Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RM | |
Entity Registrant Name | Regional Management Corp. | |
Entity Central Index Key | 0001519401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 11,948,428 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash | $ 2,331 | $ 3,657 |
Gross finance receivables | 1,204,495 | 1,237,526 |
Unearned finance charges and insurance premiums | (292,245) | (305,283) |
Finance receivables | 912,250 | 932,243 |
Allowance for credit losses | (56,400) | (58,300) |
Net finance receivables | 855,850 | 873,943 |
Restricted cash | 38,917 | 46,484 |
Lease assets | 24,831 | |
Property and equipment | 14,181 | 13,926 |
Intangible assets | 9,722 | 10,010 |
Other assets | 7,635 | 8,375 |
Total assets | 953,467 | 956,395 |
Liabilities | ||
Long-term debt | 628,786 | 660,507 |
Unamortized debt issuance costs | (8,338) | (9,158) |
Net long-term debt | 620,448 | 651,349 |
Lease liabilities | 26,474 | |
Accounts payable and accrued expenses | 17,470 | 25,138 |
Deferred tax liability | 1,259 | 747 |
Total liabilities | 665,651 | 677,234 |
Commitments and contingencies (Notes 4 and 10) | ||
Stockholders' equity: | ||
Preferred stock ($0.10 par value, 100,000 shares authorized, no shares issued or outstanding) | ||
Common stock ($0.10 par value, 1,000,000 shares authorized, 13,465 shares issued and 11,919 shares outstanding at March 31, 2019 and 13,323 shares issued and 11,777 shares outstanding at December 31, 2018) | 1,347 | 1,332 |
Additional paid-in-capital | 99,310 | 98,778 |
Retained earnings | 212,205 | 204,097 |
Treasury stock (1,546 shares at March 31, 2019 and December 31, 2018) | (25,046) | (25,046) |
Total stockholders' equity | 287,816 | 279,161 |
Total liabilities and stockholders' equity | 953,467 | 956,395 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 168 | 168 |
Finance receivables | 340,396 | 342,481 |
Allowance for credit losses | (17,875) | (18,378) |
Restricted cash | 31,547 | 39,361 |
Other assets | 110 | 75 |
Total assets | 354,346 | 363,707 |
Liabilities | ||
Net long-term debt | 321,662 | 324,879 |
Accounts payable and accrued expenses | 57 | 25 |
Total liabilities | $ 321,719 | $ 324,904 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 13,465,000 | 13,323,000 |
Common stock, shares outstanding | 11,919,000 | 11,777,000 |
Treasury stock, shares | 1,546,000 | 1,546,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Interest and fee income | $ 74,322 | $ 66,151 |
Insurance income, net | 4,113 | 3,389 |
Other income | 3,313 | 3,085 |
Total revenue | 81,748 | 72,625 |
Expenses | ||
Provision for credit losses | 23,343 | 19,515 |
Personnel | 22,393 | 21,228 |
Occupancy | 6,165 | 5,618 |
Marketing | 1,651 | 1,453 |
Other | 7,974 | 6,293 |
Total general and administrative expenses | 38,183 | 34,592 |
Interest expense | 9,721 | 7,177 |
Income before income taxes | 10,501 | 11,341 |
Income taxes | 2,393 | 2,697 |
Net income | $ 8,108 | $ 8,644 |
Net income per common share: | ||
Basic | $ 0.69 | $ 0.74 |
Diluted | $ 0.67 | $ 0.72 |
Weighted-average common shares outstanding: | ||
Basic | 11,712 | 11,618 |
Diluted | 12,076 | 12,030 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 239,411 | $ 1,321 | $ 94,384 | $ 168,752 | $ (25,046) |
Beginning Balance, shares at Dec. 31, 2017 | 13,205 | ||||
Issuance of restricted stock awards | $ 7 | (7) | |||
Issuance of restricted stock awards, shares | 68 | ||||
Exercise of stock options | 6 | $ 6 | |||
Exercise of stock options, shares | 60 | ||||
Shares withheld related to net share settlement | (318) | $ (5) | (313) | ||
Shares withheld related to net share settlement, shares | (39) | ||||
Share-based compensation | 1,208 | 1,208 | |||
Net income | 8,644 | 8,644 | |||
Ending Balance at Mar. 31, 2018 | 248,951 | $ 1,329 | 95,272 | 177,396 | (25,046) |
Ending Balance, shares at Mar. 31, 2018 | 13,294 | ||||
Beginning Balance at Dec. 31, 2018 | $ 279,161 | $ 1,332 | 98,778 | 204,097 | (25,046) |
Beginning Balance, shares at Dec. 31, 2018 | 13,323 | ||||
Issuance of restricted stock awards | $ 16 | (16) | |||
Issuance of restricted stock awards, shares | 161 | ||||
Exercise of stock options, shares | 0 | ||||
Shares withheld related to net share settlement | $ (450) | $ (1) | (449) | ||
Shares withheld related to net share settlement, shares | (19) | ||||
Share-based compensation | 997 | 997 | |||
Net income | 8,108 | 8,108 | |||
Ending Balance at Mar. 31, 2019 | $ 287,816 | $ 1,347 | $ 99,310 | $ 212,205 | $ (25,046) |
Ending Balance, shares at Mar. 31, 2019 | 13,465 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 8,108 | $ 8,644 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 23,343 | 19,515 |
Depreciation and amortization | 2,633 | 2,024 |
Loss on disposal of property and equipment | 11 | 8 |
Share-based compensation | 997 | 1,208 |
Fair value adjustment on interest rate caps | 198 | (121) |
Deferred income taxes, net | 512 | (962) |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 2,186 | 3,975 |
Decrease in accounts payable and accrued expenses | (7,292) | (2,497) |
Net cash provided by operating activities | 30,696 | 31,794 |
Cash flows from investing activities: | ||
Net originations of finance receivables | (5,250) | (8,168) |
Purchases of intangible assets | (224) | (814) |
Purchases of property and equipment | (1,315) | (844) |
Net cash used in investing activities | (6,789) | (9,826) |
Cash flows from financing activities: | ||
Net payments on senior revolving credit facility | (27,713) | (35,924) |
Payments on amortizing loan | (4,765) | (10,765) |
Net advances on revolving warehouse credit facility | 828 | 25,570 |
Net payments on securitizations | (70) | |
Payments for debt issuance costs | (280) | (58) |
Taxes paid related to net share settlement of equity awards | (800) | (497) |
Net cash used in financing activities | (32,800) | (21,674) |
Net change in cash and restricted cash | (8,893) | 294 |
Cash and restricted cash at beginning of period | 50,141 | 22,017 |
Cash and restricted cash at end of period | 41,248 | 22,311 |
Supplemental cash flow information: | ||
Interest paid | 8,572 | 6,565 |
Income taxes paid | $ 0 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 2,331 | $ 3,657 | $ 3,247 | $ 5,230 |
Restricted cash | 38,917 | 46,484 | 19,064 | 16,787 |
Total cash and restricted cash | $ 41,248 | $ 50,141 | $ 22,311 | $ 22,017 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Regional Management Corp. (the “ Company Mid-Atlantic, The Company’s loan volume and contractual delinquency follow seasonal trends. Demand for the Company’s small and large loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation, back-to-school, |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation: 10-Q SEC GAAP 10-Q 10-K Significant accounting policies: Principles of consolidation: VIE Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the allocation of the purchase price to assets acquired in business combinations. Reclassifications: Recent accounting pronouncements: FASB (right-of-use) As a result of the adoption of the new lease standard on January 1, 2019, the Company recorded $24.1 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements and is in the process of quantifying the potential impacts. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 3. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Finance receivables for the periods indicated consisted of the following: In thousands March 31, 2019 December 31, 2018 Small loans $ 421,712 $ 437,662 Large loans 440,707 437,998 Automobile loans 20,511 26,154 Retail loans 29,320 30,429 Finance receivables $ 912,250 $ 932,243 The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: March 31, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 346,176 82.1% $ 377,722 85.8% $ 15,196 74.1% $ 23,654 80.7% $ 762,748 83.6% 1 to 29 days past due 40,546 9.6% 38,092 8.6% 3,781 18.4% 3,523 12.0% 85,942 9.4% Delinquent accounts 30 to 59 days 9,408 2.2% 7,569 1.6% 498 2.4% 591 2.0% 18,066 2.0% 60 to 89 days 7,622 1.8% 5,540 1.3% 237 1.2% 451 1.5% 13,850 1.5% 90 to 119 days 6,463 1.5% 4,567 1.1% 326 1.6% 389 1.4% 11,745 1.3% 120 to 149 days 5,756 1.4% 3,617 0.8% 165 0.8% 364 1.2% 9,902 1.1% 150 to 179 days 5,741 1.4% 3,600 0.8% 308 1.5% 348 1.2% 9,997 1.1% Total delinquency $ 34,990 8.3% $ 24,893 5.6% $ 1,534 7.5% $ 2,143 7.3% $ 63,560 7.0% Total finance receivables $ 421,712 100.0% $ 440,707 100.0% $ 20,511 100.0% $ 29,320 100.0% $ 912,250 100.0% Finance receivables in nonaccrual status $ 19,588 4.6% $ 13,184 3.0% $ 1,073 5.2% $ 1,188 4.1% $ 35,033 3.8% December 31, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,053 79.3% $ 365,950 83.6% $ 17,767 67.9% $ 23,392 76.9% $ 754,162 80.9% 1 to 29 days past due 49,946 11.4% 45,234 10.3% 6,304 24.1% 4,436 14.6% 105,920 11.4% Delinquent accounts 30 to 59 days 12,168 2.8% 8,768 2.0% 751 2.9% 842 2.7% 22,529 2.3% 60 to 89 days 9,555 2.2% 6,779 1.5% 421 1.6% 627 2.1% 17,382 1.9% 90 to 119 days 7,202 1.6% 4,407 1.0% 241 0.9% 429 1.4% 12,279 1.3% 120 to 149 days 6,266 1.4% 3,823 0.9% 434 1.7% 367 1.2% 10,890 1.2% 150 to 179 days 5,472 1.3% 3,037 0.7% 236 0.9% 336 1.1% 9,081 1.0% Total delinquency $ 40,663 9.3% $ 26,814 6.1% $ 2,083 8.0% $ 2,601 8.5% $ 72,161 7.7% Total finance receivables $ 437,662 100.0% $ 437,998 100.0% $ 26,154 100.0% $ 30,429 100.0% $ 932,243 100.0% Finance receivables in nonaccrual status $ 22,549 5.2% $ 14,379 3.3% $ 1,359 5.2% $ 1,276 4.2% $ 39,563 4.2% Changes in the allowance for credit losses for the periods indicated are as follows: Three Months Ended March 31, In thousands 2019 2018 Balance at beginning of period $ 58,300 $ 48,910 Provision for credit losses 23,343 19,515 Credit losses (26,377 ) (22,020 ) Recoveries 1,134 1,345 Balance at end of period $ 56,400 $ 47,750 In September 2018, the Company recorded a $3.9 million increase to the allowance for credit losses related to estimated incremental credit losses on customer accounts impacted by hurricanes. As of March 31, 2019, the allowance for credit losses included $2.0 million of remaining incremental hurricane allowance. The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 30,759 $ 13,954 $ (15,488 ) $ 568 $ 29,793 $ 421,712 7.1% Large loans 23,702 8,452 (9,337 ) 400 23,217 440,707 5.3% Automobile loans 1,893 109 (652 ) 120 1,470 20,511 7.2% Retail loans 1,946 828 (900 ) 46 1,920 29,320 6.5% Total $ 58,300 $ 23,343 $ (26,377 ) $ 1,134 $ 56,400 $ 912,250 6.2% In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 24,749 $ 11,283 $ (13,375 ) $ 709 $ 23,366 $ 360,470 6.5% Large loans 17,548 6,878 (6,195 ) 358 18,589 363,931 5.1% Automobile loans 4,025 521 (1,467 ) 237 3,316 48,704 6.8% Retail loans 2,588 833 (983 ) 41 2,479 31,851 7.8% Total $ 48,910 $ 19,515 $ (22,020 ) $ 1,345 $ 47,750 $ 804,956 5.9% Impaired finance receivables as a percentage of total finance receivables were 3.2% and 2.9% as of March 31, 2019 and December 31, 2018, respectively. The following is a summary of finance receivables evaluated for impairment for the periods indicated: March 31, 2019 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 9,780 $ 18,241 $ 812 $ 130 $ 28,963 Finance receivables evaluated collectively 411,932 422,466 19,699 29,190 883,287 Finance receivables outstanding $ 421,712 $ 440,707 $ 20,511 $ 29,320 $ 912,250 Impaired receivables in nonaccrual status $ 1,091 $ 2,266 $ 156 $ 36 $ 3,549 Amount of the specific reserve for impaired accounts $ 4,334 $ 6,883 $ 378 $ 65 $ 11,660 Amount of the general component of the allowance $ 25,459 $ 16,334 $ 1,092 $ 1,855 $ 44,740 December 31, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 8,361 $ 17,196 $ 918 $ 110 $ 26,585 Finance receivables evaluated collectively 429,301 420,802 25,236 30,319 905,658 Finance receivables outstanding $ 437,662 $ 437,998 $ 26,154 $ 30,429 $ 932,243 Impaired receivables in nonaccrual status $ 1,209 $ 2,292 $ 178 $ 37 $ 3,716 Amount of the specific reserve for impaired accounts $ 3,791 $ 6,860 $ 492 $ 61 $ 11,204 Amount of the general component of the allowance $ 26,968 $ 16,842 $ 1,401 $ 1,885 $ 47,096 The average recorded investment in impaired finance receivables and the amount of interest income recognized on impaired loans for the periods indicated are as follows: Three Months Ended March 31, 2019 2018 In thousands Average Interest Average Interest Small loans $ 8,971 $ 247 $ 5,521 $ 251 Large loans 17,495 414 11,142 371 Automobile loans 851 8 1,669 41 Retail loans 120 — 94 4 Total $ 27,437 $ 669 $ 18,426 $ 667 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 4. Leases The Company adopted a new lease accounting standard in January 2019. See Note 2, “Basis of Presentation and Significant Accounting Policies,” for an overview of the transition to this standard. The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from five to seven years and generally contain options to extend from three to five years. The corporate headquarters lease agreement is for eleven years and contains an option to extend for ten years. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. The Company’s lease liability was $26.5 million as of March 31, 2019. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate on its senior revolving credit facility. The lease asset was $24.8 million as of March 31, 2019. This asset includes right-of-use The Company has made several policy elections related to lease assets and liabilities. The Company elected to utilize the package of transition practical expedients, which includes not reassessing the following at adoption: (i) whether existing contracts contained leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. In addition, the Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date. Lease agreements with terms of twelve months or less are not capitalized as part of lease assets or liabilities and are expensed as incurred. The Company has elected to account for each separate lease component of a contract and its associated non-lease Future minimum lease payments under non-cancellable In thousands Future Payments 2019 (remaining nine months) $ 4,922 2020 6,797 2021 5,488 2022 4,247 2023 3,700 Thereafter 5,815 Total future minimum lease payments 30,969 Present value adjustment (4,495 ) Operating lease liability $ 26,474 The following tables present additional quantitative information about the Company’s operating leases for the three months ended March 31, 2019: In thousands Lease Expense Operating leases $ 1,932 Short-term leases 81 Total $ 2,013 In thousands Other Cash paid for operating leases $ 1,738 Lease assets and liabilities acquired (1) $ 3,825 Weighted-average remaining lease term in years 5.34 Weighted-average discount rate 5.56% (1) Excludes $24.1 million of lease assets and liabilities recorded on the transition date. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 5. Long-Term Debt The following is a summary of the Company’s long-term debt as of the periods indicated: March 31, 2019 December 31, 2018 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 300,360 $ (1,574 ) $ 298,786 $ 328,074 $ (1,604 ) $ 326,470 Amortizing loan 16,877 (151 ) 16,726 21,642 (201 ) 21,441 Revolving warehouse credit facility 30,954 (1,696 ) 29,258 30,126 (1,899 ) 28,227 RMIT 2018-1 150,246 (2,526 ) 147,720 150,246 (2,849 ) 147,397 RMIT 2018-2 130,349 (2,391 ) 127,958 130,419 (2,605 ) 127,814 Total $ 628,786 $ (8,338 ) $ 620,448 $ 660,507 $ (9,158 ) $ 651,349 Unused amount of revolving credit facilities (subject to borrowing base) $ 433,440 $ 406,600 Senior Revolving Credit Facility: one-month Variable Interest Entity Debt: These long-term debts are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these finance receivables are remitted to restricted cash collection accounts, which totaled $26.8 million and $33.5 million as of March 31, 2019 and December 31, 2018, respectively. Cash inflows from the finance receivables are distributed to the lenders/investors, the service providers, and/or the residual interest that the Company owns in accordance with a monthly contractual priority of payments. The SPEs pay a servicing fee to the Company, which is eliminated in consolidation. Distributions from the SPEs to the Company are permitted under the debt arrangements. At each sale of receivables from the Company’s affiliates to the SPEs, the Company makes certain representations and warranties about the quality and nature of the collateralized receivables. The debt arrangements require the Company to repurchase the receivables in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the receivables are inaccurate. Assets transferred to each SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. Amortizing Loan: RMR I Revolving Warehouse Credit Facility: RMR II RMIT 2018-1 RMR III 2018-1 RMIT 2018-1 2018-1. 2018-1. 2018-1 2018-1 RMIT 2018-2 2018-2 RMIT 2018-2 2018-2. 2018-2. 2018-2 2018-2 The carrying amounts of consolidated VIE assets and liabilities are as follows: In thousands March 31, 2019 December 31, 2018 Assets Cash $ 168 $ 168 Finance receivables 340,396 342,481 Allowance for credit losses (17,875 ) (18,378 ) Restricted cash 31,547 39,361 Other assets 110 75 Total assets $ 354,346 $ 363,707 Liabilities Net long-term debt $ 321,662 $ 324,879 Accounts payable and accrued expenses 57 25 Total liabilities $ 321,719 $ 324,904 The Company’s debt arrangements are subject to certain covenants, including monthly and annual reporting, maintenance of specified interest coverage and debt ratios, restrictions on distributions, limitations on other indebtedness, maintenance of a minimum allowance for credit losses, and certain other restrictions. At March 31, 2019, the Company was in compliance with all debt covenants. |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 6. Disclosure About Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and restricted cash: Finance receivables: Interest rate caps: Repossessed assets: Long-term debt: The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2019 December 31, 2018 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 2,331 $ 2,331 $ 3,657 $ 3,657 Restricted cash 38,917 38,917 46,484 46,484 Level 2 inputs Interest rate caps 49 49 249 249 Level 3 inputs Net finance receivables 855,850 855,850 873,943 873,943 Repossessed assets 142 142 124 124 Liabilities Level 3 inputs Long-term debt 628,786 628,786 660,507 660,507 Certain of the Company’s assets carried at fair value are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are carried at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The Company recognizes tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of income. Income tax expense was $2.4 million and $2.7 million for the three months ended March 31, 2019 and 2018, respectively. Included in these amounts are tax benefits from share-based awards of $0.1 million for both the three months ended March 31, 2019 and 2018. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Numerator: Net income $ 8,108 $ 8,644 Denominator: Weighted average shares outstanding for basic earnings per share 11,712 11,618 Effect of dilutive securities 364 412 Weighted average shares adjusted for dilutive securities 12,076 12,030 Earnings per share: Basic $ 0.69 $ 0.74 Diluted $ 0.67 $ 0.72 Options to purchase 248 thousand and 138 thousand shares of common stock were outstanding during the three months ended March 31, 2019 and 2018, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan 2011 Plan 2015 Plan re-approved For the three months ended March 31, 2019 and 2018, the Company recorded share-based compensation expense of $1.0 million and $1.2 million, respectively. As of March 31, 2019, unrecognized share-based compensation expense to be recognized over future periods approximated $8.5 million. This amount will be recognized as expense over a weighted-average period of 2.1 years. Share-based compensation expenses are recognized on a straight-line basis over the requisite service period of the agreement. All share-based compensation is classified as equity awards. The Company allows for the settlement of share-based awards on a net share basis. With net share settlement, the employee does not surrender any cash or shares upon the exercise of stock options or the vesting of stock awards or stock units. Rather, the Company withholds the number of shares with a value equivalent to the option exercise price (for stock options) and the statutory tax withholding (for all share-based awards). Net share settlements have the effect of reducing the number of shares that would have otherwise been issued as a result of exercise or vesting. Long-term incentive program: non-qualified RSUs CSPUs RSAs LTIP Board The Company also has a key team member incentive program for certain other members of senior management. Recurring annual participation in the program is at the discretion of the Board and executive management. Each participant in the program is eligible to earn an RSA, subject to performance over a one-year one-year two-year Inducement and retention program: Non-employee non-employee The following are the terms and amounts of the awards issued under the Company’s share-based incentive programs: Non-qualified The fair value of option grants is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the periods indicated below: Three Months Ended 2019 2018 Expected volatility 41.14 % 41.63 % Expected dividends 0.00 % 0.00 % Expected term (in years) 5.99 5.99 Risk-free rate 2.55 % 2.66 % Expected volatility is based on the Company’s historical stock price volatility. The expected term is calculated by using the simplified method (average of the vesting and original contractual terms) due to insufficient historical data to estimate the expected term. The risk-free rate is based on the zero coupon U.S. Treasury bond rate over the expected term of the awards. The following table summarizes the stock option activity for the three months ended March 31, 2019: In thousands, except per share amounts Number of Weighted-Average Exercise Price Weighted-Average Aggregate Options outstanding at January 1, 2019 981 $ 18.69 Granted 100 27.89 Exercised — — Forfeited — — Expired — — Options outstanding at March 31, 2019 1,081 $ 19.55 6.7 $ 6,294 Options exercisable at March 31, 2019 871 $ 17.83 6.1 $ 6,140 The following table provides additional stock option information for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Weighted-average grant date fair value per share $ 12.07 $ 12.39 Intrinsic value of options exercised $ — $ 1,030 Fair value of stock options that vested $ — $ 199 Performance-contingent restricted stock units: The following table summarizes RSU activity during the three months ended March 31, 2019: In thousands, except per unit amounts Units Weighted-Average Fair Value Per Unit Non-vested 182 $ 21.89 Granted (target) 39 27.89 Achieved performance adjustment (1) 8 16.98 Vested (54 ) 16.98 Forfeited — — Non-vested 175 $ 24.55 (1) The 2016 LTIP RSUs were earned and vested at 116.5% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on March 27, 2019. The following table provides additional RSU information for the periods indicated: In thousands, except per unit amounts Three Months Ended 2019 2018 Weighted-average grant date fair value per unit $ 27.89 $ 28.25 Fair value of RSUs that vested $ 916 $ — Restricted stock awards: The following table summarizes RSA activity during the three months ended March 31, 2019: In thousands, except per share amounts Shares Weighted-Average Fair Value Per Share Non-vested 71 $ 26.95 Granted 107 27.58 Vested (4 ) 24.19 Forfeited — — Non-vested 174 $ 27.41 The following table provides additional RSA information for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Weighted-average grant date fair value per share $ 27.58 $ 20.56 Fair value of RSAs that vested $ 108 $ 60 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies In the normal course of business, the Company has been named as a defendant in legal actions in connection with its activities. Some of the actual or threatened legal actions include claims for compensatory damages or claims for indeterminate amounts of damages. The Company contests liability and the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability has been incurred and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to net income. However, in many legal actions, it is inherently difficult to determine whether any loss is probable, or even reasonably possible, or to estimate the amount of loss. This is particularly true for actions that are in their early stages of development or where plaintiffs seek indeterminate damages. In addition, even where a loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued, it is not always possible to reasonably estimate the size of the possible loss or range of loss. Before a loss, additional loss, range of loss, or range of additional loss can be reasonably estimated for any given action, numerous issues may need to be resolved, including through lengthy discovery, following determination of important factual matters, and/or by addressing novel or unsettled legal questions. For certain other legal actions, the Company can estimate reasonably possible losses, additional losses, ranges of loss, or ranges of additional loss in excess of amounts accrued, but the Company does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the consolidated financial statements. While the Company will continue to identify legal actions where it believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that the Company has not yet been notified of or are not yet determined to be probable, or reasonably possible and reasonable to estimate. The Company expenses legal costs as they are incurred. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events In May 2019, the Board authorized the repurchase of up to $25 million of the Company’s outstanding shares of common stock. The authorization was effective immediately and extends through May 6, 2021. Stock repurchases under the program may be made in the open market at prevailing market prices, through privately negotiated transactions, or through other structures in accordance with applicable federal securities laws, at times and in amounts as management deems appropriate. The timing and the amount of any common stock repurchases will be determined by the Company’s management based on its evaluation of market conditions, the Company’s liquidity needs, legal and contractual requirements and restrictions (including covenants in the Company’s credit agreements), share price, and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate the Company to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice. The Company intends to fund the program with a combination of cash and debt. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: 10-Q SEC GAAP 10-Q 10-K |
Significant accounting policies | Significant accounting policies: |
Principles of consolidation | Principles of consolidation: VIE |
Variable interest entities | Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. |
Use of estimates | Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the allocation of the purchase price to assets acquired in business combinations. |
Reclassifications | Reclassifications: |
Recent accounting pronouncements | Recent accounting pronouncements: FASB (right-of-use) As a result of the adoption of the new lease standard on January 1, 2019, the Company recorded $24.1 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements and is in the process of quantifying the potential impacts. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Finance Receivables | Finance receivables for the periods indicated consisted of the following: In thousands March 31, 2019 December 31, 2018 Small loans $ 421,712 $ 437,662 Large loans 440,707 437,998 Automobile loans 20,511 26,154 Retail loans 29,320 30,429 Finance receivables $ 912,250 $ 932,243 |
Contractual Delinquency of the Finance Receivable Portfolio by Component | The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: March 31, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 346,176 82.1% $ 377,722 85.8% $ 15,196 74.1% $ 23,654 80.7% $ 762,748 83.6% 1 to 29 days past due 40,546 9.6% 38,092 8.6% 3,781 18.4% 3,523 12.0% 85,942 9.4% Delinquent accounts 30 to 59 days 9,408 2.2% 7,569 1.6% 498 2.4% 591 2.0% 18,066 2.0% 60 to 89 days 7,622 1.8% 5,540 1.3% 237 1.2% 451 1.5% 13,850 1.5% 90 to 119 days 6,463 1.5% 4,567 1.1% 326 1.6% 389 1.4% 11,745 1.3% 120 to 149 days 5,756 1.4% 3,617 0.8% 165 0.8% 364 1.2% 9,902 1.1% 150 to 179 days 5,741 1.4% 3,600 0.8% 308 1.5% 348 1.2% 9,997 1.1% Total delinquency $ 34,990 8.3% $ 24,893 5.6% $ 1,534 7.5% $ 2,143 7.3% $ 63,560 7.0% Total finance receivables $ 421,712 100.0% $ 440,707 100.0% $ 20,511 100.0% $ 29,320 100.0% $ 912,250 100.0% Finance receivables in nonaccrual status $ 19,588 4.6% $ 13,184 3.0% $ 1,073 5.2% $ 1,188 4.1% $ 35,033 3.8% December 31, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,053 79.3% $ 365,950 83.6% $ 17,767 67.9% $ 23,392 76.9% $ 754,162 80.9% 1 to 29 days past due 49,946 11.4% 45,234 10.3% 6,304 24.1% 4,436 14.6% 105,920 11.4% Delinquent accounts 30 to 59 days 12,168 2.8% 8,768 2.0% 751 2.9% 842 2.7% 22,529 2.3% 60 to 89 days 9,555 2.2% 6,779 1.5% 421 1.6% 627 2.1% 17,382 1.9% 90 to 119 days 7,202 1.6% 4,407 1.0% 241 0.9% 429 1.4% 12,279 1.3% 120 to 149 days 6,266 1.4% 3,823 0.9% 434 1.7% 367 1.2% 10,890 1.2% 150 to 179 days 5,472 1.3% 3,037 0.7% 236 0.9% 336 1.1% 9,081 1.0% Total delinquency $ 40,663 9.3% $ 26,814 6.1% $ 2,083 8.0% $ 2,601 8.5% $ 72,161 7.7% Total finance receivables $ 437,662 100.0% $ 437,998 100.0% $ 26,154 100.0% $ 30,429 100.0% $ 932,243 100.0% Finance receivables in nonaccrual status $ 22,549 5.2% $ 14,379 3.3% $ 1,359 5.2% $ 1,276 4.2% $ 39,563 4.2% |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the periods indicated are as follows: Three Months Ended March 31, In thousands 2019 2018 Balance at beginning of period $ 58,300 $ 48,910 Provision for credit losses 23,343 19,515 Credit losses (26,377 ) (22,020 ) Recoveries 1,134 1,345 Balance at end of period $ 56,400 $ 47,750 |
Reconciliation of Allowance for Credit Losses | The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 30,759 $ 13,954 $ (15,488 ) $ 568 $ 29,793 $ 421,712 7.1% Large loans 23,702 8,452 (9,337 ) 400 23,217 440,707 5.3% Automobile loans 1,893 109 (652 ) 120 1,470 20,511 7.2% Retail loans 1,946 828 (900 ) 46 1,920 29,320 6.5% Total $ 58,300 $ 23,343 $ (26,377 ) $ 1,134 $ 56,400 $ 912,250 6.2% In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 24,749 $ 11,283 $ (13,375 ) $ 709 $ 23,366 $ 360,470 6.5% Large loans 17,548 6,878 (6,195 ) 358 18,589 363,931 5.1% Automobile loans 4,025 521 (1,467 ) 237 3,316 48,704 6.8% Retail loans 2,588 833 (983 ) 41 2,479 31,851 7.8% Total $ 48,910 $ 19,515 $ (22,020 ) $ 1,345 $ 47,750 $ 804,956 5.9% |
Tabular Disclosure of Impaired Financing Receivables | The following is a summary of finance receivables evaluated for impairment for the periods indicated: March 31, 2019 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 9,780 $ 18,241 $ 812 $ 130 $ 28,963 Finance receivables evaluated collectively 411,932 422,466 19,699 29,190 883,287 Finance receivables outstanding $ 421,712 $ 440,707 $ 20,511 $ 29,320 $ 912,250 Impaired receivables in nonaccrual status $ 1,091 $ 2,266 $ 156 $ 36 $ 3,549 Amount of the specific reserve for impaired accounts $ 4,334 $ 6,883 $ 378 $ 65 $ 11,660 Amount of the general component of the allowance $ 25,459 $ 16,334 $ 1,092 $ 1,855 $ 44,740 December 31, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 8,361 $ 17,196 $ 918 $ 110 $ 26,585 Finance receivables evaluated collectively 429,301 420,802 25,236 30,319 905,658 Finance receivables outstanding $ 437,662 $ 437,998 $ 26,154 $ 30,429 $ 932,243 Impaired receivables in nonaccrual status $ 1,209 $ 2,292 $ 178 $ 37 $ 3,716 Amount of the specific reserve for impaired accounts $ 3,791 $ 6,860 $ 492 $ 61 $ 11,204 Amount of the general component of the allowance $ 26,968 $ 16,842 $ 1,401 $ 1,885 $ 47,096 The average recorded investment in impaired finance receivables and the amount of interest income recognized on impaired loans for the periods indicated are as follows: Three Months Ended March 31, 2019 2018 In thousands Average Interest Average Interest Small loans $ 8,971 $ 247 $ 5,521 $ 251 Large loans 17,495 414 11,142 371 Automobile loans 851 8 1,669 41 Retail loans 120 — 94 4 Total $ 27,437 $ 669 $ 18,426 $ 667 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Paymes Under Non-cancellable Operating Leases | Future minimum lease payments under non-cancellable In thousands Future Payments 2019 (remaining nine months) $ 4,922 2020 6,797 2021 5,488 2022 4,247 2023 3,700 Thereafter 5,815 Total future minimum lease payments 30,969 Present value adjustment (4,495 ) Operating lease liability $ 26,474 |
Summary of Additional Information About Company's Operating Leases | The following tables present additional quantitative information about the Company’s operating leases for the three months ended March 31, 2019: In thousands Lease Expense Operating leases $ 1,932 Short-term leases 81 Total $ 2,013 In thousands Other Cash paid for operating leases $ 1,738 Lease assets and liabilities acquired (1) $ 3,825 Weighted-average remaining lease term in years 5.34 Weighted-average discount rate 5.56% (1) Excludes $24.1 million of lease assets and liabilities recorded on the transition date. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of the Company's Long-Term Debt | The following is a summary of the Company’s long-term debt as of the periods indicated: March 31, 2019 December 31, 2018 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 300,360 $ (1,574 ) $ 298,786 $ 328,074 $ (1,604 ) $ 326,470 Amortizing loan 16,877 (151 ) 16,726 21,642 (201 ) 21,441 Revolving warehouse credit facility 30,954 (1,696 ) 29,258 30,126 (1,899 ) 28,227 RMIT 2018-1 150,246 (2,526 ) 147,720 150,246 (2,849 ) 147,397 RMIT 2018-2 130,349 (2,391 ) 127,958 130,419 (2,605 ) 127,814 Total $ 628,786 $ (8,338 ) $ 620,448 $ 660,507 $ (9,158 ) $ 651,349 Unused amount of revolving credit facilities (subject to borrowing base) $ 433,440 $ 406,600 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Schedule of Carrying Amounts of Consolidated VIE Assets and Liabilities | The carrying amounts of consolidated VIE assets and liabilities are as follows: In thousands March 31, 2019 December 31, 2018 Assets Cash $ 168 $ 168 Finance receivables 340,396 342,481 Allowance for credit losses (17,875 ) (18,378 ) Restricted cash 31,547 39,361 Other assets 110 75 Total assets $ 354,346 $ 363,707 Liabilities Net long-term debt $ 321,662 $ 324,879 Accounts payable and accrued expenses 57 25 Total liabilities $ 321,719 $ 324,904 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Company's Financial Instruments | The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2019 December 31, 2018 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 2,331 $ 2,331 $ 3,657 $ 3,657 Restricted cash 38,917 38,917 46,484 46,484 Level 2 inputs Interest rate caps 49 49 249 249 Level 3 inputs Net finance receivables 855,850 855,850 873,943 873,943 Repossessed assets 142 142 124 124 Liabilities Level 3 inputs Long-term debt 628,786 628,786 660,507 660,507 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Numerator: Net income $ 8,108 $ 8,644 Denominator: Weighted average shares outstanding for basic earnings per share 11,712 11,618 Effect of dilutive securities 364 412 Weighted average shares adjusted for dilutive securities 12,076 12,030 Earnings per share: Basic $ 0.69 $ 0.74 Diluted $ 0.67 $ 0.72 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Grant Fair Value Assumptions | The fair value of option grants is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the periods indicated below: Three Months Ended 2019 2018 Expected volatility 41.14 % 41.63 % Expected dividends 0.00 % 0.00 % Expected term (in years) 5.99 5.99 Risk-free rate 2.55 % 2.66 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the three months ended March 31, 2019: In thousands, except per share amounts Number of Weighted-Average Exercise Price Weighted-Average Aggregate Options outstanding at January 1, 2019 981 $ 18.69 Granted 100 27.89 Exercised — — Forfeited — — Expired — — Options outstanding at March 31, 2019 1,081 $ 19.55 6.7 $ 6,294 Options exercisable at March 31, 2019 871 $ 17.83 6.1 $ 6,140 |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Weighted-average grant date fair value per share $ 12.07 $ 12.39 Intrinsic value of options exercised $ — $ 1,030 Fair value of stock options that vested $ — $ 199 |
Summary of RSU Activity | The following table summarizes RSU activity during the three months ended March 31, 2019: In thousands, except per unit amounts Units Weighted-Average Fair Value Per Unit Non-vested 182 $ 21.89 Granted (target) 39 27.89 Achieved performance adjustment (1) 8 16.98 Vested (54 ) 16.98 Forfeited — — Non-vested 175 $ 24.55 (1) The 2016 LTIP RSUs were earned and vested at 116.5% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on March 27, 2019. |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: In thousands, except per unit amounts Three Months Ended 2019 2018 Weighted-average grant date fair value per unit $ 27.89 $ 28.25 Fair value of RSUs that vested $ 916 $ — |
Summary of RSA Activity | The following table summarizes RSA activity during the three months ended March 31, 2019: In thousands, except per share amounts Shares Weighted-Average Fair Value Per Share Non-vested 71 $ 26.95 Granted 107 27.58 Vested (4 ) 24.19 Forfeited — — Non-vested 174 $ 27.41 |
Summary of Additional RSA Information | The following table provides additional RSA information for the periods indicated: Three Months Ended In thousands, except per share amounts 2019 2018 Weighted-average grant date fair value per share $ 27.58 $ 20.56 Fair value of RSAs that vested $ 108 $ 60 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Mar. 31, 2019Location |
Accounting Policies [Abstract] | |
Number of branches | 360 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Significant Accounting Policies [Line Items] | ||
Lease assets | $ 24,831 | |
Lease liabilities | $ 26,474 | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Lease assets | $ 24,100 | |
Lease liabilities | $ 24,100 |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 912,250 | $ 932,243 | $ 804,956 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 421,712 | 437,662 | 360,470 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 440,707 | 437,998 | 363,931 |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 20,511 | 26,154 | 48,704 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 29,320 | $ 30,429 | $ 31,851 |
Finance Receivables, Credit Q_4
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Contractual Delinquency of the Finance Receivable Portfolio by Component (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 63,560 | $ 72,161 | |
Past due, Percent | 7.00% | 7.70% | |
Finance receivables | $ 912,250 | $ 932,243 | $ 804,956 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 35,033 | $ 39,563 | |
Finance receivables in nonaccrual status, Percent | 3.80% | 4.20% | |
Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 762,748 | $ 754,162 | |
Current, Percent | 83.60% | 80.90% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 85,942 | $ 105,920 | |
Past due, Percent | 9.40% | 11.40% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 18,066 | $ 22,529 | |
Past due, Percent | 2.00% | 2.30% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 13,850 | $ 17,382 | |
Past due, Percent | 1.50% | 1.90% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,745 | $ 12,279 | |
Past due, Percent | 1.30% | 1.30% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,902 | $ 10,890 | |
Past due, Percent | 1.10% | 1.20% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,997 | $ 9,081 | |
Past due, Percent | 1.10% | 1.00% | |
Small Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 34,990 | $ 40,663 | |
Past due, Percent | 8.30% | 9.30% | |
Finance receivables | $ 421,712 | $ 437,662 | 360,470 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 19,588 | $ 22,549 | |
Finance receivables in nonaccrual status, Percent | 4.60% | 5.20% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 346,176 | $ 347,053 | |
Current, Percent | 82.10% | 79.30% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 40,546 | $ 49,946 | |
Past due, Percent | 9.60% | 11.40% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,408 | $ 12,168 | |
Past due, Percent | 2.20% | 2.80% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 7,622 | $ 9,555 | |
Past due, Percent | 1.80% | 2.20% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,463 | $ 7,202 | |
Past due, Percent | 1.50% | 1.60% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,756 | $ 6,266 | |
Past due, Percent | 1.40% | 1.40% | |
Small Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,741 | $ 5,472 | |
Past due, Percent | 1.40% | 1.30% | |
Large Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 24,893 | $ 26,814 | |
Past due, Percent | 5.60% | 6.10% | |
Finance receivables | $ 440,707 | $ 437,998 | 363,931 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 13,184 | $ 14,379 | |
Finance receivables in nonaccrual status, Percent | 3.00% | 3.30% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 377,722 | $ 365,950 | |
Current, Percent | 85.80% | 83.60% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 38,092 | $ 45,234 | |
Past due, Percent | 8.60% | 10.30% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 7,569 | $ 8,768 | |
Past due, Percent | 1.60% | 2.00% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,540 | $ 6,779 | |
Past due, Percent | 1.30% | 1.50% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,567 | $ 4,407 | |
Past due, Percent | 1.10% | 1.00% | |
Large Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,617 | $ 3,823 | |
Past due, Percent | 0.80% | 0.90% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,600 | $ 3,037 | |
Past due, Percent | 0.80% | 0.70% | |
Automobile Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,534 | $ 2,083 | |
Past due, Percent | 7.50% | 8.00% | |
Finance receivables | $ 20,511 | $ 26,154 | 48,704 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,073 | $ 1,359 | |
Finance receivables in nonaccrual status, Percent | 5.20% | 5.20% | |
Automobile Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 15,196 | $ 17,767 | |
Current, Percent | 74.10% | 67.90% | |
Automobile Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,781 | $ 6,304 | |
Past due, Percent | 18.40% | 24.10% | |
Automobile Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 498 | $ 751 | |
Past due, Percent | 2.40% | 2.90% | |
Automobile Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 237 | $ 421 | |
Past due, Percent | 1.20% | 1.60% | |
Automobile Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 326 | $ 241 | |
Past due, Percent | 1.60% | 0.90% | |
Automobile Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 165 | $ 434 | |
Past due, Percent | 0.80% | 1.70% | |
Automobile Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 308 | $ 236 | |
Past due, Percent | 1.50% | 0.90% | |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,143 | $ 2,601 | |
Past due, Percent | 7.30% | 8.50% | |
Finance receivables | $ 29,320 | $ 30,429 | $ 31,851 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,188 | $ 1,276 | |
Finance receivables in nonaccrual status, Percent | 4.10% | 4.20% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 23,654 | $ 23,392 | |
Current, Percent | 80.70% | 76.90% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,523 | $ 4,436 | |
Past due, Percent | 12.00% | 14.60% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 591 | $ 842 | |
Past due, Percent | 2.00% | 2.70% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 451 | $ 627 | |
Past due, Percent | 1.50% | 2.10% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 389 | $ 429 | |
Past due, Percent | 1.40% | 1.40% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 364 | $ 367 | |
Past due, Percent | 1.20% | 1.20% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 348 | $ 336 | |
Past due, Percent | 1.20% | 1.10% |
Finance Receivables, Credit Q_5
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 58,300 | $ 48,910 |
Provision for credit losses | 23,343 | 19,515 |
Credit losses | (26,377) | (22,020) |
Recoveries | 1,134 | 1,345 |
Balance at end of period | $ 56,400 | $ 47,750 |
Finance Receivables, Credit Q_6
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Increase (decrease) in provision for credit losses | $ 23,343 | $ 19,515 | ||
Impaired finance receivables as a percentage of total finance receivables | 3.20% | 2.90% | ||
Uncollectible Receivables [Member] | Hurricanes [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Increase (decrease) in provision for credit losses | $ 3,900 | $ 2,000 |
Finance Receivables, Credit Q_7
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 58,300 | $ 48,910 | |
Provision | 23,343 | 19,515 | |
Credit losses | (26,377) | (22,020) | |
Recoveries | 1,134 | 1,345 | |
Balance at end of period | 56,400 | 47,750 | |
Finance receivables | $ 912,250 | $ 804,956 | $ 932,243 |
Allowance as Percentage of Finance Receivables | 6.20% | 5.90% | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 30,759 | $ 24,749 | |
Provision | 13,954 | 11,283 | |
Credit losses | (15,488) | (13,375) | |
Recoveries | 568 | 709 | |
Balance at end of period | 29,793 | 23,366 | |
Finance receivables | $ 421,712 | $ 360,470 | 437,662 |
Allowance as Percentage of Finance Receivables | 7.10% | 6.50% | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 23,702 | $ 17,548 | |
Provision | 8,452 | 6,878 | |
Credit losses | (9,337) | (6,195) | |
Recoveries | 400 | 358 | |
Balance at end of period | 23,217 | 18,589 | |
Finance receivables | $ 440,707 | $ 363,931 | 437,998 |
Allowance as Percentage of Finance Receivables | 5.30% | 5.10% | |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 1,893 | $ 4,025 | |
Provision | 109 | 521 | |
Credit losses | (652) | (1,467) | |
Recoveries | 120 | 237 | |
Balance at end of period | 1,470 | 3,316 | |
Finance receivables | $ 20,511 | $ 48,704 | 26,154 |
Allowance as Percentage of Finance Receivables | 7.20% | 6.80% | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 1,946 | $ 2,588 | |
Provision | 828 | 833 | |
Credit losses | (900) | (983) | |
Recoveries | 46 | 41 | |
Balance at end of period | 1,920 | 2,479 | |
Finance receivables | $ 29,320 | $ 31,851 | $ 30,429 |
Allowance as Percentage of Finance Receivables | 6.50% | 7.80% |
Finance Receivables, Credit Q_8
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Tabular Disclosure of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | $ 28,963 | $ 26,585 | |
Finance receivables evaluated collectively | 883,287 | 905,658 | |
Finance receivables | 912,250 | 932,243 | $ 804,956 |
Impaired receivables in nonaccrual status | 3,549 | 3,716 | |
Amount of the specific reserve for impaired accounts | 11,660 | 11,204 | |
Amount of the general component of the allowance | 44,740 | 47,096 | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 9,780 | 8,361 | |
Finance receivables evaluated collectively | 411,932 | 429,301 | |
Finance receivables | 421,712 | 437,662 | 360,470 |
Impaired receivables in nonaccrual status | 1,091 | 1,209 | |
Amount of the specific reserve for impaired accounts | 4,334 | 3,791 | |
Amount of the general component of the allowance | 25,459 | 26,968 | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 18,241 | 17,196 | |
Finance receivables evaluated collectively | 422,466 | 420,802 | |
Finance receivables | 440,707 | 437,998 | 363,931 |
Impaired receivables in nonaccrual status | 2,266 | 2,292 | |
Amount of the specific reserve for impaired accounts | 6,883 | 6,860 | |
Amount of the general component of the allowance | 16,334 | 16,842 | |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 812 | 918 | |
Finance receivables evaluated collectively | 19,699 | 25,236 | |
Finance receivables | 20,511 | 26,154 | 48,704 |
Impaired receivables in nonaccrual status | 156 | 178 | |
Amount of the specific reserve for impaired accounts | 378 | 492 | |
Amount of the general component of the allowance | 1,092 | 1,401 | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 130 | 110 | |
Finance receivables evaluated collectively | 29,190 | 30,319 | |
Finance receivables | 29,320 | 30,429 | $ 31,851 |
Impaired receivables in nonaccrual status | 36 | 37 | |
Amount of the specific reserve for impaired accounts | 65 | 61 | |
Amount of the general component of the allowance | $ 1,855 | $ 1,885 |
Finance Receivables, Credit Q_9
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Schedule of Average Recorded Investment in Impaired Finance Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 27,437 | $ 18,426 |
Interest Income Recognized | 669 | 667 |
Small Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 8,971 | 5,521 |
Interest Income Recognized | 247 | 251 |
Large Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 17,495 | 11,142 |
Interest Income Recognized | 414 | 371 |
Automobile Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 851 | 1,669 |
Interest Income Recognized | 8 | 41 |
Retail Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 120 | 94 |
Interest Income Recognized | $ 4 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leased Assets [Line Items] | |
Lease liability | $ 26,474 |
Lease assets | $ 24,831 |
Corporate Headquarters [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 11 years |
Extend lease agreement term | 10 years |
Minimum [Member] | Branch [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 5 years |
Extend lease agreement term | 3 years |
Maximum [Member] | Branch [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 7 years |
Extend lease agreement term | 5 years |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 (remaining nine months) | $ 4,922 |
2020 | 6,797 |
2021 | 5,488 |
2022 | 4,247 |
2023 | 3,700 |
Thereafter | 5,815 |
Total future minimum lease payments | 30,969 |
Present value adjustment | (4,495) |
Operating lease liability | $ 26,474 |
Leases - Summary of Additional
Leases - Summary of Additional Information About Company's Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating leases | $ 1,932 |
Short-term leases | 81 |
Total | 2,013 |
Cash paid for operating leases | 1,738 |
Lease assets and liabilities acquired | $ 3,825 |
Weighted-average remaining lease term in years | 5 years 4 months 2 days |
Weighted-average discount rate | 5.56% |
Leases - Summary of Additiona_2
Leases - Summary of Additional Information About Company's Operating Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Lease assets | $ 24,831 | |
Lease liabilities | $ 26,474 | |
Accounting Standards Update 2016-02 [Member] | ||
Lease assets | $ 24,100 | |
Lease liabilities | $ 24,100 |
Long-Term Debt - Summary of the
Long-Term Debt - Summary of the Company's Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 628,786 | $ 660,507 |
Unamortized debt issuance costs | (8,338) | (9,158) |
Net long-term debt | 620,448 | 651,349 |
Unused amount of revolving credit facilities (subject to borrowing base) | 433,440 | 406,600 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 300,360 | 328,074 |
Unamortized debt issuance costs | (1,574) | (1,604) |
Net long-term debt | 298,786 | 326,470 |
Amortizing Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,877 | 21,642 |
Unamortized debt issuance costs | (151) | (201) |
Net long-term debt | 16,726 | 21,441 |
Revolving Warehouse Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30,954 | 30,126 |
Unamortized debt issuance costs | (1,696) | (1,899) |
Net long-term debt | 29,258 | 28,227 |
RMIT 2018-1 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150,246 | 150,246 |
Unamortized debt issuance costs | (2,526) | (2,849) |
Net long-term debt | 147,720 | 147,397 |
RMIT 2018-2 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 130,349 | 130,419 |
Unamortized debt issuance costs | (2,391) | (2,605) |
Net long-term debt | $ 127,958 | $ 127,814 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 05, 2018 | Oct. 02, 2017 | Aug. 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 38,917,000 | $ 46,484,000 | $ 19,064,000 | $ 16,787,000 | |||||||
Amortizing Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | ||||||||||
Cash deposited to restricted cash reserve account | $ 1,300,000 | ||||||||||
Amortizing loan, amount | $ 75,700,000 | ||||||||||
Additional loan advance | $ 37,800,000 | ||||||||||
Debt maturity date | 2024-12 | ||||||||||
Credit agreement, Interest rate | 3.25% | ||||||||||
Terms related to loan prepayment | The credit agreement allows the Company to prepay the loan when the outstanding balance falls below 20% of the original loan amount. | ||||||||||
Principal balance percentage threshold for allowable prepayment of loan | 20.00% | ||||||||||
Amortizing Loan Prior to February 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 88.00% | ||||||||||
Credit agreement, Interest rate | 3.00% | ||||||||||
Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 125,000,000 | ||||||||||
Debt agreement expiration date | Feb. 29, 2020 | ||||||||||
Line of credit facility, accordion feature | $ 150,000,000 | ||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80.00% | ||||||||||
Description of Variable Rate Basis | Borrowings under the facility previously bore interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 3.50%. In October 2017 and February 2018, the margin decreased to 3.25% and 3.00%, respectively, following the satisfaction of milestones associated with the Company’s conversion to a new loan origination and servicing system. The August 2018 amendment to the credit agreement further decreased the margin to 2.20%. The three-month LIBOR was 2.60% and 2.81% at March 31, 2019 and December 31, 2018, respectively. | ||||||||||
Cash deposited to restricted cash reserve account | $ 400,000 | ||||||||||
Debt maturity date | 2021-02 | ||||||||||
Debt revolving period end date | 2020-02 | ||||||||||
Revolving Warehouse Credit Facility Between May and August 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 150,000,000 | ||||||||||
Revolving Warehouse Credit Facility Prior to May 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt agreement expiration date | Feb. 28, 2021 | ||||||||||
RMIT 2018-1 securitization [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 1,700,000 | ||||||||||
Debt maturity date | 2027-07 | ||||||||||
Terms related to loan prepayment | Prior to maturity in July 2027, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in July 2020. No payments of principal of the notes will be made during the revolving period. | ||||||||||
Debt revolving period end date | 2020-06 | ||||||||||
Private offering of investment grade asset-backed notes | $ 150,000,000 | ||||||||||
Weighted average rate | 3.93% | ||||||||||
RMIT 2018-2 securitization [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 1,400,000 | ||||||||||
Debt maturity date | 2028-01 | ||||||||||
Terms related to loan prepayment | Prior to maturity in January 2028, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in January 2021. No payments of principal of the notes will be made during the revolving period. | ||||||||||
Debt revolving period end date | 2020-12 | ||||||||||
Private offering of investment grade asset-backed notes | $ 130,000,000 | ||||||||||
Weighted average rate | 4.87% | ||||||||||
Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 638,000,000 | ||||||||||
Debt agreement expiration date | Jun. 20, 2020 | ||||||||||
Line of credit facility, accordion feature | $ 700,000,000 | ||||||||||
Unused line fee per annum | 0.50% | ||||||||||
Decreased unused line fee | 0.375% | ||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | ||||||||||
Percentage of advances on debt agreement eligible unsecured finance receivables | 70.00% | ||||||||||
Current percentage of advances on eligible secured finance receivables | 77.00% | ||||||||||
Current percentage of advances on eligible unsecured finance receivables | 62.00% | ||||||||||
Credit facility, eligible borrowing capacity | $ 59,600,000 | ||||||||||
Description of Variable Rate Basis | Borrowings under the facility bear interest, payable monthly, at rates equal to LIBOR of a maturity the Company elects between one and six months, with a LIBOR floor of 1.00%, plus a 3.00% margin, increasing to 3.25% when the availability percentage is below 10%. The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018, respectively. Alternatively, the Company may pay interest at the prime rate, plus a 2.00% margin, increasing to 2.25% when the availability percentage is below 10%. The prime rate was 5.50% at both March 31, 2019 and December 31, 2018. | ||||||||||
Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility Prior to June 20, 2017 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 585,000,000 | ||||||||||
Debt agreement expiration date | Aug. 31, 2019 | ||||||||||
Waterfall [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 26,800,000 | $ 33,500,000 | |||||||||
Minimum [Member] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Unused line fee per annum | 0.35% | ||||||||||
Minimum [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Average outstanding amount | $ 413,000,000 | ||||||||||
Maximum [Member] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Unused line fee per annum | 0.85% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.20% | 3.50% | |||||||||
Interest rate | 2.60% | 2.81% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Milestones Associated with Conversion to New Loan Origination and Servicing System [Member] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 3.00% | 3.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 3.00% | ||||||||||
Interest rate | 2.49% | 2.50% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Revolving Credit Facility [Member] | Availability Percentage Below 10% [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 3.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Effective interest rate on line of credit | 1.00% | ||||||||||
Prime Rate [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.00% | ||||||||||
Interest rate | 5.50% | 5.50% | |||||||||
Prime Rate [Member] | Senior Revolving Credit Facility [Member] | Availability Percentage Below 10% [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.25% |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Amounts of Consolidated VIE's Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash | $ 2,331 | $ 3,657 | $ 3,247 | $ 5,230 |
Finance receivables | 912,250 | 932,243 | 804,956 | |
Allowance for credit losses | (56,400) | (58,300) | (47,750) | (48,910) |
Restricted cash | 38,917 | 46,484 | $ 19,064 | $ 16,787 |
Other assets | 7,635 | 8,375 | ||
Total assets | 953,467 | 956,395 | ||
Liabilities | ||||
Net long-term debt | 620,448 | 651,349 | ||
Accounts payable and accrued expenses | 17,470 | 25,138 | ||
Total liabilities | 665,651 | 677,234 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash | 168 | 168 | ||
Finance receivables | 340,396 | 342,481 | ||
Allowance for credit losses | (17,875) | (18,378) | ||
Restricted cash | 31,547 | 39,361 | ||
Other assets | 110 | 75 | ||
Total assets | 354,346 | 363,707 | ||
Liabilities | ||||
Net long-term debt | 321,662 | 324,879 | ||
Accounts payable and accrued expenses | 57 | 25 | ||
Total liabilities | $ 321,719 | $ 324,904 |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Turnover rate of loan portfolio | 1.2 |
Disclosure About Fair Value o_4
Disclosure About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Net finance receivables | $ 855,850 | $ 873,943 |
Carrying Amount [Member] | Level 1 Inputs [Member] | ||
Assets | ||
Cash | 2,331 | 3,657 |
Restricted cash | 38,917 | 46,484 |
Carrying Amount [Member] | Level 2 Inputs [Member] | ||
Assets | ||
Interest rate caps | 49 | 249 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ||
Assets | ||
Net finance receivables | 855,850 | 873,943 |
Repossessed assets | 142 | 124 |
Liabilities | ||
Long-term debt | 628,786 | 660,507 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Assets | ||
Cash | 2,331 | 3,657 |
Restricted cash | 38,917 | 46,484 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||
Assets | ||
Interest rate caps | 49 | 249 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Assets | ||
Net finance receivables | 855,850 | 873,943 |
Repossessed assets | 142 | 124 |
Liabilities | ||
Long-term debt | $ 628,786 | $ 660,507 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 2,393 | $ 2,697 |
Tax benefit | $ 100 | $ 100 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income | $ 8,108 | $ 8,644 |
Denominator: | ||
Weighted average shares outstanding for basic earnings per share | 11,712 | 11,618 |
Effect of dilutive securities | 364 | 412 |
Weighted average shares adjusted for dilutive securities | 12,076 | 12,030 |
Basic | $ 0.69 | $ 0.74 |
Diluted | $ 0.67 | $ 0.72 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock Compensation Plans [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options to purchase common stock, Shares | 248 | 138 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | Apr. 22, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise period of options | 10 years | |||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 900,000 | |||
Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target for achievement period | 3 years | |||
Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-employee director compensation grant period | 5 days | |||
Minimum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 0.00% | |||
Maximum [Member] | Graded and Cliff Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of options | 5 years | |||
Maximum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 150.00% | |||
Stock Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense | $ 8.5 | |||
Period of recognition of share-based compensation expense | 2 years 1 month 6 days | |||
Share-based compensation expense | $ 1 | $ 1.2 | ||
Stock Compensation Plans [Member] | 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate number of shares | 1,550,000 | |||
Shares available for grant | 922,000 | |||
Plan description | As of September 30, 2018, subject to adjustments as provided in the 2015 Plan, the maximum aggregate number of shares of the Company’s common stock that could be issued under the 2015 Plan could not exceed the sum of (i) 1.6 million shares plus (ii) any shares (A) remaining available for the grant of awards as of the 2015 Plan effective date (April 22, 2015) under the 2007 Plan or the 2011 Plan, and/or (B) subject to an award granted under the 2007 Plan or the 2011 Plan, which award is forfeited, cancelled, terminated, expires, or lapses without the issuance of shares or pursuant to which such shares are forfeited. As of the effectiveness of the 2015 Plan (April 22, 2015), there were 922 thousand shares available for grant under the 2015 Plan, inclusive of shares previously available for grant under the 2007 Plan and the 2011 Plan that were rolled over to the 2015 Plan. | |||
Restricted Stock [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target for achievement period | 1 year | |||
Deferred compensation arrangement with individual, description | Each participant in the program is eligible to earn RSAs, subject to performance over a one-year period. Payout under the program can range from 0% to 150% of target based on the achievement of five Company performance metrics and individual performance goals (subject to continued employment and certain other terms and conditions of the program). | |||
Vesting period of options | 2 years | |||
Restricted Stock [Member] | Minimum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 0.00% | |||
Restricted Stock [Member] | Maximum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 150.00% |
Share-based Compensation - Opti
Share-based Compensation - Option Grant Fair Value Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 41.14% | 41.63% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 5 years 11 months 26 days | 5 years 11 months 26 days |
Risk-free rate | 2.55% | 2.66% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | shares | 981 |
Number of Shares, Granted | shares | 100 |
Number of Shares, Exercised | shares | 0 |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Expired | shares | 0 |
Number of Shares, Options outstanding, Ending balance | shares | 1,081 |
Number of Shares, Options exercisable | shares | 871 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 18.69 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 27.89 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares | 19.55 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 17.83 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 6 years 1 month 6 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 6,294 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 6,140 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-average grant date fair value per share | $ 12.07 | $ 12.39 |
Intrinsic value of options exercised | $ 1,030 | |
Fair value of stock options that vested | $ 199 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested units at January 1, 2019 | 182 | |
Granted (target) | 39 | |
Achieved performance adjustment | 8 | |
Vested | (54) | |
Forfeited | 0 | |
Non-vested units at March 31, 2019 | 175 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 21.89 | |
Weighted Average Grant Date Fair Value, Granted (target) | 27.89 | $ 28.25 |
Weighted Average Grant Date Fair Value, Achieved performance adjustment | 16.98 | |
Weighted Average Grant Date Fair Value, Vested | 16.98 | |
Weighted Average Grant Date Fair Value, Forfeited | 0 | |
Weighted Average Grant Date Fair Value Non-vested units at March 31, 2019 | $ 24.55 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of RSU Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
The target percentage of RSUs earned and vested | 116.50% |
Share-based Compensation - Su_5
Share-based Compensation - Summary of Additional RSU Information (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value per unit | $ 27.89 | $ 28.25 |
Fair value of RSUs that vested | $ 916 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of RSA Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested units at January 1, 2019 | 71 | |
Granted | 107 | |
Vested | (4) | |
Forfeited | 0 | |
Non-vested units at March 31, 2019 | 174 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 26.95 | |
Weighted Average Grant Date Fair Value, Granted | 27.58 | $ 20.56 |
Weighted Average Grant Date Fair Value, Vested | 24.19 | |
Weighted Average Grant Date Fair Value, Forfeited | 0 | |
Weighted Average Grant Date Fair Value Non-vested units at March 31, 2019 | $ 27.41 |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Additional RSA Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value per share | $ 27.58 | $ 20.56 |
Fair value of RSAs that vested | $ 108 | $ 60 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | 1 Months Ended |
May 31, 2019USD ($) | |
Subsequent Event [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Repurchase shares of common stock | $ 25 |