Upbound (UPBD) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Company Informatio

Document and Company Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document And Entity Information
Entity Registrant Name	RENT A CENTER INC DE
Entity Central Index Key	933,036
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	RCII
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		53,196,843

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Store
Rentals and fees	$ 595,414	$ 674,295
Merchandise sales	121,722	131,707
Installment sales	16,757	18,420
Other	2,652	4,088
Total store revenues	736,545	828,510
Franchise
Merchandise sales	3,321	4,947
Royalty income and fees	2,120	2,195
Total revenues	741,986	835,652
Store
Cost of rentals and fees	162,033	176,241
Cost of merchandise sold	109,124	113,886
Cost of installment sales	5,184	6,025
Total cost of store revenues	276,341	296,152
Franchise
Franchise cost of merchandise sold	2,982	4,556
Total cost of revenues	279,323	300,708
Gross profit	462,663	534,944
Operating expenses
Labor	192,107	209,387
Other store expenses	197,440	211,807
General and administrative expenses	39,772	43,061
Depreciation, amortization and impairment of intangibles	18,541	19,824
Other charges	13,651	2,435
Total operating expenses	461,511	486,514
Operating profit	1,152	48,430
Interest expense	11,630	11,977
Interest income	(156)	(97)
(Loss) earnings before income taxes	(10,322)	36,550
Income tax (benefit) expense	(3,643)	11,489
Net (loss) earnings	$ (6,679)	$ 25,061
Basic (loss) earnings per common share	$ (0.13)	$ 0.47
Diluted (loss) earnings per common share	(0.13)	0.47
Cash dividends declared per common share	$ 0.08	$ 0.08

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net (loss) earnings	$ (6,679)	$ 25,061
Foreign currency translation adjustments	5,555	2,450
Total other comprehensive income	5,555	2,450
Comprehensive (loss) income	$ (1,124)	$ 27,511

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 58,128	$ 95,396
Receivables, net of allowance for doubtful accounts of $3,089 and $3,593 in 2017 and 2016, respectively	66,606	69,785
Prepaid expenses and other assets	52,159	54,989
Rental merchandise, net
On rent	754,824	795,118
Held for rent	190,629	206,836
Merchandise held for installment sale	3,675	3,629
Property assets, net of accumulated depreciation of $537,102 and $522,101 in 2017 and 2016, respectively	312,679	316,428
Goodwill	55,308	55,308
Other intangible assets, net	966	5,252
Total Assets	1,494,974	1,602,741
LIABILITIES
Accounts payable - trade	82,628	108,238
Accrued liabilities	340,431	332,196
Deferred income taxes	160,055	173,144
Senior debt, net	115,625	186,747
Senior notes, net	537,799	537,483
Total Liabilities	1,236,538	1,337,808
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 250,000,000 shares authorized; 109,566,595 and 109,519,369 shares issued in 2017 and 2016, respectively	1,095	1,095
Additional paid-in capital	826,010	827,107
Retained earnings	789,685	800,640
Treasury stock at cost, 56,369,752 shares in 2017 and 2016	(1,347,677)	(1,347,677)
Accumulated other comprehensive loss	(10,677)	(16,232)
Total Stockholders' Equity	258,436	264,933
Total Liabilities and Stockholders' Equity	$ 1,494,974	$ 1,602,741

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,089	$ 3,593
Property assets, accumulated depreciation	$ 537,102	$ 522,101
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	109,566,595	109,519,369
Treasury stock - shares at cost	56,369,752	56,369,752

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net (loss) earnings	$ (6,679)	$ 25,061
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities
Depreciation of rental merchandise	160,491	174,074
Bad debt expense	3,422	3,634
Stock-based compensation expense	(698)	2,352
Depreciation of property assets	18,209	19,110
Loss on sale or disposal of property assets	755	386
Amortization and impairment of intangibles	4,227	518
Amortization of financing fees	756	779
Deferred income taxes	(13,088)	(9,801)
Changes in operating assets and liabilities, net of effects of acquisitions
Rental merchandise	(104,595)	(112,204)
Receivables	(243)	(2,240)
Prepaid expenses and other assets	2,888	96,958
Accounts payable - trade	(25,610)	(3,028)
Accrued liabilities	19,482	31,063
Net cash provided by operating activities	59,317	226,662
Cash flows from investing activities
Purchase of property assets	(22,048)	(14,440)
Proceeds from sale of stores	475	1,104
Acquisitions of businesses	0	(2,641)
Net cash used in investing activities	(21,573)	(15,977)
Cash flows from financing activities
Shares withheld for employee tax withholdings	(187)	(148)
Proceeds from debt	86,375	7,410
Repayments of debt	(157,937)	(219,543)
Dividends paid	(4,268)	(12,773)
Net cash used in financing activities	(76,017)	(225,054)
Effect of exchange rate changes on cash	1,005	368
Net decrease in cash and cash equivalents	(37,268)	(14,001)
Cash and cash equivalents at beginning of period	95,396	60,363
Cash and cash equivalents at end of period	$ 58,128	$ 46,362

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements of Rent-A-Center, Inc. included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to the SEC’s rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. We suggest these financial statements be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 . In our opinion, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly our results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. These financial statements include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Rent-A-Center” refer only to Rent-A-Center, Inc., the parent, and references to “we,” “us” and “our” refer to the consolidated business operations of Rent-A-Center and any or all of its direct and indirect subsidiaries. We report four operating segments: Core U.S., Acceptance Now, Mexico and Franchising. Our Core U.S. segment consists of company-owned rent-to-own stores in the United States, Canada and Puerto Rico that lease household durable goods to customers on a rent-to-own basis. We also offer merchandise on an installment sales basis in certain of our stores under the names “Get It Now” and “Home Choice.” Our Acceptance Now segment, which operates in the United States and Puerto Rico, generally offers the rent-to-own transaction to consumers who do not qualify for financing from the traditional retailer through kiosks located within such retailers’ locations. Those kiosks can be staffed by an Acceptance Now employee (staffed locations) or employ a virtual solution where customers initiate the rent-to-own transaction online in the retailers' locations using our tablet computer and our virtual solution (direct locations). Our Mexico segment consists of our company-owned rent-to-own stores in Mexico that lease household durable goods to customers on a rent-to-own basis. Rent-A-Center Franchising International, Inc., an indirect, wholly owned subsidiary of Rent-A-Center, is a franchisor of rent-to-own stores. Our Franchising segment’s primary source of revenue is the sale of rental merchandise to its franchisees, who in turn offer the merchandise to the general public for rent or purchase under a rent-to-own transaction. The balance of our Franchising segment’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved a one-year deferral of the effective date. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which amends ASU 2014-09 relating to how and when a company recognizes revenue when another party is involved in providing a good or service to a customer. Under Topic 606, a company will recognize revenue on a gross basis when it provides a good or service to a customer (acts as the principal in a transaction), and on a net basis when it arranges for the good or service to be provided to the customer by another party (acts as an agent in a transaction). ASU 2016-08 provides additional guidance for determining whether a company acts as a principal or agent, depending primarily on whether a company controls goods or services before delivery to the customer. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which provides additional guidance related to the identification of performance obligations within the contract, and licensing. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which provides additional guidance related to certain technical areas within ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which provides additional guidance related to certain technical areas within ASU 2014-09. The adoption of these additional ASUs must be concurrent with the adoption of ASU 2014-09, which will be required for us beginning January 1, 2018, with early adoption permitted as of the original effective date. These ASUs allow adoption with either retrospective application to each prior period presented, or modified retrospective application with the cumulative effect recognized as of the date of initial application. We are currently in the process of evaluating the potential impact this new pronouncement will have on our financial statements and do not anticipate early adoption. We have not completed our evaluation and therefore cannot conclude whether the pronouncement will have a significant impact on our financial statements at this time. We expect to complete our evaluation by the end of 2017. We currently anticipate that we will utilize the modified retrospective method of adoption, however, this expectation may change following the completion of our evaluation of the impact of this pronouncement on our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which replaces existing accounting literature relating to the classification of, and accounting for, leases. Under ASU 2016-02, a company must recognize for all leases (with the exception of leases with terms less than 12 months) a liability representing a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset representing the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged, with certain improvements to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The adoption of ASU 2016-02 will be required for us beginning January 1, 2019, with early adoption permitted. The ASU must be adopted using a modified retrospective transition, applying the new criteria to all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. We are currently in the process of determining what impact the adoption of this ASU will have on our financial position, results of operations and cash flows, and we are evaluating the adoption date and transition alternatives. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Rent-A-Center adopted ASU 2016-09 beginning January 1, 2017. We adopted the recognition of excess tax benefits in the provision for income taxes rather than paid-in-capital, and the classification of excess tax benefits on the statement of cash flows on a prospective basis. We elected to continue to estimate forfeitures expected to occur in our determination of compensation cost recognized each period. Furthermore, we adopted the minimum statutory withholding requirements and classification of employee taxes paid on the statement of cash flows on a modified retrospective and full retrospective basis, respectively. Additional amendments included in the accounting standard update were not applicable to us. Impacts resulting from adoption were immaterial to the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. The adoption of ASU 2016-15 will be required for us on a retrospective basis beginning January 1, 2018, with early adoption permitted. We are currently in the process of determining the adoption date and what impact the adoption of this ASU will have on our presentation of cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating the hypothetical purchase price allocation and instead using the difference between the carrying amount and the fair value of the reporting unit. The adoption of ASU 2017-04 will be required for us on a prospective basis beginning January 1, 2020, with early adoption permitted. We are currently in the process of determining the adoption date and what impact the adoption of this ASU will have on our financial statements. From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of any other recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our consolidated financial statements upon adoption.

Senior Debt

Senior Debt	3 Months Ended
	Mar. 31, 2017
Senior Debt [Abstract]
Senior Debt	Senior Debt On March 19, 2014, we entered into a Credit Agreement (the "Credit Agreement") among the Company, the several lenders from time to time parties to the Credit Agreement, Bank of America, N.A., BBVA Compass Bank, Wells Fargo Bank, N.A., and SunTrust Bank, as syndication agents, and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement represents a refinancing of our senior secured debt outstanding under our prior credit agreement, the Fourth Amended and Restated Credit Agreement, dated as of May 28, 2003, as amended and restated as of July 14, 2011, and as amended by the First Amendment dated as of April 13, 2012, among the Company, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (as amended, the "Prior Credit Agreement"). The Credit Agreement provides a $900.0 million senior credit facility consisting of $225.0 million in term loans (the "Term Loans") and a $675.0 million revolving credit facility (the "Revolving Facility"). The Term Loans are scheduled to mature on March 19, 2021 , and the Revolving Facility has a scheduled maturity of March 19, 2019 . Also on March 19, 2014, we borrowed $225.0 million in Term Loans and $100.0 million under the Revolving Facility and utilized the proceeds to repay our prior senior secured debt outstanding under the Prior Credit Agreement. The Term Loans are payable in consecutive quarterly installments each in an aggregate principal amount of $562,500 , with a final installment equal to the remaining principal balance of the Term Loans due on March 19, 2021 . In the event our Consolidated Total Leverage Ratio (as such term is defined in the Credit Agreement) exceeds 2.5:1, we are also required to pay down the Term Loans by a percentage of annual excess cash flow, as defined in the Credit Agreement. Additional payments will be equal to 25% of annual excess cash flows if the Consolidated Total Leverage Ratio is between 2.5:1 and 3.0:1, increasing to 50% of annual excess cash flows if the Consolidated Total Leverage Ratio is greater than 3.0:1. We made a mandatory excess cash flow prepayment in March 2017 with respect to our results for the year ended December 31, 2016, of approximately $141 million and in March 2016 with respect to our results for the year ended December 31, 2015, of approximately $27 million . We are further required to pay down the Term Loans with proceeds from certain asset sales or borrowings as defined in the Credit Agreement. The amounts outstanding under the Term Loans were $50.3 million and $191.8 million at March 31, 2017 and December 31, 2016 , respectively. The amount outstanding under the Revolving Facility was $70.0 million at March 31, 2017 and there were no outstanding borrowings under the Revolving Facility at December 31, 2016 . Outstanding borrowings for senior debt at March 31, 2017 and December 31, 2016 were reduced by total unamortized issuance costs of $4.7 million and $5.1 million , respectively. The full amount of the Revolving Facility may be used for the issuance of letters of credit, of which $91.1 million had been so utilized as of March 31, 2017 . Borrowings under the Revolving Facility bear interest at varying rates equal to either the Eurodollar rate plus 1.50% to 2.75% , or the prime rate plus 0.50% to 1.75% (ABR), at our election. The margins on the Eurodollar loans and on the ABR loans for borrowings under the Revolving Facility, which were 2.75% and 1.75% , respectively, at March 31, 2017 , may fluctuate based upon an increase or decrease in our Consolidated Total Leverage Ratio as defined by a pricing grid included in the Credit Agreement. The margins on the Eurodollar loans and on the ABR loans for Term Loans are 3.00% and 2.00% , respectively, but may also fluctuate in the event the all-in pricing for any subsequent incremental Term Loan exceeds the all-in pricing for prior Term Loans by more than 0.50% per annum. A commitment fee equal to 0.30% to 0.50% of the unused portion of the Revolving Facility is payable quarterly, and fluctuates dependent upon an increase or decrease in our Consolidated Total Leverage Ratio. The commitment fee during the first quarter of 2017 was equal to 0.50% of the unused portion of the Revolving Facility. Our borrowings under the Credit Agreement are, subject to certain exceptions, secured by a security interest in substantially all of our tangible and intangible assets, including intellectual property, and are also secured by a pledge of the capital stock of our U.S. subsidiaries. The Credit Agreement also permits us to increase the amount of the Term Loans and/or the Revolving Facility from time to time on up to three occasions, in an aggregate amount of no more than $250.0 million , provided that we are not in default at the time and have obtained the consent of the administrative agent and the lenders providing such increase. Subject to a number of exceptions, the Credit Agreement contains, without limitation, covenants that generally limit our ability and the ability of our subsidiaries to: • incur additional debt; • repurchase capital stock, repurchase 6.625% notes and 4.75% notes and/or pay cash dividends when the Consolidated Total Leverage Ratio is greater than 2.50:1 (subject to an exception for cash dividends in an amount not to exceed $20 million annually); • incur liens or other encumbrances; • merge, consolidate or sell substantially all property or business; • sell, lease or otherwise transfer assets (other than in the ordinary course of business); • make investments or acquisitions (unless they meet financial tests and other requirements); or • enter into an unrelated line of business. The Credit Agreement requires us to comply with several financial covenants, including: (i) a Consolidated Total Leverage Ratio of no greater than 4.25:1 from the quarter ended December 31, 2015, to the quarter ended September 30, 2016, and 4.00:1 thereafter; (ii) a Consolidated Senior Secured Leverage ratio of no greater than 2.50:1 (pursuant to the Second Amendment discussed below); and (iii) a Consolidated Fixed Charge Coverage ratio of no less than 1.50:1 (pursuant to the Second Amendment discussed below). On February 1, 2016, we entered into a First Amendment (the “First Amendment”), with JPMorgan Chase Bank, N.A., as administrative agent, the other agents party thereto and the lenders party thereto, to the Credit Agreement. The First Amendment permits us to make Restricted Payments (as such term is defined in the Credit Agreement) with respect to repurchases of and dividends upon our capital stock and repurchases of our senior unsecured notes, in an aggregate amount during any fiscal year not to exceed $20 million , if after giving pro forma effect thereto the Consolidated Total Leverage Ratio is greater than 2.50:1 and less than or equal to 3.75:1. The First Amendment is included as an exhibit to our Current Report on Form 8-K dated as of February 1, 2016. On October 4, 2016, we entered into a Second Amendment (the “Second Amendment”), effective as of September 30, 2016, with JPMorgan Chase Bank, N.A., as administrative agent, the other agents party thereto and the lenders party thereto, to the Credit Agreement. The Second Amendment (i) reduces the maximum Consolidated Senior Secured Leverage Ratio from 2.75:1 to 2.50:1, beginning with the quarter ended December 31, 2016, and (ii) reduces the minimum Consolidated Fixed Charge Coverage Ratio from 1.75:1 to 1.50:1, beginning with the quarter ended September 30, 2016. We may elect to increase the minimum Consolidated Fixed Charge Coverage Ratio to 1.75:1. The Second Amendment also effects the following changes to our ability to make certain Restricted Payments: When the Consolidated Fixed Charge Coverage Ratio covenant level is 1.50:1, only regularly scheduled dividends are payable up to annual maximums as follows: • when the Consolidated Total Leverage Ratio is less than or equal to 2.50:1, a maximum of $25 million annually • when the Consolidated Total Leverage Ratio is between 2.50:1 and 3.75:1, a maximum of $20 million annually (including Notes Payments) • when the Consolidated Total Leverage Ratio is over 3.75:1, a maximum of $15 million annually (including Notes Payments) Share repurchases are not permitted when the Consolidated Fixed Charge Coverage Ratio covenant level is 1.50:1. When the Consolidated Fixed Charge Coverage Ratio covenant level is 1.75:1, Stock Payments (dividend & share repurchase) are permitted up to annual maximums as follows: • when the Consolidated Total Leverage Ratio is less than or equal to 2.50:1: AND available revolving commitments are greater than or equal to $400 million, then a maximum of $50 million annually AND available revolving commitments are less than $400 million, then a maximum of $40 million annually • when the Consolidated Total Leverage Ratio is between 2.50:1 and 3.75:1, then a maximum of $20 million annually (including Notes Payments) • when the Consolidated Total Leverage Ratio is over 3.75:1, then a maximum of $15 million annually (including Notes Payments) We retain the ability to repurchase senior notes when the Consolidated Total Leverage Ratio is less than or equal to 2.50:1. In connection with the Second Amendment, we paid customary amendment fees to the Agent and the lenders that provided their consent to the Amendment of approximately $1.0 million, which were capitalized and will be amortized to interest expense over the remaining term of the agreement. The Second Amendment is included as an exhibit to our Current Report on Form 8-K dated as of October 4, 2016. The table below shows the required and actual ratios under the Credit Agreement calculated as of March 31, 2017 : Required Ratio Actual Ratio Consolidated Total Leverage Ratio No greater than 4.00:1 4.25:1 Consolidated Senior Secured Leverage Ratio No greater than 2.50:1 0.59:1 Consolidated Fixed Charge Coverage Ratio No less than 1.50:1 1.37:1 These financial covenants, as well as the related components of their computation, are defined in the Credit Agreement, which is included as an exhibit to our Current Report on Form 8-K dated as of March 19, 2014. In accordance with the Credit Agreement, the actual Consolidated Total Leverage Ratio was calculated by dividing the consolidated funded debt outstanding at March 31, 2017 ( $629.9 million ) by consolidated EBITDA for the 12-month period ending March 31, 2017 ( $148.1 million ). For purposes of the covenant calculations, (i) “consolidated funded debt” is defined as outstanding indebtedness less cash in excess of $25.0 million , and (ii) “consolidated EBITDA” is generally defined as consolidated net income (a) plus the sum of income taxes, interest expense, depreciation and amortization expense, extraordinary non-cash expenses or losses, and other non-cash charges, and (b) minus the sum of interest income, extraordinary income or gains, other non-cash income, and cash payments with respect to extraordinary non-cash expenses or losses recorded in prior fiscal quarters. Consolidated EBITDA is a non-GAAP financial measure that is presented not as a measure of operating results, but rather as a measure used to determine covenant compliance under our senior credit facilities. The actual consolidated senior secured leverage ratio was calculated pursuant to the Credit Agreement by dividing the consolidated senior secured debt outstanding at March 31, 2017 ( $87.1 million ) by consolidated EBITDA for the 12-month period ending March 31, 2017 ( $148.1 million ). For purposes of the covenant calculation, “consolidated senior secured debt” is generally defined as the aggregate principal amount of consolidated funded debt that is then secured by liens on property or assets of the Company or its subsidiaries, less cash greater than $25 million. The actual Consolidated Fixed Charge Coverage ratio was calculated pursuant to the Credit Agreement by dividing the sum of consolidated EBITDA and consolidated lease expense for the 12-month period ending March 31, 2017 ( $375.1 million ), by consolidated fixed charges for the 12-month period ending March 31, 2017 ( $273.3 million ). For purposes of the covenant calculation, “consolidated fixed charges” is defined as the sum of consolidated interest expense and consolidated lease expense. On March 31, 2017 , our Consolidated Total Leverage Ratio exceeded the threshold of 4.00:1 and our Consolidated Fixed Charge Coverage Ratio did not meet the required ratio of 1.50:1. We were in compliance with all other covenants at that time. On May 1, 2017, we entered into a Third Amendment and Waiver (the "Waiver") with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto pursuant to which the lenders agreed to waive compliance with certain provisions in the Credit Agreement, dated March 19, 2014, with us, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, permitting us to exceed the required Consolidated Total Leverage Ratio and fall below the required Consolidated Fixed Charge Coverage Ratio covenants, in each case for the three months ended March 31, 2017 . The Waiver, effective through June 30, 2017, limits our outstanding borrowings at any time to $225 million , and borrowings during the Waiver period are restricted in use to working capital purposes. In addition, since the Consolidated Total Leverage Ratio at March 31, 2017 is greater than 3.75:1, we are limited to a maximum of $15 million in dividend payments for the fiscal year. As of March 31, 2017 , we have paid dividends of $4.3 million and declared additional dividends of $4.3 million . The foregoing description of the Waiver is qualified in its entirety by reference to the full text of the Waiver, a copy of which is filed as Exhibit 10.1 to our Current Report on Form 8-K dated as of May 1, 2017. We are currently in the process of working with our lenders to enter into an amendment to our Credit Agreement to allow for additional flexibility under our current covenants for the remaining term of the Credit Agreement. If we are unable to amend our Credit Agreement or obtain future waivers, or other refinancing by June 30, 2017, the lenders under our senior secured credit facilities could terminate their commitments to lend to us and/or accelerate the amounts outstanding under the credit facilities. If the lenders were to terminate their commitments, our ability to operate effectively or execute our strategies could be negatively impacted. If the lenders were to accelerate the amounts outstanding under the credit facilities, it could result in a material adverse impact on our business, financial condition, results of operations or cash flows. See Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2016 . Events of default under the Credit Agreement also include customary events, such as a cross-acceleration provision in the event that we default on other debt. In addition, an event of default under the Credit Agreement would occur if a change of control occurs. This is defined to include the case where a third party becomes the beneficial owner of 35% or more of our voting stock or certain changes in the composition of Rent-A-Center’s Board of Directors occur. An event of default would also occur if one or more judgments were entered against us of $50.0 million or more and such judgments were not satisfied or bonded pending appeal within 30 days after entry. We utilize our Revolving Facility for the issuance of letters of credit, as well as to manage normal fluctuations in operational cash flow caused by the timing of cash receipts. In that regard, we may from time to time draw funds under the Revolving Facility for general corporate purposes. Amounts are drawn as needed due to the timing of cash flows and are generally paid down as cash is generated by our operating activities. We believe the cash flow generated from operations will be sufficient to fund our operations during the next 12 months. In addition to the Revolving Facility discussed above, we maintain a $20.0 million unsecured, revolving line of credit with INTRUST Bank, N.A. to facilitate cash management. The availability of our INTRUST line of credit is restricted if the borrowing capacity under our Revolving Facility drops below $10 million. There were no outstanding borrowings against this line of credit at March 31, 2017 or December 31, 2016 . The line of credit generally renews on August 21 of each year. Borrowings under the line of credit bear interest at the greater of a variable rate or 2.00%. The table below shows the scheduled maturity dates of our outstanding debt at March 31, 2017 for each of the years ending December 31: (in thousands) Term Loan Revolving Facility INTRUST Line of Credit Total 2017 $ 1,687 $ — $ — $ 1,687 2018 2,250 — — 2,250 2019 2,250 70,000 — 72,250 2020 2,250 — — 2,250 2021 41,813 — — 41,813 Thereafter — — — — Total senior debt $ 50,250 $ 70,000 $ — $ 120,250

Subsidiary Guarantors - Senior

Subsidiary Guarantors - Senior Notes	3 Months Ended
	Mar. 31, 2017
Subsidiary Guarantors - Senior Notes [Abstract]
Subsidiary Guarantors - Senior Notes	Subsidiary Guarantors – Senior Notes On November 2, 2010, we issued $300.0 million in senior unsecured notes due November 2020, bearing interest at 6.625%, pursuant to an indenture dated November 2, 2010, among Rent-A-Center, Inc., its subsidiary guarantors and The Bank of New York Mellon Trust Company, as trustee. A portion of the proceeds of this offering were used to repay approximately $200.0 million of outstanding term debt under our Prior Credit Agreement. The remaining net proceeds were used to repurchase shares of our common stock. The principal amount of the 6.625% notes outstanding as of March 31, 2017 and December 31, 2016 , was $292.7 million , reduced by $2.3 million and $2.5 million of unamortized issuance costs, respectively. On May 2, 2013, we issued $250.0 million in senior unsecured notes due May 2021, bearing interest at 4.75%, pursuant to an indenture dated May 2, 2013, among Rent-A-Center, Inc., its subsidiary guarantors and The Bank of New York Mellon Trust Company, as trustee. A portion of the proceeds of this offering were used to repurchase shares of our common stock under a $200.0 million accelerated stock buyback program. The remaining net proceeds were used to repay outstanding revolving debt under our Prior Credit Agreement. The principal amount of the 4.75% notes outstanding as of March 31, 2017 and December 31, 2016 , was $250.0 million , reduced by $2.6 million and $2.8 million of unamortized issuance costs, respectively. The indentures governing the 6.625% notes and the 4.75% notes are substantially similar. Each indenture contains covenants that limit our ability to: • incur additional debt; • sell assets or our subsidiaries; • grant liens to third parties; • pay cash dividends or repurchase stock when total leverage is greater than 2.50:1 (subject to an exception for cash dividends in an amount not to exceed $20 million annually); and • engage in a merger or sell substantially all of our assets. Events of default under each indenture include customary events, such as a cross-acceleration provision in the event that we default in the payment of other debt due at maturity or upon acceleration for default in an amount exceeding $50.0 million , as well as in the event a judgment is entered against us in excess of $50.0 million that is not discharged, bonded or insured. The 6.625% notes may be redeemed on or after November 15, 2015, at our option, in whole or in part, at a premium declining from 103.313% . The 6.625% notes may be redeemed on or after November 15, 2018, at our option, in whole or in part, at par. The 6.625% notes also require that upon the occurrence of a change of control (as defined in the 2010 indenture), the holders of the notes have the right to require us to repurchase the notes at a price equal to 101% of the original aggregate principal amount, together with accrued and unpaid interest, if any, to the date of repurchase. The 4.75% notes may be redeemed on or after May 1, 2016, at our option, in whole or in part, at a premium declining from 103.563% . The 4.75% notes may be redeemed on or after May 1, 2019, at our option, in whole or in part, at par. The 4.75% notes also require that upon the occurrence of a change of control (as defined in the 2013 indenture), the holders of the notes have the right to require us to repurchase the notes at a price equal to 101% of the original aggregate principal amount, together with accrued and unpaid interest, if any, to the date of repurchase. Any mandatory repurchase of the 6.625% notes and/or the 4.75% notes would trigger an event of default under our Credit Agreement. We are not required to maintain any financial ratios under either of the indentures. Rent-A-Center and its subsidiary guarantors have fully, jointly and severally, and unconditionally guaranteed the obligations of Rent-A-Center with respect to the 6.625% notes and the 4.75% notes. Rent-A-Center has no independent assets or operations, and each subsidiary guarantor is 100% owned directly or indirectly by Rent-A-Center. The only direct or indirect subsidiaries of Rent-A-Center that are not guarantors are minor subsidiaries. There are no restrictions on the ability of any of the subsidiary guarantors to transfer funds to Rent-A-Center in the form of loans, advances or dividends, except as provided by applicable law.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We follow a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. There were no changes in the methods and assumptions used in measuring fair value during the period. At March 31, 2017 , our financial instruments include cash and cash equivalents, receivables, payables, senior debt and senior notes. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at March 31, 2017 and December 31, 2016 , because of the short maturities of these instruments. Our senior debt is variable rate debt that re-prices frequently and entails no significant change in credit risk and, as a result, fair value approximates carrying value. The fair value of our senior notes is based on Level 1 inputs and was as follows at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (in thousands) Carrying Value Fair Value Difference Carrying Value Fair Value Difference 6.625% senior notes $ 292,740 $ 259,075 $ (33,665 ) $ 292,740 $ 266,393 $ (26,347 ) 4.75% senior notes 250,000 205,000 (45,000 ) 250,000 206,250 (43,750 ) Total senior notes $ 542,740 $ 464,075 $ (78,665 ) $ 542,740 $ 472,643 $ (70,097 )

Other Charges - Operating Expen

Other Charges - Operating Expenses	3 Months Ended
	Mar. 31, 2017
Restructuring Costs and Asset Impairment Charges [Abstract]
Other Charges - Operating Expenses	Other Charges - Operating Expenses Acceptance Now Store Closures. During the first quarter of 2017, we closed 76 Acceptance Now manned locations and 9 Acceptance Now direct locations, and initiated a plan to close an additional 115 Acceptance Now locations, resulting in pre-tax charges of $5.7 million consisting primarily of rental merchandise losses, disposal of fixed assets, and other miscellaneous labor and shutdown costs. In addition, as a result of the plan to close certain Acceptance Now locations, we recorded a pre-tax impairment charge of $3.9 million to our intangible assets, related to a vendor relationship. Corporate Cost Rationalization. During the first quarter of 2017, we executed a head count reduction that impacted approximately 6% of our field support center workforce. This resulted in pre-tax charges for severance and other payroll-related costs of approximately $2.5 million for the three months ended March 31, 2017. Mexico Store Consolidation Plan. During the first quarter of 2016, we closed 14 stores in Mexico, resulting in pre-tax restructuring charges of $2.3 million in the Mexico segment for disposal of rental merchandise, fixed assets and leasehold improvements and other charges to decommission the stores. Activity with respect to other charges for the three months ended March 31, 2017 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2016 Charges & Adjustments Payments Accrued Charges at March 31, 2017 Cash charges: Labor reduction costs $ 1,393 $ 2,488 $ (1,440 ) $ 2,441 Lease obligation costs 6,628 (182 ) (1,657 ) 4,789 Other miscellaneous — 161 (161 ) — Total cash charges $ 8,021 2,467 $ (3,258 ) $ 7,230 Non-cash charges: Rental merchandise losses 5,520 Loss on sale of fixed assets 158 Impairment of intangible asset 3,896 Other charges (1) 1,610 Total other charges $ 13,651 (1) Other charges include litigation claim settlements as well as costs, expenses and fees relating to responding to shareholder proposals.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	Segment Information The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by the chief operating decision makers. Our operating segments are organized based on factors including, but not limited to, type of business transactions, geographic location and store ownership. All operating segments offer merchandise from four basic product categories: consumer electronics, appliances, computers, furniture and accessories. Our Core U.S. and Franchising segments also offer smartphones. Segment information for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, (in thousands) 2017 2016 Revenues Core U.S. $ 490,899 $ 584,365 Acceptance Now 234,546 230,396 Mexico 11,100 13,749 Franchising 5,441 7,142 Total revenues $ 741,986 $ 835,652 Three Months Ended March 31, (in thousands) 2017 2016 Gross profit Core U.S. $ 337,954 $ 411,889 Acceptance Now 114,429 111,142 Mexico 7,821 9,327 Franchising 2,459 2,586 Total gross profit $ 462,663 $ 534,944 Three Months Ended March 31, (in thousands) 2017 2016 Operating profit Core U.S. $ 24,402 $ 62,236 Acceptance Now 20,619 29,369 Mexico 161 (2,610 ) Franchising 1,441 1,413 Total segments 46,623 90,408 Corporate (45,471 ) (41,978 ) Total operating profit $ 1,152 $ 48,430 Three Months Ended March 31, (in thousands) 2017 2016 Depreciation, amortization and impairment of intangibles Core U.S. $ 8,108 $ 10,892 Acceptance Now 786 837 Mexico 527 939 Franchising 44 45 Total segments 9,465 12,713 Corporate 9,076 7,111 Total depreciation, amortization and impairment of intangibles $ 18,541 $ 19,824 We recorded an impairment of intangibles of $3.9 million in the Acceptance Now segment during the first quarter of 2017 that is not included in the table above. The impairment charge was recorded to Other Charges in the Condensed Consolidated Statement of Operations. Three Months Ended March 31, (in thousands) 2017 2016 Capital expenditures Core U.S. $ 6,108 $ 3,771 Acceptance Now 483 292 Mexico 23 147 Total segments 6,614 4,210 Corporate 15,434 10,230 Total capital expenditures $ 22,048 $ 14,440 Segment information - Selected balance sheet data: (in thousands) March 31, 2017 December 31, 2016 On rent rental merchandise, net Core U.S. $ 388,871 $ 426,845 Acceptance Now 351,672 354,486 Mexico 14,281 13,787 Total on rent rental merchandise, net $ 754,824 $ 795,118 (in thousands) March 31, 2017 December 31, 2016 Held for rent rental merchandise, net Core U.S. $ 174,453 $ 192,718 Acceptance Now 9,447 7,489 Mexico 6,729 6,629 Total held for rent rental merchandise, net $ 190,629 $ 206,836 (in thousands) March 31, 2017 December 31, 2016 Assets by segment Core U.S. $ 785,800 $ 872,551 Acceptance Now 427,541 432,383 Mexico 32,641 31,415 Franchising 2,237 2,197 Total segments 1,248,219 1,338,546 Corporate 246,755 264,195 Total assets $ 1,494,974 $ 1,602,741

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation We recognized $(0.7) million and $2.4 million in pre-tax compensation expense related to stock options and restricted stock units during the three months ended March 31, 2017 and 2016 , respectively. The change in expense during three months ended March 31, 2017 was primarily attributable to forfeiture of stock awards related to voluntary and involuntary terminations. During the three months ended March 31, 2017 , we granted approximately 653,000 stock options, 490,000 performance-based restricted stock units and 466,000 time-vesting restricted stock units. The stock options granted were valued using a Black-Scholes pricing model with the following assumptions: an expected volatility of 43.75% to 52.01% , a risk-free interest rate of 1.54% to 2.07% , an expected dividend yield of 2.84% to 3.85% and an expected life of 3.50 to 5.75 years . The weighted-average exercise price of the options granted during the three months ended March 31, 2017 was $8.98 and the weighted-average grant-date fair value was $2.73 . Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued using the closing price on the trading day immediately preceding the day of the grant. The weighted-average grant date fair value of the restricted stock units granted during the three months ended March 31, 2017 was $9.00 .

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company, along with our subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred. We are subject to unclaimed property audits by states in the ordinary course of business. A comprehensive multi-state unclaimed property audit is currently in progress. The property subject to review in this audit process includes unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws. Management believes it is too early to determine the ultimate outcome of this audit, as our remediation efforts are still in process and there have been recent developments in escheat laws which may be applicable to this matter.
Guarantees	Our subsidiary, ColorTyme Finance, Inc. (“ColorTyme Finance”), is a party to an agreement with Citibank, N.A., pursuant to which Citibank provides up to $27.0 million in aggregate financing to qualifying franchisees of Franchising. Under the Citibank agreement, upon an event of default by the franchisee under agreements governing this financing and upon the occurrence of certain other events, Citibank can assign the loans and the collateral securing such loans to ColorTyme Finance, with ColorTyme Finance paying or causing to be paid the outstanding debt to Citibank and then succeeding to the rights of Citibank under the debt agreements, including the right to foreclose on the collateral. Rent-A-Center and ColorTyme Finance guarantee the obligations of the franchise borrowers under the Citibank facility. An additional $20.0 million of financing is provided by Texas Capital Bank, National Association under an agreement similar to the Citibank financing, which is guaranteed by Rent-A-Center East, Inc., a subsidiary of Rent-A-Center. The maximum guarantee obligations under these agreements, excluding the effects of any amounts that could be recovered under collateralization provisions, is $47.0 million , of which $2.8 million was outstanding as of March 31, 2017 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Common Share Summarized basic and diluted earnings per common share were calculated as follows: Three Months Ended March 31, (in thousands, except per share data) 2017 2016 Numerator: Net (loss) earnings $ (6,679 ) $ 25,061 Denominator: Weighted-average shares outstanding 53,217 53,085 Effect of dilutive stock awards — 257 Weighted-average dilutive shares 53,217 53,342 Basic (loss) earnings per common share $ (0.13 ) $ 0.47 Diluted (loss) earnings per common share $ (0.13 ) $ 0.47 For the three-month period ended March 31, 2017 and 2016 , the number of stock options that were outstanding but not included in the computation of diluted earnings per common share because the exercise price was greater than the average market price of the common stock and, therefore anti-dilutive, were 3,330,165 and 3,791,737 , respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	These financial statements include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated.
New Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved a one-year deferral of the effective date. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which amends ASU 2014-09 relating to how and when a company recognizes revenue when another party is involved in providing a good or service to a customer. Under Topic 606, a company will recognize revenue on a gross basis when it provides a good or service to a customer (acts as the principal in a transaction), and on a net basis when it arranges for the good or service to be provided to the customer by another party (acts as an agent in a transaction). ASU 2016-08 provides additional guidance for determining whether a company acts as a principal or agent, depending primarily on whether a company controls goods or services before delivery to the customer. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which provides additional guidance related to the identification of performance obligations within the contract, and licensing. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which provides additional guidance related to certain technical areas within ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which provides additional guidance related to certain technical areas within ASU 2014-09. The adoption of these additional ASUs must be concurrent with the adoption of ASU 2014-09, which will be required for us beginning January 1, 2018, with early adoption permitted as of the original effective date. These ASUs allow adoption with either retrospective application to each prior period presented, or modified retrospective application with the cumulative effect recognized as of the date of initial application. We are currently in the process of evaluating the potential impact this new pronouncement will have on our financial statements and do not anticipate early adoption. We have not completed our evaluation and therefore cannot conclude whether the pronouncement will have a significant impact on our financial statements at this time. We expect to complete our evaluation by the end of 2017. We currently anticipate that we will utilize the modified retrospective method of adoption, however, this expectation may change following the completion of our evaluation of the impact of this pronouncement on our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which replaces existing accounting literature relating to the classification of, and accounting for, leases. Under ASU 2016-02, a company must recognize for all leases (with the exception of leases with terms less than 12 months) a liability representing a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset representing the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged, with certain improvements to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The adoption of ASU 2016-02 will be required for us beginning January 1, 2019, with early adoption permitted. The ASU must be adopted using a modified retrospective transition, applying the new criteria to all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. We are currently in the process of determining what impact the adoption of this ASU will have on our financial position, results of operations and cash flows, and we are evaluating the adoption date and transition alternatives. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Rent-A-Center adopted ASU 2016-09 beginning January 1, 2017. We adopted the recognition of excess tax benefits in the provision for income taxes rather than paid-in-capital, and the classification of excess tax benefits on the statement of cash flows on a prospective basis. We elected to continue to estimate forfeitures expected to occur in our determination of compensation cost recognized each period. Furthermore, we adopted the minimum statutory withholding requirements and classification of employee taxes paid on the statement of cash flows on a modified retrospective and full retrospective basis, respectively. Additional amendments included in the accounting standard update were not applicable to us. Impacts resulting from adoption were immaterial to the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. The adoption of ASU 2016-15 will be required for us on a retrospective basis beginning January 1, 2018, with early adoption permitted. We are currently in the process of determining the adoption date and what impact the adoption of this ASU will have on our presentation of cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating the hypothetical purchase price allocation and instead using the difference between the carrying amount and the fair value of the reporting unit. The adoption of ASU 2017-04 will be required for us on a prospective basis beginning January 1, 2020, with early adoption permitted. We are currently in the process of determining the adoption date and what impact the adoption of this ASU will have on our financial statements. From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of any other recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our consolidated financial statements upon adoption.

Senior Debt (Tables)

Senior Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Senior Debt [Abstract]
Financial Covenants Ratios	The table below shows the required and actual ratios under the Credit Agreement calculated as of March 31, 2017 : Required Ratio Actual Ratio Consolidated Total Leverage Ratio No greater than 4.00:1 4.25:1 Consolidated Senior Secured Leverage Ratio No greater than 2.50:1 0.59:1 Consolidated Fixed Charge Coverage Ratio No less than 1.50:1 1.37:1
Schedule of Maturities of Long-term Debt	The table below shows the scheduled maturity dates of our outstanding debt at March 31, 2017 for each of the years ending December 31: (in thousands) Term Loan Revolving Facility INTRUST Line of Credit Total 2017 $ 1,687 $ — $ — $ 1,687 2018 2,250 — — 2,250 2019 2,250 70,000 — 72,250 2020 2,250 — — 2,250 2021 41,813 — — 41,813 Thereafter — — — — Total senior debt $ 50,250 $ 70,000 $ — $ 120,250

Fair Value Fair Value (Tables)

Fair Value Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The fair value of our senior notes is based on Level 1 inputs and was as follows at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (in thousands) Carrying Value Fair Value Difference Carrying Value Fair Value Difference 6.625% senior notes $ 292,740 $ 259,075 $ (33,665 ) $ 292,740 $ 266,393 $ (26,347 ) 4.75% senior notes 250,000 205,000 (45,000 ) 250,000 206,250 (43,750 ) Total senior notes $ 542,740 $ 464,075 $ (78,665 ) $ 542,740 $ 472,643 $ (70,097 )

Other Charges - Operating Exp19

Other Charges - Operating Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring Costs and Asset Impairment Charges [Abstract]
Restructuring and Related Costs [Table Text Block]	Activity with respect to other charges for the three months ended March 31, 2017 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2016 Charges & Adjustments Payments Accrued Charges at March 31, 2017 Cash charges: Labor reduction costs $ 1,393 $ 2,488 $ (1,440 ) $ 2,441 Lease obligation costs 6,628 (182 ) (1,657 ) 4,789 Other miscellaneous — 161 (161 ) — Total cash charges $ 8,021 2,467 $ (3,258 ) $ 7,230 Non-cash charges: Rental merchandise losses 5,520 Loss on sale of fixed assets 158 Impairment of intangible asset 3,896 Other charges (1) 1,610 Total other charges $ 13,651 (1) Other charges include litigation claim settlements as well as costs, expenses and fees relating to responding to shareholder proposals.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	Segment information for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, (in thousands) 2017 2016 Revenues Core U.S. $ 490,899 $ 584,365 Acceptance Now 234,546 230,396 Mexico 11,100 13,749 Franchising 5,441 7,142 Total revenues $ 741,986 $ 835,652 Three Months Ended March 31, (in thousands) 2017 2016 Gross profit Core U.S. $ 337,954 $ 411,889 Acceptance Now 114,429 111,142 Mexico 7,821 9,327 Franchising 2,459 2,586 Total gross profit $ 462,663 $ 534,944 Three Months Ended March 31, (in thousands) 2017 2016 Operating profit Core U.S. $ 24,402 $ 62,236 Acceptance Now 20,619 29,369 Mexico 161 (2,610 ) Franchising 1,441 1,413 Total segments 46,623 90,408 Corporate (45,471 ) (41,978 ) Total operating profit $ 1,152 $ 48,430 Three Months Ended March 31, (in thousands) 2017 2016 Depreciation, amortization and impairment of intangibles Core U.S. $ 8,108 $ 10,892 Acceptance Now 786 837 Mexico 527 939 Franchising 44 45 Total segments 9,465 12,713 Corporate 9,076 7,111 Total depreciation, amortization and impairment of intangibles $ 18,541 $ 19,824 We recorded an impairment of intangibles of $3.9 million in the Acceptance Now segment during the first quarter of 2017 that is not included in the table above. The impairment charge was recorded to Other Charges in the Condensed Consolidated Statement of Operations. Three Months Ended March 31, (in thousands) 2017 2016 Capital expenditures Core U.S. $ 6,108 $ 3,771 Acceptance Now 483 292 Mexico 23 147 Total segments 6,614 4,210 Corporate 15,434 10,230 Total capital expenditures $ 22,048 $ 14,440 Segment information - Selected balance sheet data: (in thousands) March 31, 2017 December 31, 2016 On rent rental merchandise, net Core U.S. $ 388,871 $ 426,845 Acceptance Now 351,672 354,486 Mexico 14,281 13,787 Total on rent rental merchandise, net $ 754,824 $ 795,118 (in thousands) March 31, 2017 December 31, 2016 Held for rent rental merchandise, net Core U.S. $ 174,453 $ 192,718 Acceptance Now 9,447 7,489 Mexico 6,729 6,629 Total held for rent rental merchandise, net $ 190,629 $ 206,836 (in thousands) March 31, 2017 December 31, 2016 Assets by segment Core U.S. $ 785,800 $ 872,551 Acceptance Now 427,541 432,383 Mexico 32,641 31,415 Franchising 2,237 2,197 Total segments 1,248,219 1,338,546 Corporate 246,755 264,195 Total assets $ 1,494,974 $ 1,602,741

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Summarized basic and diluted earnings per common share were calculated as follows: Three Months Ended March 31, (in thousands, except per share data) 2017 2016 Numerator: Net (loss) earnings $ (6,679 ) $ 25,061 Denominator: Weighted-average shares outstanding 53,217 53,085 Effect of dilutive stock awards — 257 Weighted-average dilutive shares 53,217 53,342 Basic (loss) earnings per common share $ (0.13 ) $ 0.47 Diluted (loss) earnings per common share $ (0.13 ) $ 0.47

Senior Debt (Details)

Senior Debt (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Senior Debt (Table Details) [Abstract]
Senior credit facility, maximum amount	$ 900,000,000	$ 900,000,000
Term loan, maximum facility	225,000,000	225,000,000
Revolving facility, maximum facility	675,000,000	675,000,000
Initial Borrowing in Term Loans	225,000,000
Initial Borrowing in Revolving Debt	100,000,000
Mandatory Excess Cash Flow Pre-Payment	141,000,000		$ 27,000,000
Term loan, amount outstanding	50,300,000	50,300,000	191,800,000
Revolving facility, amount outstanding	70,000,000	70,000,000	0
Letters of credit, amount outstanding	$ 91,100,000	91,100,000
Commitment fee percentage	0.50%
Senior credit facilities, additional amount allowed	$ 250,000,000	250,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 225,000,000	$ 225,000,000
Financial Covenants Ratios (Table Details) [Abstract]
Required consolidated total leverage ratio, maximum	4	4
Actual consolidated total leverage ratio	4.25	4.25
Required consolidated senior secured leverage ratio, maximum	2.5	2.5
Actual consolidated senior secured leverage ratio	0.59	0.59
Required consolidated fixed charge coverage ratio, minimum	1.50	1.50
Actual consolidated fixed charge coverage ratio	1.37	1.37
Covenants [Abstract]
Covenants for senior credit facilities - amount available under restricted payment basket	$ 20,000,000	$ 20,000,000
Consolidated funded debt outstanding	629,900,000	629,900,000
Consolidated EBITDA		148,100,000
Outstanding indebtedness less cash in excess of	25,000,000	25,000,000
Consolidated senior secured debt outstanding	$ 87,100,000	87,100,000
Adjusted consolidated EBITDA		375,100,000
Consolidated fixed charges		$ 273,300,000
Event of default-3rd party ownership % of our voting stock	35.00%	35.00%
Event of default-not satisfied or bonded judgment in excess of	$ 50,000,000	$ 50,000,000
Maximum period allowed for pending judgment to satisfy or bond (in days)	30	30
Unsecured line of credit, maximum facility	$ 20,000,000	$ 20,000,000
Unsecured line of credit, amount outstanding	0	0
Maturities of Long-term Debt [Abstract]
2,017	1,687,000	1,687,000
2,018	2,250,000	2,250,000
2,019	72,250,000	72,250,000
2,020	2,250,000	2,250,000
2,021	41,813,000	41,813,000
Thereafter	0	0
Total senior debt	120,250,000	120,250,000
Dividend declared [Member]
Covenants [Abstract]
Waiver restrictions	4,300,000	4,300,000
Dividend paid [Member]
Covenants [Abstract]
Waiver restrictions	4,300,000	4,300,000
Dividend annual limit [Member]
Covenants [Abstract]
Waiver restrictions	$ 15,000,000	15,000,000
Minimum [Member]
Senior Debt (Table Details) [Abstract]
Commitment fee percentage	0.30%
Maximum [Member]
Senior Debt (Table Details) [Abstract]
Commitment fee percentage	0.50%
Prime Rate [Member]
Senior Debt (Table Details) [Abstract]
Description of variable rate basis	prime
Eurodollar [Member]
Senior Debt (Table Details) [Abstract]
Description of variable rate basis	Eurodollar rate
Line of Credit [Member]
Senior Debt (Table Details) [Abstract]
Maturity date	Aug. 21, 2017
Covenants [Abstract]
Unsecured line of credit, amount outstanding	$ 0	0
Maturities of Long-term Debt [Abstract]
2,017	0	0
2,018	0	0
2,019	0	0
2,020	0	0
2,021	0	0
Thereafter	$ 0	0
Revolving Credit Facility [Member]
Senior Debt (Table Details) [Abstract]
Maturity date	Mar. 19, 2019
Revolving facility, amount outstanding	$ 70,000,000	70,000,000
Unamortized Debt Issuance Expense	4,700,000	4,700,000	$ 5,100,000
Maturities of Long-term Debt [Abstract]
2,017	0	0
2,018	0	0
2,019	70,000,000	70,000,000
2,020	0	0
2,021	0	0
Thereafter	$ 0	$ 0
Revolving Credit Facility [Member] | Prime Rate [Member]
Senior Debt (Table Details) [Abstract]
Margin on Prime Rate, actual	1.75%	1.75%
Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	0.50%
Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	1.75%
Revolving Credit Facility [Member] | Eurodollar [Member]
Senior Debt (Table Details) [Abstract]
Margin on Eurodollar rate, actual	2.75%	2.75%
Revolving Credit Facility [Member] | Eurodollar [Member] | Minimum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	1.50%
Revolving Credit Facility [Member] | Eurodollar [Member] | Maximum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	2.75%
Term Loan [Member]
Senior Debt (Table Details) [Abstract]
Maturity date	Mar. 19, 2021
Term Loan, Periodic Payment, Principal	$ 562,500
Term loan, amount outstanding	$ 50,250,000	$ 50,250,000
Margin on Eurodollar rate, actual	3.00%	3.00%
Margin on Prime Rate, actual	2.00%	2.00%
Maturities of Long-term Debt [Abstract]
2,017	$ 1,687,000	$ 1,687,000
2,018	2,250,000	2,250,000
2,019	2,250,000	2,250,000
2,020	2,250,000	2,250,000
2,021	41,813,000	41,813,000
Thereafter	$ 0	$ 0

Subsidiary Guarantors - Senio23

Subsidiary Guarantors - Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Senior Notes [Line Items]
Carrying value of senior notes	$ 542,740	$ 542,740
Covenant for Debt Basket Available Under Senior Notes	20,000
Event of default for senior notes - failure of other debt payment at maturity in excess of this amount	50,000
Event of default for senior notes - not discharged, bonded or insured judgment in excess of this amount	$ 50,000
Our ownership percentage of subsidiary guarantors of senior notes	100.00%
Senior Notes Due 2020 [Member]
Senior Notes [Line Items]
Initial Borrowing in Senior Notes	$ 300,000
Portion of proceeds from senior notes used to repay outstanding term debt	200,000
Carrying value of senior notes	292,740	292,740
Unamortized Debt Issuance Expense	$ 2,300	2,500
Percentage of original aggregate principle amount of senior notes included in repurchase price at change of control	101.00%
Senior Notes Due 2020 [Member] | Senior Notes, Redemption, Period One [Member]
Senior Notes [Line Items]
Senior notes, redemption price, percentage	103.313%
Senior Notes Due 2021 [Member]
Senior Notes [Line Items]
Initial Borrowing in Senior Notes	$ 250,000
Carrying value of senior notes	250,000	250,000
Unamortized Debt Issuance Expense	2,600	$ 2,800
Portion of proceeds from senior notes used to repurchase shares of common stock	$ 200,000
Percentage of original aggregate principle amount of senior notes included in repurchase price at change of control	101.00%
Senior Notes Due 2021 [Member] | Senior Notes, Redemption, Period One [Member]
Senior Notes [Line Items]
Senior notes, redemption price, percentage	103.563%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 542,740	$ 542,740
Amount of difference between fair value and carrying value	(78,665)	(70,097)
Senior Notes Due 2020 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	292,740	292,740
Amount of difference between fair value and carrying value	(33,665)	(26,347)
Senior Notes Due 2021 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	250,000	250,000
Amount of difference between fair value and carrying value	(45,000)	(43,750)
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	464,075	472,643
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes Due 2020 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	259,075	266,393
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes Due 2021 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	$ 205,000	$ 206,250

Other Charges - Operating Exp25

Other Charges - Operating Expenses (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Other Charges [Line Items]
Other charges	$ 1,610
Total other charges	13,651	$ 2,435
2016 Mexico Store Consolidation Plan [Member] | Mexico [Member]
Other Charges [Line Items]
Store Consolidation Plan - Number of Stores Closed		14
Restructuring and Related Cost, Incurred Cost		$ 2,300
2017 Acceptance Now Consolidation Plan [Member] | Acceptance Now [Member]
Other Charges [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 5,700
2017 Field Support Center Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Other Charges [Line Items]
Head count reduction as percent of total workforce	6.00%
2017 Field Support Center Restructuring Plan [Member] | Corporate, Non-Segment [Member] | Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges	$ 2,500
Charges and adjustments [Member]
Other Charges [Line Items]
Restructuring cash charges	2,467
Charges and adjustments [Member] | Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges	2,488
Charges and adjustments [Member] | Lease obligation costs
Other Charges [Line Items]
Restructuring cash charges	(182)
Charges and adjustments [Member] | Other miscellaneous
Other Charges [Line Items]
Restructuring cash charges	161
Payments [Member]
Other Charges [Line Items]
Restructuring payments	(3,258)
Payments [Member] | Labor reduction costs
Other Charges [Line Items]
Restructuring payments	(1,440)
Payments [Member] | Lease obligation costs
Other Charges [Line Items]
Restructuring payments	(1,657)
Payments [Member] | Other miscellaneous
Other Charges [Line Items]
Restructuring payments	(161)
Restructuring Charges-Total [Member]
Other Charges [Line Items]
Restructuring cash charges	7,230		$ 8,021
Restructuring Charges-Total [Member] | Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges	2,441		1,393
Restructuring Charges-Total [Member] | Lease obligation costs
Other Charges [Line Items]
Restructuring cash charges	4,789		6,628
Restructuring Charges-Total [Member] | Other miscellaneous
Other Charges [Line Items]
Restructuring cash charges	0		$ 0
Non-Cash Charges [Member]
Other Charges [Line Items]
Rental merchandise losses	5,520
Loss on sale of fixed assets	158
Impairment of intangible asset	3,896
Non-Cash Charges [Member] | Acceptance Now [Member]
Other Charges [Line Items]
Impairment of intangible asset	$ 3,900
Manned Location [Member] | 2017 Acceptance Now Consolidation Plan [Member] | Acceptance Now [Member]
Other Charges [Line Items]
Store Consolidation Plan - Number of Stores Closed	76
Store Consolidation Plan - Number of Stores Expected to be Closed	115
Direct Location [Member] | 2017 Acceptance Now Consolidation Plan [Member] | Acceptance Now [Member]
Other Charges [Line Items]
Store Consolidation Plan - Number of Stores Closed	9

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 741,986	$ 835,652
Gross profit	462,663	534,944
Operating profit	1,152	48,430
Depreciation, amortization and impairment of intangibles	18,541	19,824
Capital expenditures	22,048	14,440
Rental merchandise on rent, net	754,824		$ 795,118
Rental merchandise held for rent, net	190,629		206,836
Assets	1,494,974		1,602,741
Core U.S. [Member]
Segment Reporting Information [Line Items]
Revenues	490,899	584,365
Gross profit	337,954	411,889
Operating profit	24,402	62,236
Depreciation, amortization and impairment of intangibles	8,108	10,892
Capital expenditures	6,108	3,771
Rental merchandise on rent, net	388,871		426,845
Rental merchandise held for rent, net	174,453		192,718
Assets	785,800		872,551
Acceptance Now [Member]
Segment Reporting Information [Line Items]
Revenues	234,546	230,396
Gross profit	114,429	111,142
Operating profit	20,619	29,369
Depreciation, amortization and impairment of intangibles	786	837
Capital expenditures	483	292
Rental merchandise on rent, net	351,672		354,486
Rental merchandise held for rent, net	9,447		7,489
Assets	427,541		432,383
Mexico [Member]
Segment Reporting Information [Line Items]
Revenues	11,100	13,749
Gross profit	7,821	9,327
Operating profit	161	(2,610)
Depreciation, amortization and impairment of intangibles	527	939
Capital expenditures	23	147
Rental merchandise on rent, net	14,281		13,787
Rental merchandise held for rent, net	6,729		6,629
Assets	32,641		31,415
Franchising [Member]
Segment Reporting Information [Line Items]
Revenues	5,441	7,142
Gross profit	2,459	2,586
Operating profit	1,441	1,413
Depreciation, amortization and impairment of intangibles	44	45
Assets	2,237		2,197
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating profit	46,623	90,408
Depreciation, amortization and impairment of intangibles	9,465	12,713
Capital expenditures	6,614	4,210
Assets	1,248,219		1,338,546
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating profit	(45,471)	(41,978)
Depreciation, amortization and impairment of intangibles	9,076	7,111
Capital expenditures	15,434	$ 10,230
Assets	$ 246,755		$ 264,195

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ (698)	$ 2,352
Stock options granted	653,000
Performance-based restricted stock units granted	490,000
Time-vesting restricted stock units granted	466,000
Expected volatility rate, minimum	43.75%
Expected volatility rate, maximum	52.01%
Risk free interest rate, minimum	1.54%
Risk free interest rate, maximum	2.07%
Expected dividend yield, minimum	2.84%
Expected dividend yield, maximum	3.85%
Expected life, minimum	3 years 6 months
Expected life, maximum	5 years 9 months
Weighted average exercise price of options granted	$ 8.98
Weighted average grant date fair value of options granted	2.73
Weighted average grant date fair value of restricted stock units granted	$ 9
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Monte Carlo

Contingencies (Details)

Contingencies (Details) $ in Millions	Mar. 31, 2017USD ($)
Guarantor Obligations [Line Items]
Maximum financing amount	$ 47
Amount outstanding	2.8
Citibank [Member]
Guarantor Obligations [Line Items]
Maximum financing amount	27
Texas Capital Bank [Member]
Guarantor Obligations [Line Items]
Maximum financing amount	$ 20

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net (loss) earnings	$ (6,679)	$ 25,061
Weighted average shares outstanding	53,217,000	53,085,000
Effect of dilutive stock awards	0	257,000
Weighted-average dilutive shares	53,217,000	53,342,000
Basic (loss) earnings per common share	$ (0.13)	$ 0.47
Diluted (loss) earnings per common share	$ (0.13)	$ 0.47
Earnings Per Share (Details) [Abstract]
Anti-dilutive stock options	3,330,165	3,791,737