South Carolina
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57-0425114
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification
|
|
incorporation
or organization)
|
Number)
|
Large
Accelerated Filer ¨
|
Accelerated
Filer x
|
Non-accelerated filer
¨
(Do not check if a smaller
reporting company)
|
Smaller
reporting company ¨
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Page
|
|||
PART
I - FINANCIAL INFORMATION
|
|||
Item
1.
|
Consolidated
Financial Statements (unaudited):
|
||
Consolidated
Balance Sheets as of December 31,
|
|||
2009,
March 31, 2009 and December 31, 2008
|
3
|
||
Consolidated
Statements of Operations for the three and
|
|||
nine
months ended December 31, 2009 and 2008
|
4
|
||
Consolidated
Statements of Shareholders' Equity and
|
|||
Comprehensive
Income (loss) for the year ended March 31, 2009
|
|||
and
the nine months ended December 31, 2009
|
5
|
||
Consolidated
Statements of Cash Flows for the
|
|||
nine
months ended December 31, 2009 and 2008
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6
|
||
Notes
to Consolidated Financial Statements
|
7
|
||
Item
2.
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Management's
Discussion and Analysis of Financial
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22
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|
Condition
and Results of Operations
|
|||
Item
3.
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Quantitative
and Qualitative Disclosures About Market Risk
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27
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|
Item
4.
|
Controls
and Procedures
|
28
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|
PART
II - OTHER INFORMATION
|
|||
Item
1.
|
Legal
Proceedings
|
28
|
|
Item
1A.
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Risk
Factors
|
28
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|
Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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28
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|
Item
6.
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Exhibits
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29
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|
Signatures
|
31
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December 31,
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March 31,
|
December 31,
|
||||||||||
2009
|
2009
|
2008
|
||||||||||
As adjusted (Note 2)
|
||||||||||||
ASSETS
|
||||||||||||
Cash
and cash equivalents
|
$ | 12,945,733 | 6,260,410 | 7,138,665 | ||||||||
Gross
loans receivable
|
838,864,378 | 671,175,985 | 736,234,490 | |||||||||
Less:
|
||||||||||||
Unearned
interest and fees
|
(223,441,039 | ) | (172,743,440 | ) | (194,871,842 | ) | ||||||
Allowance
for loan losses
|
(47,679,342 | ) | (38,020,770 | ) | (42,575,525 | ) | ||||||
Loans
receivable, net
|
567,743,997 | 460,411,775 | 498,787,123 | |||||||||
Property
and equipment, net
|
22,936,050 | 23,060,360 | 23,068,885 | |||||||||
Deferred
income taxes
|
13,027,279 | 12,250,834 | 13,680,570 | |||||||||
Income
taxes receivable
|
- | - | 1,569,306 | |||||||||
Other
assets, net
|
10,350,317 | 9,541,757 | 9,162,051 | |||||||||
Goodwill
|
5,580,946 | 5,580,946 | 5,583,864 | |||||||||
Intangible
assets, net
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7,541,218 | 8,987,551 | 9,513,171 | |||||||||
Total
assets
|
$ | 640,125,540 | 526,093,633 | 568,503,635 | ||||||||
LIABILITIES
& SHAREHOLDERS' EQUITY
|
||||||||||||
Liabilities:
|
||||||||||||
Senior
notes payable
|
185,560,000 | 113,310,000 | 185,350,000 | |||||||||
Convertible
senior subordinated notes payable
|
84,000,000 | 95,000,000 | 105,000,000 | |||||||||
Debt
discount
|
(7,065,673 | ) | (11,268,462 | ) | (13,615,511 | ) | ||||||
Income
taxes payable
|
5,624,845 | 11,412,722 | - | |||||||||
Accounts
payable and accrued expenses
|
24,854,275 | 21,304,466 | 22,734,404 | |||||||||
Total
liabilities
|
292,973,447 | 229,758,726 | 299,468,893 | |||||||||
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 16,376,553, 16,211,659 and
16,159,559 shares at December 31, 2009, March 31, 2009 and December 31,
2008, respectively
|
- | - | - | |||||||||
Additional
paid-in capital
|
22,072,097 | 17,046,310 | 15,383,414 | |||||||||
Retained
earnings
|
327,516,403 | 283,518,260 | 257,177,596 | |||||||||
Accumulated
other comprehensive loss
|
(2,436,407 | ) | (4,229,663 | ) | (3,526,268 | ) | ||||||
Total
shareholders' equity
|
347,152,093 | 296,334,907 | 269,034,742 | |||||||||
Commitments
and contingencies
|
||||||||||||
$ | 640,125,540 | 526,093,633 | 568,503,635 |
Three months ended
|
Nine months ended
|
|||||||||||||||
December 31,
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December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
As adjusted
|
As adjusted
|
|||||||||||||||
(Note 2)
|
(Note 2)
|
|||||||||||||||
Revenues:
|
||||||||||||||||
Interest
and fee income
|
$ | 97,610,049 | 84,880,761 | 274,218,046 | 241,283,794 | |||||||||||
Insurance
and other income
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14,700,088 | 14,280,193 | 42,528,223 | 38,018,758 | ||||||||||||
Total
revenues
|
112,310,137 | 99,160,954 | 316,746,269 | 279,302,552 | ||||||||||||
Expenses:
|
||||||||||||||||
Provision
for loan losses
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29,632,781 | 29,490,333 | 75,217,079 | 70,654,378 | ||||||||||||
General
and administrative expenses:
|
||||||||||||||||
Personnel
|
34,028,477 | 31,699,778 | 104,231,703 | 96,215,404 | ||||||||||||
Occupancy
and equipment
|
7,657,755 | 6,491,005 | 21,474,593 | 19,022,649 | ||||||||||||
Data
processing
|
475,639 | 572,987 | 1,503,650 | 1,743,384 | ||||||||||||
Advertising
|
5,070,758 | 5,087,427 | 9,891,852 | 10,329,015 | ||||||||||||
Amortization
of intangible assets
|
563,183 | 621,355 | 1,695,641 | 1,844,902 | ||||||||||||
Other
|
7,741,575 | 7,242,789 | 21,827,628 | 19,729,143 | ||||||||||||
55,537,387 | 51,715,341 | 160,625,067 | 148,884,497 | |||||||||||||
Interest
expense
|
3,756,054 | 3,928,135 | 10,483,235 | 11,428,618 | ||||||||||||
Total
expenses
|
88,926,222 | 85,133,809 | 246,325,381 | 230,967,493 | ||||||||||||
Income
before income taxes
|
23,383,915 | 14,027,145 | 70,420,888 | 48,335,059 | ||||||||||||
Income
taxes
|
8,632,677 | 5,163,799 | 26,422,745 | 18,183,133 | ||||||||||||
Net
income
|
$ | 14,751,238 | 8,863,346 | 43,998,143 | 30,151,926 | |||||||||||
Net
income per common share:
|
||||||||||||||||
Basic
|
$ | 0.91 | 0.55 | 2.71 | 1.85 | |||||||||||
Diluted
|
$ | 0.89 | 0.54 | 2.68 | 1.82 | |||||||||||
Weighted
average common shares outstanding:
|
||||||||||||||||
Basic
|
16,298,477 | 16,203,282 | 16,253,140 | 16,289,319 | ||||||||||||
Diluted
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16,575,841 | 16,341,536 | 16,434,380 | 16,543,043 |
Accumulated
|
||||||||||||||||||||
Other
|
||||||||||||||||||||
Additional
|
Comprehensive
|
Total
|
Total
|
|||||||||||||||||
Paid-in
|
Retained
|
Income
|
Shareholders’
|
Comprehensive
|
||||||||||||||||
Capital
|
Earnings
|
(Loss)
|
Equity
|
Income
|
||||||||||||||||
Balances
at March 31, 2008
|
$ | 1,323,001 | 232,812,768 | 169,503 | 234,305,272 | |||||||||||||||
Cumulative
effect of change in accounting principle (Note 2)
|
14,961,722 | (4,466,014 | ) | - | 10,495,708 | |||||||||||||||
Proceeds
from exercise of stock options (142,683 shares), including tax benefits of
$1,320,974
|
2,975,335 | - | - | 2,975,335 | ||||||||||||||||
Common
stock repurchases (288,700 shares)
|
(6,527,680 | ) | (1,321,084 | ) | - | (7,848,764 | ) | |||||||||||||
Issuance
of restricted common stock under stock option plan (78,592
shares)
|
1,418,031 | - | - | 1,418,031 | ||||||||||||||||
Stock
option expense
|
3,232,229 | - | - | 3,232,229 | ||||||||||||||||
Repurchase
and cancellation of convertible notes
|
(336,328 | ) | - | - | (336,328 | ) | ||||||||||||||
Other
comprehensive loss
|
- | - | (4,399,166 | ) | (4,399,166 | ) | (4,399,166 | ) | ||||||||||||
Net
income
|
- | 56,492,590 | - | 56,492,590 | 56,492,590 | |||||||||||||||
Total
comprehensive income
|
- | - | - | - | 52,093,424 | |||||||||||||||
Balances
at March 31, 2009 (As Adjusted – Note 2)
|
17,046,310 | 283,518,260 | (4,229,663 | ) | 296,334,907 | |||||||||||||||
Proceeds
from exercise of stock options (96,850 shares), including tax benefits of
$495,835
|
1,903,469 | - | - | 1,903,469 | ||||||||||||||||
Issuance
of restricted common stock under stock option plan (68,044
shares)
|
1,250,993 | - | - | 1,250,993 | ||||||||||||||||
Stock
option expense
|
2,427,228 | - | - | 2,427,228 | ||||||||||||||||
Repurchase
and cancellation of convertible notes
|
(555,903 | ) | - | - | (555,903 | ) | ||||||||||||||
Other
comprehensive income
|
- | - | 1,793,256 | 1,793,256 | 1,793,256 | |||||||||||||||
Net
income
|
- | 43,998,143 | - | 43,998,143 | 43,998,143 | |||||||||||||||
Total
comprehensive income.
|
- | - | - | - | 45,791,399 | |||||||||||||||
Balances
at December 31, 2009
|
$ | 22,072,097 | 327,516,403 | (2,436,407 | ) | 347,152,093 |
Nine months ended
|
||||||||
December 31,
|
||||||||
2009
|
2008
|
|||||||
As adjusted
|
||||||||
(Note 2)
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 43,998,143 | 30,151,926 | |||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Amortization
of intangible assets
|
1,695,641 | 1,844,902 | ||||||
Amortization
of loan costs and discounts
|
318,027 | 569,502 | ||||||
Provision
for loan losses
|
75,217,079 | 70,654,378 | ||||||
Gain
on the extinguishment of debt
|
(2,478,331 | ) | (1,588,720 | ) | ||||
Amortization
of convertible note discount
|
2,957,197 | 3,539,484 | ||||||
Depreciation
|
4,176,174 | 3,378,260 | ||||||
Deferred
income tax (expense) benefit
|
(776,445 | ) | 1,818,505 | |||||
Compensation
related to stock option and restricted stock plans
|
3,678,221 | 3,718,932 | ||||||
Unrealized
(gains) losses on interest rate swap
|
(891,068 | ) | 869,123 | |||||
Change
in accounts:
|
||||||||
Other
assets, net
|
(1,147,626 | ) | (2,543,331 | ) | ||||
Income
taxes payable
|
(5,744,672 | ) | (17,976,045 | ) | ||||
Accounts
payable and accrued expenses
|
4,303,526 | 3,122,082 | ||||||
Net
cash provided by operating activities
|
125,305,866 | 97,558,998 | ||||||
Cash
flows from investing activities:
|
||||||||
Increase
in loans receivable, net
|
(180,449,244 | ) | (150,922,924 | ) | ||||
Assets
acquired from office acquisitions, primarily loans
|
(765,550 | ) | (8,601,606 | ) | ||||
Increase
in intangible assets from acquisitions
|
(249,308 | ) | (1,591,935 | ) | ||||
Purchases
of property and equipment, net
|
(3,774,819 | ) | (8,110,470 | ) | ||||
Net
cash used in investing activities
|
(185,238,921 | ) | (169,226,935 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
of senior revolving notes payable, net
|
72,250,000 | 80,850,000 | ||||||
Repayment
of convertible senior subordinated notes payable
|
(7,657,500 | ) | (2,916,000 | ) | ||||
Repurchases
of common stock
|
- | (7,848,764 | ) | |||||
Repayment
of other notes payable
|
- | (400,000 | ) | |||||
Proceeds
from exercise of stock options
|
1,407,634 | 1,374,545 | ||||||
Excess
tax benefit from exercise of stock options
|
495,835 | 704,244 | ||||||
Net
cash provided by financing activities
|
66,495,969 | 71,764,025 | ||||||
Increase
(decrease) in cash and cash equivalents
|
6,562,914 | 96,088 | ||||||
Cash
and cash equivalents at beginning of period
|
6,260,410 | 7,589,575 | ||||||
Effect
of foreign currency fluctuation on cash
|
122,409 | (546,998 | ) | |||||
Cash
and cash equivalents at end of period
|
$ | 12,945,733 | 7,138,665 |
Three Months Ended December 31,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact of
|
Adoption
|
As
|
Impact of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC 470-20
|
ASC 470-20
|
Reported
|
ASC 470-20
|
ASC 470-20
|
|||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||
Consolidated
Statements of Operations
|
||||||||||||||||||||||||
Insurance
and other income
|
$ | 14,775 | (495 | ) | 14,280 | 12,835 | - | 12,835 | ||||||||||||||||
Interest
expense
|
2,787 | 1,141 | 3,928 | 3,338 | 1,099 | 4,437 | ||||||||||||||||||
Income
before income taxes
|
15,663 | (1,636 | ) | 14,027 | 14,011 | (1,099 | ) | 12,912 | ||||||||||||||||
Income
taxes
|
5,659 | (495 | ) | 5,164 | 6,723 | (409 | ) | 6,314 | ||||||||||||||||
Net
income
|
10,004 | (1,141 | ) | 8,863 | 7,288 | (690 | ) | 6,598 | ||||||||||||||||
Earnings
per common share
|
||||||||||||||||||||||||
Basic
|
$ | 0.62 | (0.07 | ) | 0.55 | 0.43 | (0.04 | ) | 0.39 | |||||||||||||||
Diluted
|
0.61 | (0.07 | ) | 0.54 | 0.43 | (0.05 | ) | 0.38 |
Nine Months Ended December 31,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact of
|
Adoption
|
As
|
Impact of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC 470-20
|
ASC 470-20
|
Reported
|
ASC 470-20
|
ASC 470-20
|
|||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||
Consolidated
Statements of Operations
|
||||||||||||||||||||||||
Insurance
and other income
|
$ | 38,514 | (495 | ) | 38,019 | 34,327 | - | 34,327 | ||||||||||||||||
Interest
expense
|
8,016 | 3,413 | 11,429 | 8,606 | 3,255 | 11,861 | ||||||||||||||||||
Income
before income taxes
|
52,243 | (3,909 | ) | 48,334 | 48,577 | (3,255 | ) | 45,322 | ||||||||||||||||
Income
taxes
|
19,523 | (1,340 | ) | 18,183 | 19,972 | (1,212 | ) | 18,760 | ||||||||||||||||
Net
income
|
32,719 | (2,567 | ) | 30,152 | 28,604 | (2,043 | ) | 26,561 | ||||||||||||||||
Earnings
per common share
|
||||||||||||||||||||||||
Basic
|
$ | 2.01 | (0.16 | ) | 1.85 | 1.66 | (0.12 | ) | 1.54 | |||||||||||||||
Diluted
|
1.98 | (0.16 | ) | 1.82 | 1.63 | (0.11 | ) | 1.52 |
As of March 31, 2009
|
As of December 31, 2008
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact of
|
Adoption
|
As
|
Impact of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC 470-20
|
ASC 470-20
|
Reported
|
ASC 470-20
|
ASC 470-20
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Consolidated
Balance Sheets
|
||||||||||||||||||||||||
Deferred
income taxes
|
$ | 16,983 | (4,732 | ) | 12,251 | 18,927 | (5,246 | ) | 13,681 | |||||||||||||||
Income
tax receivable
|
- | - | - | 1,714 | (145 | ) | 1,569 | |||||||||||||||||
Other
assets, net
|
9,970 | (428 | ) | 9,542 | 9,629 | (467 | ) | 9,162 | ||||||||||||||||
Total
assets
|
531,254 | (5,160 | ) | 526,094 | 574,362 | (5,858 | ) | 568,504 | ||||||||||||||||
Convertible
senior subordinated notes payable, net of discount
|
95,000 | (11,269 | ) | 83,731 | 105,000 | (13,616 | ) | 91,384 | ||||||||||||||||
Income
taxes payable
|
11,253 | 160 | 11,413 | - | - | - | ||||||||||||||||||
Total
liabilities
|
240,868 | (11,109 | ) | 229,759 | 313,084 | (13,615 | ) | 299,469 | ||||||||||||||||
Additional
paid-in capital
|
2,421 | 14,625 | 17,046 | 593 | 14,790 | 15,383 | ||||||||||||||||||
Retained
earnings
|
292,195 | (8,677 | ) | 283,518 | 264,211 | (7,033 | ) | 257,178 | ||||||||||||||||
Total
shareholders’ equity
|
290,386 | 5,949 | 296,335 | 261,278 | 7,757 | 269,035 | ||||||||||||||||||
Total
liabilities and shareholders’ equity
|
531,254 | (5,160 | ) | 526,094 | 574,362 | (5,858 | ) | 568,504 |
|
o
|
Level
1 – Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
|
|
o
|
Level
2 – Inputs other than quoted prices that are observable for assets and
liabilities, either directly or indirectly. These inputs include quoted
prices for similar assets or liabilities in active markets and quoted
prices for identical or similar assets or liabilities in markets that are
less active.
|
|
o
|
Level
3 – Unobservable inputs for assets or liabilities reflecting the reporting
entity’s own assumptions.
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
In Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
December 31,
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Interest
rate swaps
|
||||||||||||||||
2009
|
$ | 1,552,598 | $ | - | $ | 1,552,598 | $ | - | ||||||||
2008
|
$ | 2,539,741 | $ | - | $ | 2,539,741 | $ | - |
December
31,
|
March
31,
|
December
31,
|
||||||||||
2009
|
2009
|
2008
|
||||||||||
Book
value:
|
||||||||||||
Senior
Notes Payable
|
$ | 185,560 | 113,310 | 185,350 | ||||||||
Convertible
Notes, net of discount
|
76,934 | 83,732 | 91,384 | |||||||||
$ | 262,494 | 197,042 | 276,734 | |||||||||
Estimated
fair value:
|
||||||||||||
Senior
Notes Payable
|
$ | 185,560 | 113,310 | 185,350 | ||||||||
Convertible
Notes
|
78,598 | 61,702 | 60,575 | |||||||||
$ | 264,158 | 175,012 | 245,925 |
Three
months
|
Nine
months
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | (3,249,866 | ) | (400,811 | ) | (4,229,663 | ) | 169,503 | ||||||||
Unrealized
income (loss) from foreign Exchange translation adjustment
|
813,459 | (3,125,457 | ) | 1,793,256 | (3,695,771 | ) | ||||||||||
Balance
at end of period
|
$ | (2,436,407 | ) | (3,526,268 | ) | (2,436,407 | ) | (3,526,268 | ) |
Three months
|
Nine months
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | 43,682,344 | 38,120,647 | 38,020,770 | 33,526,147 | |||||||||||
Provision
for loan losses
|
29,632,781 | 29,490,333 | 75,217,079 | 70,654,378 | ||||||||||||
Loan
losses
|
(27,768,448 | ) | (26,558,525 | ) | (71,711,810 | ) | (66,846,813 | ) | ||||||||
Recoveries
|
2,067,228 | 1,694,403 | 6,025,614 | 5,069,652 | ||||||||||||
Translation
adjustment
|
65,437 | (210,502 | ) | 127,689 | (255,217 | ) | ||||||||||
Allowance
on acquired loans
|
- | 39,169 | - | 427,378 | ||||||||||||
Balance
at end of period
|
$ | 47,679,342 | 42,575,525 | 47,679,342 | 42,575,525 |
Three months ended December 31,
|
Nine months ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic:
|
||||||||||||||||
Weighted
average common shares outstanding (denominator)
|
16,298,477 | 16,203,282 | 16,253,140 | 16,289,319 | ||||||||||||
Diluted:
|
||||||||||||||||
Weighted
average common shares outstanding
|
16,298,477 | 16,203,282 | 16,253,140 | 16,289,319 | ||||||||||||
Dilutive
potential common shares
|
277,364 | 138,254 | 181,240 | 253,724 | ||||||||||||
Weighted
average diluted shares outstanding (denominator)
|
16,575,841 | 16,341,536 | 16,434,380 | 16,543,043 |
Three months ended December 31,
|
Nine months ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Dividend
yield
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Expected
volatility
|
56.69 | % | 50.67 | % | 56.69 | % | 50.67 | % | ||||||||
Average
risk-free interest rate
|
2.69 | % | 2.75 | % | 2.69 | % | 2.75 | % | ||||||||
Expected
life
|
6.6
years
|
5.9
years
|
6.6
years
|
5.9
years
|
||||||||||||
Vesting
period
|
5
years
|
5
years
|
5
years
|
5
years
|
Weighted
|
Weighted
|
||||||||||||||
Average
|
Average
|
||||||||||||||
Exercise
|
Remaining
|
Aggregated
|
|||||||||||||
Shares
|
Price
|
Contractual Term
|
Intrinsic Value
|
||||||||||||
Options
outstanding, beginning of year
|
1,390,900 | $ | 25.00 | ||||||||||||
Granted
|
295,750 | 26.73 | |||||||||||||
Exercised
|
(96,850 | ) | 16.68 | ||||||||||||
Forfeited
|
(1,150 | ) | 46.29 | ||||||||||||
Options
outstanding, end of period
|
1,588,650 | $ | 25.81 | 7.16 |
$
|
18,570,500
|
|||||||||
Options
exercisable, end of period
|
712,700 | $ | 25.23 | 5.47 |
$
|
9,141,483
|
2009
|
2008
|
|||||||
Three
months ended
|
$ | 1,069,769 | 21,311 | |||||
Nine
months ended
|
$ | 1,358,666 | 2,307,894 |
Compounded
|
|||
Vesting
|
Annual
|
||
Percentage
|
EPS Growth
|
||
100 | % |
15%
or higher
|
|
67 | % | 12% - 14.99% | |
33 | % | 10% - 11.99% | |
0 | % |
Below
10%
|
Compounded
|
|||
Vesting
|
Annual
|
||
Percentage
|
EPS Growth
|
||
100 | % |
15%
or higher
|
|
67 | % | 12% - 14.99% | |
33 | % | 10% - 11.99% | |
0 | % |
Below
10%
|
Compounded
|
|||
Vesting
|
Annual
|
||
Percentage
|
EPS Growth
|
||
100
|
% |
15%
or higher
|
|
67
|
% |
12%
- 14.99%
|
|
33
|
% |
10%
- 11.99%
|
|
0
|
% |
Below
10%
|
Number of
Shares
|
Weighted Average Fair Value
at Grant Date
|
|||||||
Outstanding
at March 31, 2009
|
80,246 | $ | 22.94 | |||||
Granted
during the period
|
82,505 | 27.04 | ||||||
Vested
during the period
|
(64,063 | ) | 25.87 | |||||
Cancelled
during the period
|
(14,461 | ) | 26.41 | |||||
Outstanding
at December 31, 2009
|
84,227 | $ | 23.52 |
Three months ended
|
Nine months ended
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Share-based
compensation related to equity classified units:
|
||||||||||||||||
Share-based
compensation related to stock options
|
$ | 940,728 | 711,647 | $ | 2,427,228 | 2,603,852 | ||||||||||
Share-based
compensation related to restricted stock units
|
650,994 | 592,900 | 1,632,881 | 1,382,818 | ||||||||||||
Total
share-based compensation related to equity classified
awards
|
$ | 1,591,722 | 1,304,547 | $ | 4,060,109 | 3,986,670 |
2009
|
2008
|
|||||||
Number
of offices purchased
|
4 | 21 | ||||||
Merged
into existing offices
|
4 | 10 | ||||||
Purchase
Price
|
$ | 1,014,858 | $ | 10,193,541 | ||||
Tangible
assets:
|
||||||||
Net
loans
|
765,550 | 8,550,656 | ||||||
Furniture,
fixtures & equipment
|
- | 48,500 | ||||||
Other
|
- | 2,450 | ||||||
765,550 | 8,601,606 | |||||||
Excess
of purchase prices over carrying value of
|
||||||||
net
tangible assets
|
$ | 249,308 | $ | 1,591,935 | ||||
Customer
lists
|
232,308 | 1,280,746 | ||||||
Non-compete
agreements
|
17,000 | 80,000 | ||||||
Goodwill
|
- | 231,189 | ||||||
Total
intangible assets
|
$ | 249,308 | $ | 1,591,935 |
·
|
Increased
the base revolving facility to $213.3 million from $187.0
million.
|
·
|
Added
an accordion feature, allowed the existing bank group or additional banks
to increase the commitment up to an additional $25.0
million.
|
·
|
Eliminated
the $30.0 million seasonal
revolver.
|
·
|
Extended
the term from September 30, 2010 to July 31,
2011.
|
·
|
Increased
the permitted investment in Mexico from $35.0 million to $45.0
million.
|
·
|
Adjusted
the definition of the “Base Rate” borrowing option to reflect current
market convention. The new definition would be the greatest of
(i) Agent’s prime commercial rate as in effect on such day, (ii) the
sum of the Fed Funds rate for such day plus 1/2 of 1%, and (iii) the
LIBOR Quoted Rate for such day plus 1.00% calculated on an actual
day/[365/366-day basis] and payable monthly in arrears. LIBOR Quoted
Rate shall be, for any day, the rate per annum equal to the quotient of
(i) the rate per annum (rounded upwards, if necessary, to the next higher
one hundred-thousandth of a percentage point) for deposits in U.S. Dollars
for a one-month period which appears on the LIBOR01 Page as of 11:00 a.m.
(London, England time) on such day (or, if such day is not a Business Day,
on the immediately preceding Business Day) divided by (ii) one (1) minus
the Eurodollar Reserve Percentage. The spread over the Base Rate
option would be 1.00% with a minimum yield of
4%.
|
·
|
Increased
the interest rate from LIBOR rate plus 1.80% per annum to LIBOR rate plus
3.0% per annum, with a minimum of
4.0%.
|
·
|
During
any fiscal quarter commencing after December 31, 2006, if the last
reported sale price of the common stock for at least 20 trading days
during a period of 30 consecutive trading days ending on the last trading
day of the preceding fiscal quarter is greater than or equal to 120% of
the applicable conversion price on such last trading
day;
|
·
|
During
the five business day period after any ten consecutive trading day period
in which the trading price per note for each day of such ten consecutive
trading day period was less than 98% of the product of the last reported
sale price of the Company’s common stock and the applicable conversion
rate on each such day; or
|
·
|
The
occurrence of specified corporate
transactions.
|