South
Carolina
|
570425114
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
108
Frederick Street
|
||
Greenville,
South Carolina
|
29607
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Title
of Each Class
|
|
Name
of Each Exchange on Which Registered
|
Common
Stock, no par value
|
|
The
Nasdaq Stock Market LLC
|
Table
of Contents
|
||
Item
No.
|
|
Page
|
PART
I
|
||
1.
|
Business
|
1
|
1A.
|
Risk
Factors
|
9
|
1B.
|
Unresolved
Staff Comments
|
14
|
2.
|
Properties
|
14
|
3.
|
Legal
Proceedings
|
14
|
4.
|
Submission
of Matters to a Vote of Security Holders
|
14
|
PART
II
|
||
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and
Issuer
Purchases
|
|
of
Equity Securities
|
14
|
|
6.
|
Selected
Financial Data
|
16
|
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
17
|
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
27
|
8.
|
Financial
Statements and Supplementary Data
|
28
|
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
54
|
9A.
|
Controls
and Procedures
|
54
|
9B.
|
Other
Information
|
54
|
PART
III
|
||
10.
|
Directors,
Executive Officers and Corporate Governance
|
55
|
11.
|
Executive
Compensation
|
55
|
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
55
|
13.
|
Certain
Relationships and Related Transactions, and Director
Independence
|
55
|
14.
|
Principal
Accountant Fees and Services
|
56
|
PART
IV
|
||
15.
|
Exhibits
and Financial Statement Schedules
|
56
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
|||||||||||||||||||||
South
Carolina
|
64
|
63
|
63
|
62
|
62
|
65
|
65
|
65
|
68
|
89
|
|||||||||||||||||||||
Georgia
|
49
|
49
|
48
|
48
|
52
|
52
|
74
|
76
|
74
|
96
|
|||||||||||||||||||||
Texas
|
128
|
131
|
135
|
135
|
136
|
142
|
150
|
164
|
168
|
183
|
|||||||||||||||||||||
Oklahoma
|
41
|
40
|
43
|
43
|
46
|
45
|
47
|
51
|
58
|
62
|
|||||||||||||||||||||
Louisiana
|
21
|
20
|
21
|
20
|
20
|
20
|
20
|
20
|
24
|
28
|
|||||||||||||||||||||
Tennessee
|
28
|
30
|
35
|
38
|
40
|
45
|
51
|
55
|
61
|
72
|
|||||||||||||||||||||
Illinois
|
11
|
20
|
30
|
30
|
29
|
28
|
30
|
33
|
37
|
40
|
|||||||||||||||||||||
Missouri
|
9
|
16
|
18
|
22
|
22
|
22
|
26
|
36
|
38
|
44
|
|||||||||||||||||||||
New
Mexico
|
9
|
10
|
13
|
12
|
12
|
16
|
19
|
20
|
22
|
27
|
|||||||||||||||||||||
Kentucky
(1)
|
-
|
-
|
4
|
10
|
22
|
30
|
30
|
36
|
41
|
45
|
|||||||||||||||||||||
Alabama
(2)
|
-
|
-
|
-
|
-
|
-
|
5
|
14
|
21
|
26
|
31
|
|||||||||||||||||||||
Colorado
(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
-
|
|||||||||||||||||||||
Mexico
(4)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
15
|
|||||||||||||||||||||
Total
|
360
|
379
|
410
|
420
|
441
|
470
|
526
|
579
|
620
|
732
|
(1)
|
The
Company commenced operations in Kentucky in March 2000.
|
(2)
|
The
Company commenced operations in Alabama in January
2003.
|
(3)
|
The
Company commenced operations in Colorado in August 2004 and ceased
operations in April 2005.
|
(4)
|
The
Company commenced operations in Mexico in September
2005.
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
|||||||||||||||||||||
South
Carolina
|
23
|
%
|
22
|
%
|
21
|
%
|
21
|
%
|
19
|
%
|
15
|
%
|
14
|
%
|
12
|
%
|
11
|
%
|
13
|
%
|
|||||||||||
Georgia
|
14
|
16
|
15
|
12
|
12
|
12
|
13
|
13
|
13
|
14
|
|||||||||||||||||||||
Texas
|
35
|
31
|
28
|
25
|
24
|
23
|
21
|
20
|
24
|
23
|
|||||||||||||||||||||
Oklahoma
|
7
|
7
|
6
|
6
|
5
|
5
|
5
|
5
|
6
|
5
|
|||||||||||||||||||||
Louisiana
|
4
|
4
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Tennessee
|
11
|
12
|
13
|
11
|
12
|
14
|
15
|
18
|
15
|
15
|
|||||||||||||||||||||
Illinois
|
2
|
3
|
4
|
5
|
5
|
5
|
5
|
5
|
5
|
6
|
|||||||||||||||||||||
Missouri
|
1
|
2
|
3
|
4
|
5
|
5
|
6
|
6
|
6
|
5
|
|||||||||||||||||||||
New
Mexico
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Kentucky
(1)
|
-
|
-
|
4
|
10
|
12
|
13
|
12
|
12
|
11
|
9
|
|||||||||||||||||||||
Alabama
(2)
|
-
|
-
|
-
|
-
|
-
|
2
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Mexico
(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
|||||||||||||||||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
(1)
|
The
Company commenced operations in Kentucky in March 2000.
|
(2)
|
The
Company commenced operations in Alabama in January
2003.
|
(3)
|
The
Company commenced operations in Mexico in September
2005.
|
|
Total
Number
|
Average
Gross Loan
|
|||||
of
Loans
|
Balance
|
||||||
South
Carolina
|
80,116
|
$
|
808
|
||||
Georgia
|
67,480
|
1,022
|
|||||
Texas
|
178,839
|
646
|
|||||
Oklahoma
|
41,952
|
674
|
|||||
Louisiana
|
19,479
|
743
|
|||||
Tennessee
|
70,058
|
1,051
|
|||||
Illinois
|
29,144
|
967
|
|||||
Missouri
|
29,019
|
956
|
|||||
New
Mexico
|
18,418
|
751
|
|||||
Kentucky
|
36,211
|
1,295
|
|||||
Alabama
|
21,093
|
861
|
|||||
Mexico
|
12,141
|
450
|
|||||
Total
|
603,950
|
$
|
837
|
Name
and Age
|
Position
|
Period
of Service as Executive Officer and Pre-executive Officer Experience
(if
an Executive
Officer for Less Than Five Years)
|
||
Charles
D. Walters (68)
|
Chairman
and
Director
|
Chairman
since July 1991; CEO between July
1991
and August 2003; President between July
1986
and August 2003; Director since April 1989
|
||
A.
Alexander McLean, III (55)
|
Chief
Executive Officer;
Director
|
Chief
Executive Officer since March 2006; Executive Vice President
from August
1996 until March 2006; Senior Vice President from July 1992 until
August
1996; CFO from June 1989 until March 2006; and Director since
June
1989
|
||
Kelly
Malson Snape (36)
|
Vice
President and Chief Financial Officer
|
Vice
President and CFO since March 2006; Vice
President
of Internal Audit from September 2005
to
March 2006; Financial Compliance Manager,
Itron
Inc., from July 2004 to August 2005;
Senior
Manager, KPMG LLP from April 2002 until
July
2004; Manager, Andersen LLP from
July
1999 to April 2002
|
||
Mark
C. Roland (50)
|
President
and Chief Operating Officer
|
President
since March 2006; Chief Operating Officer since April 2005; Executive
Vice
President from April 2002 to March 2006; Senior VicePresident
from January
1996 to April 2002
|
||
Charles
F. Gardner, Jr. (45)
|
Senior
Vice President,
Western
Division
|
Senior
Vice President, Western Division, since April 2000; Vice President,
Operations -Southeast Texas and New Mexico from December 1996
to April
2000; Supervisor of West Texas from July 1987 to December
1996
|
||
Daniel
Clinton Dyer (34)
|
Senior
Vice President,
Central
Division
|
Senior
Vice President, Central Division since June 2005; Vice President,
Operations - Tennessee and Missouri from April 2002 to June 2005;
Supervisor of Nashville District from September 2001 to March
2002;
Manager in Nashville from January 1997 to August 2001
|
||
James
Daniel Walters (39)
|
Senior
Vice President,
Southern
Division
|
Senior
Vice President, Southern Division since April 2005; Vice President,
Operations - South Carolina and Alabama from August 1998 to March
2005.
Mr. James Daniel Walters is the son of the Company’s Chairman, Mr. Charles
Walters.
|
·
|
Declaring
or paying dividends or making distributions on or acquiring common
or
preferred stock or warrants or
options;
|
·
|
Redeeming
or purchasing or prepaying principal or interest on subordinated
debt
|
·
|
Incurring
additional indebtedness; and
|
·
|
Entering
into a merger, consolidation or sale of substantial assets or
subsidiaries.
|
(a)
Total Number
of Shares
Purchased
|
(b)
Average Price
Paid per
Share
|
(c)
Total Number of
Shares Purchased as
Part of Publicly Announced
Plans or
Programs
|
(d)
Approximate Dollar Value
of Shares That
May Yet be Purchased
Under the Plans
or Programs
|
||||||||||
January
1 through
|
|||||||||||||
January
31, 2007
|
-
|
-
|
-
|
7,341,493
|
|||||||||
February
1 through
|
|||||||||||||
February
28, 2007
|
-
|
-
|
-
|
7,341,493
|
|||||||||
March
1 through
|
|||||||||||||
March
31, 2007
|
112,495
|
40.13
|
112,495
|
2,826,853
|
|||||||||
Total
for the Quarter
|
112,495
|
$
|
40.13
|
112,495
|
Fiscal
2007
|
|||||||
Quarter
|
High
|
Low
|
|||||
First
|
$
|
36.90
|
$
|
25.12
|
|||
Second
|
47.30
|
33.90
|
|||||
Third
|
50.81
|
43.60
|
|||||
Fourth
|
49.10
|
37.00
|
|||||
|
|||||||
Fiscal
2006
|
|||||||
Quarter
|
High
|
Low
|
|||||
First
|
$
|
30.30
|
$
|
22.85
|
|||
Second
|
32.42
|
24.36
|
|||||
Third
|
29.63
|
23.95
|
|||||
Fourth
|
30.31
|
24.31
|
Years
Ended March 31,
|
||||||||||||||||
2007
|
|
2006
|
|
2005
|
|
2004
|
|
2003
|
||||||||
Statement
of Operations Data:
|
||||||||||||||||
Interest
and fee income
|
$
|
247,007
|
$
|
204,450
|
$
|
177,582
|
$
|
151,499
|
$
|
133,256
|
||||||
Insurance
commissions and other income
|
45,311
|
38,822
|
33,176
|
27,653
|
22,415
|
|||||||||||
Total
revenues
|
292,318
|
243,272
|
210,758
|
179,152
|
155,671
|
|||||||||||
Provision
for loan losses
|
51,925
|
46,026
|
40,037
|
33,481
|
29,570
|
|||||||||||
General
and administrative expenses
|
153,627
|
128,514
|
112,223
|
96,313
|
85,757
|
|||||||||||
Interest
expense
|
9,596
|
7,137
|
4,640
|
3,943
|
4,493
|
|||||||||||
Total
expenses
|
215,148
|
181,677
|
156,900
|
133,737
|
119,820
|
|||||||||||
Income
before income taxes
|
77,170
|
61,595
|
53,858
|
45,415
|
35,851
|
|||||||||||
Income
taxes
|
29,274
|
23,080
|
19,868
|
16,650
|
12,987
|
|||||||||||
Net
income
|
$
|
47,896
|
$
|
38,515
|
$
|
33,990
|
$
|
28,765
|
$
|
22,864
|
||||||
Net
income per common share (diluted)
|
$
|
2.60
|
$
|
2.02
|
$
|
1.74
|
$
|
1.49
|
$
|
1.25
|
||||||
Diluted
weighted average shares
|
|
18,394
|
19,098
|
19,558
|
19,347
|
18,305
|
||||||||||
Balance
Sheet Data (end of period):
|
||||||||||||||||
Loans
receivable, net of unearned and deferred fees
|
$
|
378,038
|
$
|
312,746
|
$
|
267,024
|
$
|
236,528
|
$
|
203,175
|
||||||
Allowance
for loan losses
|
(27,840
|
)
|
(22,717
|
)
|
(20,673
|
)
|
(17,261
|
)
|
(15,098
|
)
|
||||||
Loans
receivable, net
|
350,198
|
290,029
|
246,351
|
219,267
|
188,077
|
|||||||||||
Total
assets
|
411,116
|
332,784
|
293,507
|
261,969
|
228,317
|
|||||||||||
Total
debt
|
171,200
|
100,600
|
83,900
|
95,032
|
102,532
|
|||||||||||
Shareholders'
equity
|
|
215,493
|
210,430
|
189,711
|
156,580
|
116,041
|
||||||||||
Other
Operating Data:
|
||||||||||||||||
As
a percentage of average loans receivable:
|
||||||||||||||||
Provision
for loan losses
|
14.5
|
%
|
15.4
|
%
|
15.3
|
%
|
15.1
|
%
|
15.2
|
%
|
||||||
Net
charge-offs
|
13.3
|
%
|
14.8
|
%
|
14.6
|
%
|
14.7
|
%
|
14.6
|
%
|
||||||
Number
of offices open at year-end
|
732
|
620
|
579
|
526
|
470
|
Years
Ended March 31,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
(Dollars
in thousands)
|
||||||||||
Average
gross loans receivable
(1)
|
$
|
480,835
|
396,582
|
344,133
|
||||||
Average
net loans receivable
(2)
|
358,647
|
298,267
|
261,187
|
|||||||
Expenses
as a percentage of total revenue:
|
||||||||||
Provision
for loan losses
|
17.8
|
%
|
18.9
|
%
|
19.0
|
%
|
||||
General
and administrative
|
52.6
|
%
|
52.8
|
%
|
53.2
|
%
|
||||
Total
interest expense
|
3.3
|
%
|
2.9
|
%
|
2.2
|
%
|
||||
Operating
margin (3)
|
29.7
|
%
|
28.3
|
%
|
27.8
|
%
|
||||
Return
on average assets
|
12.5
|
%
|
11.9
|
%
|
11.8
|
%
|
||||
Offices
opened and acquired, net
|
112
|
41
|
53
|
|||||||
Total
offices (at period end)
|
732
|
620
|
579
|
(1)
|
Average
gross loans receivable have been determined by averaging month-end
gross
loans receivable over the indicated period.
|
(2)
|
Average
loans receivable have been determined by averaging month-end
gross loans
receivable less unearned interest and deferred fees over the
indicated
period.
|
(3)
|
Operating
margin is computed as total revenues less provision for loan
losses and
general and administrative expenses as a percentage of total
revenues.
|
At
March 31,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
(Dollars
in thousands)
|
||||||||||
Recency
basis:
|
||||||||||
61-90
days past due
|
$
|
7,732
|
5,886
|
5,591
|
||||||
91
days or more past due
|
3,495
|
2,672
|
3,209
|
|||||||
Total
|
$
|
11,227
|
8,558
|
8,800
|
||||||
Percentage
of period-end gross loans receivable
|
2.2
|
%
|
2.1
|
%
|
2.5
|
%
|
||||
Contractual
basis:
|
||||||||||
61-90
days past due
|
$
|
9,684
|
7,664
|
7,040
|
||||||
91
days or more past due
|
8,209
|
6,654
|
7,255
|
|||||||
Total
|
$
|
17,893
|
14,318
|
14,295
|
||||||
Percentage
of period-end gross loans receivable
|
3.5
|
%
|
3.4
|
%
|
4.1
|
%
|
Loan
Volume
by
Category
|
Percent
of
Total
Charge-offs
|
Percent
of
Loans
Made
|
|||
Renewals
|
74.8%
|
72.1%
|
78.7%
|
||
Former
borrowers
|
9.8%
|
5.8%
|
9.8%
|
||
New
borrowers
|
15.4%
|
22.1%
|
11.5%
|
||
100.0%
|
100.0%
|
100.0%
|
March
31,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
Balance
at the beginning of the year
|
$
|
22,717,192
|
20,672,740
|
17,260,750
|
||||||
Provision
for loan losses
|
51,925,080
|
46,025,912
|
40,036,597
|
|||||||
Loan
losses
|
(53,979,375
|
)
|
(49,267,992
|
)
|
(41,984,428
|
)
|
||||
Recoveries
|
6,227,742
|
4,849,244
|
3,941,348
|
|||||||
Allowance
on acquired loans
|
949,600
|
437,288
|
1,418,473
|
|||||||
Balance
at the end of the year
|
$
|
27,840,239
|
22,717,192
|
20,672,740
|
||||||
Allowance
as a percentage of loans receivable, net of unearned and deferred
fees
|
7.4
|
%
|
7.3
|
%
|
7.7
|
%
|
||||
Net
charge-offs as a percentage of average loans receivable (1)
|
13.3
|
%
|
14.8
|
%
|
14.6
|
%
|
(1) |
Average
loans receivable have been determined by averaging month-end
gross loans
receivable less unearned interest and deferred fees over the
indicated
period.
|
At
or for the Three Months Ended
|
|||||||||||||||||||||||||
2007
|
2006
|
||||||||||||||||||||||||
First,
|
Second,
|
Third,
|
Fourth,
|
First,
|
Second,
|
Third,
|
Fourth,
|
||||||||||||||||||
(Dollars
in thousands)
|
|||||||||||||||||||||||||
Total
revenues
|
$
|
63,837
|
67,208
|
74,103
|
87,170
|
51,768
|
56,744
|
61,319
|
73,441
|
||||||||||||||||
Provision
for loan losses
|
11,167
|
13,813
|
18,365
|
8,580
|
9,540
|
13,131
|
16,726
|
6,629
|
|||||||||||||||||
General
and administrative
expenses
|
34,847
|
35,289
|
41,460
|
42,031
|
29,241
|
30,130
|
33,415
|
35,728
|
|||||||||||||||||
Net
income
|
9,987
|
9,861
|
7,011
|
21,037
|
7,312
|
7,429
|
5,686
|
18,088
|
|||||||||||||||||
Gross
loans receivable
|
$
|
447,840
|
470,275
|
560,741
|
505,788
|
371,056
|
395,578
|
464,391
|
416,302
|
||||||||||||||||
Number
of offices open
|
641
|
678
|
730
|
732
|
583
|
611
|
619
|
620
|
Fiscal
Year Ended March 31,
|
||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
Total
|
||||||||||||||||
Convertible
Senior Subordinated Notes Payable
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
110,000
|
$
|
-
|
$
|
-
|
$
|
110,000
|
||||||||
Maturities
of Notes Payable
|
60,800
|
200
|
200
|
-
|
-
|
-
|
61,200
|
|||||||||||||||
Minimum
Lease Payments
|
8,503
|
5,690
|
2,563
|
543
|
230
|
5
|
17,534
|
|||||||||||||||
Total
|
$
|
69,303
|
$
|
5,890
|
$
|
2,763
|
$
|
110,543
|
$
|
230
|
$
|
5
|
$
|
188,734
|
March
31,
|
|||||||
2007
|
2006
|
||||||
Assets
|
|
||||||
Cash
and cash equivalents
|
$
|
5,779,032
|
4,033,888
|
||||
Gross
loans receivable
|
505,788,440
|
416,301,892
|
|||||
Less:
|
|||||||
Unearned
interest and deferred fees
|
(127,750,015
|
)
|
(103,556,110
|
)
|
|||
Allowance
for loan losses
|
(27,840,239
|
)
|
(22,717,192
|
)
|
|||
Loans
receivable, net
|
350,198,186
|
290,028,590
|
|||||
Property
and equipment, net
|
14,310,458
|
11,039,619
|
|||||
Deferred
income taxes
|
14,507,000
|
3,898,000
|
|||||
Other
assets, net
|
10,221,562
|
6,922,292
|
|||||
Goodwill
|
5,039,630
|
4,715,110
|
|||||
Intangible
assets, net
|
11,060,139
|
12,146,008
|
|||||
$
|
411,116,007
|
332,783,507
|
|||||
Liabilities
and Shareholders' Equity
|
|||||||
Liabilities:
|
|||||||
Senior
notes payable
|
60,600,000
|
99,800,000
|
|||||
Convertible
senior subordinated notes payable
|
110,000,000
|
-
|
|||||
Other
notes payable
|
600,000
|
800,000
|
|||||
Income
taxes payable
|
8,015,514
|
6,778,276
|
|||||
Accounts
payable and accrued expenses
|
16,407,846
|
14,975,112
|
|||||
Total
liabilities
|
195,623,360
|
122,353,388
|
|||||
Shareholders'
equity:
|
|||||||
Preferred
stock, no par value
|
|||||||
Authorized
5,000,000 shares, no shares issued or outstanding
|
-
|
-
|
|||||
Common
stock, no par value
|
|||||||
Authorized
95,000,000 shares; issued and outstanding 17,492,521 and 18,336,604
shares
at March 31, 2007 and 2006, respectively
|
-
|
-
|
|||||
Additional
paid-in capital
|
5,770,665
|
1,209,358
|
|||||
Retained
earnings
|
209,769,808
|
209,270,853
|
|||||
Accumulated
other comprehensive loss, net of tax
|
(47,826
|
)
|
(50,092
|
)
|
|||
Total
shareholders' equity
|
215,492,647
|
210,430,119
|
|||||
Commitments
and contingencies
|
|||||||
$
|
411,116,007
|
332,783,507
|
Years
Ended March 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Revenues:
|
||||||||||
Interest
and fee income
|
$
|
247,007,668
|
204,450,428
|
177,581,630
|
||||||
Insurance
commissions and other income
|
45,310,752
|
38,821,587
|
33,176,378
|
|||||||
Total
revenues
|
292,318,420
|
243,272,015
|
210,758,008 | |||||||
Expenses:
|
||||||||||
Provision
for loan losses
|
51,925,080
|
46,025,912
|
40,036,597
|
|||||||
General
and administrative expenses:
|
||||||||||
Personnel
|
102,824,945
|
84,817,025
|
73,361,104
|
|||||||
Occupancy
and equipment
|
17,397,672
|
14,166,977
|
12,430,896
|
|||||||
Data
processing
|
2,159,712
|
2,108,740
|
1,910,285 | |||||||
Advertising
|
10,277,796
|
8,592,492
|
7,792,313
|
|||||||
Amortization
of intangible assets
|
2,885,202
|
2,860,555
|
2,585,267
|
|||||||
Other
|
18,081,517
|
15,968,496
|
14,143,555
|
|||||||
|
153,626,844
|
128,514,285
|
112,223,420
|
|||||||
Interest
expense
|
9,596,116
|
7,136,853
|
4,640,285
|
|||||||
Total
expenses
|
215,148,040
|
181,677,050
|
156,900,302
|
|||||||
Income
before income taxes
|
77,170,380
|
61,594,965
|
53,857,706
|
|||||||
Income
taxes
|
29,274,000
|
23,080,000
|
19,868,000
|
|||||||
Net
income
|
$
|
47,896,380
|
38,514,965
|
33,989,706
|
||||||
Net
income per common share:
|
||||||||||
Basic
|
$
|
2.66
|
2.08
|
1.81
|
||||||
Diluted
|
$
|
2.60
|
2.02
|
1.74
|
||||||
Weighted
average shares outstanding:
|
||||||||||
Basic
|
18,018,370
|
18,493,389
|
18,761,066
|
|||||||
Diluted
|
18,393,728
|
19,098,087
|
19,557,515
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
(Loss), Net
|
Total
Shareholders’
Equity
|
Total
Comprehensive
Income
|
||||||||||||
Balances
at March 31, 2004
|
$
|
12,822,906
|
143,757,431
|
-
|
156,580,337
|
|||||||||||
Proceeds
from exercise of stock options (577,710 shares), including tax
benefits of
$3,181,612
|
7,891,669
|
-
|
-
|
|
7,891,669
|
|||||||||||
Common
stock repurchases (486,000 shares)
|
(8,750,519
|
)
|
-
|
-
|
(8,750,519
|
)
|
||||||||||
Net
income
|
-
|
33,989,706
|
-
|
33,989,706
|
33,989,706
|
|||||||||||
Balances
at March 31, 2005
|
11,964,056
|
177,747,137
|
-
|
189,711,193
|
||||||||||||
Proceeds
from exercise of stock options (190,397 shares), including tax
benefits of
$1,205,288
|
3,045,527
|
-
|
-
|
3,045,527
|
||||||||||||
Common
stock repurchases (800,400 shares)
|
(13,800,225
|
)
|
(6,991,249
|
)
|
-
|
(20,791,474
|
)
|
|||||||||
Other
comprehensive loss
|
-
|
-
|
(50,092
|
)
|
(50,092
|