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Basis of Presentation (Tables)

9 Months Ended

Dec. 31, 2013

Schedule of error corrections and prior period adjustments


Consolidated Balance Sheet	December 31, 2012 as Reported		Correction			December 31, 2012 as Corrected
Finance receivables, net	$	246,342,674	$	(1,009,292	)	$	245,333,382
Deferred income taxes		7,836,774		386,358			8,223,132
Retained earnings, December 31, 2012		94,230,663		(622,934	)		93,607,729


Consolidated Statement of Income – Three months ended December 31, 2012	Three months ended December 31, 2012 as Reported		Correction		Three months ended December 31, 2012 as Corrected
Interest and fee income on finance receivables	$	17,878,745	$	2,715,869	$	20,594,614
Provision for credit losses		818,903		2,665,908		3,484,811
Operating income		7,424,906		49,961		7,474,867
Income tax expense		2,859,686		19,125		2,878,811
Net income		4,565,220		30,836		4,596,056
Earnings per share - basic		0.38		—		0.38
Earnings per share - diluted		0.37		0.01		0.38


Consolidated Statement of Income – Nine months ended December 31, 2012	Nine months ended December 31, 2012 as Reported		Correction		Nine months ended December 31, 2012 as Corrected
Interest and fee income on finance receivables	$	52,910,831	$	8,797,981	$	61,708,812
Provision for credit losses		1,137,615		8,712,183		9,849,798
Operating income		24,566,882		85,798		24,652,680
Income tax expense		9,466,187		32,843		9,499,030
Net income		15,100,695		52,955		15,153,650
Earnings per share - basic		1.26		0.01		1.27
Earnings per share - diluted		1.24		—		1.24


Consolidated Statements of Cash Flows (Operating Activities)	Nine months ended December 31, 2012 as Reported		Correction			Nine months ended December 31, 2012 as Corrected
Net income	$	15,100,695	$	52,955		$	15,153,650
Provision for credit losses		1,137,615		8,712,183			9,849,798
Deferred income taxes		867,325		32,840			900,165
Amortization of dealer discounts		—		(8,797,978	)		(8,797,978	)
Net cash provided by operating activities		16,701,812		—			16,701,812

Reconciliation Allowance For Credit Loss | Contracts

Schedule of error corrections and prior period adjustments


	Three months ended December 31, 2012 as Reported			Correction			Three months ended December 31, 2012 as Corrected
Balance at beginning of year	$	34,100,661		$	(15,743,844	)	$	18,356,817
Discounts acquired on new volume		2,485,560			(2,485,560	)		—
Provision for credit losses		757,347			2,665,908			3,423,255
Losses absorbed		(5,571,903	)		—			(5,571,903	)
Recoveries		786,891			—			786,891
Discounts accreted		(404,994	)		404,994			—

Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060


	Nine months ended December 31, 2012 as Reported			Correction			Nine months ended December 31, 2012 as Corrected
Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
Discounts acquired on new volume		8,469,382			(8,469,382	)		—
Provision for credit losses		971,746			8,712,183			9,683,929
Losses absorbed		(14,527,271	)		—			(14,527,271	)
Recoveries		2,339,194			—			2,339,194
Discounts accreted		(595,173	)		595,173			—

Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060

- 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.

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