Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Jun. 10, 2016 | Oct. 31, 2015 | |
Document Information [Line Items] | |||
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) | 8,016,770 | ||
Entity Public Float | $ 289,634,996 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Assets: | ||
Cash and cash equivalents | $ 602,000 | $ 790,000 |
Accrued interest on finance receivables | 1,716,000 | 2,002,000 |
Finance receivables, net | 334,793,000 | 324,144,000 |
Inventory | 29,879,000 | 34,267,000 |
Prepaid expenses and other assets | 3,302,000 | 3,731,000 |
Income taxes receivable, net | 894,000 | 645,000 |
Goodwill | 355,000 | 355,000 |
Property and equipment, net | 34,755,000 | 33,963,000 |
Total Assets | 406,296,000 | 399,897,000 |
Liabilities: | ||
Accounts payable | 12,313,000 | 11,022,000 |
Deferred revenue | 27,339,000 | 25,236,000 |
Accrued liabilities | 11,245,000 | 12,708,000 |
Deferred income tax liabilities, net | 18,280,000 | 19,178,000 |
Revolving credit facilities and notes payable | 107,902,000 | 102,221,000 |
Total liabilities | 177,079,000 | 170,365,000 |
Mezzanine equity: | ||
Mandatorily redeemable preferred stock | $ 400,000 | $ 400,000 |
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; 12,726,560 and 12,688,890 issued at April 30, 2016 and April 30, 2015, respectively, of which 8,073,820 and 8,529,223 were outstanding at April 30, 2016 and April 30, 2015, respectively | $ 127,000 | $ 127,000 |
Additional paid-in capital | 64,771,000 | 62,428,000 |
Retained earnings | 305,354,000 | 293,798,000 |
Less: Treasury stock, at cost, 4,652,740 and 4,159,667 shares at April 30, 2016 and April 30, 2015, respectively | (141,535,000) | (127,321,000) |
Total stockholders' equity | 228,717,000 | 229,032,000 |
Non-controlling interest | 100,000 | 100,000 |
Total equity | 228,817,000 | 229,132,000 |
Total Liabilities, mezzanine equity and equity | $ 406,296,000 | $ 399,897,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2016 | 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) | 12,726,560 | 12,688,890 |
Common stock, shares outstanding (in shares) | 8,073,820 | 8,529,223 |
Treasury stock, shares (in shares) | 4,652,740 | 4,159,667 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenues: | |||
Sales | $ 506,517 | $ 472,569 | $ 434,504 |
Interest and other income | 61,389 | 57,752 | 54,683 |
Total revenues | 567,906 | 530,321 | 489,187 |
Costs and expenses: | |||
Cost of sales, excluding depreciation | 304,886 | 272,446 | 251,319 |
Selling, general and administrative | 92,242 | 83,802 | 78,591 |
Provision for credit losses | 144,397 | 120,289 | 119,247 |
Interest expense | 3,306 | 2,903 | 2,997 |
Depreciation and amortization | 4,208 | 3,830 | 3,285 |
Loss on disposal of property and equipment | 369 | 17 | 76 |
Total costs and expenses | 549,408 | 483,287 | 455,515 |
Income before income taxes | 18,498 | 47,034 | 33,672 |
Provision for income taxes | 6,902 | 17,544 | 12,543 |
Net income | 11,596 | 29,490 | 21,129 |
Less: Dividends on mandatorily redeemable preferred stock | 40 | 40 | 40 |
Net income attributable to common stockholders | $ 11,556 | $ 29,450 | $ 21,089 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.38 | $ 3.42 | $ 2.36 |
Diluted (in dollars per share) | $ 1.33 | $ 3.25 | $ 2.25 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 8,370,478 | 8,617,864 | 8,930,592 |
Diluted (in shares) | 8,666,031 | 9,048,957 | 9,391,667 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Payment Protection Plan [Member] | |||
Change in operating assets and liabilities: | |||
Increase (Decrease) in Deferred Revenue | $ 1,653,000 | $ 2,419,000 | $ 323,000 |
Service Contract [Member] | |||
Change in operating assets and liabilities: | |||
Increase (Decrease) in Deferred Revenue | 450,000 | 5,350,000 | 770,000 |
Net income | 11,596,000 | 29,490,000 | 21,129,000 |
Provision for credit losses | 144,397,000 | 120,289,000 | 119,247,000 |
Losses on claims for payment protection plan | 13,521,000 | 10,588,000 | 9,586,000 |
Depreciation and amortization | 4,208,000 | 3,830,000 | 3,285,000 |
Amortization of debt issuance costs | 214,000 | 188,000 | 209,000 |
Loss on disposal of property and equipment | 369,000 | 17,000 | 76,000 |
Stock-based compensation | 1,519,000 | 780,000 | 1,391,000 |
Deferred income taxes | (898,000) | 3,934,000 | (2,923,000) |
Excess tax benefit from stock based compensation | (238) | (1,627) | (141) |
Finance receivable originations | (460,499,000) | (445,405,000) | (404,918,000) |
Finance receivable collections | 248,166,000 | 238,845,000 | 223,538,000 |
Accrued interest on finance receivables | 286,000 | (172,000) | (46,000) |
Inventory | 48,154,000 | 40,686,000 | 50,009,000 |
Prepaid expenses and other assets | 284,000 | (887,000) | (1,298,000) |
Accounts payable and accrued liabilities | 1,115,000 | 3,862,000 | (1,675,000) |
Income taxes, net | (11,000) | 200,000 | 3,313,000 |
Net cash provided by operating activities | 14,286,000 | 12,387,000 | 21,875,000 |
Investing Activities: | |||
Purchases of property and equipment | (4,526,000) | (4,009,000) | (7,095,000) |
Proceeds from sale of property and equipment | 7,000 | 112,000 | 2,000 |
Net cash used in investing activities | (4,519,000) | (3,897,000) | (7,093,000) |
Financing Activities: | |||
Exercise of stock options and warrants | 400,000 | 4,143,000 | 720,000 |
Excess tax benefits from stock based compensation | 238,000 | 1,627,000 | 141,000 |
Issuance of common stock | 186,000 | 146,000 | 151,000 |
Purchase of common stock | (14,214,000) | (20,020,000) | (12,754,000) |
Dividend payments | (40,000) | (40,000) | (40,000) |
Debt issuance costs | 146,000 | (256,000) | (207,000) |
Change in cash overdrafts | (1,587,000) | $ 502,000 | $ (452,000) |
Principal payments on notes payable | (34,000) | ||
Proceeds from revolving credit facilities | 374,214,000 | $ 377,225,000 | $ 329,424,000 |
Payments on revolving credit facilities | (369,264,000) | (371,316,000) | (331,748,000) |
Net cash used in financing activities | (9,955,000) | (7,989,000) | (14,765,000) |
Increase (decrease) in cash and cash equivalents | (188,000) | 501,000 | 17,000 |
Cash and cash equivalents, beginning of period | 790,000 | 289,000 | 272,000 |
Cash and cash equivalents, end of period | $ 602,000 | $ 790,000 | $ 289,000 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Apr. 30, 2013 | 12,414,659 | |||||
Balance at Apr. 30, 2013 | $ 124 | $ 53,332 | $ 243,259 | $ (94,547) | $ 100 | $ 202,268 |
Issuance of common stock (in shares) | 4,150 | |||||
Issuance of common stock | 151 | $ 151 | ||||
Stock options exercised (in shares) | 30,500 | 30,500 | ||||
Stock options exercised | $ 1 | 719 | $ 720 | |||
Purchase of treasury shares | (12,754) | (12,754) | ||||
Tax benefit of stock based compensation | 141 | 141 | ||||
Stock based compensation (in shares) | 3,500 | |||||
Stock based compensation | 1,391 | 1,391 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 21,129 | 21,129 | ||||
Balance (in shares) at Apr. 30, 2014 | 12,452,809 | |||||
Balance at Apr. 30, 2014 | $ 125 | 55,734 | 264,348 | (107,301) | 100 | 213,006 |
Issuance of common stock (in shares) | 3,831 | |||||
Issuance of common stock | 146 | $ 146 | ||||
Stock options exercised (in shares) | 212,250 | 212,250 | ||||
Stock options exercised | $ 2 | 4,141 | $ 4,143 | |||
Purchase of treasury shares | (20,020) | (20,020) | ||||
Tax benefit of stock based compensation | 1,627 | 1,627 | ||||
Stock based compensation (in shares) | 20,000 | |||||
Stock based compensation | 780 | 780 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 29,490 | 29,490 | ||||
Balance (in shares) at Apr. 30, 2015 | 12,688,890 | |||||
Balance at Apr. 30, 2015 | $ 127 | 62,428 | 293,798 | (127,321) | 100 | 229,132 |
Issuance of common stock (in shares) | 6,920 | |||||
Issuance of common stock | 186 | $ 186 | ||||
Stock options exercised (in shares) | 30,750 | 30,750 | ||||
Stock options exercised | 400 | $ 400 | ||||
Purchase of treasury shares | (14,214) | (14,214) | ||||
Tax benefit of stock based compensation | 238 | 238 | ||||
Stock based compensation | 1,519 | 1,519 | ||||
Dividends on subsidiary preferred stock | (40) | (40) | ||||
Net income | 11,596 | 11,596 | ||||
Balance (in shares) at Apr. 30, 2016 | 12,726,560 | |||||
Balance at Apr. 30, 2016 | $ 127 | $ 64,771 | $ 305,354 | $ (141,535) | $ 100 | $ 228,817 |
Consolidated Statement of Equi7
Consolidated Statement of Equity (Parentheticals) - shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Treasury Stock [Member] | |||
Purchase of treasury shares (in shares) | 493,073 | 442,700 | 325,598 |
Note A - Organization and Busin
Note A - Organization and Business | 12 Months Ended |
Apr. 30, 2016 | |
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 April 30, 2016, the Company operated 143 dealerships located primarily in small cities throughout the South-Central United States. |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B - Summary of Significant Accounting Policies 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 amount 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 31% 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 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. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. 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. 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 receivables balance charged-off. On average, accounts are approximately 62 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: · The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one year to five years. · The average net repossession and charge-off loss per unit during the last eighteen months, segregated by the number of months since the contract origination date, and adjusted for the expected future average net charge-off loss per unit. Approximately 50% of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date. The average age of an account at charge-off date is 11.7 months. · The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen months. 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. An increase to the allowance for credit losses was made in the second quarter of fiscal 2016 which resulted in a $4.8 million charge to the provision for credit losses based on the analysis discussed above and the increased level of charge-offs with the expectation that charge-offs related to a significant extent to increased competition on the lending side will remain elevated. 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 by the product, 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 April 30, 2016 or 2015. 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 2016 or fiscal 2015. 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 (years) 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 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 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. 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 fiscal years before 2013. 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 April 30, 2016 and 2015, respectively. 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, and 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 receivables 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 for the years ended April 30, 2016, 2015 and 2014: Years Ended April 30, (In thousands) 2016 2015 2014 Sales – used autos $ 436,080 $ 416,060 $ 385,672 Wholesales – third party 24,917 19,961 18,886 Service contract sales 27,323 19,758 15,833 Payment protection plan revenue 18,197 16,790 14,113 Total $ 506,517 $ 472,569 $ 434,504 At April 30, 2016 and 2015, finance receivables more than 90 days past due were approximately $1.1 million and $2.8 million, respectively. Late fee revenues totaled approximately $2.0 million, $2.2 million and $2.2 million for the fiscal years ended 2016, 2015 and 2014, respectively. Late fee revenue is recognized when collected and is reflected within Interest and other income on the Consolidated Statements of Operations. Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, television and print media marketing costs. Advertising costs amounted to $4.2 million, $3.6 million and $4.2 million for the years ended April 30, 2016, 2015 and 2014, respectively. Employee Benefit Plans The Company has 401(k) plans for all of its employees meeting certain eligibility requirements. The plans provide for voluntary employee contributions and the Company matches 50% of employee contributions up to a maximum of 4% of each employee’s compensation. The Company contributed approximately $403,000, $363,000, and $329,000 to the plans for the years ended April 30, 2016, 2015 and 2014, respectively. The Company offers employees the right to purchase common shares at a 15% discount from market price under the 2006 Employee Stock Purchase Plan which was approved by shareholders in October 2006. The Company takes a charge to earnings for the 15% discount. Amounts for fiscal years 2016, 2015 and 2014 were not material individually and in the aggregate. A total of 200,000 shares were registered and 152,636 remain available for issuance under this plan at April 30, 2016. 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 K Treasury Stock The Company purchased 493,073, 442,700, and 325,598 shares of its common stock to be held as treasury stock for a total cost of $14.2 million, $20.0 million and $12.8 million during the years ended April 30, 2016, 2015 and 2014, respectively. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. During fiscal 2016, the Company established a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state. 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. Debt Issuance Costs Simplifying the Presentation of Debt Issuance Costs Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Leases Leases Reclassifications The Company has made reclassifications to certain amounts in the accompanying Consolidated Balance Sheet as of April 30, 2015. The reclassifications did not have an impact on net income or earnings per share. The Company has provided additional disclosures regarding these reclassifications in Note F. |
Note C - Finance Receivables, N
Note C - Finance Receivables, Net | 12 Months Ended |
Apr. 30, 2016 | |
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 carry an interest rate of 15% per annum, are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 to 42 months. 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 our financing receivables is managed as one homogeneous pool. The components of finance receivables as of April 30, 2016 and 2015 are as follows: (In thousands) April 30, 2016 April 30, 2015 Gross contract amount $ 504,149 $ 477,305 Less unearned finance charges (66,871 ) (59,937 ) Principal balance 437,278 417,368 Less allowance for credit losses (102,485 ) (93,224 ) Finance receivables, net $ 334,793 $ 324,144 Changes in the finance receivables, net for the years ended April 30, 2016, 2015 and 2014 are as follows: Years Ended April 30, (In thousands) 2016 2015 2014 Balance at beginning of period $ 324,144 $ 293,299 $ 288,049 Finance receivable originations 460,499 445,405 404,918 Finance receivable collections (248,166 ) (238,845 ) (223,538 ) Provision for credit losses (144,397 ) (120,289 ) (119,247 ) Losses on claims for payment protection plan (13,521 ) (10,588 ) (9,586 ) Inventory acquired in repossession and payment protection plan claims (43,766 ) (44,838 ) (47,297 ) Balance at end of period $ 334,793 $ 324,144 $ 293,299 Changes in the finance receivables allowance for credit losses for the years ended April 30, 2016, 2015 and 2014 are as follows: Years Ended April 30, (In thousands) 2016 2015 2014 Balance at beginning of period $ 93,224 $ 86,033 $ 75,345 Provision for credit losses 144,397 120,289 119,247 Charge-offs, net of recovered collateral (135,136 ) (113,098 ) (108,559 ) Balance at end of period $ 102,485 $ 93,224 $ 86,033 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 was 31.3% for fiscal 2016 as compared to 27.8% for fiscal 2015. The increase in net charge-offs for fiscal 2016 resulted from a higher frequency of losses and an increase in severity due largely to lower wholesale values at time of repossession. The fiscal 2016 provision includes a $4.8 million increase in the provision as a result of the increase in our provision percentage applied to the growth in finance receivables during the second quarter of fiscal 2016. 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 57.5% for the year ended April 30, 2016 compared to 58.7% for the year ended April 30, 2015. The decrease in collections as a percentage of average finance receivables was primarily due to the longer overall contract term, partially offset by lower delinquencies. Delinquencies greater than 30 days decreased to 3.0% for April 30, 2016 compared to 5.8% at April 30, 2015. Macro-economic factors, and more importantly, proper execution of operational policies and procedures have a significant effect on additions to the allowance charged to the provision. Higher unemployment levels, higher gasoline prices and higher prices for staple items can potentially have a significant effect. The Company continues to focus on operational improvements within the collections area such as credit reporting for customers and further implementation of GPS technology on vehicles sold. Credit quality information for finance receivables is as follows: (Dollars in thousands) April 30, 2016 April 30, 2015 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 378,631 86.59 % $ 329,329 78.91 % 3 - 29 days past due 45,631 10.43 % 64,004 15.33 % 30 - 60 days past due 8,429 1.93 % 12,777 3.06 % 61 - 90 days past due 3,498 0.80 % 8,463 2.03 % > 90 days past due 1,089 0.25 % 2,795 0.67 % Total $ 437,278 100.00 % $ 417,368 100.00 % 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. The Company believes that the improvement in the past due percentages can be attributed in part to the proper execution of best collections efforts at all dealerships during fiscal 2016, and partially to year-end falling on a Saturday. 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. Twelve Months Ended 2016 2015 Principal collected as a percent of average finance receivables 57.5 % 58.7 % Average down-payment percentage 6.7 % 6.9 % April 30, 2016 April 30, 2015 Average originating contract term (in months ) 28.9 27.7 Portfolio weighted average contract term, including modifications (in months ) 31.6 30.2 The decrease in collections as a percentage of average finance receivables was primarily due to the longer overall contract term, partially offset by the lower delinquencies. The increases in 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 | 12 Months Ended |
Apr. 30, 2016 | |
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) April 30, 2016 April 30, 2015 Land $ 6,711 $ 6,245 Buildings and improvements 11,928 11,509 Furniture, fixtures and equipment 14,941 13,486 Leasehold improvements 23,308 21,023 Construction in progress 250 1,235 Accumulated depreciation and amortization (22,383 ) (19,535 ) $ 34,755 $ 33,963 |
Note E - Accrued Liabilities
Note E - Accrued Liabilities | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | E - Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) April 30, 2016 April 30, 2015 Employee compensation $ 3,684 $ 3,954 Cash overdrafts (see Note B) - 1,587 Deferred sales tax (see Note B) 2,736 2,762 Interest - 230 Other 4,825 4,175 $ 11,245 $ 12,708 |
Note F - Debt Facilities
Note F - Debt Facilities | 12 Months Ended |
Apr. 30, 2016 | |
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 April 30, 2016 April 30, 2015 Revolving credit facilities $ 172,500 LIBOR + 2.375% October 8, 2017 $ 107,386 $ 102,221 (2.81% at April 30, 2016 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. Prior to fiscal 2015, the Credit Facilities were amended on September 30, 2012, February 4, 2013, June 24, 2013 and February 13, 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 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. On October 8, 2014, the Company entered into a fifth amendment to the Credit Facilities, which 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. On February 18, 2016, the Company exercised an option under its existing credit agreement to increase total revolving credit facilities by $27.5 million from $145 million to $172.5 million. The increase in the total revolving credit commitments was made pursuant to an accordion feature of the Credit Facilities, which allows the Company to increase the total revolver commitments by up to an additional $55 million (up to $200 million in total commitments), subject to lender approval and/or successful syndication. 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 April 30, 2016. 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 April 30, 2016, the Company had additional availability of approximately $61 million under the revolving credit facilities. The Company recognized $214,000 and $188,000 of amortization for the twelve months ended April 30, 2016 and 2015, respectively, related to debt issuance costs. The amortization is reflected as interest expense in the Company’s Consolidated Statements of Operations. During the third quarter of fiscal 2016, the Company implemented the guidance of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs On December 15, 2015, the Company entered into an agreement to purchase the property on which one of its dealerships is located for a purchase price of $550,000. Under the agreement, the purchase price is being paid in monthly principal and interest installments of $10,005. The debt matures in December 2020, bears interest at a rate of 3.50% and is secured by the property. The balance on this note payable was approximately $516,000 as of April 30, 2016. |
Note G - Fair Value Measurement
Note G - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2016 | |
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 April 30, 2016 and 2015: April 30, 2016 April 30, 2015 (In thousands) Carrying Fair Carrying Fair Cash $ 602 $ 602 $ 790 $ 790 Finance receivables, net 334,793 268,926 324,144 256,681 Accounts payable 12,313 12,313 11,022 11,022 Revolving credit facilities 107,902 107,902 102,221 102,221 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 has had a third party appraisal in November 2012 that indicates 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 April 30, 2016, will ultimately be 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 - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | H - Income Taxes The provision for income taxes was as follows: Years Ended April 30, (In thousands) 2016 2015 2014 Provision for income taxes Current $ 7,800 $ 13,610 $ 15,466 Deferred (898 ) 3,934 (2,923 ) $ 6,902 $ 17,544 $ 12,543 The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons: Years Ended April 30, (In thousands) 2016 2015 2014 Tax provision at statutory rate $ 6,474 $ 16,463 $ 11,785 State taxes, net of federal benefit 443 1,172 813 Other, net (15 ) (91 ) (55 ) $ 6,902 $ 17,544 $ 12,543 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets and liabilities were as follows: April 30, (In thousands) 2016 2015 Deferred income tax liabilities related to: Finance receivables $ 24,868 $ 25,388 Property and equipment 1,160 839 Total 26,028 26,227 Deferred income tax assets related to: Accrued liabilities 2,069 1,872 Inventory 149 196 Share based compensation 4,505 4,030 Deferred revenue 1,025 951 Total 7,748 7,049 Deferred income tax liabilities, net $ 18,280 $ 19,178 |
Note I - Capital Stock
Note I - Capital Stock | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | I – Capital Stock The Company is authorized to issue up to one million shares of $.01 par value preferred stock in one or more series having such respective terms, rights and preferences as are designated by the Board of Directors. The Company has not issued any preferred stock. A subsidiary of the Company has issued 500,000 shares of $1.00 par value preferred stock which carries an 8% cumulative dividend. The Company’s subsidiary can redeem the preferred stock at any time at par value plus any unpaid dividends. After April 30, 2016, a holder of 400,000 shares of the subsidiary preferred stock can require the Company’s subsidiary to redeem such stock for $400,000 plus any unpaid dividends. |
Note J - Weighted Average Share
Note J - Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Weighted Average Shares Outstanding [Text Block] | J – 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: Years Ended April 30, 2016 2015 2014 Weighted average shares outstanding-basic 8,370,478 8,617,864 8,930,592 Dilutive options and restricted stock 295,553 431,093 461,075 Weighted average shares outstanding-diluted 8,666,031 9,048,957 9,391,667 Antidilutive securities not included: Options 325,125 76,250 77,500 |
Note K - Stock-based Compensati
Note K - Stock-based Compensation Plans | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | K – Stock-Based Compensation Plans 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 currently being utilized 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 $1.5 million ($952,000 after tax effects) and $780,000 ($489,000 after tax effects) for the year ended April 30, 2016 and 2015, 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. 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, which extended the term of the Restated Option Plan to June 10, 2025 and increased 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 2026. 1997 Plan Restated Option Plan 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 March 2, 2026 Shares available for grant at April 30, 2016 - 263,250 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. April 30, 2016 April 30, 2015 April 30, 2014 Expected terms (years) 5.5 5.4 5.0 Risk-free interest rate 1.55% 1.64% 0.67% Volatility 34% 34% 50% 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. The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 2013 to April 30, 2016: Number Exercise Proceeds Weighted Average of Price on Exercise Price per Shares per Share Exercise Share (in thousands) Outstanding at April 30, 2013 1,122,500 $11.90 to $45.72 $ 23,892 $ 21.28 Granted 25,000 $44.52 to $46.44 1,122 44.90 Exercised (30,500 ) $23.34 to $23.75 (720 ) 23.58 Outstanding at April 30, 2014 1,117,000 $11.90 to $46.44 $ 24,294 $ 21.75 Granted 89,000 $36.54 to $50.25 3,997 44.91 Exercised (212,250 ) $11.90 to $45.46 (4,143 ) 19.52 Cancelled (12,000 ) $41.86 to $45.72 (540 ) 45.08 Outstanding at April 30, 2015 981,750 $11.90 to $53.02 $ 23,608 $ 24.05 Granted 338,750 $26.37 to $53.02 16,471 48.62 Exercised (30,750 ) $11.90 to $23.34 (400 ) 13.00 Cancelled (11,500 ) $41.86 to $53.02 (598 ) 52.05 Outstanding at April 30, 2016 1,278,250 $ 39,081 $ 30.57 Stock option compensation expense on a pre-tax basis was $1.4 million ($870,000 after tax effects) and $664,000 ($416,000 after tax effects) and $1.3 million ($791,000 after tax effects) for the years ended April 30, 2016, 2015 and 2014, respectively. As of April 30, 2016, the Company had approximately $3.9 million of total unrecognized compensation cost related to unvested options that are expected to vest. These options have a weighted-average remaining vesting period of 3.79 years. There were 338,750 options granted during fiscal 2016. The grant-date fair value of all options granted during fiscal 2016, 2015 and 2014 was $5.6 million, $1.4 million and $487,000, respectively. The options were granted at fair market value on date of grant. Generally, options vest after three to five years, except for options issued to directors which are immediately vested at date of grant. Of the options granted during fiscal 2016, 142,250 were performance based stock options that were granted to key employees that have a five-year performance period ending April 30, 2020. Tiered vesting of these options is based solely on comparing the Company’s net income over the specified performance period to net income at April 30, 2015. As of April 30, 2016, the Company had $1.2 million in unrecognized compensation expense related to 67,750 of these options that are not currently expected to vest. The aggregate intrinsic value of outstanding options at April 30, 2016 and 2015 was $4.8 million and $26.8 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 Twelve Months Ended (Dollars in thousands) 2016 2015 2014 Options Exercised 30,750 212,250 30,500 Cash Received from Options Exercised $ 400 $ 4,143 $ 720 Intrinsic Value of Options Exercised $ 943 $ 5,983 $ 563 As of April 30, 2016 there were 904,000 vested and exercisable stock options outstanding with an aggregate intrinsic value of $4.8 million and a weighted average remaining contractual life of 3.43 years and a weighted average exercise price of $23.33. Stock Incentive Plan On October 14, 2009, the shareholders of the Company approved an amendment to the Company’s Stock Incentive Plan that increased the number of shares of common stock that may be issued under the Stock Incentive Plan from 150,000 to 300,000. On August 5, 2015, the shareholders of the Company approved the Amended and Restated Stock Incentive Plan, 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. The following is a summary of the activity in the Company’s Stock Incentive Plan: Number Weighted Average Unvested shares at April 30, 2015 9,500 $ 52.10 Shares granted - Shares vested - Unvested shares at April 30, 2016 9,500 $ 52.10 The fair value at vesting for awards under the stock incentive plan was $495,000, $495,000 and $126,000 in fiscal 2016, 2015 and 2014, respectively. During the fiscal year 2015, 9,500 restricted shares were granted with a fair value of $52.10 per share. There were no restricted shares granted during fiscal years 2016 or 2014. A total of 177,527 shares remain available for award at April 30, 2016. The Company recorded compensation cost of $99,000 ($62,000 after tax effects), $90,000 ($56,000 after tax effects) and $105,000 ($66,000 after tax effects) related to the Stock Incentive Plan during the years ended April 30, 2016, 2015 and 2014, respectively. As of April 30, 2016 the Company had $396,000 of total unrecognized compensation cost related to unvested awards granted under the Stock Incentive Plan, which the Company expects to recognize over a weighted-average remaining period of four years. |
Note L - Commitments and Contin
Note L - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | L - Commitments and Contingencies Letter of Credit The Company has a standby letter of credit relating to an insurance policy totaling $1 million at April 30, 2016. Facility Leases The Company leases certain dealership and office facilities under various non-cancelable operating leases. Dealership leases are generally for periods from three to five years and contain multiple renewal options. As of April 30, 2016 the aggregate rentals due under such leases, including renewal options that are reasonably assured, were as follows: Years Ending Amount April 30, (In thousands) 2017 $ 5,927 2018 5,766 2019 5,448 2020 5,217 2021 4,752 Thereafter 19,611 $ 46,721 The $46.7 million of lease commitments includes $16.2 million of non-cancelable lease commitments under the lease terms, and $30.5 million of lease commitments for renewal periods at the Company’s option that are reasonably assured. For the years ended April 30, 2016, 2015 and 2014, rent expense for all operating leases amounted to approximately $6.1 million, $5.5 million, and $5.2 million, respectively. Litigation In the ordinary course of business, the Company has become a defendant in various types of legal proceedings. The Company does not expect the final outcome of any of these actions, individually or in the aggregate, to have a material adverse effect on the Company’s financial position, annual results of operations or cash flows. The results of legal proceedings cannot be predicted with certainty, however, and an unfavorable resolution of one or more of these legal proceedings could have a material adverse effect on the Company’s financial position, annual results of operations or cash flows. Related Finance Company Car-Mart of Arkansas and Colonial do not meet the affiliation standard for filing consolidated income tax returns, and as such they file separate federal and state income tax returns. Car-Mart of Arkansas routinely sells its finance receivables to Colonial at what the Company believes to be fair market value and is able to take a tax deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price. These types of transactions, based upon facts and circumstances, have been permissible under the provisions of the Internal Revenue Code as described in the Treasury Regulations. For financial accounting purposes, these transactions are eliminated in consolidation, and a deferred income tax liability has been recorded for this timing difference. The sale of finance receivables from Car-Mart of Arkansas to Colonial provides certain legal protection for the Company’s finance receivables and, principally because of certain state apportionment characteristics of Colonial, also has the effect of reducing the Company’s overall effective state income tax rate. The actual interpretation of the Regulations is in part a facts and circumstances matter. The Company believes it satisfies the material provisions of the Regulations. Failure to satisfy those provisions could result in the loss of a tax deduction at the time the receivables are sold, and have the effect of increasing the Company’s overall effective income tax rate as well as the timing of required tax payments. |
Note M - Supplemental Cash Flow
Note M - Supplemental Cash Flow Information | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | M - Supplemental Cash Flow Information Supplemental cash flow disclosures for the years ended April 30, 2016, 2015 and 2014 are as follows: Years Ended April 30, (in thousands) 2016 2015 2014 Supplemental disclosures: Interest paid $ 3,536 $ 2,885 $ 3,023 Income taxes paid, net 7,811 13,409 12,153 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 43,766 44,838 47,297 Purchase of property and equipment using the issuance of debt 550 - - Loss accrued on disposal of property and equipment 300 - - |
Note N - Quarterly Results of O
Note N - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | N - Quarterly Results of Operations (unaudited) A summary of the Company’s quarterly results of operations for the years ended April 30, 2016 and 2015 is as follows (in thousands, except per share information): Year Ended April 30, 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 142,690 $ 133,004 $ 137,463 $ 154,749 $ 567,906 Gross profit 52,508 46,074 49,089 53,960 201,631 Net income 4,616 (485 ) 4,102 3,363 11,596 Net income attributable to common stockholders 4,606 (495 ) 4,092 3,353 11,556 Earnings per share: Basic 0.54 (0.06 ) 0.49 0.41 1.38 Diluted 0.52 (0.06 ) 0.47 0.40 1.33 Year Ended April 30, 2015 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 127,376 $ 133,834 $ 131,500 $ 137,611 $ 530,321 Gross profit 47,988 51,279 49,734 51,122 200,123 Net income 7,260 7,519 7,461 7,250 29,490 Net income attributable to common stockholders 7,250 7,509 7,451 7,240 29,450 Earnings per share: Basic 0.83 0.87 0.87 0.85 3.42 Diluted 0.79 0.83 0.82 0.81 3.25 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
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 amount 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 31% 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 instruments purchased with original maturities of three months or less to be cash equivalents. |
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. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. 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. 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 receivables balance charged-off. On average, accounts are approximately 62 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: · The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one year to five years. · The average net repossession and charge-off loss per unit during the last eighteen months, segregated by the number of months since the contract origination date, and adjusted for the expected future average net charge-off loss per unit. Approximately 50% of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date. The average age of an account at charge-off date is 11.7 months. · The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen months. 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. An increase to the allowance for credit losses was made in the second quarter of fiscal 2016 which resulted in a $4.8 million charge to the provision for credit losses based on the analysis discussed above and the increased level of charge-offs with the expectation that charge-offs related to a significant extent to increased competition on the lending side will remain elevated. 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 by the product, 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 April 30, 2016 or 2015. |
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 2016 or fiscal 2015. |
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 (years) 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 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 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. 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 fiscal years before 2013. 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 April 30, 2016 and 2015, respectively. |
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, and 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 receivables 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 for the years ended April 30, 2016, 2015 and 2014: Years Ended April 30, (In thousands) 2016 2015 2014 Sales – used autos $ 436,080 $ 416,060 $ 385,672 Wholesales – third party 24,917 19,961 18,886 Service contract sales 27,323 19,758 15,833 Payment protection plan revenue 18,197 16,790 14,113 Total $ 506,517 $ 472,569 $ 434,504 At April 30, 2016 and 2015, finance receivables more than 90 days past due were approximately $1.1 million and $2.8 million, respectively. Late fee revenues totaled approximately $2.0 million, $2.2 million and $2.2 million for the fiscal years ended 2016, 2015 and 2014, respectively. Late fee revenue is recognized when collected and is reflected within Interest and other income on the Consolidated Statements of Operations. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, television and print media marketing costs. Advertising costs amounted to $4.2 million, $3.6 million and $4.2 million for the years ended April 30, 2016, 2015 and 2014, respectively. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company has 401(k) plans for all of its employees meeting certain eligibility requirements. The plans provide for voluntary employee contributions and the Company matches 50% of employee contributions up to a maximum of 4% of each employee’s compensation. The Company contributed approximately $403,000, $363,000, and $329,000 to the plans for the years ended April 30, 2016, 2015 and 2014, respectively. The Company offers employees the right to purchase common shares at a 15% discount from market price under the 2006 Employee Stock Purchase Plan which was approved by shareholders in October 2006. The Company takes a charge to earnings for the 15% discount. Amounts for fiscal years 2016, 2015 and 2014 were not material individually and in the aggregate. A total of 200,000 shares were registered and 152,636 remain available for issuance under this plan at April 30, 2016. |
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 K |
Treasury Stock [Policy Text Block] | Treasury Stock The Company purchased 493,073, 442,700, and 325,598 shares of its common stock to be held as treasury stock for a total cost of $14.2 million, $20.0 million and $12.8 million during the years ended April 30, 2016, 2015 and 2014, respectively. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. During fiscal 2016, the Company established a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state. |
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. Debt Issuance Costs Simplifying the Presentation of Debt Issuance Costs Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Leases Leases |
Reclassification, Policy [Policy Text Block] | Reclassifications The Company has made reclassifications to certain amounts in the accompanying Consolidated Balance Sheet as of April 30, 2015. The reclassifications did not have an impact on net income or earnings per share. The Company has provided additional disclosures regarding these reclassifications in Note F. |
Note B - Summary of Significa23
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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 (years) 18 to 39 |
Revenue from External Customers by Products and Services [Table Text Block] | Years Ended April 30, (In thousands) 2016 2015 2014 Sales – used autos $ 436,080 $ 416,060 $ 385,672 Wholesales – third party 24,917 19,961 18,886 Service contract sales 27,323 19,758 15,833 Payment protection plan revenue 18,197 16,790 14,113 Total $ 506,517 $ 472,569 $ 434,504 |
Note C - Finance Receivables,24
Note C - Finance Receivables, Net (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) April 30, 2016 April 30, 2015 Gross contract amount $ 504,149 $ 477,305 Less unearned finance charges (66,871 ) (59,937 ) Principal balance 437,278 417,368 Less allowance for credit losses (102,485 ) (93,224 ) Finance receivables, net $ 334,793 $ 324,144 |
Change In Finance Receivables Net [Table Text Block] | Years Ended April 30, (In thousands) 2016 2015 2014 Balance at beginning of period $ 324,144 $ 293,299 $ 288,049 Finance receivable originations 460,499 445,405 404,918 Finance receivable collections (248,166 ) (238,845 ) (223,538 ) Provision for credit losses (144,397 ) (120,289 ) (119,247 ) Losses on claims for payment protection plan (13,521 ) (10,588 ) (9,586 ) Inventory acquired in repossession and payment protection plan claims (43,766 ) (44,838 ) (47,297 ) Balance at end of period $ 334,793 $ 324,144 $ 293,299 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Years Ended April 30, (In thousands) 2016 2015 2014 Balance at beginning of period $ 93,224 $ 86,033 $ 75,345 Provision for credit losses 144,397 120,289 119,247 Charge-offs, net of recovered collateral (135,136 ) (113,098 ) (108,559 ) Balance at end of period $ 102,485 $ 93,224 $ 86,033 |
Past Due Financing Receivables [Table Text Block] | (Dollars in thousands) April 30, 2016 April 30, 2015 Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Current $ 378,631 86.59 % $ 329,329 78.91 % 3 - 29 days past due 45,631 10.43 % 64,004 15.33 % 30 - 60 days past due 8,429 1.93 % 12,777 3.06 % 61 - 90 days past due 3,498 0.80 % 8,463 2.03 % > 90 days past due 1,089 0.25 % 2,795 0.67 % Total $ 437,278 100.00 % $ 417,368 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Twelve Months Ended 2016 2015 Principal collected as a percent of average finance receivables 57.5 % 58.7 % Average down-payment percentage 6.7 % 6.9 % April 30, 2016 April 30, 2015 Average originating contract term (in months ) 28.9 27.7 Portfolio weighted average contract term, including modifications (in months ) 31.6 30.2 |
Note D - Property and Equipme25
Note D - Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) April 30, 2016 April 30, 2015 Land $ 6,711 $ 6,245 Buildings and improvements 11,928 11,509 Furniture, fixtures and equipment 14,941 13,486 Leasehold improvements 23,308 21,023 Construction in progress 250 1,235 Accumulated depreciation and amortization (22,383 ) (19,535 ) $ 34,755 $ 33,963 |
Note E - Accrued Liabilities (T
Note E - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) April 30, 2016 April 30, 2015 Employee compensation $ 3,684 $ 3,954 Cash overdrafts (see Note B) - 1,587 Deferred sales tax (see Note B) 2,736 2,762 Interest - 230 Other 4,825 4,175 $ 11,245 $ 12,708 |
Note F - Debt Facilities (Table
Note F - Debt Facilities (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) Aggregate Interest Balance at Amount Rate Maturity April 30, 2016 April 30, 2015 Revolving credit facilities $ 172,500 LIBOR + 2.375% October 8, 2017 $ 107,386 $ 102,221 (2.81% at April 30, 2016 and 2.56% at April 30, 2015) |
Note G - Fair Value Measureme28
Note G - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | April 30, 2016 April 30, 2015 (In thousands) Carrying Fair Carrying Fair Cash $ 602 $ 602 $ 790 $ 790 Finance receivables, net 334,793 268,926 324,144 256,681 Accounts payable 12,313 12,313 11,022 11,022 Revolving credit facilities 107,902 107,902 102,221 102,221 |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended April 30, (In thousands) 2016 2015 2014 Provision for income taxes Current $ 7,800 $ 13,610 $ 15,466 Deferred (898 ) 3,934 (2,923 ) $ 6,902 $ 17,544 $ 12,543 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended April 30, (In thousands) 2016 2015 2014 Tax provision at statutory rate $ 6,474 $ 16,463 $ 11,785 State taxes, net of federal benefit 443 1,172 813 Other, net (15 ) (91 ) (55 ) $ 6,902 $ 17,544 $ 12,543 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 30, (In thousands) 2016 2015 Deferred income tax liabilities related to: Finance receivables $ 24,868 $ 25,388 Property and equipment 1,160 839 Total 26,028 26,227 Deferred income tax assets related to: Accrued liabilities 2,069 1,872 Inventory 149 196 Share based compensation 4,505 4,030 Deferred revenue 1,025 951 Total 7,748 7,049 Deferred income tax liabilities, net $ 18,280 $ 19,178 |
Note J - Weighted Average Sha30
Note J - Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended April 30, 2016 2015 2014 Weighted average shares outstanding-basic 8,370,478 8,617,864 8,930,592 Dilutive options and restricted stock 295,553 431,093 461,075 Weighted average shares outstanding-diluted 8,666,031 9,048,957 9,391,667 Antidilutive securities not included: Options 325,125 76,250 77,500 |
Note K - Stock-based Compensa31
Note K - Stock-based Compensation Plans (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Stock Option Plan Comparison [Table Text Block] | 1997 Plan Restated Option Plan 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 March 2, 2026 Shares available for grant at April 30, 2016 - 263,250 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | April 30, 2016 April 30, 2015 April 30, 2014 Expected terms (years) 5.5 5.4 5.0 Risk-free interest rate 1.55% 1.64% 0.67% Volatility 34% 34% 50% Dividend yield - - - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Exercise Proceeds Weighted Average of Price on Exercise Price per Shares per Share Exercise Share (in thousands) Outstanding at April 30, 2013 1,122,500 $11.90 to $45.72 $ 23,892 $ 21.28 Granted 25,000 $44.52 to $46.44 1,122 44.90 Exercised (30,500 ) $23.34 to $23.75 (720 ) 23.58 Outstanding at April 30, 2014 1,117,000 $11.90 to $46.44 $ 24,294 $ 21.75 Granted 89,000 $36.54 to $50.25 3,997 44.91 Exercised (212,250 ) $11.90 to $45.46 (4,143 ) 19.52 Cancelled (12,000 ) $41.86 to $45.72 (540 ) 45.08 Outstanding at April 30, 2015 981,750 $11.90 to $53.02 $ 23,608 $ 24.05 Granted 338,750 $26.37 to $53.02 16,471 48.62 Exercised (30,750 ) $11.90 to $23.34 (400 ) 13.00 Cancelled (11,500 ) $41.86 to $53.02 (598 ) 52.05 Outstanding at April 30, 2016 1,278,250 $ 39,081 $ 30.57 |
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Twelve Months Ended (Dollars in thousands) 2016 2015 2014 Options Exercised 30,750 212,250 30,500 Cash Received from Options Exercised $ 400 $ 4,143 $ 720 Intrinsic Value of Options Exercised $ 943 $ 5,983 $ 563 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number Weighted Average Unvested shares at April 30, 2015 9,500 $ 52.10 Shares granted - Shares vested - Unvested shares at April 30, 2016 9,500 $ 52.10 |
Note L - Commitments and Cont32
Note L - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years Ending Amount April 30, (In thousands) 2017 $ 5,927 2018 5,766 2019 5,448 2020 5,217 2021 4,752 Thereafter 19,611 $ 46,721 |
Note M - Supplemental Cash Fl33
Note M - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended April 30, (in thousands) 2016 2015 2014 Supplemental disclosures: Interest paid $ 3,536 $ 2,885 $ 3,023 Income taxes paid, net 7,811 13,409 12,153 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 43,766 44,838 47,297 Purchase of property and equipment using the issuance of debt 550 - - Loss accrued on disposal of property and equipment 300 - - |
Note N - Quarterly Results of34
Note N - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended April 30, 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 142,690 $ 133,004 $ 137,463 $ 154,749 $ 567,906 Gross profit 52,508 46,074 49,089 53,960 201,631 Net income 4,616 (485 ) 4,102 3,363 11,596 Net income attributable to common stockholders 4,606 (495 ) 4,092 3,353 11,556 Earnings per share: Basic 0.54 (0.06 ) 0.49 0.41 1.38 Diluted 0.52 (0.06 ) 0.47 0.40 1.33 Year Ended April 30, 2015 First Second Third Fourth Quarter Quarter Quarter Quarter Total Revenues $ 127,376 $ 133,834 $ 131,500 $ 137,611 $ 530,321 Gross profit 47,988 51,279 49,734 51,122 200,123 Net income 7,260 7,519 7,461 7,250 29,490 Net income attributable to common stockholders 7,250 7,509 7,451 7,240 29,450 Earnings per share: Basic 0.83 0.87 0.87 0.85 3.42 Diluted 0.79 0.83 0.82 0.81 3.25 |
Note A - Organization and Bus35
Note A - Organization and Business (Details Textual) | 12 Months Ended |
Apr. 30, 2016 | |
Number of Operating Subsidiaries | 2 |
Number of Stores | 143 |
Note B - Summary of Significa36
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Arkansas, USA [Member] | ||||
Concentration Risk, Percentage | 31.00% | |||
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] | ||||
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period | 1 year | |||
2006 Employee Stock Purchase Plan [Member] | ||||
Common Stock Discount on Shares Percentage | 15.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 152,636 | |||
Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues | $ 0 | $ 0 | ||
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 | 3.00% | 5.80% | ||
Financing Receivable, Average Days Past Due At Charge Off | 62 days | |||
Percentage of Receivable Charge-Offs | 50.00% | |||
Average Age of Account at Charge-Off Date | 11 years 255 days | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 4,800,000 | |||
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | $ 1,089,000 | $ 2,795,000 | ||
Late Fee Income Generated by Servicing Financial Assets, Amount | 2,000,000 | 2,200,000 | $ 2,200,000 | |
Advertising Expense | $ 4,200,000 | 3,600,000 | 4,200,000 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 403,000 | $ 363,000 | $ 329,000 | |
Stock Repurchased During Period, Shares | 493,073 | 442,700 | 325,598 | |
Stock Repurchased During Period, Value | $ 14,200,000 | $ 20,000,000 | $ 12,800,000 | |
Treasury Stock, Shares to Establish Reserve Account to Secure Service Contracts | 10,000 |
Note B - Property and Equipment
Note B - Property and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Apr. 30, 2016 | |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Lives | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Lives | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives | 18 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Lives | 39 years |
Note B - Sales (Details)
Note B - Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Sales Used Autos [Member] | |||
Sales | $ 436,080 | $ 416,060 | $ 385,672 |
Wholesales Third Party [Member] | |||
Sales | 24,917 | 19,961 | 18,886 |
Service Contract Sales [Member] | |||
Sales | 27,323 | 19,758 | 15,833 |
Payment Protection Plan Revenue [Member] | |||
Sales | 18,197 | 16,790 | 14,113 |
Sales | $ 506,517 | $ 472,569 | $ 434,504 |
Note C - Finance Receivables,39
Note C - Finance Receivables, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Maximum [Member] | ||
Financing Receivable Interest Rate | 15.00% | |
Financing Receivable Payment Period | 3 years 180 days | |
Minimum [Member] | ||
Financing Receivable Payment Period | 1 year 180 days | |
Finance Receivables, Number of Loan Classes | 1 | |
Finance Receivables, Number of Risk Pools | 1 | |
Net Charge Offs as Percentage of Average Finance Receivables | 31.30% | 27.80% |
Increase in Provision for Credit Losses | $ 4.8 | |
Collections as Percentage of Average Financing Receivables | 57.50% | 58.70% |
Delinquecies Greater than 30 Days as Percentage of Average Finance Receivables | 3.00% | 5.80% |
Note C - Components of Finance
Note C - Components of Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Gross contract amount | $ 504,149 | $ 477,305 | ||
Less unearned finance charges | (66,871) | (59,937) | ||
Principal balance | 437,278 | 417,368 | ||
Less allowance for credit losses | (102,485) | (93,224) | $ (86,033) | $ (75,345) |
Finance receivables, net | $ 334,793 | $ 324,144 | $ 293,299 | $ 288,049 |
Note C - Changes in Finance Rec
Note C - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Balance at beginning of period | $ 324,144 | $ 293,299 | $ 288,049 |
Finance receivable originations | 460,499 | 445,405 | 404,918 |
Finance receivable collections | (248,166) | (238,845) | (223,538) |
Provision for credit losses | (144,397) | (120,289) | (119,247) |
Losses on claims for payment protection plan | (13,521) | (10,588) | (9,586) |
Inventory acquired in repossession and payment protection plan claims | (43,766) | (44,838) | (47,297) |
Balance at end of period | $ 334,793 | $ 324,144 | $ 293,299 |
Note C - Changes in the Finance
Note C - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Balance at beginning of period | $ 93,224 | $ 86,033 | $ 75,345 |
Provision for credit losses | 144,397 | 120,289 | 119,247 |
Charge-offs, net of recovered collateral | (135,136) | (113,098) | (108,559) |
Balance at end of period | $ 102,485 | $ 93,224 | $ 86,033 |
Note C - Credit Quality Informa
Note C - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Principal Balance, Current | $ 378,631 | $ 329,329 |
Percent of Portfolio, Current | 86.59% | 78.91% |
3 - 29 days past due | $ 45,631 | $ 64,004 |
3 - 29 days past due | 10.43% | 15.33% |
30 - 60 days past due | $ 8,429 | $ 12,777 |
30 - 60 days past due | 1.93% | 3.06% |
61 - 90 days past due | $ 3,498 | $ 8,463 |
61 - 90 days past due | 0.80% | 2.03% |
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | $ 1,089 | $ 2,795 |
> 90 days past due | 0.25% | 0.67% |
Total Principal Balance | $ 437,278 | $ 417,368 |
Total Percent of Portfolio | 100.00% | 100.00% |
Note C - Financing Receivables
Note C - Financing Receivables Analysis (Details) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Principal collected as a percent of average finance receivables | 57.50% | 58.70% |
Average down-payment percentage | 6.70% | 6.90% |
Average originating contract term (in months) | 2 years 147 days | 2 years 111 days |
Portfolio weighted average contract term, including modifications (in months) | 2 years 228 days | 2 years 186 days |
Note D - Property and Equipme45
Note D - Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Land [Member] | ||
Property and equipment | $ 6,711 | $ 6,245 |
Building and Building Improvements [Member] | ||
Property and equipment | 11,928 | 11,509 |
Furniture, Fixtures and Equipment [Member] | ||
Property and equipment | 14,941 | 13,486 |
Leasehold Improvements [Member] | ||
Property and equipment | 23,308 | 21,023 |
Construction in Progress [Member] | ||
Property and equipment | 250 | 1,235 |
Accumulated depreciation and amortization | (22,383) | (19,535) |
$ 34,755 | $ 33,963 |
Note E - Accrued Liabilities (D
Note E - Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Employee compensation | $ 3,684 | $ 3,954 |
Cash overdrafts (see Note B) | 1,587 | |
Deferred sales tax (see Note B) | $ 2,736 | 2,762 |
Interest | 230 | |
Other | $ 4,825 | 4,175 |
$ 11,245 | $ 12,708 |
Note F - Debt Facilities (Detai
Note F - Debt Facilities (Details Textual) - USD ($) | Dec. 15, 2015 | Oct. 08, 2014 | Jun. 24, 2013 | Feb. 04, 2013 | Jan. 31, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Feb. 18, 2016 | Feb. 17, 2016 | 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, Accordion Feature | $ 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% | 2.375% | |||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 172,500,000 | $ 172,500,000 | $ 145,000,000 | $ 145,000,000 | $ 125,000,000 | ||||||||
Line of Credit Facility, Expiration Date | Jun. 24, 2016 | Oct. 8, 2017 | |||||||||||
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases | $ 40,000,000 | ||||||||||||
Line of Credit Facility, Total Increase in Borrowing Capacity | 27,500,000 | ||||||||||||
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | 55,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature | $ 200,000,000 | ||||||||||||
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 | $ 61,000,000 | ||||||||||||
Note Payable Related to the Property Purchase Agreement [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 550,000 | ||||||||||||
Debt Instrument, Periodic Payment | $ 10,005 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||||
Long-term Debt | $ 516,000 | ||||||||||||
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 Debt Issuance Costs and Discounts | $ 214,000 | $ 188,000 | $ 209,000 | ||||||||||
Debt Issuance Costs, Gross | $ 396,000 | $ 464,000 |
Note F - Summary of Revolving C
Note F - Summary of Revolving Credit Facilities (Details) - USD ($) | Jun. 24, 2013 | Jan. 31, 2016 | Apr. 30, 2016 | Feb. 18, 2016 | Feb. 17, 2016 | Apr. 30, 2015 | Sep. 30, 2012 | Mar. 09, 2012 |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | 2.375% | ||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 172,500,000 | $ 172,500,000 | $ 145,000,000 | $ 145,000,000 | $ 125,000,000 | |||
Line of Credit Facility, Expiration Date | Jun. 24, 2016 | Oct. 8, 2017 | ||||||
Balance at | $ 107,386,000 | $ 102,221,000 | ||||||
Interest rate | 2.81% | 2.56% | ||||||
Balance at | $ 107,902,000 | $ 102,221,000 |
Note G - Fair Value Measureme49
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 | Apr. 30, 2016 | Apr. 30, 2015 |
Reported Value Measurement [Member] | ||
Cash | $ 602 | $ 790 |
Finance receivables, net | 334,793 | 324,144 |
Accounts payable | 12,313 | 11,022 |
Revolving credit facilities | 107,902 | 102,221 |
Estimate of Fair Value Measurement [Member] | ||
Cash | 602 | 790 |
Finance receivables, net | 268,926 | 256,681 |
Accounts payable | 12,313 | 11,022 |
Revolving credit facilities | $ 107,902 | $ 102,221 |
Note H - Provision for Income T
Note H - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Current | $ 7,800,000 | $ 13,610,000 | $ 15,466,000 |
Deferred | (898,000) | 3,934,000 | (2,923,000) |
$ 6,902,000 | $ 17,544,000 | $ 12,543,000 |
Note H - Reconciliation of Inco
Note H - Reconciliation of Income Tax to Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Tax provision at statutory rate | $ 6,474 | $ 16,463 | $ 11,785 |
State taxes, net of federal benefit | 443 | 1,172 | 813 |
Other, net | (15) | (91) | (55) |
$ 6,902 | $ 17,544 | $ 12,543 |
Note H - Deferred Tax Assets an
Note H - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Finance receivables | $ 24,868 | $ 25,388 |
Property and equipment | 1,160 | 839 |
Total | 26,028 | 26,227 |
Accrued liabilities | 2,069 | 1,872 |
Inventory | 149 | 196 |
Share based compensation | 4,505 | 4,030 |
Deferred revenue | 1,025 | 951 |
Total | 7,748 | 7,049 |
Deferred income tax liabilities, net | $ 18,280 | $ 19,178 |
Note I - Capital Stock (Details
Note I - Capital Stock (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Subsidiaries [Member] | ||
Preferred Stock, Shares Issued | 500,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
Preferred Stock, Dividend Rate, Percentage | 8.00% | |
Preferred Stock Right of Shareholder, Amount of Shares | 400,000 | |
Preferred Stock, Right to Shareholder Value of Redeemed Stock | $ 400,000 | |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Note J - Weighted Average Sha55
Note J - Weighted Average Shares of Common Stock Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Employee Stock Option [Member] | |||
Antidilutive securities not included: | |||
Options (in shares) | 325,125 | 76,250 | 77,500 |
Weighted average shares outstanding-basic (in shares) | 8,370,478 | 8,617,864 | 8,930,592 |
Dilutive options and restricted stock (in shares) | 295,553 | 431,093 | 461,075 |
Weighted average shares outstanding-diluted (in shares) | 8,666,031 | 9,048,957 | 9,391,667 |
Note K - Stock-based Compensa56
Note K - Stock-based Compensation Plans (Details Textual) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 31, 2015shares | Oct. 31, 2015 | Apr. 30, 2016USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2014USD ($)shares | 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 | 263,250 | |||||||
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] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 300,000 | 150,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 495,000 | $ 495,000 | $ 126,000 | |||||
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 | 9,500 | 0 | |||||
Allocated Share-based Compensation Expense | $ | $ 99,000 | $ 90,000 | $ 105,000 | |||||
Allocated Share-based Compensation Expense, Net of Tax | $ | 62,000 | $ 56,000 | 66,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 396,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 52.10 | |||||||
Employee Stock Option [Member] | ||||||||
Allocated Share-based Compensation Expense | $ | $ 1,400,000 | $ 664,000 | 1,300,000 | |||||
Allocated Share-based Compensation Expense, Net of Tax | $ | 870,000 | 416,000 | $ 791,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 3,900,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 288 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 | 142,250 | |||||||
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 | 67,750 | |||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 0 | |||||||
Allocated Share-based Compensation Expense | $ | $ 1,500,000 | 780,000 | ||||||
Allocated Share-based Compensation Expense, Net of Tax | $ | $ 952,000 | $ 489,000 | ||||||
Number of Stock Option Plans | 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 338,750 | 89,000 | 25,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ | $ 5,600,000 | $ 1,400,000 | $ 487,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 4,800,000 | $ 26,800,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares | 904,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 156 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares | $ 23.33 |
Note K - Stock Option Plan Comp
Note K - Stock Option Plan Comparison (Details) | 12 Months Ended |
Apr. 30, 2016shares | |
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 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 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 | Mar. 2, 2026 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 263,250 |
Note K - Options Valuation Assu
Note K - Options Valuation Assumptions (Details) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Expected terms (years) | 5 years 182 days | 5 years 146 days | 5 years |
Risk-free interest rate | 1.55% | 1.64% | 0.67% |
Volatility | 34.00% | 34.00% | 50.00% |
Dividend yield |
Note K - Stock Option Activity
Note K - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Minimum [Member] | ||||
Exercise Price (in dollars per share) | $ 11.90 | $ 11.90 | $ 11.90 | |
Exercise Price, Granted (in dollars per share) | 26.37 | 36.54 | 44.52 | |
Exercise Price, Exercised (in dollars per share) | 11.90 | 11.90 | 23.34 | |
Exercise Price (in dollars per share) | 11.90 | 11.90 | $ 11.90 | |
Exercise Price, Cancelled (in dollars per share) | 41.86 | 41.86 | ||
Maximum [Member] | ||||
Exercise Price (in dollars per share) | 53.02 | 46.44 | 45.72 | |
Exercise Price, Granted (in dollars per share) | 53.02 | 50.25 | 46.44 | |
Exercise Price, Exercised (in dollars per share) | 23.34 | 45.46 | 23.75 | |
Exercise Price (in dollars per share) | 53.02 | $ 46.44 | $ 45.72 | |
Exercise Price, Cancelled (in dollars per share) | $ 53.02 | $ 45.72 | ||
Number of Shares (in shares) | 981,750 | 1,117,000 | 1,122,500 | |
Exercise Price (in dollars per share) | $ 24.05 | $ 21.75 | $ 21.28 | |
Proceeds on Exercise | $ 39,081 | $ 23,608 | $ 24,294 | $ 23,892 |
Number of Shares, Granted (in shares) | 338,750 | 89,000 | 25,000 | |
Exercise Price, Granted (in dollars per share) | $ 48.62 | $ 44.91 | $ 44.90 | |
Proceeds on Exercise, Granted | $ 16,471 | $ 3,997 | $ 1,122 | |
Number of Shares, Exercised (in shares) | (30,750) | (212,250) | (30,500) | |
Exercise Price, Exercised (in dollars per share) | $ 13 | $ 19.52 | $ 23.58 | |
Proceeds on Exercise, Exercised | $ (400) | $ (4,143) | $ (720) | |
Number of Shares (in shares) | 1,278,250 | 981,750 | 1,117,000 | 1,122,500 |
Exercise Price (in dollars per share) | $ 30.57 | $ 24.05 | $ 21.75 | $ 21.28 |
Number of Shares, Cancelled (in shares) | (11,500) | (12,000) | ||
Exercise Price, Cancelled (in dollars per share) | $ 52.05 | $ 45.08 | ||
Proceeds on Exercise, Cancelled | $ (598) | $ (540) |
Note K - Options Exercised (Det
Note K - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Options Exercised (in shares) | 30,750 | 212,250 | 30,500 |
Cash Received from Options Exercised | $ 400 | $ 4,143 | $ 720 |
Intrinsic Value of Options Exercised | $ 943 | $ 5,983 | $ 563 |
Note K - Stock Incentive Plan (
Note K - Stock Incentive Plan (Details) - $ / shares | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Unvested Shares (in shares) | 9,500 | |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 52.10 | $ 52.10 |
Shares granted (in shares) | 0 | |
Shares vested (in shares) | 0 | |
Unvested Shares (in shares) | 9,500 | 9,500 |
Note L - Commitments and Cont62
Note L - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Minimum [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 3 years | ||
Maximum [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
Non-cancelable [Member] | |||
Operating Leases, Future Minimum Payments Due | $ 16,200 | ||
Reasonably Assured [Member] | |||
Operating Leases, Future Minimum Payments Due | 30,500 | ||
Letters of Credit Outstanding, Amount | 1,000 | ||
Operating Leases, Future Minimum Payments Due | 46,721 | ||
Operating Leases, Rent Expense | $ 6,100 | $ 5,500 | $ 5,200 |
Note L - Future Lease Obligatio
Note L - Future Lease Obligations (Details) $ in Thousands | Apr. 30, 2016USD ($) |
2,017 | $ 5,927 |
2,018 | 5,766 |
2,019 | 5,448 |
2,020 | 5,217 |
2,021 | 4,752 |
Thereafter | 19,611 |
Operating Leases, Future Minimum Payments Due | $ 46,721 |
Note M - Supplemental Cash Fl64
Note M - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Supplemental disclosures: | |||
Interest paid | $ 3,536 | $ 2,885 | $ 3,023 |
Income taxes paid, net | 7,811 | 13,409 | 12,153 |
Non-cash transactions: | |||
Inventory acquired in repossession and payment protection plan claims | 43,766 | $ 44,838 | $ 47,297 |
Purchase of property and equipment using the issuance of debt | 550 | ||
Loss accrued on disposal of property and equipment | $ 300 |
Note N - Quarterly Results of65
Note N - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenues | $ 154,749 | $ 137,463 | $ 133,004 | $ 142,690 | $ 137,611 | $ 131,500 | $ 133,834 | $ 127,376 | $ 567,906 | $ 530,321 | |
Gross profit | 53,960 | 49,089 | 46,074 | 52,508 | 51,122 | 49,734 | 51,279 | 47,988 | 201,631 | 200,123 | |
Net income | 3,363 | 4,102 | (485) | 4,616 | 7,250 | 7,461 | 7,519 | 7,260 | 11,596 | 29,490 | |
Net income attributable to common stockholders | $ 3,353 | $ 4,092 | $ (495) | $ 4,606 | $ 7,240 | $ 7,451 | $ 7,509 | $ 7,250 | $ 11,556 | $ 29,450 | $ 21,089 |
Basic (in dollars per share) | $ 0.41 | $ 0.49 | $ (0.06) | $ 0.54 | $ 0.85 | $ 0.87 | $ 0.87 | $ 0.83 | $ 1.38 | $ 3.42 | $ 2.36 |
Diluted (in dollars per share) | $ 0.40 | $ 0.47 | $ (0.06) | $ 0.52 | $ 0.81 | $ 0.82 | $ 0.83 | $ 0.79 | $ 1.33 | $ 3.25 | $ 2.25 |