America's Car-Mart (CRMT) 10-Q 8 Dec 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Dec. 01, 2015
Entity Registrant Name	AMERICAS CARMART INC
Entity Central Index Key	799,850
Trading Symbol	crmt
Current Fiscal Year End Date	--04-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		8,446,966
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Payment Protection Plan [Member]
Liabilities:
Deferred revenue	$ 16,061	$ 15,652
Service Contract [Member]
Liabilities:
Deferred revenue	9,865	9,584
Cash and cash equivalents	1,386	790
Accrued interest on finance receivables	1,699	2,002
Finance receivables, net	327,229	324,144
Inventory	34,253	34,267
Prepaid expenses and other assets	3,673	4,195
Income taxes receivable, net	250	645
Goodwill	355	355
Property and equipment, net	34,818	33,963
Total Assets	403,663	400,361
Accounts payable	11,841	11,022
Accrued liabilities	12,304	12,708
Deferred income tax liabilities, net	18,059	19,178
Revolving credit facilities	104,424	102,685
Total liabilities	$ 172,554	$ 170,829
Commitments and contingencies (Note J)
Mezzanine equity:
Mandatorily redeemable preferred stock	$ 400	$ 400
Equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding
Common stock, par value $.01 per share, 50,000,000 shares authorized; 12,708,291 and 12,688,890 issued at October 31, 2015 and April 30, 2015, respectively, of which 8,458,966 and 8,529,223 were outstanding at October 31, 2015 and April 30, 2015, respectively	$ 127	$ 127
Additional paid-in capital	63,882	62,428
Retained earnings	297,910	293,798
Less: Treasury stock, at cost, 4,249,325 and 4,159,667 shares at October 31, 2015 and April 30, 2015, respectively	(131,310)	(127,321)
Total stockholders' equity	230,609	229,032
Non-controlling interest	100	100
Total equity	230,709	229,132
Total Liabilities, Mezzanine Equity and Equity	$ 403,663	$ 400,361

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Oct. 31, 2015	Apr. 30, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	12,708,291	12,688,890
Common stock, shares outstanding (in shares)	8,458,966	8,529,223
Treasury stock, shares (in shares)	4,249,325	4,159,667

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Revenues:
Sales	$ 117,670	$ 119,435	$ 245,265	$ 232,894
Interest and other income	15,334	14,399	30,428	28,316
Total revenue	133,004	133,834	275,693	261,210
Costs and expenses:
Cost of sales, excluding depreciation shown below	71,596	68,156	146,682	133,627
Selling, general and administrative	22,239	20,655	45,363	41,475
Provision for credit losses	38,094	31,371	73,439	59,247
Interest expense	792	721	1,552	1,396
Depreciation and amortization	1,038	929	2,048	1,847
Loss on disposal of property and equipment	19	20	19	20
Total costs and expenses	133,778	121,852	269,103	237,612
Income before taxes	(774)	11,982	6,590	23,598
Provision (benefit) for income taxes	(289)	4,463	2,458	8,819
Net income (loss)	(485)	7,519	4,132	14,779
Less: Dividends on mandatorily redeemable preferred stock	(10)	(10)	(20)	(20)
Net income (loss) attributable to common stockholders	$ (495)	$ 7,509	$ 4,112	$ 14,759
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.06)	$ 0.87	$ 0.48	$ 1.70
Diluted (in dollars per share)	$ (0.06)	$ 0.83	$ 0.46	$ 1.62
Weighted average number of shares used in calculation:
Basic (in shares)	8,471,918	8,604,003	8,492,679	8,660,173
Diluted (in shares)	8,471,918	9,022,437	8,853,621	9,082,750

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Payment Protection Plan [Member]
Change in operating assets and liabilities:
Increase (Decrease) in Deferred Revenue	$ 409,000	$ 1,143,000
Service Contract [Member]
Change in operating assets and liabilities:
Increase (Decrease) in Deferred Revenue	281,000	4,401,000
Net income	4,132,000	14,779,000
Provision for credit losses	73,439,000	59,247,000
Losses on claims for payment protection plan	6,095,000	4,764,000
Depreciation and amortization	2,048,000	1,847,000
Amortization of debt issuance costs	96,000	93,000
Loss on disposal of property and equipment	19,000	20,000
Stock based compensation	949,000	412,000
Deferred income taxes	(1,119,000)	2,402,000
Finance receivable originations	(223,266,000)	(222,024,000)
Finance receivable collections	117,593,000	111,000,000
Accrued interest on finance receivables	303,000	3,000
Inventory	23,068,000	18,937,000
Prepaid expenses and other assets	426,000	(353,000)
Accounts payable and accrued liabilities	775,000	3,362,000
Income taxes, net	586,000	1,064,000
Excess tax benefit from share based compensation	(191,000)	(544,000)
Net cash provided by operating activities	5,643,000	553,000
Investing Activities:
Purchase of property and equipment	$ (2,922,000)	(1,863,000)
Proceeds from sale of property and equipment		20,000
Net cash used in investing activities	$ (2,922,000)	(1,843,000)
Financing Activities:
Exercise of stock options and warrants	245,000	1,545,000
Excess tax benefit from share based compensation	191,000	544,000
Issuance of common stock	69,000	78,000
Purchase of common stock	(3,989,000)	(10,277,000)
Dividend payments	$ (20,000)	(20,000)
Debt issuance costs		(250,000)
Change in cash overdrafts	$ (360,000)	(77,000)
Proceeds from revolving credit facilities	170,341,000	178,690,000
Payments on revolving credit facilities	(168,602,000)	(168,975,000)
Net cash provided by (used in) financing activities	(2,125,000)	1,258,000
Increase (decrease) in cash and cash equivalents	596,000	(32,000)
Cash and cash equivalents, beginning of period	790,000	289,000
Cash and cash equivalents, end of period	$ 1,386,000	$ 257,000

Note A - Organization and Busin

Note A - Organization and Business	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	A – Organization and Business America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the Company typically include the Company’s consolidated subsidiaries. The Company’s operations are principally conducted through its two operating subsidiaries, America’s Car Mart, Inc., an Arkansas corporation (“Car-Mart of Arkansas”), and Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”). Collectively, Car-Mart of Arkansas and Colonial are referred to herein as “Car-Mart.” The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the Company’s customers have limited financial resources and would not qualify for conventional financing as a result of limited credit histories or past credit problems. As of October 31, 2015, the Company operated 145 dealerships located primarily in small cities throughout the South-Central United States.

Note B - Summary of Significant

Note B - Summary of Significant Accounting Policies	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	B – Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2015, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of October 31, 2015 and 2014, have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended October 31, 2015 are not necessarily indicative of the results that may be expected for the year ending April 30, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended April 30, 2015. Principles of Consolidation The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one reportable segment. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses. Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 32% of revenues resulting from sales to Arkansas customers. Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in October 2017. The Company expects that these credit facilities will be renewed or refinanced on or before the scheduled maturity dates. Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders. Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents. Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts typically carry an interest rate of 15% using the simple effective interest method including any deferred fees. Contract origination costs are not significant. . . Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two days late are sent a notice in the mail. Accounts three days late are contacted by telephone. Notes from each telephone contact are electronically maintained in the Company’s computer system. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. Other than the extension of additional time, concessions are not granted to customers at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership, or sold for cash on a wholesale basis primarily through physical or online auctions. The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivable balance charged-off. On average, accounts are approximately 59 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses. The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. The Company accrues an estimated loss as it is probable that the entire amount will not be collected and the amount of the loss can be reasonably estimated in the aggregate. The allowance for credit losses is based primarily upon historical credit loss experience, with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed and term), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is periodically reviewed by management with any changes reflected in current operations. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. The calculation of the allowance for credit losses uses the following primary factors: · · · A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. The allowance for credit losses at October 31, 2015 of $100.4 million was 25.0% of the principal balance in finance receivables of $427.7 million, less unearned payment protection plan revenue of $16.1 million and unearned service contract revenue of $9.9 million. In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at October 31, 2015 or 2014. Inventory Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. If the fair value of the reporting unit falls below its carrying value, the Company performs the second step of the two-step goodwill impairment process to determine the amount, if any, that the goodwill is impaired. The second step involves determining the fair value of the identifiable assets and liabilities and the implied goodwill. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no impairment of goodwill during fiscal 2015, and to date, there has been no impairment during fiscal 2016. Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying values of the impaired assets exceed the fair value of such assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of its revolving credit facilities. Any cash overdraft balance principally represents outstanding checks, net of any deposits in transit that as of the balance sheet date had not yet been presented for payment. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2012. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of October 31, 2015 or April 30, 2015. Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Payment protection plan revenues are included in sales and related losses are included in cost of sales as incurred. Interest income is recognized on all active finance receivable accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off. Sales consist of the following: Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Sales – used autos $ 98,836 $ 106,914 $ 208,094 $ 208,037 Wholesales – third party 6,172 4,763 11,842 9,559 Service contract sales 6,731 3,988 13,543 7,983 Payment protection plan revenue 5,931 3,770 11,786 7,315 Total $ 117,670 $ 119,435 $ 245,265 $ 232,894 At October 31, 2015 and 2014, finance receivables more than 90 days past due were approximately $1.7 million and $2.0 million, respectively. Late fee revenues totaled approximately $996,000 and $1.1 million for the six months ended October 31, 2015 and 2014, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations. Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met. Treasury Stock The Company purchased 89,658 shares of its common stock to be held as treasury stock for a total cost of $4.0 million during the first six months of fiscal 2016 and 255,208 shares for a total cost of $10.3 million during the first six months of fiscal 2015. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company adopts as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Debt Issuance Costs

Note C - Finance Receivables, N

Note C - Finance Receivables, Net	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Financing Receivables [Text Block]	C – Finance Receivables, Net The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts typically include interest rates ranging from 14% to 15% per annum, are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 to 42 months. The weighted average interest rate for the portfolio was approximately 14.9% at October 31, 2015. The Company’s finance receivables are defined as one segment and one class of loans, which is sub-prime consumer automobile contracts. The level of risks inherent in the Company’s financing receivables is managed as one homogeneous pool. The components of finance receivables are as follows: (In thousands) October 31, 2015 April 30, 2015 Gross contract amount $ 488,424 $ 477,305 Less unearned finance charges (60,761 ) (59,937 ) Principal balance 427,663 417,368 Less allowance for credit losses (100,434 ) (93,224 ) Finance receivables, net $ 327,229 $ 324,144 Changes in the finance receivables, net are as follows: Six Months Ended (In thousands) 2015 2014 Balance at beginning of period $ 324,144 $ 293,299 Finance receivable originations 223,266 222,024 Finance receivable collections (117,593 ) (111,000 ) Provision for credit losses (73,439 ) (59,247 ) Losses on claims for payment protection plan (6,095 ) (4,764 ) Inventory acquired in repossession and payment protection plan claims (23,054 ) (21,272 ) Balance at end of period $ 327,229 $ 319,040 Changes in the finance receivables allowance for credit losses are as follows: Six Months Ended (In thousands) 2015 2014 Balance at beginning of period $ 93,224 $ 86,033 Provision for credit losses 73,439 59,247 Charge-offs, net of recovered collateral (66,229 ) (52,820 ) Balance at end of period $ 100,434 $ 92,460 The factors which influenced management’s judgment in determining the amount of the additions to the allowance charged to provision for credit losses are described below: The level of actual charge-offs, net of recovered collateral, is the most important factor in determining the charges to the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account is either made current by the customer, the vehicle is repossessed or the account is written off if the collateral cannot be recovered. Net charge-offs as a percentage of average finance receivables increased to 15.6% for the six months ended October 31, 2015 compared to 13.4% for the same period in the prior year. The increase in net charge-offs for the first six months of fiscal 2016 resulted from an increased frequency of losses as well as an increase in the severity of losses resulting from lower wholesale values at repossession. Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Collections as a percentage of average finance receivables were 27.7% for the six months ended October 31, 2015 compared to 28.2% for the prior year period. The decrease in collections as a percentage of average finance receivables primarily resulted from the longer average term and slightly higher contract modifications offset by lower delinquencies and a higher level of early pay-offs. Delinquencies greater than 30 days were 3.5% for October 31, 2015 and 4.4% at October 31, 2014. Macro-economic factors, the competitive environment, and more importantly, proper execution of operational policies and procedures can have a significant effect on additions to the allowance charged to the provision. Unemployment levels, gasoline prices and prices for staple items can potentially have a significant effect on collections and delinquency levels, and ultimately on net charge-offs. We believe our customers continue to be under significant pressure due to the persistent difficult macro-economic environment for the Company’s customer base. We expect these conditions to continue in the near to mid-term future. The Company continues to focus on operational improvements within the collections area such as credit reporting for customers and implementation of GPS technology on vehicles sold. Credit quality information for finance receivables is as follows: (Dollars in thousands) October 31, 2015 April 30, 2015 October 31, 2014 Principal Percent of Principal Percent of Principal Percent of Current $ 365,346 85.44 % $ 329,329 78.91 % $ 341,555 83.00 % 3 - 29 days past due 47,406 11.08 % 64,004 15.33 % 51,990 12.63 % 30 - 60 days past due 10,320 2.41 % 12,777 3.06 % 12,002 2.92 % 61 - 90 days past due 2,914 0.68 % 8,463 2.03 % 3,986 0.97 % > 90 days past due 1,677 0.39 % 2,795 0.67 % 1,967 0.48 % Total $ 427,663 100.00 % $ 417,368 100.00 % $ 411,500 100.00 % Accounts one and two days past due are considered current for this analysis, due to the varying payment dates and variation in the day of the week at each period end. Delinquencies may vary from period to period based on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic factors. The above categories are consistent with internal operational measures used by the Company to monitor credit results. Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company monitors contract term length, down payment percentages, and collections for credit quality indicators. Six Months Ended 2015 2014 Principal collected as a percent of average finance receivables 27.7 % 28.2 % Average down-payment percentage 6.5 % 6.8 % Average originating contract term (in months ) 28.4 27.4 October 31, 2015 October 31, 2014 Portfolio weighted average contract term, including modifications (in months ) 30.6 29.6 The decrease in the principal collected as a percent of average finance receivables was primarily due to the longer average term and slightly higher contract modifications offset by lower delinquencies and a higher level of early pay-offs. The increases in the portfolio weighted average contract term are primarily related to efforts to keep payments affordable, for competitive reasons and to continue to work more with our customers when they experience financial difficulties. In order to remain competitive, term lengths may continue to increase.

Note D - Property and Equipment

Note D - Property and Equipment	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	D – Property and Equipment A summary of property and equipment is as follows: (In thousands) October 31, 2015 April 30, 2015 Land $ 6,245 $ 6,245 Buildings and improvements 11,661 11,509 Furniture, fixtures and equipment 13,838 13,486 Leasehold improvements 21,891 21,023 Construction in progress 2,240 1,235 Less accumulated depreciation and amortization (21,057 ) (19,535 ) Total $ 34,818 $ 33,963

Note E - Accrued Liabilities

Note E - Accrued Liabilities	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	E – Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) October 31, 2015 April 30, 2015 Employee compensation $ 3,783 $ 3,954 Cash overdrafts (see Note B) 1,227 1,587 Deferred sales tax (see Note B) 2,773 2,762 Other 4,521 4,405 Total $ 12,304 $ 12,708

Note F - Debt Facilities

Note F - Debt Facilities	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	F – Debt Facilities A summary of revolving credit facilities is as follows: (In thousands) Aggregate Interest Balance at Amount Rate Maturity October 31, 2015 April 30, 2015 Revolving credit facilities $ 145,000 LIBOR + 2.375% October 8, 2017 $ 104,424 $ 102,685 (2.57% at October 31, 2015 and 2.56% at April 30, 2015) On March 9, 2012, the Company entered into an Amended and Restated Loan and Security Agreement (“Credit Facilities”) with a group of lenders providing revolving credit facilities totaling $125 million. The Credit Facilities were amended on September 30, 2012, February 4, 2013, June 24, 2013, February 13, 2014 and October 8, 2014, respectively. The first amendment to the Credit Facilities increased the total revolving commitment to $145 million. The second amendment amended the definition of eligible vehicle contracts to include contracts with 36-42 month terms. The third amendment extended the term to June 24, 2016, provided the option to request revolver commitment increases for up to an additional $55 million and provided for a 0.25% decrease in each of the three pricing tiers for determining the applicable interest rate. The fourth amendment amended the structure of the debt covenants as related to the application of the fixed charge coverage ratio calculation. As amended, the fixed charge coverage ratio calculation will be required only if availability, as defined, under the revolving credit facilities is less than certain specified thresholds. The fourth amendment also increased the allowable capital expenditures to $10 million in the aggregate during any fiscal year and allows for the sale of certain vehicle contracts to third parties. The fifth amendment extended the term of the Credit Facilities to October 8, 2017, added a new pricing tier for determining the applicable interest rate, and provided for a 0.125% increase in each of the three existing pricing tiers. The fifth amendment also amended one of two alternative distribution limitations related to repurchases of the Company’s stock. With respect to such limitation, the amendment (i) reset the $40 million aggregate limit on repurchases beginning with October 8, 2014, (ii) redefined the aggregate amount of repurchases to be net of proceeds received from the exercise of stock options, and (iii) changed the requirement that the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases be equal to or greater than 30% of the sum of the borrowing bases. The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities. The Credit Facilities provide for four pricing tiers for determining the applicable interest rate, based on the Company’s consolidated leverage ratio for the preceding fiscal quarter. The current applicable interest rate under the Credit Facilities is generally LIBOR plus 2.375%. The Credit Facilities contain various reporting and performance covenants including (i) maintenance of certain financial ratios and tests, (ii) limitations on borrowings from other sources, (iii) restrictions on certain operating activities and (iv) restrictions on the payment of dividends or distributions. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. The Company was in compliance with the covenants at October 31, 2015. The amount available to be drawn under the credit facilities is a function of eligible finance receivables and inventory. Based upon eligible finance receivables and inventory at October 31, 2015, the Company had additional availability of approximately $38.1 million under the revolving credit facilities. The Company recognized approximately $96,000 and $93,000 of amortization for the six months ended October 31, 2015 and 2014, respectively, related to debt issuance costs. The amortization is reflected as interest expense in the Company’s Consolidated Statements of Operations.

Note G - Fair Value Measurement

Note G - Fair Value Measurements	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	G – Fair Value Measurements The table below summarizes information about the fair value of financial instruments included in the Company’s financial statements at October 31, 2015 and April 30, 2015: October 31, 2015 April 30, 2015 (In thousands) Carrying Fair Carrying Fair Cash $ 1,386 $ 1,386 $ 790 $ 790 Finance receivables, net 327,229 263,012 324,144 256,681 Accounts payable 11,841 11,841 11,022 11,022 Revolving credit facilities 104,424 104,424 102,685 102,685 Because no market exists for certain of the Company’s financial instruments, fair value estimates are based on judgments and estimates regarding yield expectations of investors, credit risk and other risk characteristics, including interest rate and prepayment risk. These estimates are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows: Financial Instrument Valuation Methodology Cash The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Finance receivables, net The Company estimated the fair value of its receivables at what a third party purchaser might be willing to pay. The Company has had discussions with third parties and has bought and sold portfolios, and had a third party appraisal in November 2012 that indicated a range of 35% to 40% discount to face would be a reasonable fair value in a negotiated third party transaction. The sale of finance receivables from Car-Mart of Arkansas to Colonial is made at a 38.5% discount. For financial reporting purposes these sale transactions are eliminated. Since the Company does not intend to offer the receivables for sale to an outside third party, the expectation is that the net book value at October 31, 2015, will be ultimately collected. By collecting the accounts internally the Company expects to realize more than a third party purchaser would expect to collect with a servicing requirement and a profit margin included. Accounts payable The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Revolving credit facilities The fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently.

Note H - Weighted Average Share

Note H - Weighted Average Shares Outstanding	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Weighted Average Shares Outstanding [Text Block]	H – Weighted Average Shares Outstanding Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Weighted average shares outstanding-basic 8,471,918 8,604,003 8,492,679 8,660,173 Dilutive options and restricted stock - 418,434 360,942 422,577 Weighted average shares outstanding-diluted 8,471,918 9,022,437 8,853,621 9,082,750 Antidilutive securities not included: Options 251,000 89,000 254,500 79,500 Restricted stock 9,500 - 4,750 - For the three months ended October 31, 2015, additional employee stock options to purchase 325,729 shares of common stock were excluded from the computation of diluted net loss per share as their effect would be anti-dilutive.

Note I - Stock Based Compensati

Note I - Stock Based Compensation	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	I – Stock-Based Compensation The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at October 31, 2015 are the Amended and Restated Stock Option Plan and the Amended and Restated Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of approximately $949,000 ($595,000 after tax effects) and $412,000 ($258,000 after tax effects) for the six months ended October 31, 2015 and 2014, respectively. Tax benefits were recognized for these costs at the Company’s overall effective tax rate. Stock Options The Company has options outstanding under two stock option plans approved by the shareholders, the 1997 Stock Option Plan (“1997 Plan”) and the Amended and Restated Stock Option Plan, formerly the 2007 Stock Option Plan (the “2007 Plan”). While previously granted options remain outstanding, no additional option grants may be made under the 1997 Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015. The Restated Option Plan is an amendment and restatement of the 2007 Plan. The amendment and restatement extends the term of the Restated Option Plan to June 10, 2025 and increases the number of shares of common stock reserved for issuance under the plan by an additional 300,000 shares to 1,800,000 shares. The Restated Option Plan provides for the grant of options to purchase shares of the Company’s common stock to employees, directors and certain advisors of the Company at a price not less than the fair market value of the stock on the date of grant and for periods not to exceed ten years. Options granted under the Company’s stock option plans expire in the calendar years 2016 through 2025. 1997 Plan Restated Minimum exercise price as a percentage of fair market value at date of grant 100% 100% Last expiration date for outstanding options July 2, 2017 August 5, 2025 Shares available for grant at October 31, 2015 - 322,250 The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. Six Months Ended 2015 2014 Expected term (years) 5.5 5.3 Risk-free interest rate 1.58 % 1.65 % Volatility 34 % 35 % Dividend yield - - The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. There were 298,750 and 44,000 options granted during the six months ended October 31, 2015 and 2014, respectively. The grant-date fair value of options granted during the six months ended October 31, 2015 and 2014 was $5.2 million and $595,000, respectively. The options were granted at fair market value on the date of grant. Stock option compensation expense on a pre-tax basis was $887,000 ($556,000 after tax effects) and $353,000 ($221,000 after tax effects) for the six months ended October 31, 2015 and 2014, respectively. As of October 31, 2015, the Company had approximately $4.1 million of total unrecognized compensation cost related to unvested options that are expected to vest. These unvested outstanding options have a weighted-average remaining vesting period of 4.14 years. In May 2015, key employees of the Company were granted 104,250 performance based stock options with a five-year performance period ending April 30, 2020. An additional 40,000 such options were granted to key employees of the Company in August 2015. Tiered vesting of these units is based solely on comparing the Company’s net income over the specified performance period to net income at April 30, 2015. As of October 31, 2015, the Company had $1.2 million in unrecognized compensation expense related to 68,750 of these options that are not currently expected to vest. The aggregate intrinsic value of outstanding options at October 31, 2015 and 2014 was $11.2 million and $24.8 million, respectively. The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Consolidated Statements of Cash Flows. Six Months Ended (Dollars in thousands) 2015 2014 Options exercised 17,750 88,750 Cash received from option exercises $ 245 $ 1,546 Intrinsic value of options exercised $ 690 $ 2,129 As of October 31, 2015 there were 917,000 vested and exercisable stock options outstanding with an aggregate intrinsic value of $11.2 million and a weighted average remaining contractual life of 3.90 years and a weighted average exercise price of $23.17. Stock Incentive Plan The shareholders of the Company approved an amendment to the Company’s Stock Incentive Plan on October 14, 2009. The amendment increased from 150,000 to 350,000 the number of shares of common stock that may be issued under the Stock Incentive Plan. The shareholders of the Company approved the Amended and Restated Stock Incentive Plan on August 5, 2015, which extended the term of the Stock Incentive Plan to June 10, 2025. For shares issued under the Stock Incentive Plan, the associated compensation expense is generally recognized equally over the vesting periods established at the award date and is subject to the employee’s continued employment by the Company. There were no restricted shares granted during the first six months of fiscal 2016 or fiscal 2015. A total of 177,527 shares remained available for award at October 31, 2015. There were 9,500 unvested shares at October 31, 2015 with a weighted average grant date fair value of $52.10. The Company recorded compensation cost of approximately $50,000 ($31,000 after tax effects) and $45,000 ($28,200 after tax effects) related to the Stock Incentive Plan during the six months ended October 31, 2015 and 2014, respectively. As of October 31, 2015, the Company had approximately $445,000 There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2015 or during the first six months of fiscal 2016.

Note J - Commitments and Contin

Note J - Commitments and Contingencies	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	J – Commitments and Contingencies The Company has a standby letter of credit relating to an insurance policy totaling $1 million at October 31, 2015.

Note K - Supplemental Cash Flow

Note K - Supplemental Cash Flow Information	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	K - Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Six Months Ended (in thousands) 2015 2014 Supplemental disclosures: Interest paid $ 1,782 $ 1,376 Income taxes paid, net 2,990 5,238 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 23,054 21,272

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Segment Reporting, Policy [Policy Text Block]	Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one reportable segment.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 32% of revenues resulting from sales to Arkansas customers. Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in October 2017. The Company expects that these credit facilities will be renewed or refinanced on or before the scheduled maturity dates.
Line of Credit Facility, Dividend Restrictions [Policy Text Block]	Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents.
Inventory, Policy [Policy Text Block]	Inventory Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. If the fair value of the reporting unit falls below its carrying value, the Company performs the second step of the two-step goodwill impairment process to determine the amount, if any, that the goodwill is impaired. The second step involves determining the fair value of the identifiable assets and liabilities and the implied goodwill. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no impairment of goodwill during fiscal 2015, and to date, there has been no impairment during fiscal 2016.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying values of the impaired assets exceed the fair value of such assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Cash Overdraft [Policy Text Block]	Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of its revolving credit facilities. Any cash overdraft balance principally represents outstanding checks, net of any deposits in transit that as of the balance sheet date had not yet been presented for payment. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.
Deferred Sales Tax [Policy Text Block]	Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2012. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of October 31, 2015 or April 30, 2015.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Payment protection plan revenues are included in sales and related losses are included in cost of sales as incurred. Interest income is recognized on all active finance receivable accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off. Sales consist of the following: Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Sales – used autos $ 98,836 $ 106,914 $ 208,094 $ 208,037 Wholesales – third party 6,172 4,763 11,842 9,559 Service contract sales 6,731 3,988 13,543 7,983 Payment protection plan revenue 5,931 3,770 11,786 7,315 Total $ 117,670 $ 119,435 $ 245,265 $ 232,894 At October 31, 2015 and 2014, finance receivables more than 90 days past due were approximately $1.7 million and $2.0 million, respectively. Late fee revenues totaled approximately $996,000 and $1.1 million for the six months ended October 31, 2015 and 2014, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met.
Treasury Stock [Policy Text Block]	Treasury Stock The Company purchased 89,658 shares of its common stock to be held as treasury stock for a total cost of $4.0 million during the first six months of fiscal 2016 and 255,208 shares for a total cost of $10.3 million during the first six months of fiscal 2015. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company adopts as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Debt Issuance Costs
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts typically carry an interest rate of 15% using the simple effective interest method including any deferred fees. Contract origination costs are not significant. . . Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two days late are sent a notice in the mail. Accounts three days late are contacted by telephone. Notes from each telephone contact are electronically maintained in the Company’s computer system. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. Other than the extension of additional time, concessions are not granted to customers at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership, or sold for cash on a wholesale basis primarily through physical or online auctions. The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivable balance charged-off. On average, accounts are approximately 59 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses. The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. The Company accrues an estimated loss as it is probable that the entire amount will not be collected and the amount of the loss can be reasonably estimated in the aggregate. The allowance for credit losses is based primarily upon historical credit loss experience, with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed and term), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is periodically reviewed by management with any changes reflected in current operations. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. The calculation of the allowance for credit losses uses the following primary factors: · · · A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. The allowance for credit losses at October 31, 2015 of $100.4 million was 25.0% of the principal balance in finance receivables of $427.7 million, less unearned payment protection plan revenue of $16.1 million and unearned service contract revenue of $9.9 million. In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at October 31, 2015 or 2014.

Note B - Summary of Significa18

Note B - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Property, Plant, and Equipment Useful Life [Table Text Block]	Furniture, fixtures and equipment (years) 3 to 7 Leasehold improvements 5 to 15 Buildings and improvements 18 to 39
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Sales – used autos $ 98,836 $ 106,914 $ 208,094 $ 208,037 Wholesales – third party 6,172 4,763 11,842 9,559 Service contract sales 6,731 3,988 13,543 7,983 Payment protection plan revenue 5,931 3,770 11,786 7,315 Total $ 117,670 $ 119,435 $ 245,265 $ 232,894

Note C - Finance Receivables,19

Note C - Finance Receivables, Net (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(In thousands) October 31, 2015 April 30, 2015 Gross contract amount $ 488,424 $ 477,305 Less unearned finance charges (60,761 ) (59,937 ) Principal balance 427,663 417,368 Less allowance for credit losses (100,434 ) (93,224 ) Finance receivables, net $ 327,229 $ 324,144
Change In Finance Receivables Net [Table Text Block]	Six Months Ended (In thousands) 2015 2014 Balance at beginning of period $ 324,144 $ 293,299 Finance receivable originations 223,266 222,024 Finance receivable collections (117,593 ) (111,000 ) Provision for credit losses (73,439 ) (59,247 ) Losses on claims for payment protection plan (6,095 ) (4,764 ) Inventory acquired in repossession and payment protection plan claims (23,054 ) (21,272 ) Balance at end of period $ 327,229 $ 319,040
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Six Months Ended (In thousands) 2015 2014 Balance at beginning of period $ 93,224 $ 86,033 Provision for credit losses 73,439 59,247 Charge-offs, net of recovered collateral (66,229 ) (52,820 ) Balance at end of period $ 100,434 $ 92,460
Past Due Financing Receivables [Table Text Block]	(Dollars in thousands) October 31, 2015 April 30, 2015 October 31, 2014 Principal Percent of Principal Percent of Principal Percent of Current $ 365,346 85.44 % $ 329,329 78.91 % $ 341,555 83.00 % 3 - 29 days past due 47,406 11.08 % 64,004 15.33 % 51,990 12.63 % 30 - 60 days past due 10,320 2.41 % 12,777 3.06 % 12,002 2.92 % 61 - 90 days past due 2,914 0.68 % 8,463 2.03 % 3,986 0.97 % > 90 days past due 1,677 0.39 % 2,795 0.67 % 1,967 0.48 % Total $ 427,663 100.00 % $ 417,368 100.00 % $ 411,500 100.00 %
Financing Receivable Credit Quality Indicators [Table Text Block]	Six Months Ended 2015 2014 Principal collected as a percent of average finance receivables 27.7 % 28.2 % Average down-payment percentage 6.5 % 6.8 % Average originating contract term (in months ) 28.4 27.4
Financing Receivable Contract Terms [Table Text Block]	October 31, 2015 October 31, 2014 Portfolio weighted average contract term, including modifications (in months ) 30.6 29.6

Note D - Property and Equipme20

Note D - Property and Equipment (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	(In thousands) October 31, 2015 April 30, 2015 Land $ 6,245 $ 6,245 Buildings and improvements 11,661 11,509 Furniture, fixtures and equipment 13,838 13,486 Leasehold improvements 21,891 21,023 Construction in progress 2,240 1,235 Less accumulated depreciation and amortization (21,057 ) (19,535 ) Total $ 34,818 $ 33,963

Note E - Accrued Liabilities (T

Note E - Accrued Liabilities (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) October 31, 2015 April 30, 2015 Employee compensation $ 3,783 $ 3,954 Cash overdrafts (see Note B) 1,227 1,587 Deferred sales tax (see Note B) 2,773 2,762 Other 4,521 4,405 Total $ 12,304 $ 12,708

Note F - Debt Facilities (Table

Note F - Debt Facilities (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	(In thousands) Aggregate Interest Balance at Amount Rate Maturity October 31, 2015 April 30, 2015 Revolving credit facilities $ 145,000 LIBOR + 2.375% October 8, 2017 $ 104,424 $ 102,685 (2.57% at October 31, 2015 and 2.56% at April 30, 2015)

Note G - Fair Value Measureme23

Note G - Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	October 31, 2015 April 30, 2015 (In thousands) Carrying Fair Carrying Fair Cash $ 1,386 $ 1,386 $ 790 $ 790 Finance receivables, net 327,229 263,012 324,144 256,681 Accounts payable 11,841 11,841 11,022 11,022 Revolving credit facilities 104,424 104,424 102,685 102,685

Note H - Weighted Average Sha24

Note H - Weighted Average Shares Outstanding (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Six Months Ended 2015 2014 2015 2014 Weighted average shares outstanding-basic 8,471,918 8,604,003 8,492,679 8,660,173 Dilutive options and restricted stock - 418,434 360,942 422,577 Weighted average shares outstanding-diluted 8,471,918 9,022,437 8,853,621 9,082,750 Antidilutive securities not included: Options 251,000 89,000 254,500 79,500 Restricted stock 9,500 - 4,750 -

Note I - Stock Based Compensa25

Note I - Stock Based Compensation (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Stock Option Plan Comparison [Table Text Block]	1997 Plan Restated Minimum exercise price as a percentage of fair market value at date of grant 100% 100% Last expiration date for outstanding options July 2, 2017 August 5, 2025 Shares available for grant at October 31, 2015 - 322,250
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended 2015 2014 Expected term (years) 5.5 5.3 Risk-free interest rate 1.58 % 1.65 % Volatility 34 % 35 % Dividend yield - -
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Six Months Ended (Dollars in thousands) 2015 2014 Options exercised 17,750 88,750 Cash received from option exercises $ 245 $ 1,546 Intrinsic value of options exercised $ 690 $ 2,129

Note K - Supplemental Cash Fl26

Note K - Supplemental Cash Flow Information (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended (in thousands) 2015 2014 Supplemental disclosures: Interest paid $ 1,782 $ 1,376 Income taxes paid, net 2,990 5,238 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 23,054 21,272

Note A - Organization and Bus27

Note A - Organization and Business (Details Textual)	6 Months Ended
	Oct. 31, 2015
Number of Operating Subsidiaries	2
Number of Stores	145

Note B - Summary of Significa28

Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Arkansas, USA [Member]
Concentration Risk, Percentage	32.00%
Maximum [Member]
Financing Receivable Interest Rate	15.00%
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period	5 years
Minimum [Member]
Financing Receivable Interest Rate	14.00%
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period	1 year
Payment Protection Plan [Member]
Deferred Revenue	$ 16,061,000		$ 15,652,000
Service Contract [Member]
Deferred Revenue	9,865,000		9,584,000
Goodwill, Impairment Loss	0		0
Income Tax Examination, Penalties and Interest Accrued	$ 0		0
Number of Reportable Segments	1
Line of Credit Facility,Distribution Limitations Maximum Aggregate Amount of Stock Repurchases	$ 40,000,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases	30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income	75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available	12.50%
Interest Earned on Financing Receivables	$ 1,700,000		2,000,000
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage	73.00%
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio	3.50%	4.40%
Financing Receivable, Average Days Past Due At Charge Off	59 days
Percentage of Receivable Charge-Offs	50.00%
Financing Receivable, Allowance for Credit Losses, Write-downs	$ 100,400,000
Accounts Receivable, Allowance for Credit Losses, Percentage	25.00%
Finance Receivable Principal Balance	$ 427,663,000	$ 411,500,000	417,368,000
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due	1,677,000	1,967,000	$ 2,795,000
Late Fee Income Generated by Servicing Financial Assets, Amount	$ 996,000	$ 1,100,000
Stock Repurchased During Period, Shares	89,658	255,208
Stock Repurchased During Period, Value	$ 4,000,000	$ 10,300,000

Note B - Property and Equipment

Note B - Property and Equipment, Estimated Useful Lives (Details)	6 Months Ended
	Oct. 31, 2015
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment	7 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment	15 years
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment	18 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment	39 years

Note B - Sales (Details)

Note B - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Sales Used Autos [Member]
Sales	$ 98,836	$ 106,914	$ 208,094	$ 208,037
Wholesales Third Party [Member]
Sales	6,172	4,763	11,842	9,559
Service Contract Sales [Member]
Sales	6,731	3,988	13,543	7,983
Payment Protection Plan Revenue [Member]
Sales	5,931	3,770	11,786	7,315
Sales	$ 117,670	$ 119,435	$ 245,265	$ 232,894

Note C - Finance Receivables,31

Note C - Finance Receivables, Net (Details Textual)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Minimum [Member]
Financing Receivable Interest Rate	14.00%
Financing Receivable Payment Period	1 year 180 days
Maximum [Member]
Financing Receivable Interest Rate	15.00%
Financing Receivable Payment Period	3 years 180 days
Installment Sale Contracts, Weighted Average Interest Rate	14.90%
Finance Receivables, Number of Loan Classes	1
Finance Receivables, Number of Risk Pools	1
Net Charge Offs as Percentage of Average Finance Receivables	15.60%	13.40%
Collections as Percentage of Average Financing Receivables	27.70%	28.20%
Dellinquecies Greater than 30 Days as Percentage of Average Finance Receivables	3.50%	4.40%

Note C - Components of Finance

Note C - Components of Finance Receivables (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Gross contract amount	$ 488,424	$ 477,305
Less unearned finance charges	(60,761)	(59,937)
Principal balance	427,663	417,368
Less allowance for credit losses	(100,434)	(93,224)
Finance receivables, net	$ 327,229	$ 324,144

Note C - Changes in Finance Rec

Note C - Changes in Finance Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Balance at beginning of period	$ 324,144	$ 293,299
Finance receivable originations	223,266	222,024
Finance receivable collections	(117,593)	(111,000)
Provision for credit losses	(73,439)	(59,247)
Losses on claims for payment protection plan	(6,095)	(4,764)
Inventory acquired in repossession and payment protection plan claims	(23,054)	(21,272)
Balance at end of period	$ 327,229	$ 319,040

Note C - Changes in the Finance

Note C - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Balance at beginning of period	$ 93,224	$ 86,033
Provision for credit losses	73,439	59,247
Charge-offs, net of recovered collateral	(66,229)	(52,820)
Balance at end of period	$ 100,434	$ 92,460

Note C - Credit Quality Informa

Note C - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015	Oct. 31, 2014
Current	$ 365,346	$ 329,329	$ 341,555
Current	85.44%	78.91%	83.00%
3 - 29 days past due	$ 47,406	$ 64,004	$ 51,990
3 - 29 days past due	11.08%	15.33%	12.63%
30 - 60 days past due	$ 10,320	$ 12,777	$ 12,002
30 - 60 days past due	2.41%	3.06%	2.92%
61 - 90 days past due	$ 2,914	$ 8,463	$ 3,986
61 - 90 days past due	0.68%	2.03%	0.97%
> 90 days past due	$ 1,677	$ 2,795	$ 1,967
> 90 days past due	0.39%	0.67%	0.48%
Total	$ 427,663	$ 417,368	$ 411,500
Total	100.00%	100.00%	100.00%

Note C - Financing Receivables

Note C - Financing Receivables Analysis (Details)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Principal collected as a percent of average finance receivables	27.70%	28.20%
Average down-payment percentage	6.50%	6.80%
Average originating contract term (in months)	2 years 132 days	2 years 102 days

Note C - Average Financing Rece

Note C - Average Financing Receivable Contract Terms (Details)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Portfolio weighted average contract term, including modifications (in months)	2 years 198 days	2 years 168 days

Note D - Property and Equipme38

Note D - Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Land [Member]
Property and equipment	$ 6,245	$ 6,245
Building and Building Improvements [Member]
Property and equipment	11,661	11,509
Furniture, Fixtures and Equipment [Member]
Property and equipment	13,838	13,486
Leasehold Improvements [Member]
Property and equipment	21,891	21,023
Construction in Progress [Member]
Property and equipment	2,240	1,235
Less accumulated depreciation and amortization	(21,057)	(19,535)
Total	$ 34,818	$ 33,963

Note E - Accrued Liabilities (D

Note E - Accrued Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Employee compensation	$ 3,783	$ 3,954
Cash overdrafts (see Note B)	1,227	1,587
Deferred sales tax (see Note B)	2,773	2,762
Other	4,521	4,405
Total	$ 12,304	$ 12,708

Note F - Debt Facilities (Detai

Note F - Debt Facilities (Details Textual) - USD ($)	Oct. 08, 2014	Jun. 24, 2013	Feb. 04, 2013	Oct. 31, 2015	Oct. 31, 2014	Feb. 13, 2014	Sep. 30, 2012	Mar. 09, 2012
Revolving Credit Facility [Member] | Credit Facilities Amendment Number 5 [Member]
Line of Credit Facility, Expiration Date	Oct. 8, 2017
Line of Credit Facility Increase in Pricing Tiers Percent	0.125%
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases	$ 40,000,000
Dividend Restrictions Percentage of Sum of Borrowing Bases	30.00%
Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 3 [Member]
Line of Credit Facility, Additional Borrowing Capacity		$ 55,000,000
Line of Credit Facility, Decrease in Pricing Tiers, Percent		0.25%
Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 4 [Member]
Maximum Allowable Capital Expenditures By Credit Facilities Amendment						$ 10,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Contract Term of Contracts Included by Credit Facilities Amendment			3 years
Revolving Credit Facility [Member] | Maximum [Member]
Contract Term of Contracts Included by Credit Facilities Amendment			3 years 180 days
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				2.375%
Revolving Credit Facility [Member]
Line of Credit Facility, Expiration Date		Jun. 24, 2016
Line of Credit Facility, Maximum Borrowing Capacity							$ 145,000,000	$ 125,000,000
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases				$ 40,000,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases				30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income				75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available				12.50%
Line of Credit Facility, Remaining Borrowing Capacity				$ 38,100,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases				30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income				75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available				12.50%
Amortization of Financing Costs and Discounts				$ 96,000	$ 93,000

Note G - Fair Value Measureme41

Note G - Fair Value Measurements (Details Textual)	1 Months Ended
	Nov. 30, 2012
Minimum [Member]
Fair Value Inputs, Discount Rate	35.00%
Maximum [Member]
Fair Value Inputs, Discount Rate	40.00%
Fair Value Inputs, Discount Rate, Intercompany Transactions	38.50%

Note G - Fair Value of Financia

Note G - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Reported Value Measurement [Member]
Cash	$ 1,386	$ 790
Finance receivables, net	327,229	324,144
Accounts payable	11,841	11,022
Revolving credit facilities	104,424	102,685
Estimate of Fair Value Measurement [Member]
Cash	1,386	790
Finance receivables, net	263,012	256,681
Accounts payable	11,841	11,022
Revolving credit facilities	$ 104,424	$ 102,685

Note H - Weighted Average Sha43

Note H - Weighted Average Shares Outstanding (Details Textual)	3 Months Ended
	Oct. 31, 2015shares
Additional Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	325,729

Note H - Weighted Average Sha44

Note H - Weighted Average Shares of Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Employee Stock Option [Member]
Antidilutive securities not included:
Options (in shares)	251,000	89,000	254,500	79,500
Restricted Stock [Member]
Antidilutive securities not included:
Options (in shares)	9,500		4,750
Basic (in shares)	8,471,918	8,604,003	8,492,679	8,660,173
Dilutive options and restricted stock (in shares)		418,434	360,942	422,577
Weighted average shares outstanding-diluted (in shares)	8,471,918	9,022,437	8,853,621	9,082,750

Note I - Stock Based Compensa45

Note I - Stock Based Compensation (Details Textual)	1 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2015shares	May. 31, 2015shares	Oct. 31, 2015USD ($)$ / sharesshares	Oct. 31, 2014USD ($)shares	Apr. 30, 2015shares	Aug. 05, 2015shares	Oct. 14, 2009shares	Oct. 13, 2009shares
The 1997 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares			0
Restated Option Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Restated Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares			322,250
Common Stock, Additional Capital Shares Reserved for Future Issuance | shares						300,000
Common Stock, Capital Shares Reserved for Future Issuance | shares						1,800,000
Stock Incentive Plan [Member]
Allocated Share-based Compensation Expense			$ 50,000	$ 45,000
Allocated Share-based Compensation Expense, Net of Tax			31,000	28,200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 445,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			4 years 182 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares							350,000	150,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares			177,527
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares			0		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares			9,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares			$ 52.10
Employee Stock Option [Member]
Allocated Share-based Compensation Expense			$ 887,000	353,000
Allocated Share-based Compensation Expense, Net of Tax			$ 556,000	$ 221,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares			298,750	44,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value			$ 5,200,000	$ 595,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 4,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			4 years 51 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	40,000	104,250
Employee Service Share-based Compensation, Not Currently Expected to Vest Awards, Compensation Cost Not yet Recognized			$ 1,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Not Currently Expected to Vest, Outstanding, Number | shares			68,750
Allocated Share-based Compensation Expense			$ 949,000	412,000
Allocated Share-based Compensation Expense, Net of Tax			$ 595,000	258,000
Number of Stock Option Plans			2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 11,200,000	$ 24,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares			917,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value			$ 11,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term			3 years 328 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares			$ 23.17

Note I - Stock Option Plan Comp

Note I - Stock Option Plan Comparison (Details)	6 Months Ended
	Oct. 31, 2015shares
The 1997 Plan [Member]
Minimum exercise price as a percentage of fair market value at date of grant	100.00%
Last expiration date for outstanding options	Jul. 2, 2017
Shares available for grant at October 31, 2015 (in shares)	0
Restated Option Plan [Member]
Minimum exercise price as a percentage of fair market value at date of grant	100.00%
Last expiration date for outstanding options	Aug. 5, 2025
Shares available for grant at October 31, 2015 (in shares)	322,250

Note I - Options Valuation Assu

Note I - Options Valuation Assumptions (Details)	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Expected term (years)	5 years 182 days	5 years 109 days
Risk-free interest rate	1.58%	1.65%
Volatility	34.00%	35.00%
Dividend yield

Note I - Options Exercised (Det

Note I - Options Exercised (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Options exercised (in shares)	17,750	88,750
Cash received from option exercises	$ 245	$ 1,546
Intrinsic value of options exercised	$ 690	$ 2,129

Note J - Commitments and Cont49

Note J - Commitments and Contingencies (Details Textual) $ in Millions	Oct. 31, 2015USD ($)
Letters of Credit Outstanding, Amount	$ 1

Note K - Supplemental Cash Fl50

Note K - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Supplemental disclosures:
Interest paid	$ 1,782	$ 1,376
Income taxes paid, net	2,990	5,238
Non-cash transactions:
Inventory acquired in repossession and payment protection plan claims	$ 23,054	$ 21,272