicators (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of changes in the allowance for loan losses | The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2017 , 2016 , and 2015 : 2017 2016 2015 Balance at beginning of period $ 69,565,804 70,437,988 63,254,940 Provision for loan losses 128,572,162 123,598,318 118,829,863 Loan losses (141,878,119 ) (141,758,366 ) (126,093,332 ) Recoveries 16,519,929 18,196,110 15,467,059 Translation adjustment (584,884 ) (908,246 ) (1,020,542 ) Balance at end of period $ 72,194,892 69,565,804 70,437,988 |
Summary of loans individually and collectively evaluated for impairment | The following is a summary of loans individually and collectively evaluated for impairment for the period indicated: March 31, 2017 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,903,728 — 4,903,728 Gross loans contractually delinquent 54,310,791 — 54,310,791 Loans not contractually delinquent and not in bankruptcy — 1,000,589,613 1,000,589,613 Gross loan balance 59,214,519 1,000,589,613 1,059,804,132 Unearned interest and fees (15,336,248 ) (276,572,403 ) (291,908,651 ) Net loans 43,878,271 724,017,210 767,895,481 Allowance for loan losses (39,182,951 ) (33,011,941 ) (72,194,892 ) Loans, net of allowance for loan losses $ 4,695,320 691,005,269 695,700,589 March 31, 2016 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,560,322 — 4,560,322 Gross loans contractually delinquent 46,373,923 — 46,373,923 Loans not contractually delinquent and not in bankruptcy — 1,016,030,097 1,016,030,097 Gross loan balance 50,934,245 1,016,030,097 1,066,964,342 Unearned interest and fees (12,726,898 ) (277,932,264 ) (290,659,162 ) Net loans 38,207,347 738,097,833 776,305,180 Allowance for loan losses (33,840,839 ) (35,724,965 ) (69,565,804 ) Loans, net of allowance for loan losses $ 4,366,508 702,372,868 706,739,376 |
Assessment of the credit quality | The following is an assessment of the credit quality for the fiscal years indicated: March 31, March 31, Credit risk Consumer loans- non-bankrupt accounts $ 1,053,769,654 1,061,436,900 Consumer loans- bankrupt accounts 6,034,478 5,527,442 Total gross loans $ 1,059,804,132 1,066,964,342 Consumer credit exposure Credit risk profile based on payment activity, performing $ 977,171,570 991,386,552 Contractual non-performing, 61 days or more delinquent (1) 82,632,562 75,577,790 Total gross loans $ 1,059,804,132 1,066,964,342 Credit risk profile based on customer type New borrower $ 168,656,845 141,980,629 Former borrower 108,100,688 111,608,375 Refinance 765,373,325 793,913,695 Delinquent refinance 17,673,274 19,461,643 Total gross loans $ 1,059,804,132 1,066,964,342 |
Summary of the past due receivables | The following is a summary of the past due receivables as of: March 31, March 31, March 31, Contractual basis: 30-60 days past due $ 35,527,103 40,094,824 43,663,540 61-90 days past due 25,823,757 27,082,385 26,027,649 91 days or more past due 56,808,805 48,495,405 51,132,887 Total $ 118,159,665 115,672,614 120,824,076 Percentage of period-end gross loans receivable 11.1 % 10.8 % 10.9 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of: March 31, 2017 March 31, 2016 Land $ 576,977 576,977 Building and leasehold improvements 21,410,067 20,790,360 Furniture and equipment 44,377,741 45,008,085 66,364,785 66,375,422 Less accumulated depreciation and amortization (42,180,578 ) (41,078,509 ) Total $ 24,184,207 25,296,913 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Gross carrying amount and related accumulated amortization of definite-lived intangible assets | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: March 31, 2017 March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Cost of customer lists $ 26,678,992 (20,161,116 ) 6,517,876 $ 22,615,749 (19,759,253 ) 2,856,496 Value assigned to non-compete agreements 8,424,644 (8,328,338 ) 96,306 8,354,643 (8,294,602 ) 60,041 Total $ 35,103,636 (28,489,454 ) 6,614,182 $ 30,970,392 (28,053,855 ) 2,916,537 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill [Abstract] | |
Changes in the carrying amount of goodwill | The following summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2017 and 2016 : 2017 2016 Balance at beginning of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (25,393 ) (25,393 ) Goodwill acquired during the year $ — — Impairment losses (54,238 ) — Balance at end of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (79,631 ) (25,393 ) Total $ 6,067,220 6,121,458 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Aggregate annual maturities of the notes payable | As of March 31, 2017 , the aggregate annual maturities of the notes payable for each of the five fiscal years subsequent to March 31, 2017 were as follows: 2018 $ — 2019 295,136,200 2020 — 2021 — 2022 — Total future debt payments $ 295,136,200 |
Insurance Commissions and Oth33
Insurance Commissions and Other Income (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Insurance Commissions and other income [Abstract] | |
Insurance Commissions and Other Income | Insurance and other income for the years ending March 31, 2017 , 2016 and 2015 consist of: 2017 2016 2015 Insurance revenue $ 40,848,245 43,346,884 47,822,485 Tax return preparation revenue 14,695,633 11,920,669 9,896,378 Auto club membership revenue 2,515,282 2,516,634 3,671,192 World Class Buying Club revenue 136 1,410 2,438,314 Net gain (loss) on sale of loans receivable — (1,572,536 ) 16,027,999 Other 4,916,166 6,129,210 6,079,167 Insurance and other income $ 62,975,462 62,342,271 85,935,535 |
Non-filing Insurance (Tables)
Non-filing Insurance (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Non-file Insurance [Abstract] | |
Non-filing Insurance | The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2017 , 2016 and 2015 : 2017 2016 2015 Insurance premiums written $ 5,673,653 6,197,928 6,804,275 Recoveries on claims paid $ 1,165,092 1,125,524 1,128,347 Claims paid $ 6,312,511 6,884,185 7,196,437 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Schedule of future minimum rental payments for operating leases | The future minimum lease payments under noncancelable operating leases as of March 31, 2017 , are as follows: 2018 $ 23,882,791 2019 14,987,827 2020 7,065,190 2021 1,427,826 2022 599,993 Thereafter 207,928 Total future minimum lease payments $ 48,171,555 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | Income tax expense (benefit) consists of: Current Deferred Total Year ended March 31, 2017 U.S. Federal $ 34,930,677 (14,658 ) 34,916,019 State and local 3,215,621 25,852 3,241,473 Foreign 3,144,625 (905,280 ) 2,239,345 $ 41,290,923 (894,086 ) 40,396,837 Year ended March 31, 2016 U.S. Federal $ 44,781,123 (839,117 ) 43,942,006 State and local 4,866,596 169,985 5,036,581 Foreign 1,630,565 (116,245 ) 1,514,320 $ 51,278,284 (785,377 ) 50,492,907 Year ended March 31, 2015 U.S. Federal $ 61,284,205 (3,524,067 ) 57,760,138 State and local 6,112,487 (411,543 ) 5,700,944 Foreign 1,631,605 104,193 1,735,798 $ 69,028,297 (3,831,417 ) 65,196,880 |
Income tax expense reconciliation to U.S federal income tax rate to pretax income | Income tax expense was $40,396,837 , $50,492,907 and $65,196,880 , for the years ended March 31, 2017 , 2016 and 2015 , respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax income from continuing operations as a result of the following: 2017 2016 2015 Expected income tax $ 39,898,996 48,260,962 61,610,618 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 2,106,957 3,273,778 3,705,614 Insurance income exclusion — — (73,826 ) Uncertain tax positions (1,015,222 ) 1,624,865 1,914,990 State tax adjustment for amended returns 238,301 (370,659 ) — Foreign income adjustments (332,023 ) (257,873 ) (1,453,438 ) Other, net (500,172 ) (2,038,166 ) (507,078 ) $ 40,396,837 50,492,907 65,196,880 |
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2017 and 2016 are presented below: 2017 2016 Deferred tax assets: Allowance for loan losses $ 28,125,727 27,116,483 Unearned insurance commissions 12,419,811 12,840,362 Accrued expenses primarily related to employee benefits 15,849,041 13,743,022 Reserve for uncollectible interest 1,125,188 1,192,215 Other — 259,822 Gross deferred tax assets 57,519,767 55,151,904 Less valuation allowance (1,274 ) (1,274 ) Net deferred tax assets 57,518,493 55,150,630 Deferred tax liabilities: Fair value adjustment for loans receivable (9,450,239 ) (9,269,247 ) Property and equipment (3,560,296 ) (2,945,625 ) Intangible assets (2,341,393 ) (2,050,975 ) Deferred net loan origination costs (1,985,387 ) (1,977,619 ) Prepaid expenses (977,906 ) (776,182 ) Other (178,203 ) — Gross deferred tax liabilities (18,493,424 ) (17,019,648 ) Deferred income taxes, net $ 39,025,069 38,130,982 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2017 , 2016 and 2015 are presented below: 2017 2016 2015 Unrecognized tax benefit balance beginning of year $ 9,395,413 7,621,327 5,810,712 Gross increases for tax positions of current year (237,746 ) 783,265 2,209,048 Gross increases for tax positions of prior years 637,166 1,798,505 — Settlements with tax authorities (2,403,982 ) — — Lapse of statute of limitations (125,885 ) (807,684 ) (398,433 ) Unrecognized tax benefit balance end of year $ 7,264,966 9,395,413 7,621,327 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted average common shares outstanding | The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: For the year ended March 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 73,600,294 8,705,658 $ 8.45 Effect of dilutive securities options and restricted stock — 72,386 Diluted EPS Income available to common shareholders including dilutive securities $ 73,600,294 8,778,044 $ 8.38 For the year ended March 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 87,395,557 8,636,269 $ 10.12 Effect of dilutive securities options and restricted stock — 55,922 Diluted EPS Income available to common shareholders including dilutive securities $ 87,395,557 8,692,191 $ 10.05 For the year ended March 31, 2015 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 110,833,458 9,146,003 $ 12.12 Effect of dilutive securities options and restricted stock — 170,626 Diluted EPS Income available to common shareholders including dilutive securities $ 110,833,458 9,316,629 $ 11.90 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of weighted-average assumptions | This fair value was estimated at grant date using the weighted-average assumptions listed below. 2017 2016 2015 Dividend yield 0 % 0 % 0 % Expected volatility 48.90 % 41.41 % 44.62 % Average risk-free interest rate 1.20 % 1.38 % 1.77 % Expected life 5.0 years 5.0 years 6.1 years |
Summary schedule of stock option activity | Option activity for the year ended March 31, 2017 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of year 950,651 $ 67.20 Granted 62,625 51.38 Exercised (33,702 ) 34.43 Forfeited (68,284 ) 64.72 Expired (43,149 ) 71.10 Options outstanding, end of period 868,141 $ 67.33 6.32 $ 2,952,869 Options exercisable, end of period 553,541 $ 69.32 5.55 $ 1,439,488 |
Intrinsic value of options exercised | The total intrinsic value of options exercised during the periods ended March 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 $661,164 $2,445,011 $6,454,022 |
Shares vesting based on the compounded annual EPS growth | EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $10.29 100% $9.76 67% $9.26 33% Below $9.26 0% the following performance goals during any successive trailing four quarters during the measurement period ending on March 31, 2017: Trailing 4 quarter EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $13.00 25% $14.50 25% $16.00 25% $18.00 25% |
Summary of the status and changes restricted stock | A summary of the status of the Company’s restricted stock as of March 31, 2017 and changes during the year ended March 31, 2017 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2016 93,550 $ 40.92 Granted during the period 74,490 51.15 Vested during the period (20,589 ) 28.29 Forfeited during the period (36,090 ) 62.49 Outstanding at March 31, 2017 111,361 $ 43.11 |
Share-based compensation included as a component of net income | Total share-based compensation included as a component of net income during the years ended March 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 Share-based compensation related to equity classified units: Share-based compensation related to stock options $ 3,490,662 3,965,463 8,133,512 Share-based compensation related to restricted stock 1,604,257 (8,033,213 ) 8,138,643 Total share-based compensation related to equity classified awards $ 5,094,919 (4,067,750 ) 16,272,155 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition activity | The following table sets forth the acquisition activity of the Company for the years ended March 31, 2017 , 2016 and 2015 : 2017 2016 2015 Number of branches acquired through business combinations 14 — 2 Number of asset purchases — 1 3 Total acquisitions 14 1 5 Purchase price $ 20,836,699 173,628 1,979,494 Tangible assets: Loans receivable, net 16,617,242 92,097 1,512,149 Property and equipment 86,214 — 4,000 16,703,456 92,097 1,516,149 Excess of purchase prices over carrying value of net tangible assets $ 4,133,243 81,531 463,345 Customer lists $ 4,063,243 76,531 284,014 Non-compete agreements 70,000 5,000 25,000 Goodwill — — 154,331 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Book value and estimated fair value of the Company's long-term debt | The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2017 March 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 15,200,410 $ 15,200,410 $ 12,377,024 $ 12,377,024 Level 3 inputs Loans receivable, net 695,700,589 695,700,589 706,739,376 706,739,376 LIABILITIES Level 3 inputs Senior notes payable 295,136,200 295,136,200 374,685,000 374,685,000 |
Quarterly Information (Unaudi41
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following sets forth selected quarterly operating data: 2017 2016 First Second Third Fourth First Second Third Fourth (Dollars in thousands, except for earnings per share data) Total revenues $ 127,080 129,269 130,815 144,571 137,225 136,412 139,696 144,143 Provision for loan losses 32,014 35,871 39,985 20,702 26,228 37,557 35,441 24,373 General and administrative expenses 62,949 63,456 71,237 70,020 67,568 63,436 71,580 66,555 Interest expense 5,586 5,519 5,274 5,125 5,472 7,269 7,149 6,959 Income tax expense 9,913 8,932 4,679 16,873 14,325 8,963 10,775 16,430 Net income $ 16,618 15,491 9,640 31,851 23,632 19,187 14,751 29,826 Earnings per share: Basic $ 1.91 1.78 1.11 3.67 2.75 2.23 1.70 3.44 Diluted $ 1.89 1.76 1.10 3.64 2.71 2.22 1.70 3.42 |
Segments segment (Tables)
Segments segment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Long-lived Assets by Geographic Areas [Table Text Block] | The following table presents long-lived assets (other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets) for the Company’s two reportable segments: March 31, 2017 2016 Total long-lived assets U.S. $ 20,724,777 21,300,123 Mexico 3,459,430 3,996,790 Consolidated total assets 24,184,207 25,296,913 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2017 2016 2015 Revenues: U.S. $ 490,821,420 515,300,873 557,818,594 Mexico 40,913,304 42,174,834 52,394,282 Consolidated revenues 531,734,724 557,475,707 610,212,876 Provision for loan losses: U.S. $ 119,095,712 114,427,629 107,223,759 Mexico 9,476,450 9,170,689 11,606,104 Consolidated provision for loan losses 128,572,162 123,598,318 118,829,863 General and administrative expenses: (1) U.S. $ 244,753,946 244,370,502 263,166,854 Mexico 22,907,277 24,769,173 28,884,665 Consolidated general and administrative expenses 267,661,223 269,139,675 292,051,519 Interest expense: (2) U.S. $ 21,504,208 26,849,250 23,301,156 Mexico — — — Consolidated interest expense 21,504,208 26,849,250 23,301,156 Income tax expense: U.S. $ 38,157,492 48,978,587 63,461,082 Mexico 2,239,345 1,514,320 1,735,798 Consolidated income tax expense 40,396,837 50,492,907 65,196,880 Net income: U.S. $ 67,310,062 80,674,905 100,665,743 Mexico 6,290,232 6,720,652 10,167,715 Consolidated net income 73,600,294 87,395,557 110,833,458 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table presents total assets for the Company’s two reportable segments: March 31, 2017 2016 Total assets U.S. $ 730,985,558 739,870,383 Mexico 69,603,217 66,348,480 Consolidated total assets 800,588,775 806,218,863 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2017USD ($)segments | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 10, 2015USD ($) | Mar. 31, 2014USD ($) | |
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Advertising Expense | $ 17,866,422 | $ 16,863,076 | $ 17,299,665 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 25,000,000 | ||||||||||||
Loans and Leases Receivable, Gross | $ 1,059,804,132 | $ 1,066,964,342 | $ 1,059,804,132 | 1,066,964,342 | |||||||||
Nature of Operations [Text Block] | Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2017 , the Company operated 1,169 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 158 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. | ||||||||||||
Business Segments [Abstract] | |||||||||||||
Number of reportable segments | segments | 2 | ||||||||||||
Total assets | 800,588,775 | 806,218,863 | $ 800,588,775 | 806,218,863 | |||||||||
Total revenues | 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | 144,143,000 | $ 139,696,000 | $ 136,412,000 | $ 137,225,000 | $ 531,734,724 | 557,475,707 | 610,212,876 | ||
Cash and Cash Equivalents [Abstract] | |||||||||||||
Periods of maturity of highly liquid investments (in months) | 3 months | ||||||||||||
Loans and Interest Income [Abstract] | |||||||||||||
Direct consumer loans, Maximum | $ 4,000 | $ 4,000 | |||||||||||
Consumer direct cash loan terms, Maximum (in months) | 42 months | ||||||||||||
Percentage of present value of new loan terms to remaining cash flows under original loan, Minimum (in hundredths) | 10.00% | 10.00% | |||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Average contractual loan terms | 8 months | ||||||||||||
Principal loans more than ninety days past due included in loan loss reserves (in hundredths) | 100.00% | 100.00% | |||||||||||
General reserve percentage | 4.25% | ||||||||||||
Average loan life | 8 months | ||||||||||||
Impaired loans [Abstract] | |||||||||||||
Number of days past due for loans to be classified as impaired, Minimum (in days) | 91 days or more | ||||||||||||
Net investment in loans deemed uncollectible charged-off (in hundredths) | 100.00% | 100.00% | |||||||||||
Bankrupt accounts that had not been charged off | $ 6,000,000 | $ 6,000,000 | |||||||||||
Accounts past due, reserved (in hundredths) | 100.00% | 100.00% | |||||||||||
Restricted Cash and Cash Equivalents | $ 3,900,000 | 2,200,000 | $ 3,900,000 | 2,200,000 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 6,500,000 | 6,500,000 | |||||||||||
Stockholders' Equity Attributable to Parent | 461,063,577 | 391,901,581 | $ 461,063,577 | 391,901,581 | 315,567,719 | $ 307,355,321 | |||||||
Minimum [Member] | |||||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Historial loss ratio, percentage | 12.90% | ||||||||||||
Maximum [Member] | |||||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Historial loss ratio, percentage | 16.70% | ||||||||||||
Small loans [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 630,802,614 | 650,494,287 | $ 630,802,614 | 650,494,287 | |||||||||
Large loans [Member] [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 312,458,275 | 312,642,395 | 312,458,275 | 312,642,395 | |||||||||
Sales finance loans [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 54,247 | 1,414,177 | 54,247 | 1,414,177 | |||||||||
Payroll Deduct MX [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 69,087,314 | 55,276,506 | 69,087,314 | 55,276,506 | |||||||||
Traditional Installment MX [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | $ 47,401,682 | 47,136,977 | $ 47,401,682 | 47,136,977 | |||||||||
UNITED STATES | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Number of offices operated in the United States of America | 1,169 | 1,169 | |||||||||||
Business Segments [Abstract] | |||||||||||||
Total assets | $ 730,985,558 | 739,870,383 | $ 730,985,558 | 739,870,383 | |||||||||
Total revenues | $ 490,821,420 | $ 515,300,873 | 557,818,594 | ||||||||||
MEXICO | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Number of offices operated in the United States of America | 158 | 158 | |||||||||||
Business Segments [Abstract] | |||||||||||||
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss) | 0.087 | 0.082 | |||||||||||
Total assets | $ 69,603,217 | $ 66,348,480 | $ 69,603,217 | $ 66,348,480 | |||||||||
Total revenues | $ 40,913,304 | $ 42,174,834 | $ 52,394,282 | ||||||||||
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss) | 0.077 | 0.076 | 0.086 | ||||||||||
Noncompete Agreements [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years 10 months 24 days | ||||||||||||
Noncompete Agreements [Member] | Minimum [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||||
Noncompete Agreements [Member] | Maximum [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Mar. 31, 2017 | |
Operating Leases [Abstract] | |
Operating lease terms, Minimum (in years) | 3 years |
Operating lease terms, Maximum (in years) | 5 years |
Amortization period for leasehold improvements operating leases (in years) | 5 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 40 years |
Furniture and fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 7 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Additional Disclosures) (Details) | 12 Months Ended | ||
Mar. 31, 2017USD ($)statessegments | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of reportable segments | segments | 2 | ||
Fair Value of Financial Instruments [Abstract] | |||
Average loan life | 8 months | ||
Income Taxes [Abstract] | |||
Income tax position, likelihood of being sustained (in hundredths) | 50.00% | ||
Concentration of Risk [Abstract] | |||
Number of states in which entity operates | states | 15 | ||
Number of states with largest concentration of revenue | states | 4 | ||
Concentration Risk, Percentage | 53.00% | 54.00% | |
Advertising Costs [Abstract] | |||
Advertising | $ | $ 17,866,422 | $ 16,863,076 | $ 17,299,665 |
Number of Reporting Units | segments | 2 | ||
Customer lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 11 years | ||
Customer lists [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 2 years | ||
Customer lists [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 23 years | ||
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 4 years 10 months 24 days | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 3 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Income statement revision (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Interest and fee income | $ 468,759,262 | $ 495,133,436 | $ 524,277,341 |
Personnel | $ 171,958,682 | $ 169,573,039 | $ 192,419,147 |
Allowance for Loan Losses and47
Allowance for Loan Losses and Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | $ 69,565,804 | $ 70,437,988 | $ 69,565,804 | $ 70,437,988 | $ 63,254,940 | ||||||||
Provision for loan losses | $ 20,702,000 | $ 39,985,000 | $ 35,871,000 | 32,014,000 | $ 24,373,000 | $ 35,441,000 | $ 37,557,000 | 26,228,000 | 128,572,162 | 123,598,318 | 118,829,863 | ||
Loan losses | (141,878,119) | (141,758,366) | (126,093,332) | ||||||||||
Recoveries | 16,519,929 | 18,196,110 | 15,467,059 | ||||||||||
Translation adjustment | (584,884) | (908,246) | (1,020,542) | ||||||||||
Balance at end of period | 72,194,892 | 69,565,804 | 72,194,892 | 69,565,804 | 70,437,988 | ||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | $ 4,903,728 | $ 4,560,322 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 54,310,791 | 46,373,923 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 1,000,589,613 | 1,016,030,097 | |||||||||||
Unearned interest and fees | (290,659,162) | ||||||||||||
Net loans | 767,895,481 | 776,305,180 | |||||||||||
Allowance for loan losses | (72,194,892) | (69,565,804) | (69,565,804) | $ (70,437,988) | (69,565,804) | (70,437,988) | $ (63,254,940) | (72,194,892) | (69,565,804) | ||||
Loans receivable, net | 695,700,589 | 706,739,376 | |||||||||||
Loans individually evaluated for impairment (impaired loans) [Member] | |||||||||||||
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | 33,840,839 | 33,840,839 | |||||||||||
Balance at end of period | 39,182,951 | 33,840,839 | 39,182,951 | 33,840,839 | |||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | 4,903,728 | 4,560,322 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 54,310,791 | 46,373,923 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 0 | 0 | |||||||||||
Unearned interest and fees | (15,336,248) | (12,726,898) | |||||||||||
Net loans | 43,878,271 | 38,207,347 | |||||||||||
Allowance for loan losses | (39,182,951) | (33,840,839) | (33,840,839) | (33,840,839) | (33,840,839) | (39,182,951) | (33,840,839) | ||||||
Loans receivable, net | 4,695,320 | 4,366,508 | |||||||||||
Loans collectively evaluated for impairment [Member] | |||||||||||||
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | 35,724,965 | 35,724,965 | |||||||||||
Balance at end of period | 33,011,941 | 35,724,965 | 33,011,941 | 35,724,965 | |||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | 0 | 0 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 0 | 0 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 1,000,589,613 | 1,016,030,097 | |||||||||||
Unearned interest and fees | (276,572,403) | (277,932,264) | |||||||||||
Net loans | 724,017,210 | 738,097,833 | |||||||||||
Allowance for loan losses | $ (33,011,941) | $ (35,724,965) | $ (35,724,965) | $ (35,724,965) | $ (35,724,965) | (33,011,941) | (35,724,965) | ||||||
Loans receivable, net | $ 691,005,269 | $ 702,372,868 |
Allowance for Loan Losses and48
Allowance for Loan Losses and Credit Quality Indicators (Assessment of Credit Quality) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $ 42,200,000 | $ 41,200,000 | $ 36,300,000 |
Loans and Leases Receivable, Deferred Income | 291,908,651 | 290,659,162 | |
Loans and Leases Receivable, Gross | 1,059,804,132 | 1,066,964,342 | |
New borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 168,656,845 | ||
Former borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 108,100,688 | ||
Refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 765,373,325 | ||
Delinquent refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17,673,274 | ||
Consumer loans- non-bankrupt accounts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,053,769,654 | 1,061,436,900 | |
Consumer loans- bankrupt accounts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6,034,478 | 5,527,442 | |
Loans Individually Evaluated For Impairment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 59,214,519 | 50,934,245 | |
Loans Collectively Evaluated For Impairment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,000,589,613 | 1,016,030,097 | |
Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 977,171,570 | 991,386,552 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 82,632,562 | 75,577,790 | |
Delinquent refinance [Member] | Delinquent refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 19,461,643 | ||
New borrower [Member] | New borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 141,980,629 | ||
Former borrower [Member] | Former borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 111,608,375 | ||
Refinance [Member] | Refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 793,913,695 |
Allowance for Loan Losses and49
Allowance for Loan Losses and Credit Quality Indicators (Summary of Past Due Receivables) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $ 42,200,000 | $ 41,200,000 | $ 36,300,000 |
Financing Receivable, Percent Past Due | 11.10% | 10.80% | 10.90% |
Total | $ 118,159,665 | $ 115,672,614 | $ 120,824,076 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 35,527,103 | 40,094,824 | 43,663,540 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 25,823,757 | 27,082,385 | 26,027,649 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 56,808,805 | $ 48,495,405 | $ 51,132,887 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 66,364,785 | $ 66,375,422 | |
Less accumulated depreciation and amortization | (42,180,578) | (41,078,509) | |
Total | 24,184,207 | 25,296,913 | |
Depreciation | 6,918,525 | 6,503,561 | $ 6,538,638 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 576,977 | 576,977 | |
Building and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 21,410,067 | 20,790,360 | |
Furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 44,377,741 | $ 45,008,085 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,103,636 | $ 30,970,392 |
Accumulated Amortization | (28,489,454) | (28,053,855) |
Finite-Lived Intangible Assets, Net | 6,614,182 | 2,916,537 |
Estimated amortization expense for intangible assets for future years [Abstract] | ||
2,014 | 2,400,000 | |
2,015 | 2,400,000 | |
2,016 | 400,000 | |
2,017 | 300,000 | |
2,018 | 300,000 | |
Thereafter | 800,000 | |
Cost of acquiring existing customers [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,678,992 | 22,615,749 |
Accumulated Amortization | (20,161,116) | (19,759,253) |
Finite-Lived Intangible Assets, Net | 6,517,876 | 2,856,496 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,424,644 | 8,354,643 |
Accumulated Amortization | (8,328,338) | (8,294,602) |
Finite-Lived Intangible Assets, Net | $ 96,306 | $ 60,041 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at beginning of year | ||
Goodwill | $ 6,146,851 | $ 6,146,851 |
Accumulated goodwill impairment losses | (25,393) | (25,393) |
Goodwill acquired during the year | 0 | 0 |
Impairment losses | (54,238) | 0 |
Balance at end of year | ||
Goodwill | 6,146,851 | 6,146,851 |
Accumulated goodwill impairment losses | (79,631) | (25,393) |
Goodwill, net | $ 6,067,220 | $ 6,121,458 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 550,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.79% | 5.59% | 4.25% |
Aggregate annual maturities of notes payable [Abstract] | |||
2,014 | $ 0 | ||
2,015 | 295,136,200 | ||
2,016 | 0 | ||
2,017 | 0 | ||
2,018 | 0 | ||
Total long-term debt | $ 295,136,200 | ||
Debt Instrument, Covenant Description | 265 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 370,000,000 | ||
Amount outstanding | $ 295,100,000 | ||
Description of variable rate basis | LIBOR | ||
Basis spread on variable rate (in hundredths) | 4.00% | ||
Unused amount available | $ 74,300,000 | ||
Commitment fee percentage (in hundredths) | 0.50% | ||
Expiration date | Jun. 15, 2018 | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Insurance Commissions and Oth54
Insurance Commissions and Other Income (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Components of Other Income [Line Items] | |||
Insurance commissions and other income | $ 62,975,462 | $ 62,342,271 | $ 85,935,535 |
Gain (Loss) on Sales of Consumer Loans | 0 | 1,474,182 | 16,027,999 |
Insurance commissions [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 40,848,245 | 43,346,884 | 47,822,485 |
Tax return preparation revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 14,695,633 | 11,920,669 | 9,896,378 |
Auto club membership revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 2,515,282 | 2,516,634 | 3,671,192 |
World Class Buying Club revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 136 | 1,410 | 2,438,314 |
Other [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 4,916,166 | 6,129,210 | $ 6,079,167 |
Gain (Loss) on Sales of Consumer Loans | $ (1,572,536) | ||
Other [Member] | |||
Components of Other Income [Line Items] | |||
Gain (Loss) on Sales of Consumer Loans | $ 0 |
Non-filing Insurance (Details)
Non-filing Insurance (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Non-file Insurance [Abstract] | |||
Insurance premiums written | $ 5,673,653 | $ 6,197,928 | $ 6,804,275 |
Recoveries on claims paid | 1,165,092 | 1,125,524 | 1,128,347 |
Claims paid | $ 6,312,511 | $ 6,884,185 | $ 7,196,437 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Future minimum lease payments under noncancelable operating leases [Abstract] | |||
2,014 | $ 23,882,791 | ||
2,015 | 14,987,827 | ||
2,016 | 7,065,190 | ||
2,017 | 1,427,826 | ||
2,018 | 599,993 | ||
Thereafter | 207,928 | ||
Total future minimum lease payments | 48,171,555 | ||
Operating Leases [Abstract] | |||
Rental expense | $ 26,900,000 | $ 27,100,000 | $ 26,000,000 |
Minimum [Member] | |||
Operating Leases [Abstract] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 3 years | ||
Maximum [Member] | |||
Operating Leases [Abstract] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||||||||||
Unrecognized Tax Benefits | $ 7,264,966 | $ 9,395,413 | $ 7,264,966 | $ 9,395,413 | $ 7,621,327 | $ 5,810,712 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (237,746) | |||||||||||
Income tax expense | 16,873,000 | $ 4,679,000 | $ 8,932,000 | $ 9,913,000 | 16,430,000 | $ 10,775,000 | $ 8,963,000 | $ 14,325,000 | $ 40,396,837 | 50,492,907 | 65,196,880 | |
U.S. federal income tax rate (in hundredths) | 35.00% | |||||||||||
Valuation allowance for deferred tax assets | 1,274 | $ 1,274 | ||||||||||
Cumulative undistributed net earnings permanently reinvested in Mexican foreign subsidiaries | 26,100,000 | 26,100,000 | ||||||||||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 8,178,245 | 8,178,245 | ||||||||||
Total gross unrecognized tax benefits including interest | 8,900,000 | 10,700,000 | 8,900,000 | 10,700,000 | 8,600,000 | |||||||
Unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate | 7,200,000 | 8,200,000 | 7,200,000 | 8,200,000 | 6,600,000 | |||||||
Accrued gross interest | $ 1,641,916 | $ 1,312,129 | 1,641,916 | 1,312,129 | ||||||||
Current period gross interest expense | 658,891 | 599,136 | 474,484 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 783,265 | 2,209,048 | ||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 637,166 | 1,798,505 | 0 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | (2,403,982) | 0 | 0 | |||||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 125,885 | $ 807,684 | $ 398,433 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 4,400,000 | $ 4,400,000 | |||||||||
Operating Loss Carryforwards | 54,318 | 54,318 | |||||||||
Current Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | 34,930,677 | $ 44,781,123 | $ 61,284,205 | ||||||||
State and local | 3,215,621 | 4,866,596 | 6,112,487 | ||||||||
Foreign | 3,144,625 | 1,630,565 | 1,631,605 | ||||||||
Current income tax expense | 41,290,923 | 51,278,284 | 69,028,297 | ||||||||
Deferred Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | (14,658) | (839,117) | (3,524,067) | ||||||||
State and local | 25,852 | 169,985 | (411,543) | ||||||||
Foreign | (905,280) | (116,245) | 104,193 | ||||||||
Deferred income tax benefit | (894,086) | (785,377) | (3,831,417) | ||||||||
Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | 34,916,019 | 43,942,006 | 57,760,138 | ||||||||
State and local | 3,241,473 | 5,036,581 | 5,700,944 | ||||||||
Foreign | 2,239,345 | 1,514,320 | 1,735,798 | ||||||||
Income tax expense reconciliation to U.S. federal tax rate [Abstract] | |||||||||||
Expected income tax | 39,898,996 | 48,260,962 | 61,610,618 | ||||||||
Increase (reduction) in income taxes resulting from: | |||||||||||
State tax, net of federal benefit | 2,106,957 | 3,273,778 | 3,705,614 | ||||||||
Insurance income exclusion | 0 | 0 | (73,826) | ||||||||
Uncertain tax positions | (1,015,222) | 1,624,865 | 1,914,990 | ||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 238,301 | (370,659) | 0 | ||||||||
Foreign income adjustments | (332,023) | (257,873) | (1,453,438) | ||||||||
Other, net | (500,172) | (2,038,166) | (507,078) | ||||||||
Income taxes | 16,873,000 | $ 4,679,000 | $ 8,932,000 | $ 9,913,000 | $ 16,430,000 | $ 10,775,000 | $ 8,963,000 | $ 14,325,000 | 40,396,837 | 50,492,907 | 65,196,880 |
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | 28,125,727 | 27,116,483 | 28,125,727 | 27,116,483 | |||||||
Unearned insurance commissions | 12,419,811 | 12,840,362 | 12,419,811 | 12,840,362 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 15,849,041 | 13,743,022 | 15,849,041 | 13,743,022 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 1,125,188 | 1,192,215 | 1,125,188 | 1,192,215 | |||||||
Other | 0 | (259,822) | 0 | (259,822) | |||||||
Gross deferred tax assets | 57,519,767 | 55,151,904 | 57,519,767 | 55,151,904 | |||||||
Less valuation allowance | (1,274) | (1,274) | (1,274) | (1,274) | |||||||
Net deferred tax assets | 57,518,493 | 55,150,630 | 57,518,493 | 55,150,630 | |||||||
Deferred tax liabilities: | |||||||||||
Fair value adjustment for loans | (9,450,239) | (9,269,247) | (9,450,239) | (9,269,247) | |||||||
Property and equipment | (3,560,296) | (2,945,625) | (3,560,296) | (2,945,625) | |||||||
Intangible assets | (2,341,393) | (2,050,975) | (2,341,393) | (2,050,975) | |||||||
Deferred net loan origination fees | (1,985,387) | (1,977,619) | (1,985,387) | (1,977,619) | |||||||
Prepaid expenses | (977,906) | (776,182) | (977,906) | (776,182) | |||||||
Gross deferred tax liabilities | (18,493,424) | (17,019,648) | (18,493,424) | (17,019,648) | |||||||
Deferred Tax Liabilities, Other | (178,203) | 0 | (178,203) | 0 | |||||||
Net deferred tax assets | 39,025,069 | 38,130,982 | 39,025,069 | 38,130,982 | |||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward] | |||||||||||
Unrecognized tax benefits balance at beginning of period | $ 9,395,413 | $ 7,621,327 | 9,395,413 | 7,621,327 | 5,810,712 | ||||||
Gross increases for tax positions of current year | 783,265 | 2,209,048 | |||||||||
Gross increases for tax positions of prior years | 637,166 | 1,798,505 | 0 | ||||||||
Federal and state tax settlements | 2,403,982 | 0 | 0 | ||||||||
Lapse of statute of limitations | (125,885) | (807,684) | (398,433) | ||||||||
Unrecognized tax benefits balance at end of period | $ 7,264,966 | $ 9,395,413 | $ 7,264,966 | $ 9,395,413 | $ 7,621,327 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income (Numerator) | |||||||||||
Net income | $ 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | $ 29,826,000 | $ 14,751,000 | $ 19,187,000 | $ 23,632,000 | $ 73,600,294 | $ 87,395,557 | $ 110,833,458 |
Shares (Denominator) | |||||||||||
Income available to common shareholders (in shares) | 8,705,658 | 8,636,269 | 9,146,003 | ||||||||
Effect of Dilutive Securities Options and restricted stock (in shares) | 72,386 | 55,922 | 170,626 | ||||||||
Diluted (in shares) | 8,778,044 | 8,692,191 | 9,316,629 | ||||||||
Per Share Amount | |||||||||||
Basic (in dollars per share) | $ 3.67 | $ 1.11 | $ 1.78 | $ 1.91 | $ 3.44 | $ 1.70 | $ 2.23 | $ 2.75 | $ 8.45 | $ 10.12 | $ 12.12 |
Diluted (in dollars per share) | $ 3.64 | $ 1.10 | $ 1.76 | $ 1.89 | $ 3.42 | $ 1.70 | $ 2.22 | $ 2.71 | $ 8.38 | $ 10.05 | $ 11.90 |
Antidilutive options excluded from computation of diluted earnings per share (in shares) | 733,053 | 825,505 | 543,879 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum contribution from employer | 50.00% | ||||
Employer matching contribution, percent | 6.00% | ||||
Amount of cost recognized | $ 1,377,371 | $ 1,453,468 | $ 1,470,600 | ||
Stock Option Plans | |||||
Number of shares available for grant (in shares) | 441,499 | ||||
Weighted-average fair value at the grant date | $ 22.25 | $ 10.82 | $ 34.50 | ||
Options Activity [Roll Forward] | |||||
Exercised (in shares) | (33,702) | (89,403) | (159,348) | ||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 4,810,698 | $ (6,356,767) | $ 15,968,637 | ||
Stock Options Plans [Member] | |||||
Stock Option Plans | |||||
Shares of authorized common stock reserved for issuance (in shares) | 4,100,000 | ||||
Options Activity [Roll Forward] | |||||
Options outstanding, beginning of year (in shares) | 950,651 | ||||
Granted (in shares) | 62,625 | ||||
Exercised (in shares) | (33,702) | ||||
Forfeited (in shares) | (68,284) | ||||
Expired (in shares) | (43,149) | ||||
Options outstanding, end of period (in shares) | 868,141 | 950,651 | |||
Options exercisable, end of period (in shares) | 553,541 | ||||
Weighted Average Exercise Price [Roll Forward] | |||||
Options outstanding, beginning of year (in dollars per share) | $ 67.20 | ||||
Granted (in dollars per share) | 51.38 | ||||
Exercised (in dollars per share) | 34.43 | ||||
Forfeited (in dollars per share) | 64.72 | ||||
Expired (in dollars per share) | 71.10 | ||||
Options outstanding, end of period (in dollars per share) | 67.33 | $ 67.20 | |||
Options exercisable, end of period (in dollars per share) | $ 69.32 | ||||
Stock Option Activity Additional Disclosures | |||||
Weighted-average remaining contractual term, Options outstanding, end of period | 6 years 3 months 26 days | ||||
Weighted-average remaining contractual terms, Options exercisable, end of period | 5 years 6 months 18 days | ||||
Aggregate intrinsic value, Options outstanding, end of period | $ 2,952,869 | ||||
Aggregate intrinsic value, Options exercisable, end of period | 1,439,488 | ||||
Intrinsic value of options exercised | 661,164 | $ 2,445,011 | 6,454,022 | ||
Compensation Cost Not yet Recognized | |||||
Total unrecognized stock-based compensation expense related to non-vested stock options | $ 5,200,000 | ||||
Weighted average period for recognition | 1 year 11 months 16 days | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 3,490,662 | $ 3,965,463 | 8,133,512 | ||
Weighted average period for recognition | 1 year 11 months 16 days | ||||
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] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 20,589 | ||||
Restricted Stock | |||||
Grant date fair value (in dollars per share) | $ 51.15 | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 1,604,257 | 8,138,643 | |||
Summary of the status and changes in restricted stock [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 93,550 | ||||
Awards granted (in shares) | 74,490 | ||||
Outstanding at end of period (in shares) | 111,361 | 93,550 | |||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Outstanding at beginning of period (in dollars per share) | $ 40.92 | ||||
Grant date fair value (in dollars per share) | 51.15 | ||||
Vested during the period, net of cancellations (in dollars per share) | 28.29 | ||||
Cancelled during the period (in dollars per share) | 62.49 | ||||
Outstanding at end of period (in dollars per share) | $ 43.11 | $ 40.92 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,300,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 36,090 | ||||
Restricted Stock [Member] | EPS Target [Member] | $10.29 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 10.29 | ||||
Vesting Percentage (in hundredths) | 100.00% | ||||
Restricted Stock [Member] | EPS Target [Member] | $9.76 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 9.76 | ||||
Vesting Percentage (in hundredths) | 67.00% | ||||
Restricted Stock [Member] | EPS Target [Member] | $9.26 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 9.26 | ||||
Vesting Percentage (in hundredths) | 33.00% | ||||
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] | |||||
EPS Target (in dollars per share) | $ 13 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
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] | |||||
EPS Target (in dollars per share) | $ 14.50 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
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] | |||||
EPS Target (in dollars per share) | $ 16 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
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] | |||||
EPS Target (in dollars per share) | $ 18 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
Equity Securities [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 5,094,919 | $ (4,067,750) | |||
Group B Performance Award [Member] [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 | |||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ (2,900,000) | ||||
Equity Classified Awards [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | 16,272,155 | ||||
Performance Shares [Member] | |||||
Compensation Cost Not yet Recognized | |||||
Weighted average period for recognition | 2 years 3 months 29 days | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ (9,700,000) | ||||
Weighted average period for recognition | 2 years 3 months 29 days | ||||
Maximum [Member] | Stock Options Plans [Member] | |||||
Stock Option Plans | |||||
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 (in dollars per share) | $ 9.26 | ||||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Pension and Other Postretirement Benefit Expense | 618,013 | 1,796,998 | 642,710 | ||
Unfunded liability | $ 8,447,283 | 8,886,195 | $ 7,516,249 | ||
Annual salary increase used for estimating unfunded liability | 3.50% | ||||
Discount rate used for estimating unfunded liability | 6.00% | ||||
Retirement age used for estimating unfunded liability | 65 years | ||||
Expense Reversal [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Pension and Other Postretirement Benefit Expense | $ (8,033,213) |
Benefit Plans- Stock Grant Fair
Benefit Plans- Stock Grant Fair Value Assumptions (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | $ (565,162) | ||||
Compensation related to stock option and restricted stock plans | $ (4,810,698) | $ 6,356,767 | $ (15,968,637) | ||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Expected volatility | 48.90% | 41.41% | 44.62% | ||
Average risk-free interest rate | 1.20% | 1.38% | 1.77% | ||
Expected life | 5 years 3 days | 5 years 9 days | 6 years 1 month 6 days | ||
Group A Performance Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock [Abstract] | 8,590 | 70,800 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | $ (1,604,257) | $ (8,138,643) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 51.15 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | $ 9,700,000 | ||||
Group B Performance Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | 2,900,000 | ||||
Restricted Stock [Abstract] | 56,660 | 443,700 | |||
Share-based Compensation Award, Tranche One [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | (0.25) | ||||
Maximum [Member] | EPS Target [Member] | Below $9.26 EPS [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
EPS Target (in dollars per share) | $ 9.26 |
Acquisitions (Details)
Acquisitions (Details) | 12 Months Ended | ||
Mar. 31, 2017USD ($)business_combinationasset_purchaseacquisition | Mar. 31, 2016USD ($)business_combinationasset_purchaseacquisition | Mar. 31, 2015USD ($)business_combinationasset_purchaseacquisition | |
Business Acquisition [Line Items] | |||
Number of business combinations | business_combination | 14 | 0 | 2 |
Number of asset purchases | asset_purchase | 0 | 1 | 3 |
Total acquisitions | acquisition | 14 | 1 | 5 |
Acquired loans term | 8 months | ||
Series of Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 20,836,699 | $ 173,628 | $ 1,979,000 |
Excess of purchase prices over carrying value of net tangible assets | 463,000 | ||
Finite-lived intangible assets | 70,000 | 5,000 | 25,000 |
Goodwill | 0 | 0 | 154,000 |
Intangible Assets, Net (Including Goodwill) | 4,133,243 | 81,531 | |
Finite-Lived Customer Lists, Gross | 4,063,243 | 76,531 | 284,000 |
Business Combination, Acquired Receivables, Fair Value | 16,617,242 | 92,097 | 1,512,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 86,214 | 0 | 4,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 16,703,456 | $ 92,097 | $ 1,516,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Average loan life | 8 months | |||
Cash and cash equivalents | $ 15,200,410 | $ 12,377,024 | $ 38,338,935 | $ 19,569,683 |
Loans and Leases Receivable, Net Amount | 695,700,589 | 706,739,376 | ||
Book value of debt [Abstract] | ||||
Senior notes payable | 295,136,200 | 374,685,000 | ||
Total long-term debt | 295,136,200 | |||
Book value [Member] | Senior notes payable [Member] | ||||
Book value of debt [Abstract] | ||||
Senior notes payable | 295,136,200 | 374,685,000 | ||
Estimate of Fair Value Measurement [Member] | Senior notes payable [Member] | ||||
Book value of debt [Abstract] | ||||
Senior notes payable | 295,136,200 | 374,685,000 | ||
Fair Value, Inputs, Level 1 [Member] | Book value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 15,200,410 | 12,377,024 | ||
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 | 15,200,410 | 12,377,024 | ||
Fair Value, Inputs, Level 3 [Member] | Book value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 695,700,589 | 706,739,376 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | $ 695,700,589 | $ 706,739,376 |
Quarterly Information (Unaudi64
Quarterly Information (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenues | $ 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | $ 144,143,000 | $ 139,696,000 | $ 136,412,000 | $ 137,225,000 | $ 531,734,724 | $ 557,475,707 | $ 610,212,876 |
Provision for loan losses | 20,702,000 | 39,985,000 | 35,871,000 | 32,014,000 | 24,373,000 | 35,441,000 | 37,557,000 | 26,228,000 | 128,572,162 | 123,598,318 | 118,829,863 |
General and administrative expenses | 70,020,000 | 71,237,000 | 63,456,000 | 62,949,000 | 66,555,000 | 71,580,000 | 63,436,000 | 67,568,000 | 267,661,223 | 269,139,675 | 292,051,519 |
Interest expense | 5,125,000 | 5,274,000 | 5,519,000 | 5,586,000 | 6,959,000 | 7,149,000 | 7,269,000 | 5,472,000 | 21,504,208 | 26,849,250 | 23,301,156 |
Income tax expense | 16,873,000 | 4,679,000 | 8,932,000 | 9,913,000 | 16,430,000 | 10,775,000 | 8,963,000 | 14,325,000 | 40,396,837 | 50,492,907 | 65,196,880 |
Net income | $ 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | $ 29,826,000 | $ 14,751,000 | $ 19,187,000 | $ 23,632,000 | $ 73,600,294 | $ 87,395,557 | $ 110,833,458 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 3.67 | $ 1.11 | $ 1.78 | $ 1.91 | $ 3.44 | $ 1.70 | $ 2.23 | $ 2.75 | $ 8.45 | $ 10.12 | $ 12.12 |
Diluted (in dollars per share) | $ 3.64 | $ 1.10 | $ 1.76 | $ 1.89 | $ 3.42 | $ 1.70 | $ 2.22 | $ 2.71 | $ 8.38 | $ 10.05 | $ 11.90 |
Segments (Details)
Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2017 2016 2015 Revenues: U.S. $ 490,821,420 515,300,873 557,818,594 Mexico 40,913,304 42,174,834 52,394,282 Consolidated revenues 531,734,724 557,475,707 610,212,876 Provision for loan losses: U.S. $ 119,095,712 114,427,629 107,223,759 Mexico 9,476,450 9,170,689 11,606,104 Consolidated provision for loan losses 128,572,162 123,598,318 118,829,863 General and administrative expenses: (1) U.S. $ 244,753,946 244,370,502 263,166,854 Mexico 22,907,277 24,769,173 28,884,665 Consolidated general and administrative expenses 267,661,223 269,139,675 292,051,519 Interest expense: (2) U.S. $ 21,504,208 26,849,250 23,301,156 Mexico — — — Consolidated interest expense 21,504,208 26,849,250 23,301,156 Income tax expense: U.S. $ 38,157,492 48,978,587 63,461,082 Mexico 2,239,345 1,514,320 1,735,798 Consolidated income tax expense 40,396,837 50,492,907 65,196,880 Net income: U.S. $ 67,310,062 80,674,905 100,665,743 Mexico 6,290,232 6,720,652 10,167,715 Consolidated net income 73,600,294 87,395,557 110,833,458 | ||||||||||
Assets | $ 800,588,775 | $ 806,218,863 | $ 800,588,775 | $ 806,218,863 | |||||||
Revenues | 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | 144,143,000 | $ 139,696,000 | $ 136,412,000 | $ 137,225,000 | 531,734,724 | 557,475,707 | $ 610,212,876 |
Provision for Loan and Lease Losses | 20,702,000 | 39,985,000 | 35,871,000 | 32,014,000 | 24,373,000 | 35,441,000 | 37,557,000 | 26,228,000 | 128,572,162 | 123,598,318 | 118,829,863 |
General and Administrative Expense | 70,020,000 | 71,237,000 | 63,456,000 | 62,949,000 | 66,555,000 | 71,580,000 | 63,436,000 | 67,568,000 | 267,661,223 | 269,139,675 | 292,051,519 |
Interest Expense | 5,125,000 | 5,274,000 | 5,519,000 | 5,586,000 | 6,959,000 | 7,149,000 | 7,269,000 | 5,472,000 | 21,504,208 | 26,849,250 | 23,301,156 |
Income Tax Expense (Benefit) | 16,873,000 | 4,679,000 | 8,932,000 | 9,913,000 | 16,430,000 | 10,775,000 | 8,963,000 | 14,325,000 | 40,396,837 | 50,492,907 | 65,196,880 |
Net Income (Loss) Attributable to Parent | 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | 29,826,000 | $ 14,751,000 | $ 19,187,000 | $ 23,632,000 | 73,600,294 | 87,395,557 | 110,833,458 |
MEXICO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 69,603,217 | 66,348,480 | 69,603,217 | 66,348,480 | |||||||
Revenues | 40,913,304 | 42,174,834 | 52,394,282 | ||||||||
Provision for Loan and Lease Losses | 9,476,450 | 9,170,689 | 11,606,104 | ||||||||
General and Administrative Expense | 22,907,277 | 24,769,173 | 28,884,665 | ||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | 2,239,345 | 1,514,320 | 1,735,798 | ||||||||
Net Income (Loss) Attributable to Parent | $ 6,290,232 | $ 6,720,652 | $ 10,167,715 | ||||||||
MEXICO | Subsegments Consolidation Items [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting, Additional Information about Entity's Reportable Segments | 0.4 | 2.7 | 2.8 | ||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 730,985,558 | $ 739,870,383 | $ 730,985,558 | $ 739,870,383 | |||||||
Revenues | 490,821,420 | 515,300,873 | $ 557,818,594 | ||||||||
Provision for Loan and Lease Losses | 119,095,712 | 114,427,629 | 107,223,759 | ||||||||
General and Administrative Expense | 244,753,946 | 244,370,502 | 263,166,854 | ||||||||
Interest Expense | 21,504,208 | 26,849,250 | 23,301,156 | ||||||||
Income Tax Expense (Benefit) | 38,157,492 | 48,978,587 | 63,461,082 | ||||||||
Net Income (Loss) Attributable to Parent | $ 67,310,062 | $ 80,674,905 | $ 100,665,743 |
Segments Segment long lived ass
Segments Segment long lived assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 24,184,207 | $ 25,296,913 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Disclosure on Geographic Areas, Long-Lived Assets | 20,724,777 | 21,300,123 |
MEXICO | ||
Segment Reporting Information [Line Items] | ||
Disclosure on Geographic Areas, Long-Lived Assets | 3,459,430 | 3,996,790 |