XML 112 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2013

Schedule of error corrections and prior period adjustments


	2012 as Reported		Correction			2012 as Corrected
Consolidated Balance Sheet
Finance receivables, net	$	242,348,521	$	(1,095,091	)	$	241,253,430
Deferred income taxes		8,704,099		419,201			9,123,300
Retained earnings, March 31, 2012		107,513,008		(675,890	)		106,837,118

	2012 as Reported		Correction			2012 as Corrected
Consolidated Statements of Income
Interest and fee income on finance receivables	$	68,122,532	$	12,348,448		$	80,470,980
Provision for credit losses		5,319		12,362,274			12,367,593
Income tax expense		13,931,809		(5,293	)		13,926,516
Operating income		36,162,101		(13,826	)		36,148,275
Net income		22,230,292		(8,533	)		22,221,759
Earnings per share - basic		1.89		—			1.89
Earnings per share - diluted		1.85		—			1.85

	2011 as Reported		Correction			2011 as Corrected
Interest and fee income on finance receivables	$	62,719,904	$	10,941,553		$	73,661,457
Provision for credit losses		4,610,221		11,001,323			15,611,544
Income tax expense		10,541,620		(22,880	)		10,518,740
Operating income		27,346,804		(59,770	)		27,287,034
Net income		16,805,184		(36,890	)		16,768,294
Earnings per share – basic		1.45		(.01	)		1.44
Earnings per share - diluted		1.41		—			1.41

	Reported		Correction			As Corrected
Consolidated Statements of Shareholders’ Equity
Retained earnings, March 31, 2010	$	72,070,553	$	(630,467	)	$	71,440,086
Retained earnings, March 31, 2011		88,875,737		(667,357	)		88,208,380

	2012 as Reported		Correction			2012 as Corrected
Consolidated Statements of Cash Flows (Operating Activities)
Net income	$	22,230,292	$	(8,533	)	$	22,221,759
Provision for credit losses		5,319		12,362,274			12,367,593
Deferred income taxes		250,566		(5,293	)		245,273
Amortization of dealer discounts		—		(12,348,448	)		(12,348,448	)
Net cash provided by operating activities		21,874,879		—			21,874,879


	2011 as Reported			Correction			2011 as Corrected
Net income	$	16,805,184		$	(36,890	)	$	16,768,294
Provision for credit losses		4,610,221			11,001,323			15,611,544
Deferred income taxes		(1,417,788	)		(22,880	)		(1,440,668	)
Amortization of dealer discounts		—			(10,941,553	)		(10,941,553	)
Net cash provided by operating activities		21,357,624			—			21,357,624

Schedule of property and equipment estimated useful lives


Automobiles		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of lease term or useful life (generally 6 - 7 years)

Schedule of computation of basic and diluted earnings per share


	Fiscal Year ended March 31,
	2013		2012		2011
Numerator for earnings per share – net income	$	19,940,946	$	22,221,759	$	16,768,294

Denominator:
Denominator for basic earnings per share – weighted average shares		11,977,174		11,747,160		11,607,341
Effect of dilutive securities:
Stock options and other share awards		241,242		285,971		286,177

Denominator for diluted earnings per share		12,218,416		12,033,131		11,893,518

Earnings per share – basic	$	1.66	$	1.89	$	1.44

Earnings per share – diluted	$	1.63	$	1.85	$	1.41

Error Correction Finance Receivables | Contracts

Schedule of error corrections and prior period adjustments


	2012 as Reported			Correction			2012 as Corrected
Indirect finance receivables, gross contract	$	382,766,667		$	—		$	382,766,667
Unearned interest		(109,456,018	)		—			(109,456,018	)

Indirect finance receivables, net of unearned interest		273,310,649			—			273,310,649
Unearned dealer discounts		—			(17,091,567	)		(17,091,567	)

Indirect finance receivable, net of unearned interest and dealer discounts		273,310,649			(17,091,567	)		256,219,082
Allowance for credit losses		(35,495,684	)		15,996,476			(19,499,208	)

Indirect finance receivables, net	$	237,814,965		$	(1,095,091	)	$	236,719,874


	2011 as Reported			Correction			2011 as Corrected
Indirect finance receivables, gross contract	$	368,099,418		$	—		$	368,099,418
Unearned interest		(105,622,007	)		—			(105,622,007	)

Indirect finance receivables, net of unearned interest		262,477,411			—			262,477,411
Unearned dealer discounts		—			(17,024,119	)		(17,024,119	)

Indirect finance receivable, net of unearned interest and dealer discounts		262,477,411			(17,024,119	)		245,453,292
Allowance for credit losses		(35,895,449	)		15,942,854			(19,952,595	)

Indirect finance receivables, net	$	226,581,962		$	(1,081,265	)	$	225,500,697

Reconciliation Allowance For Credit Loss | Contracts

Schedule of error corrections and prior period adjustments


	2012 as Reported			Correction			2012 as Corrected
Balance at beginning of year	$	35,895,449		$	(15,942,854	)	$	19,952,595
Discounts acquired on new volume		12,415,896			(12,415,896	)		—
Provision for credit losses		(176,745	)		12,362,274			12,185,529
Losses absorbed		(14,971,422	)		—			(14,971,422	)
Recoveries		2,405,750			—			2,405,750
Discounts accreted		(73,244	)		—			(73,244	)

Balance at end of year	$	35,495,684		$	(15,996,476	)	$	19,499,208


	2011 as Reported			Correction			2011 as Corrected
Balance at beginning of year	$	30,408,578		$	(14,024,685	)	$	16,383,893
Discounts acquired on new volume		12,919,492			(12,919,492	)		—
Provision for credit losses		4,484,284			11,001,323			15,485,607
Losses absorbed		(14,036,888	)		—			(14,036,888	)
Recoveries		2,255,683			—			2,255,683
Discounts accreted		(135,700	)		—			(135,700	)

Balance at end of year	$	35,895,449		$	(15,942,854	)	$	19,952,595

- 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+ Details