Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'MICROFINANCIAL INC | ' |
Entity Central Index Key | '0000827230 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 14,435,498 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,389 | $3,557 |
Restricted cash | 1,641 | 1,213 |
Net investment in leases: | ' | ' |
Receivables due in installments | 215,599 | 213,466 |
Estimated residual value | 23,545 | 24,176 |
Initial direct costs | 1,746 | 1,751 |
Less: | ' | ' |
Advance lease payments and deposits | -3,088 | -3,278 |
Unearned income | -60,378 | -62,244 |
Allowance for credit losses | -15,534 | -14,038 |
Net investment in leases | 161,890 | 159,833 |
Investment in service contracts, net | 1,693 | 797 |
Investment in rental contracts, net | 1,139 | 1,037 |
Property and equipment, net | 1,364 | 1,534 |
Other assets | 1,721 | 1,658 |
Total assets | 170,837 | 169,629 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Revolving line of credit | 70,766 | 70,380 |
Accounts payable | 3,254 | 3,220 |
Dividends payable | 54 | 40 |
Other liabilities | 2,581 | 2,545 |
Income taxes payable | 287 | 653 |
Deferred income taxes | 6,991 | 10,399 |
Total liabilities | 83,933 | 87,237 |
Commitments and contingencies (Note H) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at September 30, 2013, and December 31, 2012 | ' | ' |
Common stock, $.01 par value; 25,000,000 shares authorized; 14,435,498 and 14,470,219 shares issued at September 30, 2013, and December 31, 2012, respectively | 144 | 145 |
Additional paid-in capital | 47,329 | 47,500 |
Retained earnings | 39,431 | 34,747 |
Total stockholders' equity | 86,904 | 82,392 |
Total liabilities and stockholders' equity | $170,837 | $169,629 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 14,435,498 | 14,470,219 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Income on financing leases | $10,303 | $10,160 | $30,866 | $29,715 |
Rental income | 2,660 | 2,462 | 7,845 | 7,181 |
Income on service contracts | 250 | 95 | 640 | 265 |
Loss and damage waiver fees | 1,474 | 1,370 | 4,361 | 3,978 |
Service fees and other | 1,056 | 950 | 3,000 | 2,837 |
Total revenues | 15,743 | 15,037 | 46,712 | 43,976 |
Expenses: | ' | ' | ' | ' |
Selling, general and administrative | 4,618 | 4,466 | 14,121 | 12,847 |
Provision for credit losses | 4,790 | 4,847 | 14,414 | 14,291 |
Depreciation and amortization | 1,355 | 1,083 | 3,970 | 3,156 |
Interest | 679 | 747 | 2,009 | 2,035 |
Total expenses | 11,442 | 11,143 | 34,514 | 32,329 |
Income before provision for income taxes | 4,301 | 3,894 | 12,198 | 11,647 |
Provision for income taxes | 1,721 | 1,587 | 4,886 | 4,688 |
Net income | $2,580 | $2,307 | $7,312 | $6,959 |
Net income per common share - basic | $0.18 | $0.16 | $0.51 | $0.49 |
Net income per common share - diluted | $0.18 | $0.16 | $0.49 | $0.47 |
Weighted-average shares: | ' | ' | ' | ' |
Basic | 14,433,695 | 14,311,900 | 14,469,077 | 14,297,888 |
Diluted | 14,744,158 | 14,716,500 | 14,773,263 | 14,669,997 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||
Balance, Beginning at Dec. 31, 2011 | $75,723 | $143 | $46,727 | $28,853 |
Balance Beginning, shares at Dec. 31, 2011 | ' | 14,257,324 | ' | ' |
Stock issued for director compensation | 346 | ' | 346 | ' |
Stock issued for director compensation , shares | ' | 48,148 | ' | ' |
Stock-based compensation | 191 | ' | 191 | ' |
Shares issued upon vesting of restricted stock units | ' | 8,380 | ' | ' |
Warrants exercised | ' | 6,367 | ' | ' |
Stock options exercised | 238 | 2 | 236 | ' |
Stock options exercised, shares | ' | 150,000 | ' | ' |
Common stock dividends ($0.24 and $0.18 for year 2012 and 2013 respectively) | -3,457 | ' | ' | -3,457 |
Net income | 9,351 | ' | ' | 9,351 |
Balance, Ending at Dec. 31, 2012 | 82,392 | 145 | 47,500 | 34,747 |
Balance Ending, shares at Dec. 31, 2012 | ' | 14,470,219 | ' | ' |
Stock issued for director compensation | 361 | ' | 361 | ' |
Stock issued for director compensation , shares | ' | 45,792 | ' | ' |
Stock-based compensation | 175 | ' | 175 | ' |
Repurchase of common stock | -708 | -1 | -707 | ' |
Repurchase of common stock, shares | ' | -97,153 | ' | ' |
Shares issued upon vesting of restricted stock units | ' | 16,640 | ' | ' |
Stock options exercised, shares | 0 | ' | ' | ' |
Common stock dividends ($0.24 and $0.18 for year 2012 and 2013 respectively) | -2,628 | ' | ' | -2,628 |
Net income | 7,312 | ' | ' | 7,312 |
Balance, Ending at Sep. 30, 2013 | $86,904 | $144 | $47,329 | $39,431 |
Balance Ending, shares at Sep. 30, 2013 | ' | 14,435,498 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Common stock dividends per share | $0.18 | $0.24 |
Retained Earnings [Member] | ' | ' |
Common stock dividends per share | $0.18 | $0.24 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $97,886 | $89,581 |
Cash paid to suppliers and employees | -18,212 | -15,708 |
Cash paid for income taxes | -8,660 | -6,779 |
Interest paid | -1,803 | -1,767 |
Net cash provided by operating activities | 69,211 | 65,327 |
Cash flows from investing activities: | ' | ' |
Investment in lease and service contracts | -66,672 | -68,144 |
Investment in direct costs | -1,091 | -1,220 |
Investment in property and equipment | -252 | -151 |
Net cash used in investing activities | -68,015 | -69,515 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolving line of credit | 99,838 | 96,817 |
Repayment of revolving line of credit | -99,452 | -90,245 |
Decrease (Increase) in restricted cash | -428 | 23 |
Repayment of capital lease obligation | ' | -1 |
Repurchase of common stock | -708 | ' |
Payment of dividends | -2,614 | -2,577 |
Net cash (used in) provided by financing activities | -3,364 | 4,017 |
Net change in cash and cash equivalents | -2,168 | -171 |
Cash and cash equivalents, beginning of period | 3,557 | 2,452 |
Cash and cash equivalents, end of period | 1,389 | 2,281 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 7,312 | 6,959 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of unearned income, net of initial direct costs | -30,866 | -29,715 |
Depreciation and amortization | 3,970 | 3,156 |
Provision for credit losses | 14,414 | 14,291 |
Recovery of equipment cost and residual value | 77,651 | 71,258 |
Stock-based compensation expense | 175 | 142 |
Decrease in deferred income taxes | -3,408 | -364 |
Changes in assets and liabilities: | ' | ' |
Decrease in income taxes payable | -366 | -760 |
Increase in other assets | -63 | -902 |
Increase in accounts payable | 395 | 680 |
Increase (decrease) in other liabilities | -3 | 582 |
Net cash provided by operating activities | 69,211 | 65,327 |
Supplemental disclosure of non-cash activities: | ' | ' |
Acquisition of property and equipment through lease incentives | 39 | ' |
Fair value of stock issued for compensation | $361 | $346 |
Nature_of_Business
Nature of Business | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Business | ' | |
A. | Nature of Business | |
MicroFinancial Incorporated (referred to as “MicroFinancial,” “we,” “us” or “our”) operates primarily through its wholly-owned subsidiaries, TimePayment Corp. and LeaseComm Corporation. TimePayment is a specialized commercial/consumer finance company that leases and rents equipment and provides other financing services, with a primary focus on the “microticket” market. LeaseComm originated leases from January 1986 through October 2002, and continues to service its remaining contract portfolio. TimePayment commenced originating leases in July 2004. The average contract amount financed by TimePayment was approximately $5,200 during 2012 and $4,800 during the first nine months of 2013. We primarily source our originations through a nationwide network of independent equipment vendors, sales organizations and other dealer-based origination networks. We fund our operations through cash provided by operating activities and borrowings under our revolving line of credit. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
B. | Summary of Significant Accounting Policies | |||
Basis of Presentation | ||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial statements. Accordingly, our interim statements do not include all of the information and disclosures required for our annual financial statements. In the opinion of our management, the condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of these interim results. These financial statements should be read in conjunction with our consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. The results for the nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2013. | ||||
The balance sheet at December 31, 2012, has been derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||
Segment Reporting | ||||
We operate in one industry segment that leases and rents microticket equipment and provides other financing services. All of our operations are located in the United States. Accordingly, we believe we have a single reportable segment for disclosure purposes. | ||||
Allowance for Credit Losses and Credit Quality | ||||
We maintain an allowance for credit losses on our investment in leases, service contracts and rental contracts at an amount that we believe is sufficient to provide adequate protection against losses in our portfolio. Given the nature of the microticket market and the individual size of each contract, we do not have a formal credit review committee to review individual contracts. Rather, we have developed a sophisticated, multi-tiered pricing model and have automated the credit scoring, approval and collection processes. We believe that with the proper pricing model, we can grant credit to a wide range of applicants provided we have priced appropriately for the associated risk. As a result of approving a wide range of credits, we experience a relatively high level of delinquency and write-offs in our portfolio. We periodically review the credit scoring and approval process to ensure that the automated system is making appropriate credit decisions. Given the nature of the microticket market and the individual size of each contract, we do not evaluate contracts individually for the purpose of developing and determining the adequacy of the allowance for credit losses. Contracts in our portfolio are not re-graded subsequent to the initial extension of credit and the allowance is not allocated to specific contracts. Rather, we view the contracts as having common characteristics and maintain a general allowance against our entire portfolio utilizing historical collection statistics and an assessment of current credit risk in the portfolio as the basis for the amount. | ||||
Each period, the provision for credit losses in the consolidated statements of income results from the combination of an estimate by management of credit losses that occurred during the current period and the ongoing adjustment of prior estimates of losses occurring in prior periods. To serve as a basis for making this provision, we have adopted a consistent, systematic procedure for establishing and maintaining an appropriate allowance for credit losses for our contracts. We estimate the likelihood of credit losses net of recoveries in the portfolio at each reporting period based upon a combination of an internally-developed proprietary scoring model that considers several factors including the lessee’s bureau-reported credit score at contract inception and the current delinquency status of the account. In addition to these elements, we also consider other relevant factors including general economic trends, trends in delinquencies and credit losses, static pool analysis of our portfolio, trends in recoveries made on charged off accounts, and other relevant factors which might affect the performance of our portfolio. This combination of historical experience, credit scores, delinquency levels, trends in credit losses, and the review of current factors provides the basis for our analysis of the adequacy of the allowance for credit losses. In general, a receivable is deemed uncollectable when it is 360 days past due or earlier if other adverse events occur with respect to an account. None of our receivables are placed on non-accrual status as contracts are charged off when deemed uncollectible. Historically, the typical monthly payment under our microticket contracts has been small and as a result, our experience is that lessees will pay past due amounts later in the process because of the relatively small amount necessary to bring a contract current. | ||||
We segregate our contract portfolio between TimePayment and LeaseComm to perform the calculation and analysis of the allowance for credit losses. Each subsidiary consists of a single portfolio segment – microticket equipment. Leases of microticket equipment and other contracts are made to businesses and individuals and are generally secured by assets of the business or a personal guarantee. Repayment is expected from the cash flows of the business or individual. A weakened economy, and resultant decreased consumer spending, may have a negative effect on the credit quality in this segment. | ||||
We assign internal risk ratings for all lessees and determine the creditworthiness of each contract based upon this internally-developed proprietary scoring model. The LeaseComm portfolio is evaluated in total, with a reserve calculated based upon the aging of the portfolio and our collection experience. The TimePayment scoring model generates one of ten acceptable risk ratings based upon the creditworthiness of each application or it rejects the application. The scores are assigned at contract inception, and these scores are maintained over the contract term regardless of payment performance. To facilitate review and reporting, management aggregates these ten scores into one of three categories with similar risk profiles and delinquency characteristics identified as Gold, Silver or Bronze. | ||||
• | Contracts assigned a Gold rating represent those transactions which exhibit the best risk rating based on our internal credit scores. They are considered of sufficient quality to preclude an otherwise adverse rating. Gold rated contracts are typically represented by lessees with high bureau-reported credit scores for personal guarantors at contract inception or are supported by established businesses for those transactions which are not personally guaranteed by the lessee. | |||
• | Contracts assigned a Silver rating fall in the middle range of the ten acceptable scores generated by the scoring model. These transactions possess a reasonable amount of risk based on their profile and may exhibit vulnerability to deterioration if adverse factors are encountered. These contracts typically demonstrate adequate coverage but warrant a higher level of monitoring by management to ensure that weaknesses do not advance. | |||
• | A Bronze rating applies to contracts at the lower end of the ten acceptable scores generated by the scoring model whereby the lessee may have difficulty meeting the contract obligation if adverse factors are encountered. Bronze rated contracts typically have lower reported credit scores at contract inception and will typically have other less desirable credit attributes. | |||
See Note C for details of our allowance for credit losses and the aged analysis of past due financing receivables based upon our internally-developed proprietary scoring model. | ||||
Fair Value of Financial Instruments | ||||
Accounting for fair value measurements involves a single definition of fair value, along with a conceptual framework to measure fair value, with fair value defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The fair value measurement hierarchy consists of three levels: | ||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||
Level 3 - Unobservable inputs developed using estimates and assumptions which are developed by the reporting entity and reflect those assumptions that a market participant would use. | ||||
We apply valuation techniques that (1) place greater reliance on observable inputs and less reliance on unobservable inputs and (2) are consistent with the market approach, the income approach and/or the cost approach. | ||||
The carrying values of cash and cash equivalents, restricted cash, other assets, accounts payable and other liabilities approximate their fair values due to the short maturity of these instruments. The fair value of the amounts outstanding under our revolving line of credit, evaluated using Level 2 inputs as of September 30, 2013, and December 31, 2012, approximate the carrying value. | ||||
Stock-based Employee Compensation | ||||
We have adopted the fair value recognition provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718 Compensation—Stock Compensation. FASB ASC Topic 718 requires us to recognize the compensation cost related to share-based payment transactions with employees in the financial statements. The compensation cost is measured based upon the fair value of the instrument issued. Share-based compensation transactions with employees covered by FASB ASC Topic 718 include share options, restricted share plans and performance-based awards. | ||||
Net Income Per Share | ||||
Basic net income per common share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per common share gives effect to all potentially dilutive common shares outstanding during the period. The computation of diluted net income per share does not assume the issuance of common shares that have an antidilutive effect on net income per common share. | ||||
Cash and Cash Equivalents | ||||
We consider all highly liquid instruments purchased with original maturities of less than three months to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. | ||||
Concentration of Credit Risk | ||||
We deposit our cash and invest in short-term investments primarily through national commercial banks. Deposits in excess of amounts insured by the Federal Deposit Insurance Corporation (FDIC) are exposed to loss in the event of nonperformance by the institution. The Company has had cash deposits in excess of the FDIC insurance coverage. However, we have not experienced any losses in such accounts. |
Allowance_for_Credit_Losses_an
Allowance for Credit Losses and Credit Quality | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses and Credit Quality | ' | ||||||||||||||||||||||||
C. | Allowance for Credit Losses and Credit Quality | ||||||||||||||||||||||||
The following table reconciles the activity in the allowance for credit losses by portfolio segment for the three months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 108 | $ | 15,468 | $ | 15,576 | $ | 126 | $ | 12,904 | $ | 13,030 | |||||||||||||
Charge-offs | (84 | ) | (6,042 | ) | (6,126 | ) | (121 | ) | (5,575 | ) | (5,696 | ) | |||||||||||||
Recoveries | 37 | 1,257 | 1,294 | 68 | 1,110 | 1,178 | |||||||||||||||||||
Provisions | 37 | 4,753 | 4,790 | 38 | 4,809 | 4,847 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 111 | $ | 13,248 | $ | 13,359 | |||||||||||||
The following table reconciles the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 103 | $ | 13,935 | $ | 14,038 | $ | 162 | $ | 13,018 | $ | 13,180 | |||||||||||||
Charge-offs | (254 | ) | (17,050 | ) | (17,304 | ) | (454 | ) | (17,463 | ) | (17,917 | ) | |||||||||||||
Recoveries | 126 | 4,260 | 4,386 | 205 | 3,600 | 3,805 | |||||||||||||||||||
Provisions | 123 | 14,291 | 14,414 | 198 | 14,093 | 14,291 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 111 | $ | 13,248 | $ | 13,359 | |||||||||||||
The following table presents the allowance for credit losses and financing receivables by portfolio segment as of September 30, 2013, and December 31, 2012, classified according to the impairment evaluation method: | |||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 98 | 15,436 | 15,534 | 103 | 13,935 | 14,038 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 103 | $ | 13,935 | $ | 14,038 | |||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Financing receivables:(1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 188 | 177,236 | 177,424 | 174 | 173,697 | 173,871 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, financing receivables | $ | 188 | $ | 177,236 | $ | 177,424 | $ | 174 | $ | 173,697 | $ | 173,871 | |||||||||||||
-1 | Total financing receivables include net investment in leases. For purposes of asset quality and allowance calculations, the allowance for credit losses is excluded. | ||||||||||||||||||||||||
The following table presents the aging status of the recorded investment in leases as of September 30, 2013, classified according to the original score granted by our internally-developed proprietary scoring model: | |||||||||||||||||||||||||
31 to 60 | 61 to 90 | Over 90 | Over 90 | ||||||||||||||||||||||
Days | Days | Days | Days | ||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Total | Accruing | ||||||||||||||||||||
LeaseComm | $ | 92 | $ | 4 | $ | 4 | $ | 88 | $ | 188 | $ | 88 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 56,727 | 1,782 | 1,156 | 3,508 | 63,173 | 3,508 | |||||||||||||||||||
Silver | 83,505 | 2,671 | 2,768 | 14,016 | 102,960 | 14,016 | |||||||||||||||||||
Bronze | 7,541 | 491 | 490 | 2,581 | 11,103 | 2,581 | |||||||||||||||||||
TimePayment subtotal | 147,773 | 4,944 | 4,414 | 20,105 | 177,236 | 20,105 | |||||||||||||||||||
Total financing receivables | $ | 147,865 | $ | 4,948 | $ | 4,418 | $ | 20,193 | $ | 177,424 | $ | 20,193 | |||||||||||||
Percent of total financing receivables | 83.3 | % | 2.8 | % | 2.5 | % | 11.4 | % | 100 | % | |||||||||||||||
The following table presents the aging status of the recorded investment in leases as of December 31, 2012, classified according to the original score granted by our internally-developed proprietary scoring model: | |||||||||||||||||||||||||
31 to 60 | 61 to 90 | Over 90 | Over 90 | ||||||||||||||||||||||
Days | Days | Days | Days | ||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Total | Accruing | ||||||||||||||||||||
LeaseComm | $ | 90 | $ | 5 | $ | 5 | $ | 74 | $ | 174 | $ | 74 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 54,446 | 2,763 | 1,042 | 2,309 | 60,560 | 2,309 | |||||||||||||||||||
Silver | 84,268 | 2,883 | 3,281 | 13,312 | 103,744 | 13,312 | |||||||||||||||||||
Bronze | 6,341 | 493 | 441 | 2,118 | 9,393 | 2,118 | |||||||||||||||||||
TimePayment subtotal | 145,055 | 6,139 | 4,764 | 17,739 | 173,697 | 17,739 | |||||||||||||||||||
Total financing receivables | $ | 145,145 | $ | 6,144 | $ | 4,769 | $ | 17,813 | $ | 173,871 | $ | 17,813 | |||||||||||||
Percent of total financing receivables | 83.5 | % | 3.5 | % | 2.7 | % | 10.3 | % | 100 | % |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
D. | Net Income per Share | ||||||||||||||||
Net income per share for the three and nine months ended September 30, 2013 and 2012 was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 2,580 | $ | 2,307 | $ | 7,312 | $ | 6,959 | |||||||||
Weighted average common shares outstanding | 14,433,695 | 14,311,900 | 14,469,077 | 14,297,888 | |||||||||||||
Dilutive effect of common stock options, warrants and restricted stock | 310,463 | 404,600 | 304,186 | 372,109 | |||||||||||||
Shares used in computation of net income per common share - diluted | 14,744,158 | 14,716,500 | 14,773,263 | 14,669,997 | |||||||||||||
Net income per common share - basic | $ | 0.18 | $ | 0.16 | $ | 0.51 | $ | 0.49 | |||||||||
Net income per common share - diluted | $ | 0.18 | $ | 0.16 | $ | 0.49 | $ | 0.47 | |||||||||
For the three and nine month periods ended September 30, 2013 and 2012, there were no options excluded from the computation of diluted net income per share because their effect would have been antidilutive. |
Dividends
Dividends | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Dividends | ' | ||||||||
E. | Dividends | ||||||||
Dividends paid during the nine months ended September 30, 2013 and 2012, are as follows: | |||||||||
2013 | |||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | ||||||
January 29, 2013 | February 8, 2013 | February 15, 2013 | $ | 0.06 | |||||
23-Apr-13 | 3-May-13 | 15-May-13 | 0.06 | ||||||
17-Jul-13 | July 30, 2013 | 15-Aug-13 | 0.06 | ||||||
Total | $ | 0.18 | |||||||
2012 | |||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | ||||||
January 31, 2012 | February 10, 2012 | February 15, 2012 | $ | 0.06 | |||||
April 19, 2012 | 30-Apr-13 | 15-May-12 | 0.06 | ||||||
19-Jul-12 | 30-Jul-12 | 15-Aug-12 | 0.06 | ||||||
Total | $ | 0.18 | |||||||
Revolving_Line_of_Credit
Revolving Line of Credit | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Revolving Line of Credit | ' | ||||||
F. | Revolving line of credit | ||||||
On August 2, 2007, we entered into a revolving line of credit with a bank syndicate led by Santander Bank (formerly known as Sovereign Bank) (Santander) based on qualified TimePayment lease receivables. The total commitment under the facility, originally $30 million, has been increased at various times, most recently from $100 million to $150 million in December 2012. The December 2012 amendment would also permit further increases in the total commitment under an accordion feature, to $175 million, with the agreement of the Agent and, as applicable, a new or existing Lender under certain conditions. Outstanding borrowings are collateralized by eligible lease contracts and a security interest in all of our other assets. | |||||||
We had approximately $70.8 million and $70.4 million outstanding on our revolving line of credit facility at September 30, 2013, and December 31, 2012, respectively. At September 30, 2013, our available borrowing capacity was approximately $79.2 million, subject to limitations based on lease eligibility and a borrowing base formula. The revolving line of credit has financial covenants that we must comply with to obtain funding and avoid an event of default. As of September 30, 2013, we were in compliance with all covenants under the revolving line of credit. | |||||||
The maturity date of our revolving line of credit is December 21, 2016, at which time the outstanding loan balance plus interest becomes due and payable. At our option upon maturity, the unpaid principal balance may be converted to a six month term loan. | |||||||
The following table demonstrates the total commitment under the revolving credit facility with the associated rate options in effect during the three and nine month periods ended September 30, 2013 and 2012. As of September 30, 2013, the total commitment under the facility was $150 million. | |||||||
Amendment Date | Total Commitment | Rate options(1) | |||||
under Credit Facility | |||||||
(in millions) | |||||||
Oct-11 | $ | 100 | Prime plus 0.75% or LIBOR plus 2.75% | ||||
Dec-12 | $ | 150 | Base(2) plus 0.75% or LIBOR plus 2.50% | ||||
-1 | Under the terms of the facility, loans are Base Rate Loans (or, prior to December 2012, Prime Rate Loans), unless we elect LIBOR Loans. If a LIBOR Loan is not renewed at maturity it automatically converts to a Base Rate Loan. | ||||||
-2 | The “base rate” is the highest of the prime rate established by the Agent, or one-month LIBOR plus 1%, or the federal funds effective rate plus 0.5%. | ||||||
At September 30, 2013, $65.0 million of our loans were LIBOR loans and $5.8 million of our loans were Base Rate Loans. The interest rate on our loans at September 30, 2013, was between 2.8% and 4.0%. At the same date, the qualified lease receivables eligible under the borrowing base computation were approximately $128.7 million. |
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Employee Compensation | ' | ||||||||||||||||||||||||
G. | Stock-Based Employee Compensation | ||||||||||||||||||||||||
Under our 2008 Equity Incentive Plan, we reserved 1,000,000 shares of common stock for issuance, all of which have been issued as of September 30, 2013. In May 2012, our stockholders approved our 2012 Equity Incentive Plan, for which we have 750,000 shares of common stock reserved, of which 613,183 shares are unissued as of September 30, 2013. | |||||||||||||||||||||||||
For the three months ended September 30, 2013 and 2012, the total share-based compensation cost recognized was $57,000 and $49,000, respectively. For the nine months ended September 30, 2013 and 2012, the total share-based compensation cost recognized was $175,000 and $142,000, respectively. The unrecognized compensation cost was $536,000 and $365,000 at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Non-employee director stock grants | |||||||||||||||||||||||||
The following details the stock granted to our non-employee directors under the 2008 and 2012 Plans during the nine months ended September 30, 2013 and 2012. These shares were issued as part of our annual director compensation arrangements related to the prior years’ service, and were fully vested on the date of issuance. | |||||||||||||||||||||||||
Date of Grant | Number of | Fair Value | Fair Value of | ||||||||||||||||||||||
Shares | per Share | Grant | |||||||||||||||||||||||
Feb-12 | 31,820 | $ | 6.6 | $ | 210 | ||||||||||||||||||||
Jul-12 | 16,328 | $ | 8.36 | 136 | |||||||||||||||||||||
Total 2012 | 48,148 | $ | 346 | ||||||||||||||||||||||
Jan-13 | 29,205 | $ | 7.55 | $ | 221 | ||||||||||||||||||||
Jul-13 | 16,587 | $ | 8.44 | 140 | |||||||||||||||||||||
Total 2013 | 45,792 | $ | 361 | ||||||||||||||||||||||
Restricted Stock Unit Grants (RSUs) | |||||||||||||||||||||||||
The following provides details of our vested and unvested RSUs as of September 30, 2013: | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Date of Grant | Number of | Fair Value | Fair Value | Vested | Non- | ||||||||||||||||||||
RSUs | per Share | of Grant | Vested | ||||||||||||||||||||||
Feb-10 | 33,518 | $ | 3.15 | $ | 106 | 16,759 | 16,759 | ||||||||||||||||||
Feb-11 | 33,044 | $ | 4.11 | 136 | 8,261 | 24,783 | |||||||||||||||||||
Feb-12 | 40,393 | $ | 6.6 | 266 | — | 40,393 | |||||||||||||||||||
Jan-13 | 45,316 | $ | 7.55 | 342 | — | 45,316 | |||||||||||||||||||
152,271 | $ | 850 | 25,020 | 127,251 | |||||||||||||||||||||
In January 2013, the Compensation and Benefits Committee of our Board of Directors granted 45,316 RSUs to our executive officers. The RSUs were valued on the date of grant and the fair value of these awards was $7.55 per share. The issuance consists of three separate tranches. The first tranche is for 28,643 RSUs which vest over five years at 25% annually beginning on the second anniversary of the grant date. The second tranche is for 15,548 RSUs which cliff vest after three years only if management achieves specific performance measures. The third tranche is for 1,125 RSUs which vest over five years at 25% annually, beginning on the second anniversary of the grant date, and represent payment related to 2012 incentive bonus compensation. | |||||||||||||||||||||||||
During the three months ended September 30, 2013, and September 30, 2012, amortized compensation expense related to RSUs was $50,000 and $29,000, respectively. During the nine months ended September 30, 2013, and September 30, 2012, amortized compensation expense related to RSUs was $149,000 and $81,000, respectively. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Information relating to our outstanding stock options at September 30, 2013, is as follows: | |||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise | Shares | Weighted- | Intrinsic | Weighted- | Shares | Intrinsic | |||||||||||||||||||
Price | Average | Value | Average | Value | |||||||||||||||||||||
Life (Years) | Exercise Price | ||||||||||||||||||||||||
$ | 2.3 | 258,723 | 5.42 | $ | 1,444 | $ | 2.3 | 194,042 | $ | 1,083 | |||||||||||||||
$ | 5.77 | 31,923 | 3.42 | 67 | $ | 5.77 | 31,923 | 67 | |||||||||||||||||
$ | 5.85 | 142,382 | 4.33 | 289 | $ | 5.85 | 142,382 | 289 | |||||||||||||||||
433,028 | 4.91 | $ | 1,800 | $ | 3.97 | 368,347 | $ | 1,439 | |||||||||||||||||
During the three and nine months ended September 30, 2013, there were no options granted, exercised, forfeited, or expired. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
H. | Commitments and Contingencies | |
Legal Matters | ||
We are involved from time to time in litigation incidental to the conduct of our business. Although we do not expect that the outcome of any of these matters, individually or collectively, will have a material adverse effect on our financial condition or results of operations, litigation is inherently unpredictable. Therefore, judgments could be rendered, or settlements entered, that could adversely affect our operating results or cash flows in a particular period. We routinely assess all of our litigation and threatened litigation as to the probability of ultimately incurring a liability, and record our best estimate of the ultimate loss in situations where we assess the likelihood of loss as probable. | ||
Contract Commitments | ||
We accept contract applications on a daily basis and, as a result, we have a pipeline of applications that have been approved, where a contract has not been originated. Our commitment to lend does not become binding until all of the steps in the contract origination process have been completed, including the receipt of the contract, supporting documentation and verification with the lessee. Since we fund on the same day a contract is verified, we do not have any outstanding commitments to lend. | ||
Stock Repurchases | ||
On August 10, 2010, our Board of Directors approved a common stock repurchase program under which we are authorized to purchase up to 250,000 of our outstanding shares from time to time. The repurchases may take place in either the open market or through block trades. The repurchase program will be funded by our working capital and may be suspended or discontinued at any time. | ||
During the first nine months of fiscal year 2013, the Company repurchased and retired 97,153 shares of its common stock under our stock buyback program at an average price per share of $7.28. The total cost of the shares purchased was approximately $708,000. There were no share repurchases made during the first nine months of 2012. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
I. | Subsequent Events | |
We have evaluated all events and transactions that occurred through the date on which we issued these financial statements. Other than the declaration of dividends, we did not have any material subsequent events that impacted our condensed consolidated financial statements. | ||
On October 24, 2013, we declared a dividend of $0.07 payable on November 15, 2013, to shareholders of record on November 4, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
J. | Recent Accounting Pronouncements | |
None. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial statements. Accordingly, our interim statements do not include all of the information and disclosures required for our annual financial statements. In the opinion of our management, the condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of these interim results. These financial statements should be read in conjunction with our consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. The results for the nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2013. | ||||
The balance sheet at December 31, 2012, has been derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||
Segment Reporting | ' | |||
Segment Reporting | ||||
We operate in one industry segment that leases and rents microticket equipment and provides other financing services. All of our operations are located in the United States. Accordingly, we believe we have a single reportable segment for disclosure purposes. | ||||
Allowance for Credit Losses and Credit Quality | ' | |||
Allowance for Credit Losses and Credit Quality | ||||
We maintain an allowance for credit losses on our investment in leases, service contracts and rental contracts at an amount that we believe is sufficient to provide adequate protection against losses in our portfolio. Given the nature of the microticket market and the individual size of each contract, we do not have a formal credit review committee to review individual contracts. Rather, we have developed a sophisticated, multi-tiered pricing model and have automated the credit scoring, approval and collection processes. We believe that with the proper pricing model, we can grant credit to a wide range of applicants provided we have priced appropriately for the associated risk. As a result of approving a wide range of credits, we experience a relatively high level of delinquency and write-offs in our portfolio. We periodically review the credit scoring and approval process to ensure that the automated system is making appropriate credit decisions. Given the nature of the microticket market and the individual size of each contract, we do not evaluate contracts individually for the purpose of developing and determining the adequacy of the allowance for credit losses. Contracts in our portfolio are not re-graded subsequent to the initial extension of credit and the allowance is not allocated to specific contracts. Rather, we view the contracts as having common characteristics and maintain a general allowance against our entire portfolio utilizing historical collection statistics and an assessment of current credit risk in the portfolio as the basis for the amount. | ||||
Each period, the provision for credit losses in the consolidated statements of income results from the combination of an estimate by management of credit losses that occurred during the current period and the ongoing adjustment of prior estimates of losses occurring in prior periods. To serve as a basis for making this provision, we have adopted a consistent, systematic procedure for establishing and maintaining an appropriate allowance for credit losses for our contracts. We estimate the likelihood of credit losses net of recoveries in the portfolio at each reporting period based upon a combination of an internally-developed proprietary scoring model that considers several factors including the lessee’s bureau-reported credit score at contract inception and the current delinquency status of the account. In addition to these elements, we also consider other relevant factors including general economic trends, trends in delinquencies and credit losses, static pool analysis of our portfolio, trends in recoveries made on charged off accounts, and other relevant factors which might affect the performance of our portfolio. This combination of historical experience, credit scores, delinquency levels, trends in credit losses, and the review of current factors provides the basis for our analysis of the adequacy of the allowance for credit losses. In general, a receivable is deemed uncollectable when it is 360 days past due or earlier if other adverse events occur with respect to an account. None of our receivables are placed on non-accrual status as contracts are charged off when deemed uncollectible. Historically, the typical monthly payment under our microticket contracts has been small and as a result, our experience is that lessees will pay past due amounts later in the process because of the relatively small amount necessary to bring a contract current. | ||||
We segregate our contract portfolio between TimePayment and LeaseComm to perform the calculation and analysis of the allowance for credit losses. Each subsidiary consists of a single portfolio segment – microticket equipment. Leases of microticket equipment and other contracts are made to businesses and individuals and are generally secured by assets of the business or a personal guarantee. Repayment is expected from the cash flows of the business or individual. A weakened economy, and resultant decreased consumer spending, may have a negative effect on the credit quality in this segment. | ||||
We assign internal risk ratings for all lessees and determine the creditworthiness of each contract based upon this internally-developed proprietary scoring model. The LeaseComm portfolio is evaluated in total, with a reserve calculated based upon the aging of the portfolio and our collection experience. The TimePayment scoring model generates one of ten acceptable risk ratings based upon the creditworthiness of each application or it rejects the application. The scores are assigned at contract inception, and these scores are maintained over the contract term regardless of payment performance. To facilitate review and reporting, management aggregates these ten scores into one of three categories with similar risk profiles and delinquency characteristics identified as Gold, Silver or Bronze. | ||||
• | Contracts assigned a Gold rating represent those transactions which exhibit the best risk rating based on our internal credit scores. They are considered of sufficient quality to preclude an otherwise adverse rating. Gold rated contracts are typically represented by lessees with high bureau-reported credit scores for personal guarantors at contract inception or are supported by established businesses for those transactions which are not personally guaranteed by the lessee. | |||
• | Contracts assigned a Silver rating fall in the middle range of the ten acceptable scores generated by the scoring model. These transactions possess a reasonable amount of risk based on their profile and may exhibit vulnerability to deterioration if adverse factors are encountered. These contracts typically demonstrate adequate coverage but warrant a higher level of monitoring by management to ensure that weaknesses do not advance. | |||
• | A Bronze rating applies to contracts at the lower end of the ten acceptable scores generated by the scoring model whereby the lessee may have difficulty meeting the contract obligation if adverse factors are encountered. Bronze rated contracts typically have lower reported credit scores at contract inception and will typically have other less desirable credit attributes. | |||
See Note C for details of our allowance for credit losses and the aged analysis of past due financing receivables based upon our internally-developed proprietary scoring model. | ||||
Fair Value of Financial Instruments | ' | |||
Fair Value of Financial Instruments | ||||
Accounting for fair value measurements involves a single definition of fair value, along with a conceptual framework to measure fair value, with fair value defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The fair value measurement hierarchy consists of three levels: | ||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||
Level 3 - Unobservable inputs developed using estimates and assumptions which are developed by the reporting entity and reflect those assumptions that a market participant would use. | ||||
We apply valuation techniques that (1) place greater reliance on observable inputs and less reliance on unobservable inputs and (2) are consistent with the market approach, the income approach and/or the cost approach. | ||||
The carrying values of cash and cash equivalents, restricted cash, other assets, accounts payable and other liabilities approximate their fair values due to the short maturity of these instruments. The fair value of the amounts outstanding under our revolving line of credit, evaluated using Level 2 inputs as of September 30, 2013, and December 31, 2012, approximate the carrying value. | ||||
Stock-Based Employee Compensation | ' | |||
Stock-based Employee Compensation | ||||
We have adopted the fair value recognition provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718 Compensation—Stock Compensation. FASB ASC Topic 718 requires us to recognize the compensation cost related to share-based payment transactions with employees in the financial statements. The compensation cost is measured based upon the fair value of the instrument issued. Share-based compensation transactions with employees covered by FASB ASC Topic 718 include share options, restricted share plans and performance-based awards. | ||||
Net Income Per Share | ' | |||
Net Income Per Share | ||||
Basic net income per common share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per common share gives effect to all potentially dilutive common shares outstanding during the period. The computation of diluted net income per share does not assume the issuance of common shares that have an antidilutive effect on net income per common share. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
We consider all highly liquid instruments purchased with original maturities of less than three months to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. | ||||
Concentration of Credit Risk | ' | |||
Concentration of Credit Risk | ||||
We deposit our cash and invest in short-term investments primarily through national commercial banks. Deposits in excess of amounts insured by the Federal Deposit Insurance Corporation (FDIC) are exposed to loss in the event of nonperformance by the institution. The Company has had cash deposits in excess of the FDIC insurance coverage. However, we have not experienced any losses in such accounts. |
Allowance_for_Credit_Losses_an1
Allowance for Credit Losses and Credit Quality (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses by Portfolio Segment | ' | ||||||||||||||||||||||||
The following table reconciles the activity in the allowance for credit losses by portfolio segment for the three months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 108 | $ | 15,468 | $ | 15,576 | $ | 126 | $ | 12,904 | $ | 13,030 | |||||||||||||
Charge-offs | (84 | ) | (6,042 | ) | (6,126 | ) | (121 | ) | (5,575 | ) | (5,696 | ) | |||||||||||||
Recoveries | 37 | 1,257 | 1,294 | 68 | 1,110 | 1,178 | |||||||||||||||||||
Provisions | 37 | 4,753 | 4,790 | 38 | 4,809 | 4,847 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 111 | $ | 13,248 | $ | 13,359 | |||||||||||||
The following table reconciles the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 103 | $ | 13,935 | $ | 14,038 | $ | 162 | $ | 13,018 | $ | 13,180 | |||||||||||||
Charge-offs | (254 | ) | (17,050 | ) | (17,304 | ) | (454 | ) | (17,463 | ) | (17,917 | ) | |||||||||||||
Recoveries | 126 | 4,260 | 4,386 | 205 | 3,600 | 3,805 | |||||||||||||||||||
Provisions | 123 | 14,291 | 14,414 | 198 | 14,093 | 14,291 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 111 | $ | 13,248 | $ | 13,359 | |||||||||||||
Financing Receivables by Portfolio Segment by Impairment Evaluation Method | ' | ||||||||||||||||||||||||
The following table presents the allowance for credit losses and financing receivables by portfolio segment as of September 30, 2013, and December 31, 2012, classified according to the impairment evaluation method: | |||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 98 | 15,436 | 15,534 | 103 | 13,935 | 14,038 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 98 | $ | 15,436 | $ | 15,534 | $ | 103 | $ | 13,935 | $ | 14,038 | |||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Financing receivables:(1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 188 | 177,236 | 177,424 | 174 | 173,697 | 173,871 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, financing receivables | $ | 188 | $ | 177,236 | $ | 177,424 | $ | 174 | $ | 173,697 | $ | 173,871 | |||||||||||||
-1 | Total financing receivables include net investment in leases. For purposes of asset quality and allowance calculations, the allowance for credit losses is excluded. | ||||||||||||||||||||||||
Aged Analysis of Past Due Financing Receivables by Our Internally Developed Proprietary Scoring Model in Leases | ' | ||||||||||||||||||||||||
The following table presents the aging status of the recorded investment in leases as of September 30, 2013, classified according to the original score granted by our internally-developed proprietary scoring model: | |||||||||||||||||||||||||
31 to 60 | 61 to 90 | Over 90 | Over 90 | ||||||||||||||||||||||
Days | Days | Days | Days | ||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Total | Accruing | ||||||||||||||||||||
LeaseComm | $ | 92 | $ | 4 | $ | 4 | $ | 88 | $ | 188 | $ | 88 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 56,727 | 1,782 | 1,156 | 3,508 | 63,173 | 3,508 | |||||||||||||||||||
Silver | 83,505 | 2,671 | 2,768 | 14,016 | 102,960 | 14,016 | |||||||||||||||||||
Bronze | 7,541 | 491 | 490 | 2,581 | 11,103 | 2,581 | |||||||||||||||||||
TimePayment subtotal | 147,773 | 4,944 | 4,414 | 20,105 | 177,236 | 20,105 | |||||||||||||||||||
Total financing receivables | $ | 147,865 | $ | 4,948 | $ | 4,418 | $ | 20,193 | $ | 177,424 | $ | 20,193 | |||||||||||||
Percent of total financing receivables | 83.3 | % | 2.8 | % | 2.5 | % | 11.4 | % | 100 | % | |||||||||||||||
The following table presents the aging status of the recorded investment in leases as of December 31, 2012, classified according to the original score granted by our internally-developed proprietary scoring model: | |||||||||||||||||||||||||
31 to 60 | 61 to 90 | Over 90 | Over 90 | ||||||||||||||||||||||
Days | Days | Days | Days | ||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Total | Accruing | ||||||||||||||||||||
LeaseComm | $ | 90 | $ | 5 | $ | 5 | $ | 74 | $ | 174 | $ | 74 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 54,446 | 2,763 | 1,042 | 2,309 | 60,560 | 2,309 | |||||||||||||||||||
Silver | 84,268 | 2,883 | 3,281 | 13,312 | 103,744 | 13,312 | |||||||||||||||||||
Bronze | 6,341 | 493 | 441 | 2,118 | 9,393 | 2,118 | |||||||||||||||||||
TimePayment subtotal | 145,055 | 6,139 | 4,764 | 17,739 | 173,697 | 17,739 | |||||||||||||||||||
Total financing receivables | $ | 145,145 | $ | 6,144 | $ | 4,769 | $ | 17,813 | $ | 173,871 | $ | 17,813 | |||||||||||||
Percent of total financing receivables | 83.5 | % | 3.5 | % | 2.7 | % | 10.3 | % | 100 | % |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Net income per share for the three and nine months ended September 30, 2013 and 2012 was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 2,580 | $ | 2,307 | $ | 7,312 | $ | 6,959 | |||||||||
Weighted average common shares outstanding | 14,433,695 | 14,311,900 | 14,469,077 | 14,297,888 | |||||||||||||
Dilutive effect of common stock options, warrants and restricted stock | 310,463 | 404,600 | 304,186 | 372,109 | |||||||||||||
Shares used in computation of net income per common share - diluted | 14,744,158 | 14,716,500 | 14,773,263 | 14,669,997 | |||||||||||||
Net income per common share - basic | $ | 0.18 | $ | 0.16 | $ | 0.51 | $ | 0.49 | |||||||||
Net income per common share - diluted | $ | 0.18 | $ | 0.16 | $ | 0.49 | $ | 0.47 | |||||||||
Dividends_Tables
Dividends (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Dividends Declared and Paid or Payable | ' | ||||||||
Dividends paid during the nine months ended September 30, 2013 and 2012, are as follows: | |||||||||
2013 | |||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | ||||||
January 29, 2013 | February 8, 2013 | February 15, 2013 | $ | 0.06 | |||||
23-Apr-13 | 3-May-13 | 15-May-13 | 0.06 | ||||||
17-Jul-13 | July 30, 2013 | 15-Aug-13 | 0.06 | ||||||
Total | $ | 0.18 | |||||||
2012 | |||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | ||||||
January 31, 2012 | February 10, 2012 | February 15, 2012 | $ | 0.06 | |||||
April 19, 2012 | 30-Apr-13 | 15-May-12 | 0.06 | ||||||
19-Jul-12 | 30-Jul-12 | 15-Aug-12 | 0.06 | ||||||
Total | $ | 0.18 | |||||||
Revolving_Line_of_Credit_Table
Revolving Line of Credit (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Chronology of Total Commitment Under Revolving Credit Facility with Associated Rate Options in Effect | ' | ||||||
The following table demonstrates the total commitment under the revolving credit facility with the associated rate options in effect during the three and nine month periods ended September 30, 2013 and 2012. As of September 30, 2013, the total commitment under the facility was $150 million. | |||||||
Amendment Date | Total Commitment | Rate options(1) | |||||
under Credit Facility | |||||||
(in millions) | |||||||
Oct-11 | $ | 100 | Prime plus 0.75% or LIBOR plus 2.75% | ||||
Dec-12 | $ | 150 | Base(2) plus 0.75% or LIBOR plus 2.50% | ||||
-1 | Under the terms of the facility, loans are Base Rate Loans (or, prior to December 2012, Prime Rate Loans), unless we elect LIBOR Loans. If a LIBOR Loan is not renewed at maturity it automatically converts to a Base Rate Loan. | ||||||
-2 | The “base rate” is the highest of the prime rate established by the Agent, or one-month LIBOR plus 1%, or the federal funds effective rate plus 0.5%. |
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock Granted to Our Non-employee Directors | ' | ||||||||||||||||||||||||
The following details the stock granted to our non-employee directors under the 2008 and 2012 Plans during the nine months ended September 30, 2013 and 2012. These shares were issued as part of our annual director compensation arrangements related to the prior years’ service, and were fully vested on the date of issuance. | |||||||||||||||||||||||||
Date of Grant | Number of | Fair Value | Fair Value of | ||||||||||||||||||||||
Shares | per Share | Grant | |||||||||||||||||||||||
Feb-12 | 31,820 | $ | 6.6 | $ | 210 | ||||||||||||||||||||
Jul-12 | 16,328 | $ | 8.36 | 136 | |||||||||||||||||||||
Total 2012 | 48,148 | $ | 346 | ||||||||||||||||||||||
Jan-13 | 29,205 | $ | 7.55 | $ | 221 | ||||||||||||||||||||
Jul-13 | 16,587 | $ | 8.44 | 140 | |||||||||||||||||||||
Total 2013 | 45,792 | $ | 361 | ||||||||||||||||||||||
Restricted Stock Units Granted | ' | ||||||||||||||||||||||||
The following provides details of our vested and unvested RSUs as of September 30, 2013: | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Date of Grant | Number of | Fair Value | Fair Value | Vested | Non- | ||||||||||||||||||||
RSUs | per Share | of Grant | Vested | ||||||||||||||||||||||
Feb-10 | 33,518 | $ | 3.15 | $ | 106 | 16,759 | 16,759 | ||||||||||||||||||
Feb-11 | 33,044 | $ | 4.11 | 136 | 8,261 | 24,783 | |||||||||||||||||||
Feb-12 | 40,393 | $ | 6.6 | 266 | — | 40,393 | |||||||||||||||||||
Jan-13 | 45,316 | $ | 7.55 | 342 | — | 45,316 | |||||||||||||||||||
152,271 | $ | 850 | 25,020 | 127,251 | |||||||||||||||||||||
Outstanding Stock Options | ' | ||||||||||||||||||||||||
Information relating to our outstanding stock options at September 30, 2013, is as follows: | |||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise | Shares | Weighted- | Intrinsic | Weighted- | Shares | Intrinsic | |||||||||||||||||||
Price | Average | Value | Average | Value | |||||||||||||||||||||
Life (Years) | Exercise Price | ||||||||||||||||||||||||
$ | 2.3 | 258,723 | 5.42 | $ | 1,444 | $ | 2.3 | 194,042 | $ | 1,083 | |||||||||||||||
$ | 5.77 | 31,923 | 3.42 | 67 | $ | 5.77 | 31,923 | 67 | |||||||||||||||||
$ | 5.85 | 142,382 | 4.33 | 289 | $ | 5.85 | 142,382 | 289 | |||||||||||||||||
433,028 | 4.91 | $ | 1,800 | $ | 3.97 | 368,347 | $ | 1,439 | |||||||||||||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Time Payment Corp [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Average amount financed by subsidiary | $4,800 | $5,200 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
RiskRating | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of operating segments | 1 |
Finance receivable charged-off | '360 days past due or earlier |
Number of scores | 10 |
Risk rate description | 'The TimePayment scoring model generates one of ten acceptable risk ratings based upon the creditworthiness of each application or it rejects the application |
Cash and Cash Equivalents, Maturity description | 'less than three months |
Allowance_for_Credit_Losses_an2
Allowance for Credit Losses and Credit Quality - Allowance for Credit Losses by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for credit losses, Beginning balance | $15,576 | $13,030 | $14,038 | $13,180 |
Charge-offs | -6,126 | -5,696 | -17,304 | -17,917 |
Recoveries | 1,294 | 1,178 | 4,386 | 3,805 |
Provisions | 4,790 | 4,847 | 14,414 | 14,291 |
Allowance for credit losses, Ending balance | 15,534 | 13,359 | 15,534 | 13,359 |
Lease-Comm Microticket Equipment [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for credit losses, Beginning balance | 108 | 126 | 103 | 162 |
Charge-offs | -84 | -121 | -254 | -454 |
Recoveries | 37 | 68 | 126 | 205 |
Provisions | 37 | 38 | 123 | 198 |
Allowance for credit losses, Ending balance | 98 | 111 | 98 | 111 |
Time-Payment Microticket Equipment [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for credit losses, Beginning balance | 15,468 | 12,904 | 13,935 | 13,018 |
Charge-offs | -6,042 | -5,575 | -17,050 | -17,463 |
Recoveries | 1,257 | 1,110 | 4,260 | 3,600 |
Provisions | 4,753 | 4,809 | 14,291 | 14,093 |
Allowance for credit losses, Ending balance | $15,436 | $13,248 | $15,436 | $13,248 |
Allowance_for_Credit_Losses_an3
Allowance for Credit Losses and Credit Quality - Financing Receivables by Portfolio Segment by Impairment Evaluation Method (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Collectively evaluated for impairment | 15,534 | ' | 14,038 | ' | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 15,534 | 15,576 | 14,038 | 13,359 | 13,030 | 13,180 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 177,424 | ' | 173,871 | ' | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Financing receivables, Ending balance | 177,424 | ' | 173,871 | ' | ' | ' |
Lease-Comm Microticket Equipment [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Collectively evaluated for impairment | 98 | ' | 103 | ' | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 98 | 108 | 103 | 111 | 126 | 162 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 188 | ' | 174 | ' | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Financing receivables, Ending balance | 188 | ' | 174 | ' | ' | ' |
Time-Payment Microticket Equipment [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: Collectively evaluated for impairment | 15,436 | ' | 13,935 | ' | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 15,436 | 15,468 | 13,935 | 13,248 | 12,904 | 13,018 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 177,236 | ' | 173,697 | ' | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' | ' | ' |
Financing receivables, Ending balance | $177,236 | ' | $173,697 | ' | ' | ' |
Allowance_for_Credit_Losses_an4
Allowance for Credit Losses and Credit Quality - Aged Analysis of Past Due Financing Receivables by Our Internally Developed Proprietary Scoring Model in Leases (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $147,865 | $145,145 |
31 to 60 Days Past Due | 4,948 | 6,144 |
61 to 90 Days Past Due | 4,418 | 4,769 |
Over 90 Days Past Due | 20,193 | 17,813 |
Financing receivables, Ending balance | 177,424 | 173,871 |
Over 90 Days Accruing | 20,193 | 17,813 |
Percent of total financing receivables, Current | 83.30% | 83.50% |
Percent of total financing receivables, 31 to 60 Days Past Due | 2.80% | 3.50% |
Percent of total financing receivables, 61 to 90 Days Past Due | 2.50% | 2.70% |
Percent of total financing receivables, Over 90 Days Past Due | 11.40% | 10.30% |
Percent of total financing receivables | 100.00% | 100.00% |
Lease Comm [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 92 | 90 |
31 to 60 Days Past Due | 4 | 5 |
61 to 90 Days Past Due | 4 | 5 |
Over 90 Days Past Due | 88 | 74 |
Financing receivables, Ending balance | 188 | 174 |
Over 90 Days Accruing | 88 | 74 |
Time Payment Corp [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 147,773 | 145,055 |
31 to 60 Days Past Due | 4,944 | 6,139 |
61 to 90 Days Past Due | 4,414 | 4,764 |
Over 90 Days Past Due | 20,105 | 17,739 |
Financing receivables, Ending balance | 177,236 | 173,697 |
Over 90 Days Accruing | 20,105 | 17,739 |
Time Payment Corp [Member] | Gold [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 56,727 | 54,446 |
31 to 60 Days Past Due | 1,782 | 2,763 |
61 to 90 Days Past Due | 1,156 | 1,042 |
Over 90 Days Past Due | 3,508 | 2,309 |
Financing receivables, Ending balance | 63,173 | 60,560 |
Over 90 Days Accruing | 3,508 | 2,309 |
Time Payment Corp [Member] | Silver [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 83,505 | 84,268 |
31 to 60 Days Past Due | 2,671 | 2,883 |
61 to 90 Days Past Due | 2,768 | 3,281 |
Over 90 Days Past Due | 14,016 | 13,312 |
Financing receivables, Ending balance | 102,960 | 103,744 |
Over 90 Days Accruing | 14,016 | 13,312 |
Time Payment Corp [Member] | Bronze [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 7,541 | 6,341 |
31 to 60 Days Past Due | 491 | 493 |
61 to 90 Days Past Due | 490 | 441 |
Over 90 Days Past Due | 2,581 | 2,118 |
Financing receivables, Ending balance | 11,103 | 9,393 |
Over 90 Days Accruing | $2,581 | $2,118 |
Net_Income_Per_Share_Net_Incom
Net Income Per Share - Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Net Income Per Share Basic And Diluted [Abstract] | ' | ' | ' | ' | ' |
Net income | $2,580 | $2,307 | $7,312 | $6,959 | $9,351 |
Weighted average common shares outstanding | 14,433,695 | 14,311,900 | 14,469,077 | 14,297,888 | ' |
Dilutive effect of common stock options, warrants and restricted stock | 310,463 | 404,600 | 304,186 | 372,109 | ' |
Shares used in computation of net income per common share - diluted | 14,744,158 | 14,716,500 | 14,773,263 | 14,669,997 | ' |
Net income per common share - basic | $0.18 | $0.16 | $0.51 | $0.49 | ' |
Net income per common share - diluted | $0.18 | $0.16 | $0.49 | $0.47 | ' |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Options excluded from the computation of diluted net income per share | 0 | 0 | 0 | 0 |
Dividends_Dividends_Declared_a
Dividends - Dividends Declared and Paid or Payable (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Dividend per Share | $0.18 | $0.18 |
Dividend 1 [Member] | ' | ' |
Date Declared | 29-Jan-13 | 31-Jan-12 |
Record Date | 8-Feb-13 | 10-Feb-12 |
Payment Date | 15-Feb-13 | 15-Feb-12 |
Dividend per Share | $0.06 | $0.06 |
Dividend 2 [Member] | ' | ' |
Date Declared | 23-Apr-13 | 19-Apr-12 |
Record Date | 3-May-13 | 30-Apr-13 |
Payment Date | 15-May-13 | 15-May-12 |
Dividend per Share | $0.06 | $0.06 |
Dividend 3 [Member] | ' | ' |
Date Declared | 17-Jul-13 | 19-Jul-12 |
Record Date | 30-Jul-13 | 30-Jul-12 |
Payment Date | 15-Aug-13 | 15-Aug-12 |
Dividend per Share | $0.06 | $0.06 |
Revolving_Line_of_Credit_Addit
Revolving Line of Credit - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Aug. 02, 2007 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | $150 | $150 | $100 | $30 |
Further increases in total commitment | ' | 175 | ' | ' |
Amount outstanding on line of credit | 70.8 | 70.4 | ' | ' |
Available on revolving line of credit | 79.2 | ' | ' | ' |
Maturity date of the facility | 21-Dec-16 | ' | ' | ' |
Qualified lease receivables eligible under the borrowing base computation | 128.7 | ' | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Amount outstanding on line of credit | 65 | ' | ' | ' |
Base Rate [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Amount outstanding on line of credit | 5.8 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | ' | 100 | ' | ' |
Interest rate on loans | 2.80% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | ' | $150 | ' | ' |
Interest rate on loans | 4.00% | ' | ' | ' |
Revolving_Line_of_Credit_Chron
Revolving Line of Credit - Chronology of Total Commitment Under Revolving Credit Facility with Associated Rate Options in Effect (Detail) (USD $) | 10 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 02, 2007 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Amendment Date | 31-Oct-11 | 31-Dec-12 | ' | ' |
Total Commitment under Credit Facility | $100 | $150 | $150 | $30 |
Rate options | 'Prime plus 0.75% or LIBOR plus 2.75% | 'Base plus 0.75% or LIBOR plus 2.50% | ' | ' |
Revolving_Line_of_Credit_Chron1
Revolving Line of Credit - Chronology of Total Commitment Under Revolving Credit Facility with Associated Rate Options in Effect (Parenthetical) (Detail) | 10 Months Ended | 12 Months Ended | 9 Months Ended | ||
Oct. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
London Interbank Offered Rate (LIBOR) [Member] | Federal Funds [Member] | Base Rate [Member] | |||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' |
The base rate established by the Agent | ' | ' | 1.00% | 0.50% | ' |
Rate options | 'Prime plus 0.75% or LIBOR plus 2.75% | 'Base plus 0.75% or LIBOR plus 2.50% | ' | ' | 'The "base rate" is the highest of the prime rate established by the Agent, or one-month LIBOR plus 1%, or the federal funds effective rate plus 0.5%. |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share based compensation cost recognized | ' | $57,000 | $49,000 | $175,000 | $142,000 | ' |
Unrecognized compensation cost | ' | 536,000 | ' | 536,000 | ' | 365,000 |
Fair value of awards, granted | $7.55 | ' | ' | ' | ' | ' |
Number of shares of restricted stock vest | 28,643 | ' | ' | ' | ' | ' |
Shares of the restricted stock vest over period | '5 years | ' | ' | ' | ' | ' |
Percentage of restricted stock units vesting annually beginning on second anniversary of grant date | 25.00% | ' | ' | ' | ' | ' |
Number of shares of RSUs cliff vest | ' | ' | ' | 15,548 | ' | ' |
Number of Shares granted | ' | 0 | ' | 0 | ' | ' |
Stock options exercised | ' | 0 | ' | 0 | ' | ' |
Stock options forfeited | ' | 0 | ' | 0 | ' | ' |
Stock options expired | ' | 0 | ' | 0 | ' | ' |
Tranche 3 [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of restricted stock vest | 1,125 | ' | ' | ' | ' | ' |
Shares of the restricted stock vest over period | '5 years | ' | ' | ' | ' | ' |
Percentage of restricted stock units vesting annually beginning on second anniversary of grant date | 25.00% | ' | ' | ' | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Shares of the restricted stock vest over period | '3 years | ' | ' | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Amortized compensation expense related to the restricted stock units | ' | $50,000 | $29,000 | $149,000 | $81,000 | ' |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Granted restricted stock units | 45,316 | ' | ' | ' | ' | ' |
2008 Equity Incentive Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Reserved shares of common stock for issuance | ' | 1,000,000 | ' | 1,000,000 | ' | ' |
2012 Equity Incentive Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Reserved shares of common stock for issuance | ' | 750,000 | ' | 750,000 | ' | ' |
Unissued common stock reserved under equity incentive plan | ' | 613,183 | ' | 613,183 | ' | ' |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation - Stock Granted to Our Non-employee Directors (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares | 0 | 0 | 16,587 | 29,205 | 16,328 | 31,820 | 45,792 | 48,148 |
Fair Value per Share | ' | ' | $8.44 | $7.55 | $8.36 | $6.60 | ' | ' |
Fair Value of Grant | ' | ' | $140 | $221 | $136 | $210 | $361 | $346 |
StockBased_Employee_Compensati4
Stock-Based Employee Compensation - Restricted Stock Units Granted (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||
February 2010 [Member] | February 2011 [Member] | February 2012 [Member] | January 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of RSUs | ' | ' | 33,518 | 33,044 | 40,393 | 45,316 |
Fair Value per Share | $7.55 | ' | $3.15 | $4.11 | $6.60 | $7.55 |
Fair Value of Grant | ' | ' | $106 | $136 | $266 | $342 |
Total | ' | 152,271 | ' | ' | ' | ' |
Fair Value of Grant Total | ' | $850 | ' | ' | ' | ' |
Number Vested | ' | 25,020 | 16,759 | 8,261 | ' | ' |
Number Non-Vested | ' | 127,251 | 16,759 | 24,783 | 40,393 | 45,316 |
StockBased_Employee_Compensati5
Stock-Based Employee Compensation - Outstanding Stock Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $2.30 |
Shares, Outstanding | 258,723 |
Weighted-Average Life (Years), Outstanding | '5 years 5 months 1 day |
Intrinsic Values, Outstanding | $1,444 |
Weighted-Average Exercise Price, Exercisable | $2.30 |
Shares, Exercisable | 194,042 |
Intrinsic Values Exercisable, at stock option plan exercise price | 1,083 |
Stock Options Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $5.77 |
Shares, Outstanding | 31,923 |
Weighted-Average Life (Years), Outstanding | '3 years 5 months 1 day |
Intrinsic Values, Outstanding | 67 |
Weighted-Average Exercise Price, Exercisable | $5.77 |
Shares, Exercisable | 31,923 |
Intrinsic Values Exercisable, at stock option plan exercise price | 67 |
Stock Options Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $5.85 |
Shares, Outstanding | 142,382 |
Weighted-Average Life (Years), Outstanding | '4 years 3 months 29 days |
Intrinsic Values, Outstanding | 289 |
Weighted-Average Exercise Price, Exercisable | $5.85 |
Shares, Exercisable | 142,382 |
Intrinsic Values Exercisable, at stock option plan exercise price | 289 |
Stock Options Four [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, Outstanding | 433,028 |
Weighted-Average Life (Years), Outstanding | '4 years 10 months 28 days |
Intrinsic Values, Outstanding | 1,800 |
Weighted-Average Exercise Price, Exercisable | $3.97 |
Shares, Exercisable | 368,347 |
Intrinsic Values Exercisable, at stock option plan exercise price | $1,439 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Aug. 10, 2010 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Purchase of outstanding shares | ' | ' | 250,000 |
Repurchased and retired under stock buyback program | 97,153 | ' | ' |
Average price of common stock per share | $7.28 | ' | ' |
Total cost of shares purchased | $708,000 | $0 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
Oct. 24, 2013 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends declared per common share | $0.07 |
Expected dividend payment date | 15-Nov-13 |
Expected dividend record date | 4-Nov-13 |