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Correction of Immaterial Errors (Tables) | 9 Months Ended
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Sep. 30, 2015
Correction of Immaterial Errors [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The errors discussed above, adjusted for the related income tax expense impact, resulted in an understatement of net earnings of $0.6 million for the three-month period ended September 30, 2014 and an overstatement of net earnings of $0.8 million for the nine-month period ended September 30, 2014, as detailed in the table below:
|  | Three Months Ended September 30, 2014 |  | Nine Months Ended September 30, 2014
(In thousands, except per share data) |  | Previously Reported |  | Adjustment |  | As Revised |  | Previously Reported |  | Adjustment |  | As Revised
Rentals and fees |  | $ | 678,190 |  |  | $ | (2,848 | ) |  | $ | 675,342 |  |  | $ | 2,056,492 |  |  | $ | (8,214 | ) |  | $ | 2,048,278 |
Installment sales |  | 18,089 |  |  | (267 | ) |  | 17,822 |  |  | 54,499 |  |  | (846 | ) |  | 53,653 |
Franchise merchandise sales |  | 6,524 |  |  | (2,047 | ) |  | 4,477 |  |  | 19,811 |  |  | (6,166 | ) |  | 13,645 |
Total revenues |  | 769,525 |  |  | (5,162 | ) |  | 764,363 |  |  | 2,376,488 |  |  | (15,226 | ) |  | 2,361,262 |
Cost of rentals and fees |  | 177,208 |  |  | (3,167 | ) |  | 174,041 |  |  | 532,590 |  |  | (8,733 | ) |  | 523,857 |
Cost of installment sales |  | 6,134 |  |  | (267 | ) |  | 5,867 |  |  | 18,874 |  |  | (846 | ) |  | 18,028 |
Franchise cost of merchandise sold |  | 6,247 |  |  | (2,047 | ) |  | 4,200 |  |  | 18,984 |  |  | (6,166 | ) |  | 12,818 |
Total cost of revenues |  | 230,086 |  |  | (5,481 | ) |  | 224,605 |  |  | 737,675 |  |  | (15,745 | ) |  | 721,930 |
Gross profit |  | 539,439 |  |  | 319 |  |  | 539,758 |  |  | 1,638,813 |  |  | 519 |  |  | 1,639,332 |
Store labor |  | 218,523 |  |  | 100 |  |  | 218,623 |  |  | 666,284 |  |  | 546 |  |  | 666,830 |
Other store expenses |  | 209,302 |  |  | (878 | ) |  | 208,424 |  |  | 630,400 |  |  | (1,050 | ) |  | 629,350 |
Operating profit |  | 44,823 |  |  | 1,097 |  |  | 45,920 |  |  | 144,745 |  |  | 1,023 |  |  | 145,768 |
Finance charges from refinancing |  | — |  |  | — |  |  | — |  |  | 1,946 |  |  | 2,267 |  |  | 4,213 |
Earnings before income taxes |  | 33,042 |  |  | 1,097 |  |  | 34,139 |  |  | 108,302 |  |  | (1,244 | ) |  | 107,058 |
Income tax expense |  | 7,736 |  |  | 478 |  |  | 8,214 |  |  | 36,606 |  |  | (420 | ) |  | 36,186 |
Net earnings |  | 25,306 |  |  | 619 |  |  | 25,925 |  |  | 71,696 |  |  | (824 | ) |  | 70,872 |
Basic earnings per common share |  | $ | 0.48 |  |  | $ | 0.01 |  |  | $ | 0.49 |  |  | $ | 1.36 |  |  | $ | (0.02 | ) |  | $ | 1.34 |
Diluted earnings per common share |  | $ | 0.48 |  |  | $ | 0.01 |  |  | $ | 0.49 |  |  | $ | 1.35 |  |  | $ | (0.01 | ) |  | $ | 1.34 |
The errors discussed above also resulted in changes to previously reported amounts in our consolidated statements of cash flows. The previously reported changes in operating assets and liabilities in the reconciliation of net income to cash provided by operating activities have been revised as detailed in the table below. These errors had no impact on net cash provided by operating activities:
|  | Nine Months Ended September 30, 2014
(In thousands, except per share data) |  | Previously Reported |  | Adjustment |  | As Revised
Net earnings |  | $ | 71,696 |  |  | $ | (824 | ) |  | $ | 70,872 |
Depreciation of rental merchandise |  | 509,596 |  |  | (1,418 | ) |  | 508,178 |
Finance charges from refinancing |  | 1,946 |  |  | (1,946 | ) |  | — |
Deferred income taxes |  | (64,912 | ) |  | (418 | ) |  | (65,330 | )
Rental merchandise |  | (515,166 | ) |  | (24,184 | ) |  | (539,350 | )
Receivables |  | (20,307 | ) |  | (38 | ) |  | (20,345 | )
Prepaid expenses and other assets |  | (11,017 | ) |  | 4,212 |  |  | (6,805 | )
Accounts payable - trade |  | (3,407 | ) |  | 26,634 |  |  | 23,227 |
Accrued liabilities |  | 7,502 |  |  | (2,018 | ) |  | 5,484 |
Net cash provided by operating activities |  | 63,263 |  |  | — |  |  | 63,263 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794 + Details
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