PRA (PRAA) 10-Q6 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'PRAA	'
Entity Registrant Name	'PORTFOLIO RECOVERY ASSOCIATES INC	'
Entity Central Index Key	'0001185348	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	50,075,049

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
Cash and cash equivalents	$270,526	$162,004
Finance receivables, net	1,219,595	1,239,191
Accounts receivable, net	12,458	12,359
Income taxes receivable	6,072	11,710
Net deferred tax asset	1,404	1,361
Property and equipment, net	38,902	31,541
Goodwill	105,122	103,843
Intangible assets, net	13,805	15,767
Other assets	27,478	23,456
Total assets	1,695,362	1,601,232
Liabilities:	'	'
Accounts payable	20,396	14,819
Accrued expenses and other liabilities	33,594	27,655
Accrued compensation	14,320	27,431
Net deferred tax liability	226,011	210,071
Borrowings	448,785	451,780
Total liabilities	743,106	731,756
Commitments and contingencies (Note 9)	'	'
Stockholders' equity:	'	'
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares - 0	0	0
Common stock, par value $0.01, 100,000 authorized shares, 50,073 issued and outstanding shares at June 30, 2014, and 49,840 issued and outstanding shares at December 31, 2013	501	498
Additional paid-in capital	137,512	135,441
Retained earnings	807,852	729,505
Accumulated other comprehensive income	6,391	4,032
Total stockholders' equity	952,256	869,476
Total liabilities and equity	$1,695,362	$1,601,232

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	100,000	60,000
Common stock, shares issued	50,073	49,840
Common stock, shares outstanding	50,073	49,840

Consolidated_Income_Statements

Consolidated Income Statements (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Income recognized on finance receivables, net	$182,518	$168,570	$360,488	$323,362
Fee income	14,825	14,391	30,777	29,158
Total revenues	197,343	182,961	391,265	352,520
Operating expenses:	'	'	'	'
Compensation and employee services	52,461	48,202	103,846	93,199
Legal collection fees	11,371	10,609	22,204	21,138
Legal collection costs	25,429	22,717	51,962	43,218
Agent fees	1,464	1,280	2,914	2,889
Outside fees and services	12,113	8,634	22,904	16,081
Communications	7,958	6,675	17,112	14,754
Rent and occupancy	2,219	1,824	4,366	3,511
Depreciation and amortization	4,211	3,534	8,158	6,900
Other operating expenses	7,653	5,660	13,745	11,117
Total operating expenses	124,879	109,135	247,211	212,807
Income from operations	72,464	73,826	144,054	139,713
Other income and (expense):	'	'	'	'
Interest income	1	0	2	0
Interest expense	-5,068	-2,923	-9,928	-5,612
Other expense	-6,224	0	-6,224	0
Income before income taxes	61,173	70,903	127,904	134,101
Provision for income taxes	23,666	27,489	49,557	52,170
Net income	37,507	43,414	78,347	81,931
Adjustment for loss/(net income) attributable to redeemable noncontrolling interest	0	185	0	268
Net income attributable to Portfolio Recovery Associates, Inc.	$37,507	$43,599	$78,347	$82,199
Net income per common share attributable to Portfolio Recovery Associates, Inc:	'	'	'	'
Basic	$0.75	$0.86	$1.57	$1.62
Diluted	$0.74	$0.85	$1.55	$1.60
Weighted average number of shares outstanding:	'	'	'	'
Basic	50,065	50,751	49,997	50,781
Diluted	50,437	51,183	50,400	51,228

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$37,507	$43,414	$78,347	$81,931
Other comprehensive income:	'	'	'	'
Foreign currency translation adjustments	1,911	-6	2,359	-4,424
Total other comprehensive income	1,911	-6	2,359	-4,424
Comprehensive income	39,418	43,408	80,706	77,507
Comprehensive loss/(income) attributable to redeemable noncontrolling interest	0	185	0	268
Comprehensive income attributable to Portfolio Recovery Associates, Inc.	$39,418	$43,593	$80,706	$77,775

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Stockholders Equity (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2013	$869,476	$498	$135,441	$729,505	$4,032
Beginning Balance, Shares at Dec. 31, 2013	49,840	49,840,000	'	'	'
Net income attributable to Portfolio Recovery Associates, Inc.	78,347	0	0	78,347	0
Foreign currency translation adjustment	2,359	0	0	0	2,359
Vesting of nonvested shares, shares	'	233,000	'	'	'
Vesting of nonvested shares	0	3	-3	0	0
Amortization of share-based compensation	5,437	0	5,437	0	0
Income tax benefit from share-based compensation	4,152	0	4,152	0	0
Employee stock relinquished for payment of taxes	-7,515	0	-7,515	0	0
Ending Balance at Jun. 30, 2014	$952,256	$501	$137,512	$807,852	$6,391
Ending Balance, Shares at Jun. 30, 2014	50,073	50,073,000	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$78,347	$81,931
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of share-based compensation	5,437	6,651
Depreciation and amortization	8,158	6,900
Amortization of debt discount	2,005	0
Deferred tax (benefit)/expense	15,940	2,488
Changes in operating assets and liabilities:	'	'
Other assets	-3,874	-1,284
Accounts receivable	-34	-46
Accounts payable	5,480	-2,633
Income taxes	5,665	-5,748
Accrued expenses	5,886	7,313
Accrued compensation	-20,635	1,757
Net cash provided by operating activities	102,375	97,329
Cash flows from investing activities:	'	'
Purchases of property and equipment	-13,224	-6,639
Acquisition of finance receivables, net of buybacks	-252,168	-407,347
Collections applied to principal on finance receivables	272,153	248,498
Net cash used in investing activities	6,761	-165,488
Cash flows from financing activities:	'	'
Income tax benefit from share-based compensation	4,152	2,659
Proceeds from line of credit	0	217,000
Principal payments on line of credit	0	-128,000
Repurchases of common stock	0	-8,506
Cash paid for purchase of portion of noncontrolling interest	0	1,150
Payments to Noncontrolling Interests	0	-51
Principal payments on long-term debt	-5,000	-2,768
Net cash (used in)/provided by financing activities	-848	79,184
Effect of exchange rate on cash	234	-253
Net increase in cash and cash equivalents	108,522	10,772
Cash and cash equivalents, beginning of year	162,004	32,687
Cash and cash equivalents, end of year	270,526	43,459
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	7,634	5,581
Cash paid for income taxes	25,414	52,809
Noncash investing and financing activities:	'	'
Adjustment of the noncontrolling interest measurement amount	0	-245
Distributions payable relating to noncontrolling interest	0	2
Purchase of noncontrolling interest	0	9,162
Employee stock relinquished for payment of taxes	($7,515)	($4,025)

Organization_and_Business

Organization and Business	6 Months Ended
	Jun. 30, 2014
Organization and Business [Abstract]	'
Organization and Business	'
	Organization and Business:
	Portfolio Recovery Associates, Inc., a Delaware corporation, and its subsidiaries (collectively, the “Company”) is a financial and business service company operating principally in the United States and the United Kingdom. The Company’s primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. The Company also services receivables on behalf of clients and provides class action claims settlement recovery services and related payment processing to corporate clients.
	On July 16, 2014, the Company, through a wholly owned subsidiary, completed the purchase of the outstanding equity of Aktiv Kapital AS (“Aktiv”), a Norway-based company specializing in the acquisition and servicing of non-performing consumer loans throughout Europe and in Canada, for a purchase price of approximately $872.6 million, and assumed approximately $431.3 million of Aktiv’s corporate debt, resulting in an acquisition of estimated total enterprise value of $1.3 billion.
	A publicly traded company from 1997 until early 2012 (traded on the Oslo Stock Exchange under the symbol "AIK"), Aktiv has developed a mixed in-house and outsourced collection strategy. This acquisition will provide the Company entry into thirteen new markets, providing additional geographical diversity in portfolio purchasing and collection. Aktiv maintains in-house servicing platforms in eight markets, and owns portfolios in fifteen markets. Aktiv has more than 20 years of experience and data in a wide variety of consumer asset classes, across an extensive geographic background. Refer to Note 12 "Subsequent Events" for more information.
	The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of all of its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 “Segment Reporting” (“ASC 280”), the Company has determined that it has several operating segments that meet the aggregation criteria of ASC 280, and therefore, it has one reportable segment, accounts receivable management, based on similarities among the operating units including homogeneity of services, service delivery methods and use of technology.
	The following table shows the amount of revenue generated for the three and six months ended June 30, 2014 and 2013 and long-lived assets held at June 30, 2014 and 2013 by geographical location (amounts in thousands):


		As Of And For The				As Of And For The
		Three Months Ended June 30, 2014				Three Months Ended June 30, 2013
		Revenues		Long-Lived Assets		Revenues		Long-Lived Assets
	United States	$	193,726	$	36,537	$	180,350	$	25,685

	United Kingdom	3,617		2,365		2,611		1,593

	Total	$	197,343	$	38,902	$	182,961	$	27,278


		As Of And For The				As Of And For The
		Six Months Ended June 30, 2014				Six Months Ended June 30, 2013
		Revenues		Long-Lived		Revenues		Long-Lived
				Assets				Assets
	United States	$	384,914	$	36,537	$	347,279	$	25,685

	United Kingdom	6,351		2,365		5,241		1,593

	Total	$	391,265	$	38,902	$	352,520	$	27,278

	Revenues are attributed to countries based on the location of the related operations. Long-lived assets consist of net property and equipment.
	The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of the Company, however, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheet as of June 30, 2014, its consolidated income statements and statements of comprehensive income for the three and six months ended June 30, 2014 and 2013, its consolidated statement of changes in stockholders’ equity for the six months ended June 30, 2014, and its consolidated statements of cash flows for the six months ended June 30, 2014 and 2013. The consolidated income statements of the Company for the three and six months ended June 30, 2014 may not be indicative of future results. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K, filed on February 28, 2014.

Finance_Receivables_net

Finance Receivables, net	6 Months Ended
	Jun. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]	'
Finance Receivables, net	'
	Finance Receivables, net:
	Changes in finance receivables, net for the three and six months ended June 30, 2014 and 2013 were as follows (amounts in thousands):



		Three Months Ended June 30,								Six Months Ended June 30,

		2014				2013				2014				2013
	Balance at beginning of period	$	1,253,961			$	1,169,747			$	1,239,191			$	1,078,951

	Acquisitions of finance receivables, net of buybacks	102,081				194,958				252,168				407,347

	Foreign currency translation adjustment	309				(19		)		389				(941		)

	Cash collections	(319,274		)		(296,397		)		(632,641		)		(571,860		)
	Income recognized on finance receivables, net	182,518				168,570				360,488				323,362

	Cash collections applied to principal	(136,756		)		(127,827		)		(272,153		)		(248,498		)
	Balance at end of period	$	1,219,595			$	1,236,859			$	1,219,595			$	1,236,859

	At the time of acquisition, the life of each pool is generally estimated to be between 60 and 96 months based on projected amounts and timing of future cash collections using the proprietary models of the Company. At June 30, 2014, the weighted average remaining life of the Company's pools is estimated to be approximately 78 months. Based upon current projections, cash collections applied to principal on finance receivables as of June 30, 2014 are estimated to be as follows for the twelve months in the periods ending (amounts in thousands):



	June 30, 2015	$	431,771

	June 30, 2016	344,914

	June 30, 2017	246,198

	June 30, 2018	150,081

	June 30, 2019	42,713

	June 30, 2020	3,918

		$	1,219,595

	During the three and six months ended June 30, 2014, the Company purchased approximately $0.97 billion and $2.88 billion, respectively, in face value of charged-off consumer receivables. During the three and six months ended June 30, 2013, the Company purchased approximately $3.19 billion and $5.04 billion, respectively, in face value of charged-off consumer receivables. At June 30, 2014, the estimated remaining collections (“ERC”) on the receivables purchased in the three and six months ended June 30, 2014, were $196.4 million and $409.9 million, respectively. At June 30, 2014, the ERC on the receivables purchased in the three and six months ended June 30, 2013, were $250.4 million and $502.9 million, respectively. At June 30, 2014, the Company had unamortized purchased principal (purchase price) in pools accounted for under the cost recovery method of $24.5 million; at December 31, 2013, the amount was $26.1 million.
	Accretable yield represents the amount of income recognized on finance receivables the Company can expect to generate over the remaining life of its existing portfolios based on estimated future cash flows as of the balance sheet date. Additions represent the original expected accretable yield, on portfolios purchased during the period, to be earned by the Company based on its proprietary buying models. Net reclassifications from nonaccretable difference to accretable yield primarily result from the Company’s increase in its estimate of future cash flows. When applicable, net reclassifications to nonaccretable difference from accretable yield result from the Company’s decrease in its estimates of future cash flows and allowance charges that exceed the Company’s increase in its estimate of future cash flows. Changes in accretable yield for the three and six months ended June 30, 2014 and 2013 were as follows (amounts in thousands):



		Three Months Ended June 30,								Six Months Ended June 30,
		2014				2013				2014				2013

	Balance at beginning of period	$	1,451,001			$	1,317,144			$	1,430,067			$	1,239,674

	Income recognized on finance receivables, net	(182,518		)		(168,570		)		(360,488		)		(323,362		)
	Additions	98,423				167,185				204,620				349,690

	Net reclassifications from nonaccretable difference	114,721				85,028				206,357				138,792

	Foreign currency translation adjustment	199				119				1,270				(3,888		)

	Balance at end of period	$	1,481,826			$	1,400,906			$	1,481,826			$	1,400,906

	A valuation allowance is recorded for significant decreases in expected cash flows or a change in the expected timing of cash flows which would otherwise require a reduction in the stated yield on a pool of accounts. In any given period, the Company may be required to record valuation allowances due to pools of receivables underperforming previous expectations. Factors that may contribute to the recording of valuation allowances include both internal as well as external factors. External factors that may have an impact on the collectability, and subsequently on the overall profitability of purchased pools of defaulted consumer receivables would include: new laws or regulations relating to collections, new interpretations of existing laws or regulations, and the overall condition of the economy. Internal factors that may have an impact on the collectability, and subsequently the overall profitability of purchased pools of defaulted consumer receivables, would include: necessary revisions to initial and post-acquisition scoring and modeling estimates, non-optimal operational activities (which relate to the collection and movement of accounts on both the collection floor of the Company and external channels), as well as decreases in productivity related to turnover and tenure of the Company’s collection staff. The following is a summary of activity within the Company’s valuation allowance account, all of which relates to loans acquired with deteriorated credit quality, for the three and six months ended June 30, 2014 and 2013 (amounts in thousands):


		Three Months Ended June 30, 2014												Three Months Ended June 30, 2013
		Core Portfolio (1)				Purchased Bankruptcy				Total				Core Portfolio (1)				Purchased Bankruptcy			Total
						Portfolio (2)												Portfolio (2)
Valuation allowance - finance receivables:

Beginning balance	$	63,923			$	25,225			$	89,148			$	72,100			$	23,196		$	95,296

Allowance charges	925				461				1,386				—				600			600

Reversal of previous recorded allowance charges	(3,315		)		(370		)		(3,685		)		(1,750		)		(35		)	(1,785		)
Net allowance (reversals)/charges	(2,390		)		91				(2,299		)		(1,750		)		565			(1,185		)

Ending balance	$	61,533			$	25,316			$	86,849			$	70,350			$	23,761		$	94,111

Finance Receivables, net:	$	747,249			$	472,346			$	1,219,595			$	655,010			$	581,849		$	1,236,859


	Six Months Ended June 30, 2014												Six Months Ended June 30, 2013
	Core Portfolio (1)				Purchased Bankruptcy				Total				Core Portfolio (1)				Purchased Bankruptcy			Total
					Portfolio (2)												Portfolio (2)
Valuation allowance - finance receivables:
Beginning balance	$	65,626			$	25,475			$	91,101			$	74,500			$	18,623		$	93,123

Allowance charges	$	2,312			$	461			$	2,773			$	300			$	5,260		$	5,560

Reversal of previous recorded allowance charges	$	(6,405	)		$	(620	)		$	(7,025	)		$	(4,450	)		$	(122	)	$	(4,572	)
Net allowance (reversals)/charges	$	(4,093	)		$	(159	)		$	(4,252	)		$	(4,150	)		$	5,138		$	988

Ending balance	$	61,533			$	25,316			$	86,849			$	70,350			$	23,761		$	94,111

Finance Receivables, net:	$	747,249			$	472,346			$	1,219,595			$	655,010			$	581,849		$	1,236,859


-1	“Core” accounts or portfolios refer to accounts or portfolios that are defaulted consumer receivables and are not in a bankrupt status upon purchase. For this table, the Core Portfolio also includes accounts purchased in the United Kingdom. These accounts are aggregated separately from purchased bankruptcy accounts.

-2	“Purchased bankruptcy” accounts or portfolios refer to accounts or portfolios that are in bankruptcy status when purchased, and as such, are purchased as a pool of bankrupt accounts.

Borrowings_Notes

Borrowings (Notes)	6 Months Ended
Borrowings (Notes)	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Borrowings:
	The Company's borrowings consisted of the following as of the dates indicated (in thousands):


		30-Jun-14				December 31, 2013
	Line of credit, term loan	$	190,000			$	195,000
	Line of credit, term loan	$	190,000			$	195,000
	Convertible notes	287,500				287,500
	Convertible notes	287,500				287,500
	Less: Debt discount	(28,715		)		(30,720		)
	Total	$	448,785			$	451,780
	Total	$	448,785			$	451,780
	Domestic Revolving Credit and Term Loan Facility
	On December 19, 2012, the Company entered into a credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders named therein (the “Credit Agreement”). The credit facility contained an accordion loan feature that allowed the Company to request an increase of up to $214.5 million in the amount available for borrowing under the facility, whether from existing or new lenders, subject to terms of the Credit Agreement. The Credit Agreement was amended and modified during 2013 and on April 1, 2014. On April 1, 2014, the Company entered into a Lender Joinder Agreement and Lender Commitment Agreement (collectively, the “Commitment Increase Agreements”) to exercise the accordion feature. The Commitment Increase Agreements expanded the maximum amount of revolving credit availability under the Credit Agreement by $214.5 million, elevated the revolving credit commitments of certain lenders and added three new lenders to the Credit Agreement. Giving effect to the $214.5 million increase in the amount of revolving credit availability pursuant to the Commitment Increase Agreements, the total credit facility under the Credit Agreement now includes an aggregate principal amount of $840.0 million (subject to compliance with a borrowing base), which consists of (i) a fully-funded $190.0 million term loan, (ii) a $630 million domestic revolving credit facility, of which $630 million is available to be drawn, and (iii) a $20 million multi-currency revolving credit facility, of which $20 million is available to be drawn, all of which mature on December 19, 2017. The term and revolving loans accrue interest, at the option of the Company, at either the base rate or the Eurodollar rate (as defined in the Credit Agreement) for the applicable term plus 2.50% per annum in the case of the Eurodollar rate loans and 1.50% in the case of the base rate loans. The base rate is the highest of (a) the Federal Funds Rate (as defined in the Credit Agreement) plus 0.50%, (b) Bank of America’s prime rate, and (c) the Eurodollar rate plus 1.00%. The Company’s revolving credit facility includes a $20 million swingline loan sublimit, a $20 million letter of credit sublimit and a $20 million alternative currency equivalent sublimit.
	Effective as of June 5, 2014, the Company entered into a Third Amendment to the Credit Agreement to amend a provision of the Credit Agreement to increase a basket for permitted indebtedness for the issuance of senior, unsecured convertible notes or other unsecured financings from an aggregate amount not to exceed $300 million to an aggregate amount not to exceed $500 million.
	The Credit Agreement is secured by a first priority lien on substantially all of the Company’s assets. The Credit Agreement, as amended and modified, contains restrictive covenants and events of default including the following:

	•	borrowings may not exceed 33% of the ERC of all eligible asset pools plus 75% of eligible accounts receivable;

	•	the consolidated leverage ratio (as defined in the Credit Agreement) cannot exceed 2.0 to 1.0 as of the end of any fiscal quarter;

	•	consolidated tangible net worth (as defined in the Credit Agreement) must equal or exceed $455.1 million plus 50% of positive cumulative consolidated net income for each fiscal quarter beginning with the quarter ended December 31, 2012, plus 50% of the cumulative net proceeds of any equity offering;

	•	capital expenditures during any fiscal year cannot exceed $40 million;

	•	cash dividends and distributions during any fiscal year cannot exceed $20 million;

	•	stock repurchases during the term of the agreement cannot exceed $250 million and cannot exceed $100 million in a single fiscal year;

	•	investments in loans and/or capital contributions cannot exceed $950 million to consummate the acquisition of the equity of Aktiv;

	•	permitted acquisitions (as defined in the Credit Agreement) during any fiscal year cannot exceed $250 million except for the fiscal year ending December 31, 2014, during which fiscal year permitted acquisitions (excluding the Aktiv acquisition) cannot exceed $25 million;

	•	indebtedness in the form of senior, unsecured convertible notes or other unsecured financings cannot exceed $500 million in the aggregate (without respect to the Company’s 3.00% Convertible Senior Notes due 2020);

	•	the Company must maintain positive consolidated income from operations (as defined in the Credit Agreement) during any fiscal quarter; and

	•	restrictions on changes in control.
	The revolving credit facility also bears an unused line fee of 0.375% per annum, payable quarterly in arrears.
	The Company's borrowings on its credit facility at June 30, 2014 consisted of $190.0 million outstanding on the term loan with an annual interest rate as of June 30, 2014 of 2.65%. At December 31, 2013, the Company's borrowings on its credit facility consisted of $195.0 million outstanding on the term loan with an annual interest rate as of December 31, 2013 of 2.67%.
	Convertible Senior Notes
	On August 13, 2013, the Company completed the private offering of $287.5 million in aggregate principal amount of the Company’s 3.00% Convertible Senior Notes due 2020 (the “Notes”). The Notes were issued pursuant to an Indenture, dated August 13, 2013 (the "Indenture") between the Company and Wells Fargo Bank, National Association, as trustee. The Indenture contains customary terms and covenants, including certain events of default after which the Notes may be due and payable immediately. The Notes are senior unsecured obligations of the Company. Interest on the Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year, beginning on February 1, 2014. Prior to February 1, 2020, the Notes will be convertible only upon the occurrence of specified events. On or after February 1, 2020, the Notes will be convertible at any time. Upon conversion, the Notes may be settled, at the Company’s option, in cash, shares of the Company’s common stock, or any combination thereof. Holders of the Notes have the right to require the Company to repurchase all or some of their Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the Indenture). In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture), the Company may, under certain circumstances, be required to increase the conversion rate for the Notes converted in connection with such a make-whole fundamental change. The conversion rate for the Notes is initially 15.2172 shares per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $65.72 per share of the Company’s common stock, and is subject to adjustment in certain circumstances pursuant to the Indenture. The Company does not have the right to redeem the Notes prior to maturity. As of June 30, 2014, none of the conditions allowing holders of the Notes to convert their Notes had occurred.
	As noted above, upon conversion, holders of the Notes will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. However, the Company’s current intent is to settle conversions through combination settlement (i.e., the Notes will be converted into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $65.72.
	The net proceeds from the sale of the Notes were approximately $279.3 million, after deducting the initial purchasers’ discounts and commissions and the estimated offering expenses payable by the Company. The Company used $174.0 million of the net proceeds from this offering to repay the outstanding balance on its revolving credit facility and used $50.0 million to repurchase shares of its common stock.
	The Company determined that the fair value of the Notes at the date of issuance was approximately $255.3 million, and designated the residual value of approximately $32.2 million as the equity component. Additionally, the Company allocated approximately $7.3 million of the $8.2 million original Notes issuance cost as debt issuance cost and the remaining $0.9 million as equity issuance cost.
	ASC 470-20, "Debt with Conversion and Other Options" (“ASC 470-20”), requires that, for convertible debt instruments that may be settled fully or partially in cash upon conversion, issuers must separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, debt issuance costs are required to be allocated in proportion to the allocation of the liability and equity components and accounted for as debt issuance costs and equity issuance costs, respectively.
	The balances of the liability and equity components of all of the Notes outstanding were as follows as of the dates indicated (in thousands):


			30-Jun-14				31-Dec-13
	Liability component - principal amount		$	287,500			$	287,500
	Liability component - principal amount		$	287,500			$	287,500
	Unamortized debt discount		(28,715		)		(30,720		)
	Liability component - net carrying amount		258,785				256,780
	Liability component - net carrying amount		258,785				256,780
	Equity component		$	31,306			$	31,306
	Equity component		$	31,306			$	31,306
	The debt discount is being amortized into interest expense over the remaining life of the Notes using the effective interest rate, which is 4.92%.
	Interest expense related to the Notes was as follows for the periods indicated (in thousands):


			Three Months Ended June 30, 2014				Three Months Ended June 30, 2013				Six Months Ended June 30, 2014			Six Months Ended June 30, 2013
	Interest expense - stated coupon rate		$	2,156			$	—			$	4,312		$	—
	Interest expense - stated coupon rate		$	2,156			$	—			$	4,312		$	—
Interest expense - amortization of debt discount		1,007				—				2,005			—
Interest expense - amortization of debt discount		1,007				—				2,005			—
Total interest expense - convertible notes		$	3,163			$	—			$	6,317		$	—
Total interest expense - convertible notes		$	3,163			$	—			$	6,317		$	—
The Company was in compliance with all covenants under its financing arrangements as of June 30, 2014 and December 31, 2013.
The following principal payments are due on the Company's borrowings as of June 30, 2014 for the twelve month periods ending (amounts in thousands):


30-Jun-15	$	12,500
30-Jun-15	$	12,500
30-Jun-16	17,500
30-Jun-16	17,500
30-Jun-17	30,000
30-Jun-17	30,000
30-Jun-18	130,000
30-Jun-18	130,000
30-Jun-19	—
30-Jun-19	—
Thereafter	287,500
Thereafter	287,500
Total	$	477,500
Total	$	477,500

Property_and_Equipment_net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment, Net [Abstract]	'
Property And Equipment, Net	'
	Property and Equipment, net:
	Property and equipment, at cost, consisted of the following as of the dates indicated (amounts in thousands):



		June 30,			December 31,
		2014			2013
	Software	$	37,523		$	34,108

	Computer equipment	19,280			17,072

	Furniture and fixtures	9,961			8,616

	Equipment	12,279			10,351

	Leasehold improvements	13,131			11,147

	Building and improvements	7,046			7,026

	Land	1,269			1,269

	Accumulated depreciation and amortization	(61,587		)	(58,048		)
	Property and equipment, net	$	38,902		$	31,541

	Depreciation and amortization expense relating to property and equipment for the three and six months ended June 30, 2014, was $3.1 million and $5.9 million, respectively. Depreciation and amortization expense relating to property and equipment for the three and six months ended June 30, 2013, was $2.4 million and $4.6 million, respectively.
	The Company, in accordance with the guidance of FASB ASC Topic 350-40 “Internal-Use Software” (“ASC 350-40”), capitalizes qualifying computer software costs incurred during the application development stage and amortizes them over their estimated useful life of three to seven years on a straight-line basis beginning when the project is completed. Costs associated with preliminary project stage activities, training, maintenance and all other post implementation stage activities are expensed as incurred. The Company’s policy provides for the capitalization of certain direct payroll costs for employees who are directly associated with internal use computer software projects, as well as external direct costs of services associated with developing or obtaining internal use software. Capitalizable personnel costs are limited to the time directly spent on such projects. As of June 30, 2014 and December 31, 2013, the Company incurred and capitalized approximately $11.9 million and $10.3 million, respectively, of these direct payroll costs and external direct costs related to software developed for internal use. Of these costs, at June 30, 2014 and December 31, 2013, approximately $2.2 million and $1.7 million, respectively, were for projects that were in the development stage and, therefore are a component of “Other Assets.” Once the projects are completed, the costs are transferred to Software and amortized over their estimated useful life. Amortization expense for the three and six months ended June 30, 2014, was approximately $0.5 million and $0.9 million, respectively. Amortization expense for the three and six months ended June 30, 2013, was approximately $0.3 million and $0.7 million, respectively. The remaining unamortized costs relating to internally developed software at June 30, 2014 and December 31, 2013 were approximately $4.6 million and $4.4 million, respectively.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets, net	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill And Intangible Assets, Net	'
	Goodwill and Intangible Assets, net:
	In connection with the Company’s previous business acquisitions, the Company acquired certain tangible and intangible assets. Intangible assets purchased included client and customer relationships, non-compete agreements, trademarks and goodwill. Pursuant to ASC 350, goodwill is not amortized but rather is reviewed at least annually for impairment. During the fourth quarter of 2013, the Company underwent its annual review of goodwill. Based upon the results of this review, which was conducted as of October 1, 2013, no impairment charges to goodwill or the other intangible assets were necessary as of the date of this review. The Company believes that no events have occurred or circumstances have changed that would more likely than not reduce the fair value of a reporting unit below its carrying amount since the review was performed through June 30, 2014, and thereby necessitate further evaluation of goodwill or other intangible assets. The Company expects to perform its next annual goodwill review during the fourth quarter of 2014.
	At June 30, 2014 and December 31, 2013, the carrying value of goodwill was $105.1 million and $103.8 million, respectively. The following table represents the changes in goodwill for the three and six months ended June 30, 2014 and 2013 (amounts in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Balance at beginning of period	$	104,086	$	106,912	$	103,843	$	109,488

	Foreign currency translation adjustment	1,036		41		1,279		(2,535		)

	Balance at end of period	$	105,122	$	106,953	$	105,122	$	106,953

	Intangible assets, excluding goodwill, consist of the following at June 30, 2014 and December 31, 2013 (amounts in thousands):


		June 30, 2014				December 31, 2013
		Gross Amount		Accumulated		Gross Amount		Accumulated
				Amortization				Amortization
	Client and customer relationships	$	41,212	$	28,558	$	40,870	$	26,581

	Non-compete agreements	3,913		3,807		3,880		3,723

	Trademarks	3,526		2,481		3,491		2,170

	Total	$	48,651	$	34,846	$	48,241	$	32,474

	Total intangible asset amortization expense for the three and six months ended June 30, 2014 was $1.1 million and $2.2 million, respectively. Total intangible asset amortization expense for the three and six months ended June 30, 2013 was $1.2 million and $2.4 million, respectively. The Company reviews these intangible assets for possible impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount and thereby necessitate further evaluation of these intangible assets.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Share-Based Compensation	'
	Share-Based Compensation:
	The Company has an Omnibus Incentive Plan to assist the Company in attracting and retaining selected individuals to serve as employees and directors, who are expected to contribute to the Company's success and to achieve long-term objectives that will benefit stockholders of the Company. The 2013 Omnibus Incentive Plan (the “Plan”) was approved by the Company's stockholders at the 2013 Annual Meeting of Stockholders. The Plan enables the Company to award shares of the Company's common stock to select employees and directors, as described in the Plan, not to exceed 5,400,000 shares as authorized by the Plan. The Plan replaced the 2010 Stock Plan.
	As of June 30, 2014, total future compensation costs related to nonvested awards of nonvested shares (not including nonvested shares granted under the Long-Term Incentive ("LTI") Program) is estimated to be $6.0 million with a weighted average remaining life for all nonvested shares of 1.7 years (not including nonvested shares granted under the LTI program). As of June 30, 2014, there are no future compensation costs related to stock options and there are no remaining vested stock options to be exercised.
	Total share-based compensation expense was $2.6 million and $5.4 million for the three and six months ended June 30, 2014, respectively. Total share-based compensation expense was $3.6 million and $6.7 million for the three and six months ended June 30, 2013, respectively. Tax benefits resulting from tax deductions in excess of share-based compensation expense (windfall tax benefits) recognized under the provisions of ASC Topic 718 "Compensation-Stock Compensation" ("ASC 718") are credited to additional paid-in capital in the Company's Consolidated Balance Sheets. Realized tax shortfalls, if any, are first offset against the cumulative balance of windfall tax benefits, if any, and then charged directly to income tax expense. The total tax benefit realized from share-based compensation was approximately $0.3 million and $7.8 million for the three and six months ended June 30, 2014, respectively. The total tax benefit realized from share-based compensation was approximately $0.9 million and $4.9 million for the three and six months ended June 30, 2013, respectively.
	All share amounts presented in this Note 6 have been adjusted to reflect the three-for-one stock split by means of a stock dividend declared by the Company's board of directors on June 10, 2013.
	Nonvested Shares
	With the exception of the awards made pursuant to the LTI program and a few employee and director grants, the nonvested shares vest ratably over three to five years and are expensed over their vesting period.
	The following summarizes all nonvested share transactions, excluding those related to the LTI program, from December 31, 2012 through June 30, 2014 (share amounts in thousands):


		Nonvested Shares		Weighted-Average
		Outstanding		Price at Grant Date
	December 31, 2012	288		$	20.84

	Granted	110		37.31

	Vested	(143	)	19.75

	Cancelled	(29	)	20.57

	December 31, 2013	226		29.58

	Granted	80		49.57

	Vested	(107	)	28.83

	Cancelled	(2	)	21.9

	30-Jun-14	197		$	38.18

	The total grant date fair value of shares vested during the three and six months ended June 30, 2014, was $0.7 million and $3.1 million, respectively. The total grant date fair value of shares vested during the three and six months ended June 30, 2013, was $0.4 million and $2.5 million, respectively.
	Pursuant to the Plan, the Compensation Committee may grant time-vested and performance based nonvested shares. All shares granted under the LTI program were granted to key employees of the Company. The following summarizes all LTI program share transactions from December 31, 2012 through June 30, 2014 (share amounts in thousands):


		Nonvested LTI Shares		Weighted-Average
		Outstanding		Price at Grant Date
	December 31, 2012	497		$	21.71

	Granted at target level	124		34.59

	Adjustments for actual performance	108		17.91

	Vested	(279	)	19.1

	Cancelled	(16	)	25.01

	December 31, 2013	434		25.79

	Granted at target level	97		48.09

	Adjustments for actual performance	95		25.17

	Vested	(225	)	25.17

	30-Jun-14	401		$	31.39

	The total grant date fair value of shares vested during the three and six months ended June 30, 2014, was $0.0 million and $5.7 million, respectively. The total grant date fair value of shares vested during the three and six months ended June 30, 2013, was $0.0 million and $2.6 million, respectively.
	At June 30, 2014, total future compensation costs, assuming the current estimated performance levels are achieved, related to nonvested share awards granted under the LTI program are estimated to be approximately $7.6 million. The Company assumed a 7.5% forfeiture rate for these grants and the remaining shares have a weighted average life of 1.1 years at June 30, 2014.

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Expense (Benefit), Continuing Operations [Abstract]	'
Income Taxes	'
	Income Taxes:
	The Company follows the guidance of FASB ASC Topic 740 “Income Taxes” (“ASC 740”) as it relates to the provision for income taxes and uncertainty in income taxes. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. There were no unrecognized tax benefits at June 30, 2014 and 2013.
	The Internal Revenue Service ("IRS") examined the Company's tax returns for the 2005 calendar year. The IRS concluded the audit and on March 19, 2009 issued Form 4549-A, Income Tax Examination Changes, for tax years ended December 31, 2007, 2006 and 2005. The IRS has asserted that tax revenue recognition using the cost recovery method does not clearly reflect taxable income. The Company believes it has sufficient support for the technical merits of its positions and that it is more likely than not these positions will ultimately be sustained; therefore, a reserve for uncertain tax positions is not required. The Company believes cost recovery to be an acceptable tax revenue recognition method for companies in the bad debt purchasing industry. For tax purposes, collections on finance receivables are applied first to principal to reduce the finance receivables to zero before any taxable income is recognized. On April 22, 2009, the Company filed a formal protest of the findings contained in the examination report prepared by the IRS. On August 26, 2011, the IRS issued a Notice of Deficiency for the tax years ended December 31, 2007, 2006, and 2005. The Company subsequently filed a petition in the United States Tax Court to which the IRS responded on January 12, 2012. If the Company is unsuccessful in the United States Tax Court, it can appeal to the federal Circuit Court of Appeals. Payment of the assessed taxes and interest could have an adverse effect on the Company’s financial condition, be material to the Company’s results of operations, and possibly require additional financing from other sources. In accordance with the Internal Revenue Code, underpayments of federal tax accrue interest, compounded daily, at the applicable federal short term rate plus three percentage points. An additional two percentage points applies to large corporate underpayments of $100,000 or more to periods after the applicable date as defined in the Internal Revenue Code. The Company files taxes in multiple state jurisdictions; therefore, any underpayment of state tax will accrue interest in accordance with the respective state statute. On June 30, 2011, the Company was notified by the IRS that the audit period will be expanded to include the tax years ended December 31, 2009 and 2008. On July 7, 2014, the Company received a Notice of Deficiency for tax years ended December 31, 2012, 2011, 2010, 2009 and 2008. The deficiencies relate to cost recovery.
	At June 30, 2014, the tax years subject to examination by the major taxing jurisdictions, including the IRS, are 2003, 2005 and subsequent years. The 2003 tax year remains open to examination because of a net operating loss that originated in that year but was not fully utilized until the 2005 tax year. The examination periods for the 2007, 2006 and 2005 tax years were extended through December 31, 2011; however, because the IRS issued the Notice of Deficiency prior to December 31, 2011, the period for assessment is suspended until a decision of the Tax Court becomes final. The statute of limitations for the 2010, 2009 and 2008 tax years has been extended to September 26, 2014.
	ASC 740 requires the recognition of interest if the tax law would require interest to be paid on the underpayment of taxes, and recognition of penalties if a tax position does not meet the minimum statutory threshold to avoid payment of penalties. No interest or penalties were accrued or reversed in the three or six months ended June 30, 2014 or 2013.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings per Share:
	Basic earnings per share (“EPS”) are computed by dividing net income available to common stockholders of Portfolio Recovery Associates, Inc. by weighted average common shares outstanding. Diluted EPS are computed using the same components as basic EPS with the denominator adjusted for the dilutive effect of the Notes and nonvested share awards, if dilutive. For the Notes, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $65.72, which did not occur during the period from which the Notes were issued on August 13, 2013 through June 30, 2014. The Notes were not outstanding during the three or six months ended June 30, 2013. Share-based awards that are contingent upon the attainment of performance goals are not included in the computation of diluted EPS until the performance goals have been attained. The dilutive effect of nonvested shares is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the vesting of nonvested shares would be used to purchase common shares at the average market price for the period. The assumed proceeds include the windfall tax benefit that would be realized upon assumed exercise.
	The following tables reconcile the computation of basic EPS and diluted EPS for the three and six months ended June 30, 2014 and 2013 (amounts in thousands, except per share amounts):


		For the Three Months Ended June 30,
		2014					2013
		Net Income		Weighted Average	EPS		Net Income		Weighted Average	EPS
		attributable to Portfolio		Common Shares			attributable to Portfolio		Common Shares
		Recovery Associates, Inc.					Recovery Associates, Inc.
	Basic EPS	$	37,507	50,065	$	0.75	$	43,599	50,751	$	0.86

	Dilutive effect of nonvested share awards			372					432

	Diluted EPS	$	37,507	50,437	$	0.74	$	43,599	51,183	$	0.85


		For the Six Months Ended June 30,
		2014					2013
		Net Income		Weighted Average	EPS		Net Income		Weighted Average	EPS
		attributable to Portfolio		Common Shares			attributable to Portfolio		Common Shares
		Recovery Associates, Inc.					Recovery Associates, Inc.
	Basic EPS	$	78,347	49,997	$	1.57	$	82,199	50,781	$	1.62

	Dilutive effect of nonvested share awards			403					447

	Diluted EPS	$	78,347	50,400	$	1.55	$	82,199	51,228	$	1.6

	There were no antidilutive options outstanding for the three or six months ended June 30, 2014 and 2013.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments And Contingencies	'
	Commitments and Contingencies:
	Business Acquisitions:

	Aktiv Kapital, A.S.

	On July 16, 2014, the Company, through a wholly owned subsidiary, completed the purchase of the outstanding equity of Aktiv, for a purchase price of approximately $872.6 million, and assumed approximately $431.3 million of Aktiv’s corporate debt, resulting in an acquisition of estimated total enterprise value of $1.3 billion. The Company financed the transaction with cash of $217.7 million, $169.9 million in financing from an affiliate of the seller (which bears interest at a variable rate equal to LIBOR plus 3.75% per annum and matures on July 16, 2015), and $485.0 million from the Company’s domestic, revolving credit facility. The Company anticipates total transaction costs of approximately $15 million of which $4.1 million and $8.5 million were incurred during the three and six months ended June 30, 2014, respectively. Additionally, the Company recorded an unrealized foreign currency transaction loss as a result of entering into foreign currency exchange rate forward contracts during the second quarter of 2014 to acquire 518 million Euros in anticipation of closing the acquisition of Aktiv. As a result of the strengthening U.S. dollar relative to the Euro as of June 30, 2014 relative to the period during which the contracts were entered into, an unrealized loss of $6.2 million on the forward contracts was recognized during the quarter. A corresponding liability was recorded and included in Accrued Expenses and Other Liabilities as of June 30, 2014. In the third quarter of 2014, the Company recorded an additional $2.0 million foreign currency transaction loss upon the settlement of these foreign currency exchange rate forward contracts.

	Pamplona Capital Management, LLP

	On July 1, 2014, the Company acquired certain operating assets from Pamplona Capital Management, LLP ("PCM"). These assets include PCM’s IVA Master Servicing Platform as well as other operating assets associated with PCM’s IVA business. The purchase price of these assets was approximately $5 million and was paid from the Company’s existing cash balances.
	Employment Agreements:
	The Company has employment agreements, most of which expire on December 31, 2014, with all of its executive officers and with several members of its senior management group. Such agreements provide for base salary payments as well as bonuses which are based on the attainment of specific management goals. At June 30, 2014, the estimated future compensation under these agreements is approximately $6.4 million. The agreements also contain confidentiality and non-compete provisions.
	Leases:
	The Company is party to various operating leases with respect to its facilities and equipment. The future minimum lease payments at June 30, 2014 total approximately $31.5 million.
	Forward Flow Agreements:
	The Company is party to several forward flow agreements that allow for the purchase of defaulted consumer receivables at pre-established prices. The maximum remaining amount to be purchased under forward flow agreements at June 30, 2014 is approximately $159.6 million.
	Contingent Purchase Price:
	The asset purchase agreement entered into in connection with the acquisition of certain finance receivables and certain operating assets of National Capital Management, LLC ("NCM") in 2012, includes an earn-out provision whereby the sellers are able to earn additional cash consideration for achieving certain cash collection thresholds over a five year period. The maximum amount of earn-out during the period is $15.0 million. The Company paid the year one earn-out during December 2013 in the amount of $6.2 million. As of June 30, 2014, the Company has recorded a present value amount for the expected remaining liability of $4.3 million.
	Finance Receivables:
	Certain agreements for the purchase of finance receivables portfolios contain provisions that may, in limited circumstances, require the Company to refund a portion or all of the collections subsequently received by the Company on particular accounts. The potential refunds as of the balance sheet date are not considered to be significant.
	Litigation:
	The Company is from time to time subject to routine legal claims and proceedings, most of which are incidental to the ordinary course of its business. The Company initiates lawsuits against customers and is occasionally countersued by them in such actions. Also, customers, either individually, as members of a class action, or through a governmental entity on behalf of customers, may initiate litigation against the Company in which they allege that the Company has violated a state or federal law in the process of collecting on an account. From time to time, other types of lawsuits are brought against the Company. Additionally, the Company receives subpoenas and other requests or demands for information from regulators or governmental authorities who are investigating the Company's debt collection activities. The Company makes every effort to respond appropriately to such requests.

	The Company accrues for potential liability arising from legal proceedings when it is probable that such liability has been incurred and the amount of the loss can be reasonably estimated. This determination is based upon currently available information for those proceedings in which the Company is involved, taking into account the Company's best estimate of such losses for those cases for which such estimates can be made. The Company's estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many of them are currently in preliminary stages), the number of unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims), and the related uncertainty of the potential outcomes of these proceedings. In making determinations of the likely outcome of pending litigation, the Company considers many factors, including, but not limited to, the nature of the claims, the Company's experience with similar types of claims, the jurisdiction in which the matter is filed, input from outside legal counsel, the likelihood of resolving the matter through alternative mechanisms, the matter's current status and the damages sought or demands made. Accordingly, the Company's estimate will change from time to time, and actual losses could be more than the current estimate.

	Subject to the inherent uncertainties involved in such proceedings, the Company believes, based upon its current knowledge and after consultation with counsel, that the legal proceedings currently pending against it, including those that fall outside of the Company's routine legal proceedings, should not, either individually or in the aggregate, have a material adverse impact on the Company's financial condition. However, it is possible in light of the uncertainties involved in such proceedings or due to unexpected future developments, that an unfavorable resolution of a legal proceeding or claim could occur which may be material to the Company's financial condition, results of operations, or cash flows for a particular period.

	Excluding the matters described below and other putative class action suits which the Company believes are not material, the high end of the range of potential litigation losses in excess of the amount accrued is estimated by management to be less than $1,000,000 as of June 30, 2014. Notwithstanding our attempt to estimate a range of possible losses in excess of the amount accrued based on current information, actual future losses may exceed both the Company's accrual and the range of potential litigation losses disclosed above.

	In certain legal proceedings, the Company may have recourse to insurance or third party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. Loss estimates and accruals for potential liability related to legal proceedings are exclusive of potential recoveries, if any, under the Company's insurance policies or third party indemnities. The Company has not recorded any potential recoveries under the Company's insurance policies or third party indemnities.

	The matters described below fall outside of the normal parameters of the Company’s routine legal proceedings.

	Telephone Consumer Protection Act Litigation

	The Company has been named as defendant in a number of putative class action cases, each alleging that the Company violated the Telephone Consumer Protection Act ("TCPA") by calling consumers' cellular telephones without their prior express consent. On December 21, 2011, the United States Judicial Panel on Multi-District Litigation entered an order transferring these matters into one consolidated proceeding in the United States District Court for the Southern District of California (the "Court"). On November 14, 2012, the putative class plaintiffs filed their amended consolidated complaint in the matter, now styled as In re Portfolio Recovery Associates, LLC Telephone Consumer Protection Act Litigation, case No. 11-md-02295 (the “MDL action”). On May 20, 2014, the Court stayed this litigation until such time as the FCC has ruled on various petitions concerning the TCPA.

	Internal Revenue Service Audit

	The IRS examined the Company's tax returns for the 2005 calendar year. The IRS concluded the audit and on March 19, 2009 issued Form 4549-A, Income Tax Examination Changes, for tax years ended December 31, 2007, 2006 and 2005. The IRS has asserted that tax revenue recognition using the cost recovery method does not clearly reflect taxable income. The Company believes it has sufficient support for the technical merits of its positions and that it is more likely than not these positions will ultimately be sustained; therefore, a reserve for uncertain tax positions is not required. On April 22, 2009, the Company filed a formal protest of the findings contained in the examination report prepared by the IRS. On August 26, 2011, the IRS issued a Notice of Deficiency for the tax years ended December 31, 2007, 2006, and 2005. The Company subsequently filed a petition in the United States Tax Court to which the IRS responded on January 12, 2012. If the Company is unsuccessful in the United States Tax Court, it can appeal to the federal Circuit Court of Appeals. On July 7, 2014, the IRS issued a Notice of Deficiency for the tax years ended December 31, 2012, 2011, 2010, 2009 and 2008. Refer to Note 7 “Income Taxes” for additional information.

Fair_Value_Measurements_and_Di

Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements And Disclosures

Fair Value Measurements and Disclosures:

In accordance with the disclosure requirements of FASB ASC Topic 825, “Financial Instruments” (“ASC 825”), the table below summarizes fair value estimates for the Company’s financial instruments. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the table are recorded in the Consolidated Balance Sheets at June 30, 2014 and December 31, 2013, under the indicated captions (amounts in thousands):

30-Jun-14

December 31, 2013

Carrying

Estimated

Carrying

Estimated

Amount

Fair Value

Amount

Fair Value

Financial assets:

Cash and cash equivalents

270,526

162,004

Finance receivables, net

1,219,595

1,740,864

1,239,191

1,722,100

Financial liabilities:

Term loans

190,000

195,000

Convertible debt

258,785

344,100

256,780

316,857

As of June 30, 2014, and December 31, 2013, the Company did not account for any financial assets or financial liabilities at fair value. As defined by FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values. Those levels of input are summarized as follows:

•Level 1 - Quoted prices in active markets for identical assets and liabilities.

•

Level 2 - Observable inputs other than level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

•

Level 3 - Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

Disclosure of the estimated fair values of financial instruments often requires the use of estimates. The Company uses the following methods and assumptions to estimate the fair value of financial instruments:

Cash and cash equivalents: The carrying amount approximates fair value and quoted prices for identical assets can be found in active markets. Accordingly, the Company estimates the fair value of cash and cash equivalents using level 1 inputs.

Finance receivables, net: The Company records purchased receivables at cost, which represents a significant discount from the contractual receivable balances due. The Company computed the estimated fair value of these receivables using proprietary pricing models that the Company utilizes to make portfolio purchase decisions. Accordingly, the Company's fair value estimates use level 3 inputs as there is little observable market data available and management is required to use significant judgment in its estimates.

Term loans: The carrying amount approximates fair value due to the short-term nature of the interest rate periods and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses level 2 inputs for its fair value estimates.

Convertible debt: The Notes are carried at historical cost, adjusted for the debt discount. The fair value estimates for these Notes incorporates quoted market prices which were obtained from secondary market broker quotes which were derived from a variety of inputs including client orders, information from their pricing vendors, modeling software, and actual trading prices when they occur. Accordingly, the Company uses level 2 inputs for its fair value estimates.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements:
	In March 2013, the FASB issued ASU 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity," ("ASU 2013-05") which defines the treatment of the release of cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. ASU 2013-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and prior periods should not be adjusted. The Company adopted ASU 2013-05 in the first quarter of 2014 which had no material impact on its Consolidated Financial Statements.

	In April 2014, FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (“ASU 2014-08”) that amends the requirements for reporting discontinued operations. ASU 2014-08 requires the disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. ASU 2014-08 also requires additional disclosures about discontinued operations and disclosures about the disposal of a significant component of an entity that does not qualify as a discontinued operation. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014, with early adoption permitted. The Company is evaluating the potential impacts of the new standard.

	In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (“ASU 2014-09”) that updates the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised 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 2014-09 also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, with early application not permitted. The Company is evaluating its implementation approach and the potential impacts of the new standard on its existing revenue recognition policies and procedures.

	In June 2014, FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the potential impacts of the new standard on its existing stock-based compensation awards.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events:

	Aktiv Kapital, A.S. Acquisition

	On July 16, 2014, the Company, through a wholly owned subsidiary, completed the purchase of the outstanding equity of Aktiv, for a purchase price of approximately $872.6 million, and assumed approximately $431.3 million of Aktiv’s corporate debt, resulting in an acquisition of estimated total enterprise value of $1.3 billion. The Company financed the transaction with cash of $217.7 million, $169.9 million in financing from an affiliate of the seller, and $485.0 million from the Company’s domestic, revolving credit facility.

	The Company incurred transaction costs of approximately $4.1 million and $8.5 million during the three and six months ended June 30, 2014, respectively. The Company anticipates that approximately $6.0 million of additional transaction costs will be incurred, primarily during the third and fourth quarters of 2014. Additionally, the Company recorded an unrealized foreign currency transaction loss as a result of entering into foreign currency exchange rate forward contracts during the second quarter of 2014 to acquire 518 million Euros in anticipation of closing the acquisition of Aktiv. As a result of the strengthening U.S. dollar relative to the Euro as of June 30, 2014 relative to the period during which the contracts were entered into, an unrealized loss of $6.2 million on the forward contracts was recognized during the quarter. A corresponding liability was recorded and included in Accrued Expenses and Other Liabilities as of June 30, 2014. In the third quarter of 2014, the Company recorded an additional $2.0 million foreign currency transaction loss upon the settlement of these foreign currency exchange rate forward contracts.

	The Company accounted for this purchase in accordance with ASC Topic 805, “Business Combinations.” Under this guidance, an entity is required to recognize the assets acquired, liabilities assumed and the consideration given at their fair value on the acquisition date. Due to the recency and nature of the transaction, the Company is still in the process of evaluating the purchase price allocations and at the time of the filing of this Form 10-Q, the initial valuation has not been completed. Therefore, it is impractical to estimate and disclose the provisional allocation amounts and the pro forma impact of the acquisition at this time.

	Pamplona Capital Management, LLP Acquisition

	On July 1, 2014, the Company acquired certain operating assets from PCM. These assets include PCM’s IVA Master Servicing Platform as well as other operating assets associated with PCM’s IVA business. The purchase price of these assets was approximately $5 million and was paid from the Company’s existing cash balances.

Organization_and_Business_Tabl

Organization and Business (Tables)	6 Months Ended
	Jun. 30, 2014
Organization and Business [Abstract]	'
Revenue And Long-Lived Assets Held By Geographical Location	'
	The following table shows the amount of revenue generated for the three and six months ended June 30, 2014 and 2013 and long-lived assets held at June 30, 2014 and 2013 by geographical location (amounts in thousands):


		As Of And For The				As Of And For The
		Three Months Ended June 30, 2014				Three Months Ended June 30, 2013
		Revenues		Long-Lived Assets		Revenues		Long-Lived Assets
	United States	$	193,726	$	36,537	$	180,350	$	25,685

	United Kingdom	3,617		2,365		2,611		1,593

	Total	$	197,343	$	38,902	$	182,961	$	27,278


		As Of And For The				As Of And For The
		Six Months Ended June 30, 2014				Six Months Ended June 30, 2013
		Revenues		Long-Lived		Revenues		Long-Lived
				Assets				Assets
	United States	$	384,914	$	36,537	$	347,279	$	25,685

	United Kingdom	6,351		2,365		5,241		1,593

	Total	$	391,265	$	38,902	$	352,520	$	27,278

Finance_Receivables_net_Tables

Finance Receivables, net (Tables)	6 Months Ended
	Jun. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]	'
Schedule of Changes in Finance Receivables	'
	Changes in finance receivables, net for the three and six months ended June 30, 2014 and 2013 were as follows (amounts in thousands):



		Three Months Ended June 30,						Six Months Ended June 30,

		2014			2013			2014			2013
	Balance at beginning of period	$	1,253,961		$	1,169,747		$	1,239,191		$	1,078,951

	Acquisitions of finance receivables, net of buybacks	102,081			194,958			252,168			407,347

	Foreign currency translation adjustment	309			(19		)	389			(941		)

	Cash collections	(319,274		)	(296,397		)	(632,641		)	(571,860		)
	Income recognized on finance receivables, net	182,518			168,570			360,488			323,362

	Cash collections applied to principal	(136,756		)	(127,827		)	(272,153		)	(248,498		)
	Balance at end of period	$	1,219,595		$	1,236,859		$	1,219,595		$	1,236,859

Schedule of Cash Collections Applied to Principal	'
	Based upon current projections, cash collections applied to principal on finance receivables as of June 30, 2014 are estimated to be as follows for the twelve months in the periods ending (amounts in thousands):



	June 30, 2015	$	431,771

	June 30, 2016	344,914

	June 30, 2017	246,198

	June 30, 2018	150,081

	June 30, 2019	42,713

	June 30, 2020	3,918

		$	1,219,595

Schedule of Changes in Accretable Yield	'
	Changes in accretable yield for the three and six months ended June 30, 2014 and 2013 were as follows (amounts in thousands):



		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013

	Balance at beginning of period	$	1,451,001		$	1,317,144		$	1,430,067		$	1,239,674

	Income recognized on finance receivables, net	(182,518		)	(168,570		)	(360,488		)	(323,362		)
	Additions	98,423			167,185			204,620			349,690

	Net reclassifications from nonaccretable difference	114,721			85,028			206,357			138,792

	Foreign currency translation adjustment	199			119			1,270			(3,888		)

	Balance at end of period	$	1,481,826		$	1,400,906		$	1,481,826		$	1,400,906

Schedule of Valuation Allowance Account	'


		Three Months Ended June 30, 2014									Three Months Ended June 30, 2013
		Core Portfolio (1)			Purchased Bankruptcy			Total			Core Portfolio (1)			Purchased Bankruptcy			Total
					Portfolio (2)									Portfolio (2)
	Valuation allowance - finance receivables:

	Beginning balance	$	63,923		$	25,225		$	89,148		$	72,100		$	23,196		$	95,296

	Allowance charges	925			461			1,386			—			600			600

	Reversal of previous recorded allowance charges	(3,315		)	(370		)	(3,685		)	(1,750		)	(35		)	(1,785		)
	Net allowance (reversals)/charges	(2,390		)	91			(2,299		)	(1,750		)	565			(1,185		)

	Ending balance	$	61,533		$	25,316		$	86,849		$	70,350		$	23,761		$	94,111

	Finance Receivables, net:	$	747,249		$	472,346		$	1,219,595		$	655,010		$	581,849		$	1,236,859


		Six Months Ended June 30, 2014									Six Months Ended June 30, 2013
		Core Portfolio (1)			Purchased Bankruptcy			Total			Core Portfolio (1)			Purchased Bankruptcy			Total
					Portfolio (2)									Portfolio (2)
	Valuation allowance - finance receivables:
	Beginning balance	$	65,626		$	25,475		$	91,101		$	74,500		$	18,623		$	93,123

	Allowance charges	$	2,312		$	461		$	2,773		$	300		$	5,260		$	5,560

	Reversal of previous recorded allowance charges	$	(6,405	)	$	(620	)	$	(7,025	)	$	(4,450	)	$	(122	)	$	(4,572	)
	Net allowance (reversals)/charges	$	(4,093	)	$	(159	)	$	(4,252	)	$	(4,150	)	$	5,138		$	988

	Ending balance	$	61,533		$	25,316		$	86,849		$	70,350		$	23,761		$	94,111

	Finance Receivables, net:	$	747,249		$	472,346		$	1,219,595		$	655,010		$	581,849		$	1,236,859


	-1	“Core” accounts or portfolios refer to accounts or portfolios that are defaulted consumer receivables and are not in a bankrupt status upon purchase. For this table, the Core Portfolio also includes accounts purchased in the United Kingdom. These accounts are aggregated separately from purchased bankruptcy accounts.

	-2	“Purchased bankruptcy” accounts or portfolios refer to accounts or portfolios that are in bankruptcy status when purchased, and as such, are purchased as a pool of bankrupt accounts.

Borrowings_Tables

Borrowings (Tables)	6 Months Ended
Borrowings (Tables)	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The Company's borrowings consisted of the following as of the dates indicated (in thousands):


		30-Jun-14				December 31, 2013
	Line of credit, term loan	$	190,000			$	195,000
	Line of credit, term loan	$	190,000			$	195,000
	Convertible notes	287,500				287,500
	Convertible notes	287,500				287,500
	Less: Debt discount	(28,715		)		(30,720		)
	Total	$	448,785			$	451,780
	Total	$	448,785			$	451,780
Schedule of Liability and Equity Components	'
	The balances of the liability and equity components of all of the Notes outstanding were as follows as of the dates indicated (in thousands):


			30-Jun-14				31-Dec-13
	Liability component - principal amount		$	287,500			$	287,500
	Liability component - principal amount		$	287,500			$	287,500
	Unamortized debt discount		(28,715		)		(30,720		)
	Liability component - net carrying amount		258,785				256,780
	Liability component - net carrying amount		258,785				256,780
	Equity component		$	31,306			$	31,306
	Equity component		$	31,306			$	31,306
Schedule of Debt Interest Expense	'
	Interest expense related to the Notes was as follows for the periods indicated (in thousands):


			Three Months Ended June 30, 2014				Three Months Ended June 30, 2013			Six Months Ended June 30, 2014		Six Months Ended June 30, 2013
	Interest expense - stated coupon rate		$	2,156			$	—		$	4,312	$	—
	Interest expense - stated coupon rate		$	2,156			$	—		$	4,312	$	—
	Interest expense - amortization of debt discount		1,007				—			2,005		—
	Interest expense - amortization of debt discount		1,007				—			2,005		—
	Total interest expense - convertible notes		$	3,163			$	—		$	6,317	$	—
	Total interest expense - convertible notes		$	3,163			$	—		$	6,317	$	—
Schedule of Maturities of Long-term Debt	'
	The following principal payments are due on the Company's borrowings as of June 30, 2014 for the twelve month periods ending (amounts in thousands):


	30-Jun-15	$	12,500
	30-Jun-15	$	12,500
	30-Jun-16	17,500
	30-Jun-16	17,500
	30-Jun-17	30,000
	30-Jun-17	30,000
	30-Jun-18	130,000
	30-Jun-18	130,000
	30-Jun-19	—
	30-Jun-19	—
	Thereafter	287,500
	Thereafter	287,500
	Total	$	477,500
	Total	$	477,500

Property_and_Equipment_net_Tab

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment, Net [Abstract]	'
Property and Equipment, at Cost	'
	Property and equipment, at cost, consisted of the following as of the dates indicated (amounts in thousands):



		June 30,			December 31,
		2014			2013
	Software	$	37,523		$	34,108

	Computer equipment	19,280			17,072

	Furniture and fixtures	9,961			8,616

	Equipment	12,279			10,351

	Leasehold improvements	13,131			11,147

	Building and improvements	7,046			7,026

	Land	1,269			1,269

	Accumulated depreciation and amortization	(61,587		)	(58,048		)
	Property and equipment, net	$	38,902		$	31,541

Recovered_Sheet1

Goodwill And Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Changes in Goodwill	'
	The following table represents the changes in goodwill for the three and six months ended June 30, 2014 and 2013 (amounts in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Balance at beginning of period	$	104,086	$	106,912	$	103,843	$	109,488

	Foreign currency translation adjustment	1,036		41		1,279		(2,535		)

	Balance at end of period	$	105,122	$	106,953	$	105,122	$	106,953

Schedule of Intangible Assets	'
	Intangible assets, excluding goodwill, consist of the following at June 30, 2014 and December 31, 2013 (amounts in thousands):


		June 30, 2014				December 31, 2013
		Gross Amount		Accumulated		Gross Amount		Accumulated
				Amortization				Amortization
	Client and customer relationships	$	41,212	$	28,558	$	40,870	$	26,581

	Non-compete agreements	3,913		3,807		3,880		3,723

	Trademarks	3,526		2,481		3,491		2,170

	Total	$	48,651	$	34,846	$	48,241	$	32,474

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Nonvested Share Transactions	'
	The following summarizes all LTI program share transactions from December 31, 2012 through June 30, 2014 (share amounts in thousands):


		Nonvested LTI Shares		Weighted-Average
		Outstanding		Price at Grant Date
	December 31, 2012	497		$	21.71

	Granted at target level	124		34.59

	Adjustments for actual performance	108		17.91

	Vested	(279	)	19.1

	Cancelled	(16	)	25.01

	December 31, 2013	434		25.79

	Granted at target level	97		48.09

	Adjustments for actual performance	95		25.17

	Vested	(225	)	25.17

	30-Jun-14	401		$	31.39

	The following summarizes all nonvested share transactions, excluding those related to the LTI program, from December 31, 2012 through June 30, 2014 (share amounts in thousands):


		Nonvested Shares		Weighted-Average
		Outstanding		Price at Grant Date
	December 31, 2012	288		$	20.84

	Granted	110		37.31

	Vested	(143	)	19.75

	Cancelled	(29	)	20.57

	December 31, 2013	226		29.58

	Granted	80		49.57

	Vested	(107	)	28.83

	Cancelled	(2	)	21.9

	30-Jun-14	197		$	38.18

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Reconciliation Between the Computation of Basic and Diluted EPS	'
	The following tables reconcile the computation of basic EPS and diluted EPS for the three and six months ended June 30, 2014 and 2013 (amounts in thousands, except per share amounts):


		For the Three Months Ended June 30,
		2014					2013
		Net Income		Weighted Average	EPS		Net Income		Weighted Average	EPS
		attributable to Portfolio		Common Shares			attributable to Portfolio		Common Shares
		Recovery Associates, Inc.					Recovery Associates, Inc.
	Basic EPS	$	37,507	50,065	$	0.75	$	43,599	50,751	$	0.86

	Dilutive effect of nonvested share awards			372					432

	Diluted EPS	$	37,507	50,437	$	0.74	$	43,599	51,183	$	0.85


		For the Six Months Ended June 30,
		2014					2013
		Net Income		Weighted Average	EPS		Net Income		Weighted Average	EPS
		attributable to Portfolio		Common Shares			attributable to Portfolio		Common Shares
		Recovery Associates, Inc.					Recovery Associates, Inc.
	Basic EPS	$	78,347	49,997	$	1.57	$	82,199	50,781	$	1.62

	Dilutive effect of nonvested share awards			403					447

	Diluted EPS	$	78,347	50,400	$	1.55	$	82,199	51,228	$	1.6

Fair_Value_Measurements_and_Di1

Fair Value Measurements and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Carrying And Estimated Fair Value Recorded In The Consolidated Balance Sheet	'
	The carrying amounts in the table are recorded in the Consolidated Balance Sheets at June 30, 2014 and December 31, 2013, under the indicated captions (amounts in thousands):


		30-Jun-14				December 31, 2013
		Carrying		Estimated		Carrying		Estimated
		Amount		Fair Value		Amount		Fair Value
	Financial assets:
	Cash and cash equivalents	$	270,526	$	270,526	$	162,004	$	162,004

	Finance receivables, net	1,219,595		1,740,864		1,239,191		1,722,100

	Financial liabilities:
	Term loans	190,000		190,000		195,000		195,000

	Convertible debt	258,785		344,100		256,780		316,857

Organization_and_Business_Reve

Organization and Business (Revenue and Long-Lived Assets Held By Geographical Location) (Detail) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

Jun. 10, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jul. 16, 2014

UNITED STATES

UNITED KINGDOM

Aktiv Kapital AS [Member]

Subsequent Event [Member]

market

Revenues from External Customers and Long-Lived Assets [Line Items]

Purchase price

$872,600,000

Corporate debt assumed in acquisition

431,300,000

Enterprise value

1,300,000,000

New markets entered into through acquisition

Markets which maintain in-house servicing platforms

Markets which in which acquisition owns portfolios

Years of experience and data in a variety of consumer asset classes

'20 years

Three for one stock split, dividend declared

Common stock, par value

$0.01

Number of reportable segments

Revenues

197,343,000

182,961,000

391,265,000

352,520,000

193,726,000

180,350,000

384,914,000

347,279,000

3,617,000

2,611,000

6,351,000

5,241,000

Long-Lived Assets

$38,902,000

$27,278,000

$38,902,000

$27,278,000

$36,537,000

$25,685,000

$36,537,000

$25,685,000

$2,365,000

$1,593,000

$2,365,000

$1,593,000

Finance_Receivables_net_Narrat

Finance Receivables, net (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
Finance Receivables, net (Narrative) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'
Weighted average remaining life of pools	'	'	'78 months	'	'	'	'	'
Valuation allowance against finance receivables	$86,849,000	$94,111,000	$86,849,000	$94,111,000	$89,148,000	$91,101,000	$95,296,000	$93,123,000
Face value of charged-off consumer receivables	970,000,000	3,190,000,000	2,880,000,000	5,040,000,000	'	'	'	'
Estimated remaining collections on the receivables purchased	196,400,000	250,400,000	409,900,000	502,900,000	'	'	'	'
Finance receivables, which there was no valuation allowance recorded	1,219,595,000	1,236,859,000	1,219,595,000	1,236,859,000	1,253,961,000	1,239,191,000	1,169,747,000	1,078,951,000
Unamortized Purchase Price Under Cost Recovery Method	$24,500,000	'	$24,500,000	'	'	$26,100,000	'	'
Minimum [Member]	'	'	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'
Estimated life time of pool at the time of acquisition (in months)	'60 months	'	'	'	'	'	'	'
Maximum [Member]	'	'	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'
Estimated life time of pool at the time of acquisition (in months)	'96 months	'	'	'	'	'	'	'

Finance_Receivables_net_Schedu

Finance Receivables, net (Schedule of Changes In Finance Receivables) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]	'	'	'	'
Balance at beginning of year	$1,253,961	$1,169,747	$1,239,191	$1,078,951
Acquisitions of finance receivables, net of buybacks	102,081	194,958	252,168	407,347
Foreign currency translation adjustment	309	-19	389	-941
Cash collections	-319,274	-296,397	-632,641	-571,860
Income recognized on finance receivables, net	182,518	168,570	360,488	323,362
Cash collections applied to principal	-136,756	-127,827	-272,153	-248,498
Balance at end of year	$1,219,595	$1,236,859	$1,219,595	$1,236,859

Finance_Receivables_net_Schedu1

Finance Receivables, net (Schedule of Cash Collections Applied to Principal) (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]	'
30-Jun-15	$431,771
30-Jun-16	344,914
30-Jun-17	246,198
30-Jun-18	150,081
30-Jun-19	42,713
30-Jun-20	3,918
Total	$1,219,595

Finance_Receivables_net_Schedu2

Finance Receivables, net (Schedule of Changes in Accretable Yield) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]	'	'	'	'
Balance at beginning of year	$1,451,001	$1,317,144	$1,430,067	$1,239,674
Income recognized on finance receivables, net	182,518	168,570	360,488	323,362
Additions	98,423	167,185	204,620	349,690
Net reclassifications from nonaccretable difference	114,721	85,028	206,357	138,792
Foreign currency translation adjustment	199	119	1,270	-3,888
Balance at end of year	$1,481,826	$1,400,906	$1,481,826	$1,400,906

Finance_Receivables_net_Schedu3

Finance Receivables, net (Schedule of Valuation Allowance Account) (Details) (USD $)

3 Months Ended

6 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance For Loan Losses [Roll Forward]

Beginning balance

$89,148

$95,296

$91,101

$93,123

Allowance charges

1,386

600

2,773

5,560

Reversal of previous recorded allowance charges

-3,685

-1,785

-7,025

-4,572

Net allowance (reversals)/charges

-2,299

-1,185

-4,252

988

Ending balance

86,849

94,111

86,849

94,111

Finance receivables, net

1,219,595

1,236,859

1,219,595

1,236,859

1,253,961

1,239,191

1,169,747

1,078,951

Core Portfolio [Member]

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance For Loan Losses [Roll Forward]

Beginning balance

63,923

[1]

72,100

[1]

65,626

[1]

74,500

[1]

Allowance charges

925

[1]

2,312

[1]

300

[1]

Reversal of previous recorded allowance charges

-3,315

[1]

-1,750

[1]

-6,405

[1]

-4,450

[1]

Net allowance (reversals)/charges

-2,390

[1]

-1,750

[1]

-4,093

[1]

-4,150

[1]

Ending balance

61,533

[1]

70,350

[1]

61,533

[1]

70,350

[1]

Finance receivables, net

747,249

[1]

655,010

[1]

747,249

[1]

655,010

[1]

Purchased Bankruptcy Portfolio [Member]

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance For Loan Losses [Roll Forward]

Beginning balance

25,225

[2]

23,196

[2]

25,475

[2]

18,623

[2]

Allowance charges

461

[2]

600

[2]

461

[2]

5,260

[2]

Reversal of previous recorded allowance charges

-370

[2]

-35

[2]

-620

[2]

-122

[2]

Net allowance (reversals)/charges

[2]

565

[2]

-159

[2]

5,138

[2]

Ending balance

25,316

[2]

23,761

[2]

25,316

[2]

23,761

[2]

Finance receivables, net

$472,346

[2]

$581,849

[2]

$472,346

[2]

$581,849

[2]

[1]

bCoreb accounts or portfolios refer to accounts or portfolios that are defaulted consumer receivables and are not in a bankrupt status upon purchase. For this table, the Core Portfolio also includes accounts purchased in the United Kingdom. These accounts are aggregated separately from purchased bankruptcy accounts.

[2]

bPurchased bankruptcyb accounts or portfolios refer to accounts or portfolios that are in bankruptcy status when purchased, and as such, are purchased as a pool of bankrupt accounts.

Borrowings_Details

Borrowings (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Borrowings	$448,785	$451,780
Line of Credit [Member] \| Line of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt, gross	190,000	195,000
Convertible Debt [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt, gross	287,500	287,500
Less: Debt discount	($28,715)	($30,720)

Borrowings_Breakdown_of_Debt_I

Borrowings - Breakdown of Debt Instrument (Details) (USD $)	Aug. 13, 2013	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Aug. 13, 2013	Convertible Debt [Member]	Convertible Debt [Member]
Debt Instrument [Line Items]	'	'	'
Liability component - principal amount	'	$287,500	$287,500
Less: Debt discount	'	-28,715	-30,720
Total	'	258,785	256,780
Equity component	$32,200	$31,306	$31,306

Borrowings_Interest_Expense_De

Borrowings - Interest Expense (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'	'	'
Amortization of debt discount	'	'	$2,005	$0	'
Convertible Debt [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term debt	258,785	'	258,785	'	256,780
Interest expense - stated coupon rate	2,156	0	4,312	0	'
Amortization of debt discount	1,007	0	2,005	0	'
Total interest expense - convertible notes	$3,163	$0	$6,317	$0	'

Borrowings_Revolving_Credit_an

Borrowings - Revolving Credit and Term Loan Facility (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

5 Months Ended

6 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Apr. 02, 2014

Apr. 01, 2014

Jun. 30, 2014

Jun. 04, 2014

Jun. 30, 2014

Dec. 31, 2013

Aug. 13, 2013

Jun. 30, 2014

Apr. 01, 2014

Jun. 30, 2014

Dec. 19, 2012

Jun. 30, 2014

Apr. 01, 2014

Jun. 30, 2014

Credit Agreement [Member]

Commitment Increase Agreements [Member]

Unsecured Debt [Member]

Convertible Debt [Member]

Base Rate [Member]

Federal Funds Rate [Member]

Eurodollar Rate [Member]

Revolving Credit Facility [Member]

Line of Credit [Member]

Multi-Currency Domestic Revolving Credit Facility [Member]

Aktiv Kapital AS [Member]

Acquisition Subsequent to 2014 [Member]

Acquisitions in 2014 [Member]

Senior Unsecured Debt other than Convertible Notes Due 2020 [Member]

Credit Agreement [Member]

Commitment Increase Agreements [Member]

Line of Credit [Member]

Commitment Increase Agreements [Member]

Credit Agreement [Member]

Debt Instrument [Line Items]

Increase in borrowing capacity

$214,500,000

Long-term debt

258,785,000

256,780,000

190,000,000

Basis spread variable rate

1.50%

0.50%

1.00%

2.50%

Lines Of Credit Current Swing Line Loans

20,000,000

Lines Of Credit Current Letters Of Credit

20,000,000

Line of Credit Facility, Capacity Available for Specific Purpose, Alternative Currency

20,000,000

Line Of Credit Facility Accordion Feature

214,500,000

Percentage Of Maximum Level Of Borrowings Of Erc Of Eligible Asset Pools

33.00%

Percentage Of Maximum Level Of Borrowings Of Eligible Accounts Receivable

75.00%

Credit Agreement Consolidated Leverage Ratio

Minimum Net Worth Required for Compliance

455,100,000

Minimum Percentage Of Positive Consolidated Net Income For Compliance

50.00%

Minimum Percentage Of Net Proceeds Of Equity Offering

50.00%

Debt Instrument, Coventant, Maximum Capital Expenditures

40,000,000

Debt Instrument, Covenant, Maximum Cash Dividends

20,000,000

Payments to Acquire Property, Plant, and Equipment

13,224,000

6,639,000

Stock repurchases authorized amount

250,000,000

Stock Repurchase Program, Authorized Yearly Amount

100,000,000

Debt Instrument, Covenant, Maximum Allowance New Loan or Capital Related to Acquisition

950,000,000

Debt Instrument, Covenant, Maximum Business Combinations

250,000,000

25,000,000

Debt Instrument, Covenant, Maximum Allowable Debt

500,000,000

300,000,000

500,000,000

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.38%

Line of Credit Facility, Amount Outstanding

190,000,000

195,000,000

Line of Credit Facility, Maximum Borrowing Capacity

840,000,000

630,000,000

20,000,000

Line of Credit Facility, Remaining Borrowing Capacity

630,000,000

20,000,000

Line of Credit Facility, Interest Rate at Period End

2.65%

2.67%

Stated percentage

3.00%

Face amount

287,500,000

Long-term debt

$190,000,000

$195,000,000

Borrowings_Convertible_Debt_an

Borrowings - Convertible Debt and Additional information (Details) (USD $)	0 Months Ended	2 Months Ended	6 Months Ended
	Aug. 13, 2013	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'	'	'
Redemption price	100.00%	'	'	'	'
Conversion ratio	15.2172	'	'	'	'
Minimum average share price triggering dilutive effect (usd per share)	$65.72	$65.72	$65.72	'	'
Proceeds from convertible debt	$279,300,000	'	'	'	'
Repayments of long-term debt	174,000,000	'	'	'	'
Repurchases of common stock	50,000,000	'	0	8,506,000	'
Convertible debt, estimated fair value	255,300,000	'	344,100,000	'	316,857,000
Carrying amount of convertible debt	32,200,000	'	'	'	'
Debt Issuance Cost	7,300,000	'	'	'	'
Equity and debt issuance costs	8,200,000	'	'	'	'
Equity Issuance Costs	900,000	'	'	'	'
Effective interest rate	'	'	4.92%	'	'
Convertible Debt [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Face amount	'	'	287,500,000	'	287,500,000
Stated percentage	3.00%	'	'	'	'
Carrying amount of convertible debt	'	'	$31,306,000	'	$31,306,000

Borrowings_Long_term_debt_Matu

Borrowings - Long term debt Maturities (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014
Debt Disclosure [Abstract]	'
30-Jun-15	$12,500
30-Jun-16	17,500
30-Jun-17	30,000
30-Jun-18	130,000
30-Jun-19	0
Thereafter	287,500
Total	$477,500

Property_and_Equipment_Net_Nar

Property and Equipment, Net (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Depreciation and amortization expense	$3.10	$2.40	$5.90	$4.60	'
Direct payroll costs and external direct costs related to software	11.9	'	11.9	'	10.3
Developing projects	2.2	'	2.2	'	1.7
Amortization expense	0.5	0.3	0.9	0.7	'
Unamortized costs of software	$4.60	'	$4.60	'	$4.40
Minimum [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Minimum estimated useful life of computer software (in years)	'3 years	'	'	'	'
Maximum [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Minimum estimated useful life of computer software (in years)	'7 years	'	'	'	'

Property_and_Equipment_Net_Pro

Property and Equipment, Net (Property And Equipment, At Cost) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment, Net [Abstract]	'	'
Software	$37,523	$34,108
Computer equipment	19,280	17,072
Furniture and fixtures	9,961	8,616
Equipment	12,279	10,351
Leasehold improvements	13,131	11,147
Building and improvements	7,046	7,026
Land	1,269	1,269
Accumulated depreciation and amortization	-61,587	-58,048
Property and equipment, net	$38,902	$31,541

Goodwill_And_Intangible_Assets1

Goodwill And Intangible Assets, Net (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]	'	'	'	'	'	'	'	'
Goodwill	$105,122,000	$106,953,000	$105,122,000	$106,953,000	$104,086,000	$103,843,000	$106,912,000	$109,488,000
Amortization expenses	$1,100,000	$1,200,000	$2,200,000	$2,400,000	'	'	'	'

Goodwill_And_Intangible_Assets2

Goodwill And Intangible Assets, Net Schedule of Goodwill (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'	'	'	'
Balance at beginning of year	$104,086	$106,912	$103,843	$109,488
Foreign currency translation adjustment	1,036	41	1,279	-2,535
Balance at end of year	$105,122	$106,953	$105,122	$106,953

Goodwill_And_Intangible_Assets3

Goodwill And Intangible Assets, Net (Schedule Of Intangible Assets) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'	'
Client and customer relationships	$41,212	$40,870
Non-compete agreements	3,913	3,880
Trademarks	3,526	3,491
Total	48,651	48,241
Client and customer relationships, Accumulated Amortization	28,558	26,581
Non-compete agreements, Accumulated Amortization	3,807	3,723
Trademarks, Accumulated Amortization	2,481	2,170
Total, Accumulated Amortization	$34,846	$32,474

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,400,000	'	5,400,000	'
Share-based compensation expense	$2.60	$3.60	$5.40	$6.70
Tax benefit realized from share-based compensation	0.3	0.9	7.8	4.9
Grant date fair value of shares vested	0.7	0.4	3.1	2.5
Forfeiture rate for share awards granted under LTI Programs	7.50%	'	7.50%	'
Long-Term Incentive Programs [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Grant date fair value of shares vested	0	0	5.7	2.6
Long Term Incentive Program [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Future compensation cost related to stock option	7.6	'	7.6	'
Weighted average remaining life of nonvested shares (in years)	'1 year 1 month	'	'	'
Nonvested Awards [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Future compensation cost related to stock option	$6	'	$6	'
Weighted average remaining life of nonvested shares (in years)	'1 year 8 months 0 days	'	'	'
Nonvested Awards [Member] \| Minimum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting period	'3 years	'	'	'
Nonvested Awards [Member] \| Maximum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting period	'5 years	'	'	'

ShareBased_Compensation_Nonves

Share-Based Compensation (Nonvested Share Transactions) (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Nonvested Shares Outstanding, Beginning Balance	226	288
Nonvested Shares Outstanding, Granted	80	110
Nonvested Shares Outstanding, Vested	-107	-143
Nonvested Shares Outstanding, Cancelled	-2	-29
Nonvested Shares Outstanding, Ending Balance	197	226
Weighted-Average Price at Grant Date, Beginning Balance	$29.58	$20.84
Weighted-Average Price at Grant Date, Granted	$49.57	$37.31
Weighted-Average Price at Grant Date, Vested	$28.83	$19.75
Weighted-Average Price at Grant Date, Cancelled	$21.90	$20.57
Weighted-Average Price at Grant Date, Ending Balance	$38.18	$29.58
Long-Term Incentive Programs [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Nonvested Shares Outstanding, Beginning Balance	434	497
Nonvested Shares Outstanding, Granted	97	124
Nonvested Shares Outstanding, Vested	-225	-279
Nonvested Shares Outstanding, Cancelled	'	-16
Nonvested Shares Outstanding, Ending Balance	401	434
Weighted-Average Price at Grant Date, Beginning Balance	$25.79	$21.71
Weighted-Average Price at Grant Date, Granted	$48.09	$34.59
Share-based Compensation Arranement by Share-based Payment Award, Equity Instruments Other than Options, Adjustments Above Granted in Period	95	108
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustments Above Grant Period, Weighted Average Grand Date Fair Value	$25.17	$17.91
Weighted-Average Price at Grant Date, Vested	$25.17	$19.10
Weighted-Average Price at Grant Date, Cancelled	'	$25.01
Weighted-Average Price at Grant Date, Ending Balance	$31.39	$25.79

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
Income Taxes (Details) (USD $)	Jun. 30, 2014
Income Tax Expense (Benefit), Continuing Operations [Abstract]	'
Finance receivables reduction	$0
Amount of underpayments required for the application of additional two percentage points to large corporate as defined in the internal revenue code	$100,000

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	0 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 13, 2013	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'	'	'
Minimum average share price triggering dilutive effect (usd per share)	$65.72	$65.72	'	'	$65.72	'
Net Income (Loss) Attributable to Parent	'	'	$37,507	$43,599	$78,347	$82,199
Weighted Average Common Shares, Basic EPS	'	'	50,065	50,751	49,997	50,781
Weighted Average Common Shares, Dilutive effect of nonvested share awards	'	'	372	432	403	447
Weighted Average Common Shares, Diluted EPS	'	'	50,437	51,183	50,400	51,228
EPS, Basic	'	'	$0.75	$0.86	$1.57	$1.62
EPS, Diluted	'	'	$0.74	$0.85	$1.55	$1.60
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	'	'	0	0	0	0

Commitments_And_Contingencies_

Commitments And Contingencies (Details)

3 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Jun. 30, 2014

Feb. 28, 2013

Jun. 30, 2014

Feb. 19, 2014

Jul. 01, 2014

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 16, 2014

Jun. 30, 2014

USD ($)

Maximum [Member]

Aktiv Kapital AS [Member]

Pamplona Capital Management, LLP [Member]

NCM [Member]

Subsequent Event [Member]

Eurodollar Future [Member]

USD ($)

EUR (€)

USD ($)

Aktiv Kapital AS [Member]

LIBOR [Member]

USD ($)

Aktiv Kapital AS [Member]

Purchase price

$872,600,000

Corporate debt assumed in acquisition

431,300,000

Enterprise value

1,300,000,000

Cash paid to acquire business

217,700,000

Financing provided by affiliate of seller

169,900,000

Estimated Consideration Transferred

5,000,000

Estimated Seller Financing, Basis Spread on Variable Rate

3.75%

Estimated Maximum Amount Financed from Existing Credit Facility

485,000,000

Estimated Transaction Costs

15,000,000

Acquisition transaction costs

4,100,000

8,500,000

Foreign Currency Contracts

518,000,000

Foreign Currency Transaction Gain (Loss), Unrealized

2,000,000

6,200,000

Percentage acquired by exercise of right by parent

50.00%

Payments of contingent consideration

6,200,000

Contingent consideration liability

4,300,000

Employee agreements expiration date

'DecemberB 31, 2014

Future compensation under employment agreements

6,400,000

Total future minimum lease payments

31,500,000

Estimated litigation liability

1,000,000

Amount to be purchased under forward flow agreements

159,600,000

Contingent consideration earn out period

'5 years

Maximum value of contingent consideration

$15,000,000

Recovered_Sheet2

Fair Value Measurements And Disclosures (Carrying And Estimated Fair Value Recorded In The Consolidated Balance Sheet) (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Aug. 13, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Aug. 13, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]	'	'	'	'	'	'	'
Cash and cash equivalents, carrying amount	$270,526	'	$162,004	'	$43,459	'	$32,687
Cash and cash equivalents, estimated fair value	270,526	'	162,004	'	'	'	'
Finance receivables, net, carrying amount	1,219,595	1,253,961	1,239,191	'	1,236,859	1,169,747	1,078,951
Finance receivables, net, estimated fair value	1,740,864	'	1,722,100	'	'	'	'
Long-term debt	190,000	'	195,000	'	'	'	'
Long-term debt, estimated fair value	190,000	'	195,000	'	'	'	'
Convertible debt	258,785	'	256,780	'	'	'	'
Convertible debt, estimated fair value	$344,100	'	$316,857	$255,300	'	'	'

Subsequent_Events_Details

Subsequent Events (Details)	3 Months Ended			6 Months Ended	0 Months Ended		3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jul. 16, 2014	Jul. 01, 2014	Jun. 30, 2014
	Subsequent Event [Member]	Aktiv Kapital AS [Member]	Aktiv Kapital AS [Member]	Aktiv Kapital AS [Member]	Aktiv Kapital AS [Member]	Pamplona Capital Management, LLP [Member]	Eurodollar Future [Member]
	USD ($)	USD ($)	EUR (€)	USD ($)	Subsequent Event [Member]	USD ($)	USD ($)
					USD ($)
Subsequent Event [Line Items]	'	'	'	'	'	'	'
Purchase price	'	'	'	'	$872,600,000	'	'
Acquisition related costs to be incurred	'	'	'	6,000,000	'	'	'
Foreign Currency Contracts	'	'	518,000,000	'	'	'	'
Corporate debt assumed in acquisition	'	'	'	'	431,300,000	'	'
Enterprise value	'	'	'	'	1,300,000,000	'	'
Cash paid to acquire business	'	'	'	'	217,700,000	'	'
Financing provided by affiliate of seller	'	'	'	'	169,900,000	'	'
Estimated Maximum Amount Financed from Existing Credit Facility	'	'	'	'	485,000,000	'	'
Acquisition transaction costs	'	4,100,000	'	8,500,000	'	'	'
Foreign Currency Transaction Gain (Loss), Unrealized	2,000,000	'	'	'	'	'	6,200,000
Estimated Consideration Transferred	'	'	'	'	'	$5,000,000	'