Correction of Prior Year Interim Consolidated Financial Statements

3 Months Ended

Sep. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Correction of Prior Year Interim Consolidated Financial Statements

2. Correction of Prior Year Interim Consolidated Financial Statements

We have revised the consolidated financial statements for the three months ended September 30, 2014 to correct errors in accounting for income taxes arising from long-term intercompany investments. We incorrectly recorded the benefits in the provision for income taxes instead of recording the benefits in other comprehensive income. The correcting adjustment increased the provision for income taxes, reduced net income and increased other comprehensive income. We concluded the correction was not material to the period.

Consolidated statement of operations

	Three Months
For the Period Ended	September 30, 2014
	(in thousands, except per share amount)
As reported
Provision (benefit) for income taxes		$	2,338
Net income (loss)			20,481
Net income (loss) per share – basic			0.53
Net income (loss) per share – diluted			0.52

	Three Months
For the Period Ended	September 30, 2014
	(in thousands, except per share amount)
Correction
Provision (benefit) for income taxes		$	1,549
Net income (loss)			(1,549)
Net income (loss) per share – basic			(0.04)
Net income (loss) per share – diluted			(0.04)
As corrected
Provision (benefit) for income taxes		$	3,887
Net income (loss)			18,932
Net income (loss) per share – basic			0.49
Net income (loss) per share – diluted			0.48

Consolidated statement of comprehensive income

	Three Months
For the Period Ended	September 30, 2014
	(in thousands)
As reported
Net income (loss)		$	20,481
Other comprehensive income (loss)			(10,124)
Comprehensive income (loss)			10,357
Correction
Net income (loss)		$	(1,549)
Other comprehensive income (loss)			1,549
Comprehensive income (loss)			—
As corrected
Net income (loss)		$	18,932
Other comprehensive income (loss)			(8,575)
Comprehensive income (loss)			10,357

Consolidated statement of cash flows

	Three Months
For the Period Ended	September 30, 2014
	(in thousands)
As reported
Net income (loss)		$	20,481
Deferred income tax			(1,003)
Net cash provided (used) by operating activities			17,360

	Three Months
For the Period Ended	September 30, 2014
	(in thousands)
Correction
Net income (loss)		$	(1,549)
Deferred income tax			1,549
Net cash provided (used) by operating activities			—
As corrected
Net income (loss)		$	18,932
Deferred income tax			546
Net cash provided (used) by operating activities			17,360