Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 14,417,185 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $2,447 | $2,246 |
Restricted cash | 1,618 | 1,107 |
Net investment in leases: | ' | ' |
Receivables due in installments | 211,758 | 214,628 |
Estimated residual value | 22,618 | 23,070 |
Initial direct costs | 1,821 | 1,732 |
Less: | ' | ' |
Advance lease payments and deposits | -2,972 | -3,010 |
Unearned income | -57,357 | -58,772 |
Allowance for credit losses | -14,565 | -15,379 |
Net investment in leases | 161,303 | 162,269 |
Investment in service contracts, net | 2,254 | 2,058 |
Investment in rental contracts, net | 1,059 | 1,059 |
Property and equipment, net | 1,360 | 1,333 |
Other assets | 1,473 | 2,980 |
Total assets | 171,514 | 173,052 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Revolving line of credit | 71,145 | 72,566 |
Accounts payable | 3,091 | 2,993 |
Dividends payable | 57 | 63 |
Other liabilities | 1,957 | 2,272 |
Income taxes payable | 1,900 | ' |
Deferred income taxes | 3,959 | 6,678 |
Total liabilities | 82,109 | 84,572 |
Commitments and contingencies (Note H) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2014, and December 31, 2013 | ' | ' |
Common stock, $.01 par value; 25,000,000 shares authorized; 14,417,185, and 14,435,498 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 144 | 144 |
Additional paid-in capital | 47,312 | 47,475 |
Retained earnings | 41,949 | 40,861 |
Total stockholders' equity | 89,405 | 88,480 |
Total liabilities and stockholders' equity | $171,514 | $173,052 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 14,417,185 | 14,435,498 |
Common stock, shares outstanding | 14,417,185 | 14,435,498 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Income on financing leases | $10,153 | $10,204 |
Rental income | 2,716 | 2,503 |
Income on service contracts | 331 | 176 |
Loss and damage waiver fees | 1,527 | 1,441 |
Service fees and other | 971 | 971 |
Total revenues | 15,698 | 15,295 |
Expenses: | ' | ' |
Selling, general and administrative | 4,820 | 4,662 |
Provision for credit losses | 5,034 | 4,881 |
Depreciation and amortization | 1,474 | 1,305 |
Interest | 668 | 670 |
Total expenses | 11,996 | 11,518 |
Income before provision for income taxes | 3,702 | 3,777 |
Provision for income taxes | 1,590 | 1,511 |
Net income | $2,112 | $2,266 |
Net income per common share - basic | $0.15 | $0.16 |
Net income per common share - diluted | $0.14 | $0.15 |
Weighted-average shares: | ' | ' |
Basic | 14,434,339 | 14,495,411 |
Diluted | 14,759,188 | 14,786,580 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Retained Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||
Balance, Beginning at Dec. 31, 2012 | $82,392 | $145 | $47,500 | $34,747 |
Balance Beginning, 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 | 232 | ' | 232 | ' |
Shares issued upon vesting of restricted stock units | ' | 16,640 | ' | ' |
Repurchase of common stock | -708 | -1 | -707 | ' |
Repurchase of common stock, shares | ' | -97,153 | ' | ' |
Excess tax benefits from share-based compensation | 89 | ' | 89 | ' |
Common stock dividends | -3,649 | ' | ' | -3,649 |
Net income | 9,763 | ' | ' | 9,763 |
Balance, Ending at Dec. 31, 2013 | 88,480 | 144 | 47,475 | 40,861 |
Balance Ending, Shares at Dec. 31, 2013 | ' | 14,435,498 | ' | ' |
Stock issued for director compensation | 226 | ' | 226 | ' |
Stock issued for director compensation , shares | ' | 25,310 | ' | ' |
Stock-based compensation | 73 | ' | 73 | ' |
Shares issued upon vesting of restricted stock units | ' | 22,929 | ' | ' |
Repurchase of common stock | -536 | ' | -536 | ' |
Repurchase of common stock, shares | -250,000 | -66,552 | ' | ' |
Excess tax benefits from share-based compensation | 74 | ' | 74 | ' |
Common stock dividends | -1,024 | ' | ' | -1,024 |
Net income | 2,112 | ' | ' | 2,112 |
Balance, Ending at Mar. 31, 2014 | $89,405 | $144 | $47,312 | $41,949 |
Balance Ending, Shares at Mar. 31, 2014 | ' | 14,417,185 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Common stock dividends per share | $0.07 | $0.25 |
Retained Earnings [Member] | ' | ' |
Common stock dividends per share | $0.07 | $0.25 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $34,608 | $31,046 |
Cash paid to suppliers and employees | -6,296 | -6,406 |
Cash paid for income taxes | -1,088 | -2,659 |
Excess tax benefits from share-based compensation | -74 | ' |
Interest paid | -601 | -600 |
Net cash provided by operating activities | 26,549 | 21,381 |
Cash flows from investing activities: | ' | ' |
Investment in lease and service contracts | -22,278 | -20,064 |
Investment in direct costs | -482 | -336 |
Investment in property and equipment | -164 | -198 |
Net cash used in investing activities | -22,924 | -20,598 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolving line of credit | 33,102 | 31,600 |
Repayment of revolving line of credit | -34,523 | -32,727 |
(Increase) decrease in restricted cash | -511 | 738 |
Repurchase of common stock | -536 | -112 |
Excess tax benefits from share-based compensation | 74 | ' |
Payment of dividends | -1,030 | -880 |
Net cash used in financing activities | -3,424 | -1,381 |
Net change in cash and cash equivalents | 201 | -598 |
Cash and cash equivalents, beginning of period | 2,246 | 3,557 |
Cash and cash equivalents, end of period | 2,447 | 2,959 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 2,112 | 2,266 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of unearned income, net of initial direct costs | -10,153 | -10,204 |
Depreciation and amortization | 1,474 | 1,305 |
Provision for credit losses | 5,034 | 4,881 |
Recovery of equipment cost and residual value | 27,312 | 24,686 |
Stock-based compensation expense | 73 | 61 |
Excess tax benefits from share-based compensation | -74 | ' |
Decrease in deferred income taxes liability | -2,719 | -1,511 |
Changes in assets and liabilities: | ' | ' |
Decrease in other assets | 1,507 | 117 |
Increase (decrease) in accounts payable | 324 | -622 |
(Decrease) increase in other liabilities | -315 | 40 |
Increase in income taxes payable | 1,974 | 362 |
Net cash provided by operating activities | 26,549 | 21,381 |
Supplemental disclosure of non-cash activities: | ' | ' |
Fair value of stock issued for compensation | 226 | 221 |
Acquisition of property and equipment through lease incentives | ' | 39 |
Non-cash transfer of leases to rentals | $1,041 | $1,131 |
Nature_of_Business
Nature of Business | 3 Months Ended | |
Mar. 31, 2014 | ||
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, and began acquiring security monitoring service contracts in the second quarter of 2012. 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. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
B. | 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, including our critical accounting policies, included in our Annual Report on Form 10-K for the year ended December 31, 2013. The results for the three months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | ||
The balance sheet at December 31, 2013, has been derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
We have no elements of comprehensive income, and therefore a statement of comprehensive income is not necessary for the three months ended March 31, 2014 and 2013. | ||
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 reported period. Significant areas requiring the use of management estimates are revenue recognition, the allowance for credit losses, share-based payments and income taxes. Actual results could differ from those estimates. | ||
Segment Reporting | ||
We operate in one industry segment that leases and rents microticket equipment and provide 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. | ||
Concentration of Credit Risk | ||
Our financial instruments that are exposed to concentration of credit risk consist primarily of lease and rental receivables and cash and cash equivalent balances. To reduce our risk, credit policies are in place for approving leases and the lease pools are monitored by us. In addition, cash and cash equivalents are maintained at high-quality financial institutions. | ||
Financial instruments that subject us to concentrations of credit risk principally consist of cash equivalents and deposits in bank accounts. 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 | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 subsidiary for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 91 | $ | 15,288 | $ | 15,379 | $ | 103 | $ | 13,935 | $ | 14,038 | |||||||||||||
Charge-offs | (96 | ) | (7,228 | ) | (7,324 | ) | (119 | ) | (5,453 | ) | (5,572 | ) | |||||||||||||
Recoveries | 62 | 1,414 | 1,476 | 52 | 1,348 | 1,400 | |||||||||||||||||||
Provisions | 12 | 5,022 | 5,034 | 62 | 4,819 | 4,881 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 69 | $ | 14,496 | $ | 14,565 | $ | 98 | $ | 14,649 | $ | 14,747 | |||||||||||||
The following table presents the allowance for credit losses and financing receivables by subsidiary as of March 31, 2014, and December 31, 2013, classified according to the impairment evaluation method: | |||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 69 | 14,496 | 14,565 | 91 | 15,288 | 15,379 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 69 | $ | 14,496 | $ | 14,565 | $ | 91 | $ | 15,288 | $ | 15,379 | |||||||||||||
Financing receivables:(1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 146 | 175,722 | 175,868 | 185 | 177,463 | 177,648 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, financing receivables | $ | 146 | $ | 175,722 | $ | 175,868 | $ | 185 | $ | 177,463 | $ | 177,648 | |||||||||||||
-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 March 31, 2014, 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 | $ | 80 | $ | 4 | $ | 2 | $ | 60 | $ | 146 | $ | 60 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 61,483 | 2,081 | 869 | 2,560 | 66,993 | 2,560 | |||||||||||||||||||
Silver | 79,131 | 2,332 | 2,807 | 12,480 | 96,750 | 12,480 | |||||||||||||||||||
Bronze | 8,148 | 440 | 536 | 2,855 | 11,979 | 2,855 | |||||||||||||||||||
TimePayment subtotal | 148,762 | 4,853 | 4,212 | 17,895 | 175,722 | 17,895 | |||||||||||||||||||
Total financing receivables | $ | 148,842 | $ | 4,857 | $ | 4,214 | $ | 17,955 | $ | 175,868 | $ | 17,955 | |||||||||||||
Percent of total financing receivables | 84.6 | % | 2.8 | % | 2.4 | % | 10.2 | % | 100 | % | |||||||||||||||
The following table presents the aging status of the recorded investment in leases as of December 31, 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 | $ | 93 | $ | 5 | $ | 4 | $ | 83 | $ | 185 | $ | 83 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 58,769 | 2,501 | 902 | 3,391 | 65,563 | 3,391 | |||||||||||||||||||
Silver | 81,152 | 2,933 | 2,754 | 13,437 | 100,276 | 13,437 | |||||||||||||||||||
Bronze | 7,788 | 493 | 502 | 2,841 | 11,624 | 2,841 | |||||||||||||||||||
TimePayment subtotal | 147,709 | 5,927 | 4,158 | 19,669 | 177,463 | 19,669 | |||||||||||||||||||
Total financing receivables | $ | 147,802 | $ | 5,932 | $ | 4,162 | $ | 19,752 | $ | 177,648 | $ | 19,752 | |||||||||||||
Percent of total financing receivables | 83.2 | % | 3.3 | % | 2.4 | % | 11.1 | % | 100 | % |
Net_Income_per_Common_Share
Net Income per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income per Common Share | ' | ||||||||
D. | Net Income per Common Share | ||||||||
Net income per common share for the three months ended March 31, 2014 and 2013 was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 2,112 | $ | 2,266 | |||||
Weighted average common shares outstanding | 14,434,339 | 14,495,411 | |||||||
Dilutive effect of common stock options, warrants and restricted stock | 324,849 | 291,169 | |||||||
Shares used in computation of net income per common share - diluted | 14,759,188 | 14,786,580 | |||||||
Net income per common share - basic | $ | 0.15 | $ | 0.16 | |||||
Net income per common share - diluted | $ | 0.14 | $ | 0.15 | |||||
For the three months ended March 31, 2014 and 2013, there were no options excluded from the computation of diluted net income per share because their effect would have been antidilutive. |
Dividends
Dividends | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Dividends | ' | |
E. | Dividends | |
On January 14, 2014, we declared a dividend of $0.07 per share payable on February 14, 2014, to stockholders of record on January 30, 2014. | ||
On January 29, 2013, we declared a dividend of $0.06 per share payable on February 15, 2013, to stockholders of record on February 8, 2013. |
Revolving_Line_of_Credit
Revolving Line of Credit | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Revolving Line of Credit | ' | |
F. | Revolving line of credit | |
We entered into the revolving line of credit in August 2007 with a bank syndicate led by Santander 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 also permits 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 $71.1 million and $72.6 million outstanding on our revolving line of credit facility at March 31, 2014, and December 31, 2013, respectively. At March 31, 2014, the total commitment under the facility was $150 million, and our available borrowing capacity was approximately $78.9 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 March 31, 2014, we were in compliance with all covenants under the revolving line of credit. | ||
The maturity date of our revolving line of credit is December 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. | ||
At March 31, 2014, $65.0 million of our loans were LIBOR loans and $6.1 million of our loans were Base Rate Loans. The interest rate on our loans at March 31, 2014, was between 2.83% and 4.00%. At the same date, the qualified lease receivables eligible under the borrowing base computation were approximately $129.7 million. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
G. | Stock-Based Compensation | ||||||||||||||||
Under our 2008 Equity Incentive Plan, we reserved 1,000,000 shares of common stock for issuance, all of which had been issued as of December 31, 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 473,039 shares are unissued as of March 31, 2014. | |||||||||||||||||
Non-employee director stock grants | |||||||||||||||||
The following table details the stock granted to our non-employee directors under the 2008 and 2012 Plans during the three months ended March 31, 2014 and 2013. 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(1) | Grant | |||||||||||||||
Jan-14 | 25,310 | $ | 8.89 | $ | 226 | ||||||||||||
Jan-13 | 29,205 | $ | 7.55 | 221 | |||||||||||||
-1 | The fair value per share is equal to the closing price of our stock on the date of grant. | ||||||||||||||||
Restricted Stock Unit Grants (RSUs) | |||||||||||||||||
The following table summarizes our RSU activity for the year ended December 31, 2013, and the three months ended March 31, 2014: | |||||||||||||||||
Number of | Grant | Grant | Fair Value | ||||||||||||||
RSUs | Date Fair | Date Fair | of RSUs at | ||||||||||||||
Value per | Value | Vesting | |||||||||||||||
Share(1) | Date (2) | ||||||||||||||||
Unvested RSUs at December 31, 2012 | 98,575 | ||||||||||||||||
Granted | 45,316 | $ | 7.55 | $ | 342 | ||||||||||||
Vested | (16,640 | ) | $ | 125 | |||||||||||||
Unvested RSUs at December 31, 2013 | 127,251 | ||||||||||||||||
Granted | 38,278 | $ | 8.89 | 340 | |||||||||||||
Vested | (22,929 | ) | 178 | ||||||||||||||
Unvested RSUs at March 31, 2014 | 142,600 | ||||||||||||||||
-1 | The grant date fair value per share is equal to the closing price of our stock on the date of grant. | ||||||||||||||||
-2 | The fair value of vested RSUs is calculated based on the closing stock price on the vesting date. The fair value of unvested RSUs at March 31, 2014, based on the closing price on that date, was $1.1 million. | ||||||||||||||||
In January 2014, the Compensation and Benefits Committee of our Board of Directors granted 38,278 RSUs to our executive officers. The RSUs were valued on the date of grant and the fair value of these awards was $8.89 per share. The issuance consists of two separate tranches. The first tranche is for 24,811 RSUs which vest over five years at 25% annually beginning on the second anniversary of the grant date. The second tranche is for 13,467 RSUs which cliff vest after three years only if management achieves specific performance measures. | |||||||||||||||||
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. | |||||||||||||||||
Stock Options | |||||||||||||||||
Information relating to our outstanding stock options at March 31, 2014, is as follows: | |||||||||||||||||
Outstanding and Exercisable Options | |||||||||||||||||
Exercise | Shares | Weighted- | Intrinsic | ||||||||||||||
Price | Average | Value | |||||||||||||||
Life (Years) | |||||||||||||||||
$ 2.30 | 258,723 | 4.92 | $ | 1,441 | |||||||||||||
$ 5.77 | 31,923 | 2.92 | 67 | ||||||||||||||
$ 5.85 | 142,382 | 3.83 | 288 | ||||||||||||||
433,028 | 4.41 | $ | 1,796 | ||||||||||||||
As of March 31, 2014, all outstanding options were fully vested and exercisable. There were no options granted, exercised, forfeited, or expired during the year ended December 31, 2013, or the three months ended March 31, 2014. | |||||||||||||||||
Compensation Expense | |||||||||||||||||
Stock compensation expense recognized during the three months ended March 31, 2014 and 2013, and unrecognized compensation expense as of March 31, 2014, were as follows: | |||||||||||||||||
Three months ended March 31, | Unrecognized | ||||||||||||||||
Compensation | |||||||||||||||||
Cost as of | |||||||||||||||||
2014 | 2013 | March 31, 2014 | |||||||||||||||
Compensation expense - RSUs | $ | 71 | $ | 50 | $ | 745 | |||||||||||
Compensation expense - Options | 2 | 11 | — | ||||||||||||||
Total | $ | 73 | $ | 61 | $ | 745 | |||||||||||
We expect to recognize the remaining compensation expense over each grant’s vesting period. The remaining weighted average vesting period of these RSUs as of March 31, 2014, is 2.84 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
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 were authorized to purchase up to 250,000 of our outstanding shares from time to time. The repurchases were permitted to take place in either the open market or through block trades. The repurchase program was funded by our working capital and could have been suspended or discontinued at any time. | ||
During the three months ended March 31, 2014, we repurchased and retired 66,552 shares of our common stock under our stock buyback program at an average price per share of $8.07. The total cost of the shares purchased was approximately $536,000. The total number of shares repurchased under this program as of March 31, 2014, is 250,000, which represents the total shares authorized to be repurchased. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2014 | ||
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 April 23, 2014, we declared a dividend of $0.07 payable on May 15, 2014, to shareholders of record on May 5, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
J. | Recent Accounting Pronouncements | |
There are no new pronouncements identified that had or would have a material effect on our financial reporting. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
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 reported period. Significant areas requiring the use of management estimates are revenue recognition, the allowance for credit losses, share-based payments and income taxes. Actual results could differ from those estimates. | |
Segment Reporting | ' |
Segment Reporting | |
We operate in one industry segment that leases and rents microticket equipment and provide 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. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Our financial instruments that are exposed to concentration of credit risk consist primarily of lease and rental receivables and cash and cash equivalent balances. To reduce our risk, credit policies are in place for approving leases and the lease pools are monitored by us. In addition, cash and cash equivalents are maintained at high-quality financial institutions. | |
Financial instruments that subject us to concentrations of credit risk principally consist of cash equivalents and deposits in bank accounts. 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) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses by Subsidiary | ' | ||||||||||||||||||||||||
The following table reconciles the activity in the allowance for credit losses by subsidiary for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
Microticket equipment | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Beginning balance | $ | 91 | $ | 15,288 | $ | 15,379 | $ | 103 | $ | 13,935 | $ | 14,038 | |||||||||||||
Charge-offs | (96 | ) | (7,228 | ) | (7,324 | ) | (119 | ) | (5,453 | ) | (5,572 | ) | |||||||||||||
Recoveries | 62 | 1,414 | 1,476 | 52 | 1,348 | 1,400 | |||||||||||||||||||
Provisions | 12 | 5,022 | 5,034 | 62 | 4,819 | 4,881 | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 69 | $ | 14,496 | $ | 14,565 | $ | 98 | $ | 14,649 | $ | 14,747 | |||||||||||||
Allowance for Credit Losses and Financing Receivables by Subsidiary Classified According to Impairment Evaluation Method | ' | ||||||||||||||||||||||||
The following table presents the allowance for credit losses and financing receivables by subsidiary as of March 31, 2014, and December 31, 2013, classified according to the impairment evaluation method: | |||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Lease- | Time- | Total | Lease- | Time- | Total | ||||||||||||||||||||
Comm | Payment | Comm | Payment | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 69 | 14,496 | 14,565 | 91 | 15,288 | 15,379 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, allowance for credit losses | $ | 69 | $ | 14,496 | $ | 14,565 | $ | 91 | $ | 15,288 | $ | 15,379 | |||||||||||||
Financing receivables:(1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collectively evaluated for impairment | 146 | 175,722 | 175,868 | 185 | 177,463 | 177,648 | |||||||||||||||||||
Contracts acquired with deteriorated credit quality | — | — | — | — | — | — | |||||||||||||||||||
Ending balance, financing receivables | $ | 146 | $ | 175,722 | $ | 175,868 | $ | 185 | $ | 177,463 | $ | 177,648 | |||||||||||||
-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 March 31, 2014, 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 | $ | 80 | $ | 4 | $ | 2 | $ | 60 | $ | 146 | $ | 60 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 61,483 | 2,081 | 869 | 2,560 | 66,993 | 2,560 | |||||||||||||||||||
Silver | 79,131 | 2,332 | 2,807 | 12,480 | 96,750 | 12,480 | |||||||||||||||||||
Bronze | 8,148 | 440 | 536 | 2,855 | 11,979 | 2,855 | |||||||||||||||||||
TimePayment subtotal | 148,762 | 4,853 | 4,212 | 17,895 | 175,722 | 17,895 | |||||||||||||||||||
Total financing receivables | $ | 148,842 | $ | 4,857 | $ | 4,214 | $ | 17,955 | $ | 175,868 | $ | 17,955 | |||||||||||||
Percent of total financing receivables | 84.6 | % | 2.8 | % | 2.4 | % | 10.2 | % | 100 | % | |||||||||||||||
The following table presents the aging status of the recorded investment in leases as of December 31, 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 | $ | 93 | $ | 5 | $ | 4 | $ | 83 | $ | 185 | $ | 83 | |||||||||||||
TimePayment | |||||||||||||||||||||||||
Gold | 58,769 | 2,501 | 902 | 3,391 | 65,563 | 3,391 | |||||||||||||||||||
Silver | 81,152 | 2,933 | 2,754 | 13,437 | 100,276 | 13,437 | |||||||||||||||||||
Bronze | 7,788 | 493 | 502 | 2,841 | 11,624 | 2,841 | |||||||||||||||||||
TimePayment subtotal | 147,709 | 5,927 | 4,158 | 19,669 | 177,463 | 19,669 | |||||||||||||||||||
Total financing receivables | $ | 147,802 | $ | 5,932 | $ | 4,162 | $ | 19,752 | $ | 177,648 | $ | 19,752 | |||||||||||||
Percent of total financing receivables | 83.2 | % | 3.3 | % | 2.4 | % | 11.1 | % | 100 | % |
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Common Share | ' | ||||||||
Net income per common share for the three months ended March 31, 2014 and 2013 was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 2,112 | $ | 2,266 | |||||
Weighted average common shares outstanding | 14,434,339 | 14,495,411 | |||||||
Dilutive effect of common stock options, warrants and restricted stock | 324,849 | 291,169 | |||||||
Shares used in computation of net income per common share - diluted | 14,759,188 | 14,786,580 | |||||||
Net income per common share - basic | $ | 0.15 | $ | 0.16 | |||||
Net income per common share - diluted | $ | 0.14 | $ | 0.15 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Granted to Our Non-employee Directors | ' | ||||||||||||||||
The following table details the stock granted to our non-employee directors under the 2008 and 2012 Plans during the three months ended March 31, 2014 and 2013. 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(1) | Grant | |||||||||||||||
Jan-14 | 25,310 | $ | 8.89 | $ | 226 | ||||||||||||
Jan-13 | 29,205 | $ | 7.55 | 221 | |||||||||||||
-1 | The fair value per share is equal to the closing price of our stock on the date of grant. | ||||||||||||||||
Restricted Stock Units Activity | ' | ||||||||||||||||
The following table summarizes our RSU activity for the year ended December 31, 2013, and the three months ended March 31, 2014: | |||||||||||||||||
Number of | Grant | Grant | Fair Value | ||||||||||||||
RSUs | Date Fair | Date Fair | of RSUs at | ||||||||||||||
Value per | Value | Vesting | |||||||||||||||
Share(1) | Date (2) | ||||||||||||||||
Unvested RSUs at December 31, 2012 | 98,575 | ||||||||||||||||
Granted | 45,316 | $ | 7.55 | $ | 342 | ||||||||||||
Vested | (16,640 | ) | $ | 125 | |||||||||||||
Unvested RSUs at December 31, 2013 | 127,251 | ||||||||||||||||
Granted | 38,278 | $ | 8.89 | 340 | |||||||||||||
Vested | (22,929 | ) | 178 | ||||||||||||||
Unvested RSUs at March 31, 2014 | 142,600 | ||||||||||||||||
-1 | The grant date fair value per share is equal to the closing price of our stock on the date of grant. | ||||||||||||||||
-2 | The fair value of vested RSUs is calculated based on the closing stock price on the vesting date. The fair value of unvested RSUs at March 31, 2014, based on the closing price on that date, was $1.1 million. | ||||||||||||||||
Outstanding Stock Options | ' | ||||||||||||||||
Information relating to our outstanding stock options at March 31, 2014, is as follows: | |||||||||||||||||
Outstanding and Exercisable Options | |||||||||||||||||
Exercise | Shares | Weighted- | Intrinsic | ||||||||||||||
Price | Average | Value | |||||||||||||||
Life (Years) | |||||||||||||||||
$ 2.30 | 258,723 | 4.92 | $ | 1,441 | |||||||||||||
$ 5.77 | 31,923 | 2.92 | 67 | ||||||||||||||
$ 5.85 | 142,382 | 3.83 | 288 | ||||||||||||||
433,028 | 4.41 | $ | 1,796 | ||||||||||||||
Stock Compensation Expense | ' | ||||||||||||||||
Stock compensation expense recognized during the three months ended March 31, 2014 and 2013, and unrecognized compensation expense as of March 31, 2014, were as follows: | |||||||||||||||||
Three months ended March 31, | Unrecognized | ||||||||||||||||
Compensation | |||||||||||||||||
Cost as of | |||||||||||||||||
2014 | 2013 | March 31, 2014 | |||||||||||||||
Compensation expense - RSUs | $ | 71 | $ | 50 | $ | 745 | |||||||||||
Compensation expense - Options | 2 | 11 | — | ||||||||||||||
Total | $ | 73 | $ | 61 | $ | 745 | |||||||||||
Allowance_for_Credit_Losses_an2
Allowance for Credit Losses and Credit Quality - Allowance for Credit Losses by Subsidiary (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses, Beginning balance | $15,379 | $14,038 |
Charge-offs | -7,324 | -5,572 |
Recoveries | 1,476 | 1,400 |
Provisions | 5,034 | 4,881 |
Allowance for credit losses, Ending balance | 14,565 | 14,747 |
Lease-Comm Microticket Equipment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses, Beginning balance | 91 | 103 |
Charge-offs | -96 | -119 |
Recoveries | 62 | 52 |
Provisions | 12 | 62 |
Allowance for credit losses, Ending balance | 69 | 98 |
Time-Payment Microticket Equipment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses, Beginning balance | 15,288 | 13,935 |
Charge-offs | -7,228 | -5,453 |
Recoveries | 1,414 | 1,348 |
Provisions | 5,022 | 4,819 |
Allowance for credit losses, Ending balance | $14,496 | $14,649 |
Allowance_for_Credit_Losses_an3
Allowance for Credit Losses and Credit Quality - Allowance for Credit Losses and Financing Receivables by Subsidiary Classified According to Impairment Evaluation Method (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
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 | 14,565 | 15,379 | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 14,565 | 15,379 | 14,747 | 14,038 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 175,868 | 177,648 | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Financing receivables, Ending balance | 175,868 | 177,648 | ' | ' |
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 | 69 | 91 | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 69 | 91 | 98 | 103 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 146 | 185 | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Financing receivables, Ending balance | 146 | 185 | ' | ' |
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 | 14,496 | 15,288 | ' | ' |
Allowance for credit losses: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Allowance for credit losses, Ending balance | 14,496 | 15,288 | 14,649 | 13,935 |
Financing receivables: Individually evaluated for impairment | ' | ' | ' | ' |
Financing receivables: Collectively evaluated for impairment | 175,722 | 177,463 | ' | ' |
Financing receivables: Contracts acquired with deteriorated credit quality | ' | ' | ' | ' |
Financing receivables, Ending balance | $175,722 | $177,463 | ' | ' |
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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $148,842 | $147,802 |
31 to 60 Days Past Due | 4,857 | 5,932 |
61 to 90 Days Past Due | 4,214 | 4,162 |
Over 90 Days Past Due | 17,955 | 19,752 |
Financing receivables, Ending balance | 175,868 | 177,648 |
Over 90 Days Accruing | 17,955 | 19,752 |
Percent of total financing receivables, Current | 84.60% | 83.20% |
Percent of total financing receivables, 31 to 60 Days Past Due | 2.80% | 3.30% |
Percent of total financing receivables, 61 to 90 Days Past Due | 2.40% | 2.40% |
Percent of total financing receivables, Over 90 Days Past Due | 10.20% | 11.10% |
Percent of total financing receivables | 100.00% | 100.00% |
Lease Comm [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 80 | 93 |
31 to 60 Days Past Due | 4 | 5 |
61 to 90 Days Past Due | 2 | 4 |
Over 90 Days Past Due | 60 | 83 |
Financing receivables, Ending balance | 146 | 185 |
Over 90 Days Accruing | 60 | 83 |
Time Payment Corp [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 148,762 | 147,709 |
31 to 60 Days Past Due | 4,853 | 5,927 |
61 to 90 Days Past Due | 4,212 | 4,158 |
Over 90 Days Past Due | 17,895 | 19,669 |
Financing receivables, Ending balance | 175,722 | 177,463 |
Over 90 Days Accruing | 17,895 | 19,669 |
Time Payment Corp [Member] | Gold [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 61,483 | 58,769 |
31 to 60 Days Past Due | 2,081 | 2,501 |
61 to 90 Days Past Due | 869 | 902 |
Over 90 Days Past Due | 2,560 | 3,391 |
Financing receivables, Ending balance | 66,993 | 65,563 |
Over 90 Days Accruing | 2,560 | 3,391 |
Time Payment Corp [Member] | Silver [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 79,131 | 81,152 |
31 to 60 Days Past Due | 2,332 | 2,933 |
61 to 90 Days Past Due | 2,807 | 2,754 |
Over 90 Days Past Due | 12,480 | 13,437 |
Financing receivables, Ending balance | 96,750 | 100,276 |
Over 90 Days Accruing | 12,480 | 13,437 |
Time Payment Corp [Member] | Bronze [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 8,148 | 7,788 |
31 to 60 Days Past Due | 440 | 493 |
61 to 90 Days Past Due | 536 | 502 |
Over 90 Days Past Due | 2,855 | 2,841 |
Financing receivables, Ending balance | 11,979 | 11,624 |
Over 90 Days Accruing | $2,855 | $2,841 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share - Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Net Income Per Share Basic And Diluted [Abstract] | ' | ' | ' |
Net income | $2,112 | $2,266 | $9,763 |
Weighted average common shares outstanding | 14,434,339 | 14,495,411 | ' |
Dilutive effect of common stock options, warrants and restricted stock | 324,849 | 291,169 | ' |
Shares used in computation of net income per common share - diluted | 14,759,188 | 14,786,580 | ' |
Net income per common share - basic | $0.15 | $0.16 | ' |
Net income per common share - diluted | $0.14 | $0.15 | ' |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Options excluded from the computation of diluted net income per share | 0 | 0 |
Dividends_Additional_Informati
Dividends - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Dividend 1 [Member] | ' |
Date declared | 14-Jan-14 |
Dividend per share | $0.07 |
Payment date | 14-Feb-14 |
Record date | 30-Jan-14 |
Dividend 2 [Member] | ' |
Date declared | 29-Jan-13 |
Dividend per share | $0.06 |
Payment date | 15-Feb-13 |
Record date | 8-Feb-13 |
Revolving_Line_of_Credit_Addit
Revolving Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2007 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | $150 | ' | ' | $30 |
Further increases in total commitment | ' | ' | 175 | ' |
Amount outstanding on line of credit | 71.1 | 72.6 | ' | ' |
Available on revolving line of credit | 78.9 | ' | ' | ' |
Maturity date of the facility | 31-Dec-16 | ' | ' | ' |
Qualified lease receivables eligible under the borrowing base computation | 129.7 | ' | ' | ' |
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 | 6.1 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | ' | ' | 100 | ' |
Interest rate on loans | 2.83% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Borrowing capacity under revolving line of credit | ' | ' | $150 | ' |
Interest rate on loans | 4.00% | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||
Jan. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
First Tranche [Member] | Third Tranche [Member] | Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | 2008 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | |||||
First Tranche [Member] | Second Tranche [Member] | Third Tranche [Member] | Executive Officer [Member] | First Tranche [Member] | Third Tranche [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserved shares of common stock for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 750,000 | ' | ' | ' | ' | ' |
Unissued common stock reserved under equity incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 473,039 | ' | ' | ' | ' | ' |
Granted restricted stock units | ' | ' | ' | ' | ' | ' | 45,316 | 38,278 | ' | 45,316 | ' | ' | ' | ' | 38,278 | ' | ' | ' | ' | ' | ' | ' |
Fair value of awards, granted | $8.89 | ' | ' | ' | ' | ' | $7.55 | ' | $8.89 | ' | $7.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of restricted stock vest | 24,811 | 1,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,643 | 15,548 | 1,125 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of the restricted stock vest over period | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '5 years | ' | ' |
Percentage of restricted stock units vesting annually beginning on second anniversary of grant date | 25.00% | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% |
Number of shares of RSUs cliff vest | 13,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares granted | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options forfeited | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expired | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average term | ' | ' | '2 years 10 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Granted to Our Non-employee Directors (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Director [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Shares | 0 | 0 | 25,310 | 29,205 |
Fair Value per Share | ' | ' | $8.89 | $7.55 |
Fair Value of Grant | ' | ' | $226 | $221 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Units Granted (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of RSUs - Beginning Balance | ' | 127,251 | 98,575 | 98,575 | ' |
Number of RSUs - Granted | ' | 38,278 | ' | 45,316 | ' |
Number of RSUs - Vested | ' | -22,929 | ' | -16,640 | ' |
Number of RSUs- Ending Balance | ' | 142,600 | ' | 127,251 | 98,575 |
Grant Date Fair Value Per Share, Granted | $8.89 | ' | $8.89 | ' | $7.55 |
Grant Date Fair Value - Granted | ' | $340 | ' | $342 | ' |
Vested | ' | $178 | ' | $125 | ' |
StockBased_Compensation_Restri1
Stock-Based Compensation - Restricted Stock Units Granted (Parenthetical) (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of unvested RSUs | $1.10 |
StockBased_Compensation_Outsta
Stock-Based Compensation - Outstanding Stock Options (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price, Outstanding | $2.30 |
Shares, Outstanding | 258,723 |
Weighted-Average Life (Years), Outstanding | '4 years 11 months 1 day |
Intrinsic Value, Outstanding | $1,441 |
Stock Options Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price, Outstanding | $5.77 |
Shares, Outstanding | 31,923 |
Weighted-Average Life (Years), Outstanding | '2 years 11 months 1 day |
Intrinsic Value, Outstanding | 67 |
Stock Options Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price, Outstanding | $5.85 |
Shares, Outstanding | 142,382 |
Weighted-Average Life (Years), Outstanding | '3 years 9 months 29 days |
Intrinsic Value, Outstanding | 288 |
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 4 months 28 days |
Intrinsic Value, Outstanding | $1,796 |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Compensation Expense (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $73 | $61 | ' |
Unrecognized Compensation Cost as of December 31, 2013,total | ' | ' | 745 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 71 | 50 | ' |
Unrecognized Compensation Cost | ' | ' | 745 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 2 | 11 | ' |
Unrecognized Compensation Cost as of December 31, 2013 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 10, 2010 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Purchase of outstanding shares | ' | ' | 250,000 |
Repurchased and retired under stock buyback program | 66,552 | ' | ' |
Average price of common stock per share | $8.07 | ' | ' |
Total cost of shares purchased | $536 | $708 | ' |
Shares repurchase, total | 250,000 | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | Apr. 23, 2014 | |
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Dividends declared per common share | $0.07 | $0.25 | $0.07 |
Expected dividend payment date | ' | ' | 15-May-14 |
Expected dividend record date | ' | ' | 5-May-14 |