EX-31.1

Exhibit 31.1

Certification

	I, William H. Henderson, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of America’s Car-Mart, Inc. for the period ended July 31, 2016;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 6, 2016	/s/ William H. Henderson
	William H. Henderson
	Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

	I, Jeffrey A. Williams, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of America’s Car-Mart, Inc. for the period ended July 31, 2016;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 6, 2016	/s/ Jeffrey A. Williams
	Jeffrey A. Williams
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of America’s Car-Mart, Inc. (the “Company”) on Form 10-Q for the quarter ended July 31, 2016 filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, William H. Henderson, Chief Executive Officer of the Company, and Jeffrey A. Williams, Chief Financial Officer of the Company, certify in our capacities as officers of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ William H. Henderson
	William H. Henderson
	Chief Executive Officer
	September 6, 2016
By:	/s/ Jeffrey A. Williams
	Jeffrey A. Williams
	Chief Financial Officer and Secretary
	September 6, 2016

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Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 05, 2016
Document Information [Line Items]
Entity Registrant Name	AMERICAS CARMART INC
Entity Central Index Key	0000799850
Trading Symbol	crmt
Current Fiscal Year End Date	--04-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		7,836,197
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Payment Protection Plan [Member]
Liabilities:
Deferred Revenue	$ 18,116	$ 17,304
Service Contract [Member]
Liabilities:
Deferred Revenue	10,369	10,035
Cash and cash equivalents	371	602
Accrued interest on finance receivables	2,157	1,716
Finance receivables, net	352,548	334,793
Inventory	33,824	29,879
Prepaid expenses and other assets	3,264	3,302
Income taxes receivable, net		894
Goodwill	355	355
Property and equipment, net	34,182	34,755
Total Assets	426,701	406,296
Accounts payable	14,468	12,313
Accrued liabilities	15,256	11,245
Income taxes payable, net	1,940
Deferred income tax liabilities, net	19,223	18,280
Revolving credit facilities and notes payable	117,534	107,902
Total liabilities	196,906	177,079
Commitments and contingencies (Note J)
Mezzanine equity:
Mandatorily redeemable preferred stock	400	400
Equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding
Common stock, par value $.01 per share, 50,000,000 shares authorized; 12,731,779 and 12,726,560 issued at July 31, 2016 and April 30, 2016, respectively, of which 7,805,947 and 8,073,820 were outstanding at July 31, 2016 and April 30, 2016, respectively	127	127
Additional paid-in capital	65,415	64,771
Retained earnings	312,453	305,354
Less: Treasury stock, at cost, 4,925,832 and 4,652,740 shares at July 31, 2016 and April 30, 2016, respectively	(148,700)	(141,535)
Total stockholders' equity	229,295	228,717
Non-controlling interest	100	100
Total equity	229,395	228,817
Total Liabilities, Mezzanine Equity and Equity	$ 426,701	$ 406,296

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jul. 31, 2016	Apr. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	12,731,779	12,726,560
Common stock, shares outstanding (in shares)	7,805,947	8,073,820
Treasury stock, shares (in shares)	4,925,832	4,652,740

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Revenues:
Sales	$ 129,684	$ 127,595
Interest and other income	16,156	15,095
Total revenue	145,840	142,690
Costs and expenses:
Cost of sales	75,513	75,087
Selling, general and administrative	23,168	23,125
Provision for credit losses	33,381	35,345
Interest expense	944	760
Depreciation and amortization	1,096	1,010
Loss on disposal of property and equipment	400
Total costs and expenses	134,502	135,327
Income before taxes	11,338	7,363
Provision for income taxes	4,229	2,747
Net income	7,109	4,616
Less: Dividends on mandatorily redeemable preferred stock	(10)	(10)
Net income attributable to common stockholders	$ 7,099	$ 4,606
Earnings per share:
Basic (in dollars per share)	$ 0.89	$ 0.54
Diluted (in dollars per share)	$ 0.87	$ 0.52
Weighted average number of shares used in calculation:
Basic (in shares)	7,948,925	8,513,440
Diluted (in shares)	8,185,077	8,909,597

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Payment Protection Plan [Member]
Change in operating assets and liabilities:
Increase (Decrease) in Deferred Revenue	$ 812,000	$ 540,000
Service Contract [Member]
Change in operating assets and liabilities:
Increase (Decrease) in Deferred Revenue	334,000	514,000
Net income	7,109,000	4,616,000
Provision for credit losses	33,381,000	35,345,000
Losses on claims for payment protection plan	3,107,000	3,155,000
Depreciation and amortization	1,096,000	1,010,000
Amortization of debt issuance costs	70,000	48,000
Loss on disposal of property and equipment	400,000
Stock based compensation	532,000	665,000
Deferred income taxes	943,000	469,000
Excess tax benefit from share based compensation		(191,000)
Finance receivable originations	(120,848,000)	(117,341,000)
Finance receivable collections	58,036,000	58,943,000
Accrued interest on finance receivables	(441,000)	192,000
Inventory	4,624,000	7,690,000
Prepaid expenses and other assets	38,000	305,000
Accounts payable and accrued liabilities	3,678,000	1,890,000
Income taxes, net	2,834,000	2,192,000
Net cash (used in) provided by operating activities	(4,295,000)	42,000
Investing Activities:
Purchase of property and equipment	(523,000)	(1,398,000)
Net cash used in investing activities	(523,000)	(1,398,000)
Financing Activities:
Exercise of stock options	77,000	245,000
Excess tax benefit from share based compensation		191,000
Issuance of common stock	35,000	69,000
Purchase of common stock	(7,165,000)	(2,311,000)
Dividend payments	(10,000)	(10,000)
Change in cash overdrafts	2,088,000	392,000
Payments on note payable	(26,000)
Proceeds from revolving credit facilities	94,410,000	87,857,000
Payments on revolving credit facilities	(84,822,000)	(85,132,000)
Net cash provided by financing activities	4,587,000	1,301,000
Decrease in cash and cash equivalents	(231,000)	(55,000)
Cash and cash equivalents, beginning of period	602,000	790,000
Cash and cash equivalents, end of period	$ 371,000	$ 735,000

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Note A - Organization and Business

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

A – Organization and Business

America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the Company typically include the Company’s consolidated subsidiaries. The Company’s operations are principally conducted through its two operating subsidiaries, America’s Car Mart, Inc., an Arkansas corporation (“Car-Mart of Arkansas”), and Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”). The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the Company’s customers have limited financial resources and would not qualify for conventional financing as a result of limited credit histories or past credit problems. As of July 31, 2016, the Company operated 143 dealerships located primarily in small cities throughout the South-Central United States.

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Note B - Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Significant Accounting Policies [Text Block]

B – Summary of Significant Accounting Policies

General

The accompanying condensed consolidated balance sheet as of April 30, 2016, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of July 31, 2016 and 2015, have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended July 31, 2016 are not necessarily indicative of the results that may be expected for the year ending April 30, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended April 30, 2016.

Principles of Consolidation

The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Segment Information

Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one reportable segment.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses.

Concentration of Risk

The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 31% of revenues resulting from sales to Arkansas customers.

Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in October 2017. The Company expects that these credit facilities will be renewed or refinanced on or before the scheduled maturity dates.

Restrictions on Distributions/Dividends

The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders.

Cash Equivalents

The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents.

Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses

The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts typically carry an interest rate of 15% using the simple effective interest method including any deferred fees. In May 2016, the Company increased its retail installment sales contract interest rate from 15.0% to 16.5% in response to continued high levels of credit losses. Contract origination costs are not significant. The installment sale contracts are not pre-computed contracts whereby borrowers are obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the contract. Finance receivables are collateralized by vehicles sold and consist of contractually scheduled payments from installment contracts net of unearned finance charges and an allowance for credit losses. Unearned finance charges represent the balance of interest receivable to be earned over the entire term of the related installment contract, less the earned amount ($2.2 million at July 31, 2016 and $1.7 million April 30, 2016 on the Condensed Consolidated Balance Sheets), and as such, have been reflected as a reduction to the gross contract amount in arriving at the principal balance in finance receivables

.

An account is considered delinquent when the customer is one day or more behind on their contractual payments. While the Company does not formally place contracts on nonaccrual status, the immaterial amount of interest that may accrue after an account becomes delinquent up until the point of resolution via repossession or write-off, is reserved for against the accrued interest on the Condensed Consolidated Balance Sheets. Delinquent contracts are addressed and either made current by the customer, which is the case in most situations, or the vehicle is repossessed or written off if the collateral cannot be recovered quickly. Customer payments are set to match their payday with approximately 73% of payments due on either a weekly or bi-weekly basis. The frequency of the payment due dates combined with the declining value of collateral lead to prompt resolutions on problem accounts. At July 31, 2016, 4.4% of the Company’s finance receivable balances were 30 days or more past due compared to 3.8% at July 31, 2015.

Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit.

The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two days late are sent a notice in the mail. Accounts three days late are contacted by telephone. Notes from each telephone contact are electronically maintained in the Company’s computer system. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions beyond the extension of additional time are granted to customers at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership, or sold for cash on a wholesale basis primarily through physical or online auctions.

The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. For the quarter ended July 31, 2016, on average, accounts were approximately 60 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses.

The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding.  At July 31, 2016, the weighted average total contract term was 31.7 months with 23.3 months remaining. The reserve amount in the allowance for credit losses at July 31, 2016, $108.0 million, was 25% of the principal balance in finance receivables of $460.6 million, less unearned payment protection plan revenue of $18.1 million and unearned service contract revenue of $10.4 million.

The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors:

•      The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one year to five years.

•      The average net repossession and charge-off loss per unit during the last eighteen months segregated by the number of months since the contract origination date and adjusted for the expected future average net charge-off loss per unit.  About 50% of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date.  The average age of an account at charge-off date for the eighteen-month period ended July 31, 2016 was 11.8 months.

•      The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen months.

A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the funding side have historically had a more significant effect on collection results than macro-economic issues.

In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at July 31, 2016 or 2015.

Inventory

Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method.

Goodwill

Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. If the fair value of the reporting unit falls below its carrying value, the Company performs the second step of the two-step goodwill impairment process to determine the amount, if any, that the goodwill is impaired. The second step involves determining the fair value of the identifiable assets and liabilities and the implied goodwill. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no impairment of goodwill during fiscal 2016, and to date, there has been no impairment during fiscal 2017.

Property and Equipment

Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method, generally over the following estimated useful lives:

Furniture, fixtures and equipment (years)	3	to	7
Leasehold improvements (years)	5	to	15
Buildings and improvements (years)	18	to	39

Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying values of the impaired assets exceed the fair value of such assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Cash Overdraft

As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of the revolving credit facilities. Any cash overdraft balance principally represents outstanding checks that as of the balance sheet date had not yet been presented for payment, net of any deposits in transit. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Deferred Sales Tax

Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax

liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Income Taxes

Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense.

Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open.

The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2013.

The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of July 31, 2016 or April 30, 2016.

Revenue Recognition

Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs.

Revenues from the sale of used vehicles are recognized when financing, if applicable, has been approved, the sales contract is signed, and the customer has taken possession of the vehicle. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are initially deferred and then recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Payment protection plan revenues recognized are included in sales and related losses are included in cost of sales as incurred. Interest income is recognized on all active finance receivable accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off.

Sales consist of the following:

	Three Months Ended July 31,
(In thousands)	2016		2015
Sales – used autos	$	112,735	$	110,647
Wholesales – third party		5,417		5,619
Service contract sales		6,761		6,812
Payment protection plan revenue		4,771		4,517
Total	$	129,684	$	127,595

At July 31, 2016 and 2015, finance receivables more than 90 days past due were approximately $1.7 million and $1.4 million, respectively. Late fee revenues totaled approximately $461,000 and $526,000 for the three months ended July 31, 2016 and 2015, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations.

Earnings per Share

Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded.

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met.

Treasury Stock

The Company purchased 273,092 shares of its common stock to be held as treasury stock for a total cost of $7.2 million during the first three months of fiscal 2017 and 46,000 shares for a total cost of $2.3 million during the first three months of fiscal 2016. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. During fiscal 2016, the Company established a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state.

Recent Accounting Pronouncements

Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

Revenue Recognition

. In May 2014, the FASB issued ASU 2014-09,

Revenue from Contracts with Customers

(Topic 606), which supersedes existing revenue recognition guidance. The new guidance in ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14,

Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date

, to provide entities with an additional year to implement ASU 2014-09. As a result, the guidance in ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017, using one of two retrospective application methods. The Company is currently evaluating the potential effects of the adoption of this update on the consolidated financial statements.

Leases

. In February 2016, the FASB issued ASU 2016-02,

Leases

. The new guidance requires that lessees recognize all leases, including operating leases, with a term greater than 12 months on-balance sheet and also requires disclosure of key information about leasing transactions. The guidance in ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Stock Compensation

.

In March 2016, the FASB issued ASU 2016-09,

Improvements to Employee Share-Based Payment Accounting

, which aims to simplify aspects of accounting for share-based payment transactions, including: presenting the excess tax benefit or deficit from the exercise or vesting of share-based payments in the income statement, a revision to the criteria for classifying an award as equity or liability, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. In addition, the new guidance eliminates the excess tax benefit from the assumed proceeds calculation under the treasury stock method for purposes of calculating diluted shares. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2016. Certain provisions of ASU 2016-09 are required to be adopted prospectively, notably the requirement to recognize the excess tax benefit or deficit in the income statement, while other provisions require modified retrospective application or in some cases full retrospective application.

The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Credit Losses

. In June 2016, the FASB issued ASU 2016-13,

Financial Instruments — Credit Losses

(Topic 326). ASU 2016-13 requires financial assets such as loans to be presented net of an allowance for credit losses that reduces the cost basis to the amount expected to be collected over the estimated life. Expected credit losses will be measured based on historical experience and current conditions, as well as forecasts of future conditions that affect the collectability of the reported amount. ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2019, using a modified retrospective approach. The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Reclassifications

The Company has made reclassifications to certain amounts in the accompanying Condensed Consolidated Balance Sheet as of April 30, 2016. The reclassifications did not have an impact on net income or earnings per share.

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Note C - Finance Receivables, Net

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Financing Receivables [Text Block]

C – Finance Receivables, Net

The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry an interest rate of 15% or 16.5% per annum (based on the Company’s contract interest rate as of the contract origination date), are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 to 42 months. The weighted average interest rate for the portfolio was approximately 15.16% at July 31, 2016. The Company’s finance receivables are defined as one segment and one class of loans in sub-prime consumer automobile contracts. The level of risks inherent in the Company’s financing receivables is managed as one homogeneous pool.

The components of finance receivables are as follows:

(In thousands)	July 31, 2016			April 30, 2016
Gross contract amount	$	532,620		$	504,149
Less unearned finance charges		(72,050	)		(66,871	)
Principal balance		460,570			437,278
Less allowance for credit losses		(108,022	)		(102,485	)
Finance receivables, net	$	352,548		$	334,793

Changes in the finance receivables, net are as follows:

	Three Months Ended July 31,
(In thousands)	2016			2015
Balance at beginning of period	$	334,793		$	324,144
Finance receivable originations		120,848			117,341
Finance receivable collections		(58,036	)		(58,943	)
Provision for credit losses		(33,381	)		(35,345	)
Losses on claims for payment protection plan		(3,107	)		(3,155	)
Inventory acquired in repossession and payment protection plan claims		(8,569	)		(11,743	)
Balance at end of period	$	352,548		$	332,299

Changes in the finance receivables allowance for credit losses are as follows:

	Three Months Ended July 31,
(In thousands)	2016			2015
Balance at beginning of period	$	102,485		$	93,224
Provision for credit losses		33,381			35,345
Charge-offs, net of recovered collateral		(27,844	)		(32,987	)
Balance at end of period	$	108,022		$	95,582

The factors which influenced management’s judgment in determining the amount of the additions to the allowance charged to provision for credit losses are described below.

The level of actual charge-offs, net of recovered collateral, is the most important factor in determining the charges to the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account is either made current by the customer, the vehicle is repossessed or the account is written off if the collateral cannot be recovered. Net charge-offs as a percentage of average finance receivables decreased to 6.2% for the three months ended July 31, 2016 compared to 7.8% for the same period in the prior year. This improvement in net charge-offs for the first fiscal quarter is primarily due to a decrease in the frequency of losses as a result of the low delinquencies greater than 30 days at April 30, 2016 of 3.0%, significantly lower than at April 30, 2015 at 5.8%.

Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Collections as a percentage of average finance receivables were 13.0% for the three months ended July 31, 2016 compared to 14.0% for the prior year period. The decrease in collections as a percentage of average finance receivables resulted primarily from the longer average term coupled with slightly higher delinquencies. Delinquencies greater than 30 days were 4.4% for July 31, 2016 and 3.8% at July 31, 2015.

Macro-economic factors, and more importantly, proper execution of operational policies and procedures have a significant effect on additions to the allowance charged to the provision. Higher unemployment levels, higher gasoline prices and higher prices for staple items can potentially have a significant effect. The Company continues to focus on operational improvements within the collections area such as credit reporting for customers and further implementation and integration of GPS technology on vehicles sold.

Credit quality information for finance receivables is as follows:

(Dollars in thousands)	July 31, 2016					April 30, 2016					July 31, 2015
	Principal Balance		Percent of Portfolio			Principal Balance		Percent of Portfolio			Principal Balance		Percent of Portfolio
Current	$	381,685		82.88	%	$	378,631		86.59	%	$	355,263		83.03	%
3 - 29 days past due		58,740		12.75	%		45,631		10.43	%		56,247		13.15	%
30 - 60 days past due		14,749		3.20	%		8,429		1.93	%		12,030		2.81	%
61 - 90 days past due		3,728		0.81	%		3,498		0.80	%		2,955		0.69	%
> 90 days past due		1,668		0.36	%		1,089		0.25	%		1,386		0.32	%
Total	$	460,570		100.00	%	$	437,278		100.00	%	$	427,881		100.00	%

Accounts one and two days past due are considered current for this analysis, due to the varying payment dates and variation in the day of the week at each period end. Delinquencies may vary from period to period based on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic factors. The above categories are consistent with internal operational measures used by the Company to monitor credit results. The Company believes that improvement in the past due percentages is driven in part by the proper execution of best collections efforts at all dealerships.

Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default, repossession, and losses than contracts made with buyers with better credit. The Company monitors contract term length, down payment percentages, and collections as credit quality indicators.

	Three Months Ended July 31,
	2016			2015
Principal collected as a percent of average finance receivables		13.0	%		14.0	%
Average down-payment percentage		6.0	%		6.6	%
Average originating contract term (in months )		29.3			28.2

	July 31, 2016		July 31, 2015
Portfolio weighted average contract term, including modifications (in months )		31.7		30.4

The decrease in collections as a percentage of average finance receivables was primarily due to the longer overall contract term, coupled with slightly higher delinquencies. The increases in contract term are primarily related to efforts to keep payments affordable, for competitive reasons and to continue to work more with our customers when they experience financial difficulties. In order to remain competitive, term lengths may continue to increase.

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Note D - Property and Equipment

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

D – Property and Equipment

A summary of property and equipment is as follows:

(In thousands)	July 31, 2016			April 30, 2016
Land	$	6,711		$	6,711
Buildings and improvements		11,955			11,928
Furniture, fixtures and equipment		15,017			14,941
Leasehold improvements		23,579			23,308
Construction in progress		430			250
Less accumulated depreciation and amortization		(23,510	)		(22,383	)
Total	$	34,182		$	34,755

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Note E - Accrued Liabilities

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

E – Accrued Liabilities

A summary of accrued liabilities is as follows:

(In thousands)	July 31, 2016		April 30, 2016
Employee compensation	$	5,527	$	3,684
Cash overdrafts (see Note B)		2,088		-
Deferred sales tax (see Note B)		2,869		2,736
Other		4,772		4,825
Total	$	15,256	$	11,245

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Note F - Debt Facilities

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

F – Debt Facilities

A summary of revolving credit facilities is as follows:

(In thousands)
	Aggregate		Interest		Balance at
	Amount		Rate	Maturity	July 31, 2016		April 30, 2016
Revolving credit facilities	$	172,500	LIBOR + 2.375%	October 8, 2017	$	117,369	$	107,386
			(2.86% at July 31, 2016 and 2.81% at April 30, 2016)

On March 9, 2012, the Company entered into an Amended and Restated Loan and Security Agreement with a group of lenders providing revolving credit facilities totaling $125 million (“Credit Facilities”). The Credit Facilities were amended on September 30, 2012, February 4, 2013, June 24, 2013, February 13, 2014 and October 8, 2014, respectively. The first amendment to the Credit Facilities increased the total revolving commitment to $145 million. The second amendment amended the definition of eligible vehicle contracts to include contracts with 36-42 month terms. The third amendment extended the term to June 24, 2016, provided the option to request revolver commitment increases for up to an additional $55 million and provided for a 0.25% decrease in each of the three pricing tiers for determining the applicable interest rate. The fourth amendment amended the structure of the debt covenants as related to the application of the fixed charge coverage ratio calculation.  As amended, the fixed charge coverage ratio calculation will be required only if availability, as defined, under the revolving credit facilities is less than certain specified thresholds.  The fourth amendment also increased the allowable capital expenditures to $10 million in the aggregate during any fiscal year and allows for the sale of certain vehicle contracts to third parties.

On October 8, 2014, the Company entered into a fifth amendment to the Credit Facilities, which extended the term of the Credit Facilities to October 8, 2017, added a new pricing tier for determining the applicable interest rate, and provided for a 0.125% increase in each of the three existing pricing tiers. The fifth amendment also amended one of two alternative distribution limitations related to repurchases of the Company’s stock. With respect to such limitation, the amendment (i) reset the $40 million aggregate limit on repurchases beginning with October 8, 2014, (ii) redefined the aggregate amount of repurchases to be net of proceeds received from the exercise of stock options, and (iii) changed the requirement that the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases be equal to or greater than 30% of the sum of the borrowing bases.

On February 18, 2016, the Company exercised an option under its existing credit agreement to increase the total revolving credit facilities by $27.5 million from $145 million to $172.5 million. The increase in the total revolving credit commitments was made pursuant to the aforementioned accordion feature of the Credit Facilities, which allows the Company to increase the total revolver commitments by up to an additional $55 million (up to $200 million in total commitments), subject to lender approval and/or successful syndication.

The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities. The Credit Facilities provide for four pricing tiers for determining the applicable interest rate, based on the Company’s consolidated leverage ratio for the preceding fiscal quarter. The current applicable interest rate under the Credit Facilities is generally LIBOR plus 2.375%. The Credit Facilities contain various reporting and performance covenants including (i) maintenance of certain financial ratios and tests, (ii) limitations on borrowings from other sources, (iii) restrictions on certain operating activities and (iv) restrictions on the payment of dividends or distributions.

The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases at least 12.5% of the aggregate funds committed under the credit facilities remain available.

The Company was in compliance with the covenants at July 31, 2016. The amount available to be drawn under the credit facilities is a function of eligible finance receivables and inventory. Based upon eligible finance receivables and inventory at July 31, 2016, the Company had additional availability of approximately $52.8 million under the revolving credit facilities.

The Company recognized approximately $70,000 and $48,000 of amortization for the three months ended July 31, 2016 and 2015, respectively, related to debt issuance costs. The amortization is reflected as interest expense in the Company’s Condensed Consolidated Statements of Operations.

During fiscal 2016, the Company implemented the guidance in ASU 2015-03,

Simplifying the Presentation of Debt Issuance Costs

, which amended the presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. As a result, debt issuance costs of approximately $326,000 and $396,000 as of July 31, 2016 and April 30, 2016, respectively, are shown as a deduction from the revolving credit facilities in the Condensed Consolidated Balance Sheet.

On December 15, 2015, the Company entered into an agreement to purchase the property on which one of its dealerships is located for a purchase price of $550,000. Under the agreement, the purchase price is being paid in monthly principal and interest installments of $10,005. The debt matures in December 2020, bears interest at a rate of 3.50% and is secured by the property. The balance on this note payable was approximately $491,000 and $516,000 as of July 31, 2016 and April 30, 2016, respectively.

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Note G - Fair Value Measurements

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Fair Value Disclosures [Text Block]

G – Fair Value Measurements

The table below summarizes information about the fair value of financial instruments included in the Company’s financial statements at July 31, 2016 and April 30, 2016:

	July 31, 2016				April 30, 2016
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash	$	371	$	371	$	602	$	602
Finance receivables, net		352,548		283,251		334,793		268,926
Accounts payable		14,468		14,468		12,313		12,313
Revolving credit facilities and notes payable		117,534		117,534		107,902		107,902

Because no market exists for certain of the Company’s financial instruments, fair value estimates are based on judgments and estimates regarding yield expectations of investors, credit risk and other risk characteristics, including interest rate and prepayment risk. These estimates are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows:

Financial Instrument	Valuation Methodology
Cash	The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument.
Finance receivables, net	The Company estimates the fair value of its receivables at what a third party purchaser might be willing to pay. The Company has had discussions with third parties and has bought and sold portfolios, and had a third party appraisal in November 2012 that indicated a range of 35% to 40% discount to face would be a reasonable fair value in a negotiated third party transaction.  The sale of finance receivables from Car-Mart of Arkansas to Colonial is made at a 38.5% discount.  For financial reporting purposes these sale transactions are eliminated. Since the Company does not intend to offer the receivables for sale to an outside third party, the expectation is that the net book value at July 31, 2016, will ultimately be collected. By collecting the accounts internally the Company expects to realize more than a third party purchaser would expect to collect with a servicing requirement and a profit margin included.
Accounts payable	The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument.
Revolving credit facilities and notes payable	The fair value approximates carrying value due to the variable interest rates charged on the revolving credit facilities, which reprice frequently.

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Note H - Weighted Average Shares Outstanding

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Weighted Average Shares Outstanding [Text Block]

H – Weighted Average Shares Outstanding

Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows:

	Three Months Ended July 31,
	2016		2015
Weighted average shares outstanding-basic		7,948,925		8,513,440
Dilutive options and restricted stock		236,152		396,157
Weighted average shares outstanding-diluted		8,185,077		8,909,597
Antidilutive securities not included:
Options		410,500		258,000
Restricted stock		9,000		-

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Note I - Stock-based Compensation

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

I – Stock-Based Compensation

The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at July 31, 2016 are the Amended and Restated Stock Option Plan and the Amended and Restated Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of approximately $532,000 ($334,000 after tax effects) and $664,000 ($416,000 after tax effects) for the three months ended July 31, 2016 and 2015, respectively. Tax benefits were recognized for these costs at the Company’s overall effective tax rate.

Stock Options

The Company has options outstanding under two stock option plans approved by the shareholders, the 1997 Stock Option Plan (“1997 Plan”) and the Amended and Restated Stock Option Plan, formerly the 2007 Stock Option Plan (the “2007 Plan”). While previously granted options remain outstanding, no additional option grants may be made under the 1997 Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, which extended the term of the Restated Option Plan to June 10, 2025 and increased the number of shares of common stock reserved for issuance under the plan to 1,800,000 shares. The Restated Option Plan provides for the grant of options to purchase shares of the Company’s common stock to employees, directors and certain advisors of the Company at a price not less than the fair market value of the stock on the date of grant and for periods not to exceed ten years. Options granted under the Company’s stock option plans expire in the calendar years 2017 through 2026.

	1997 Plan			Restated Option Plan
Minimum exercise price as a percentage of fair market value at date of grant		100	%		100	%
Last expiration date for outstanding options		July 2, 2017			May 1, 2026
Shares available for grant at July 31, 2016		-			272,500

The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below.

	Three Months Ended July 31,
	2016			2015
Expected term (years)		5.5			5.5
Risk-free interest rate		1.32	%		1.56	%
Volatility		36	%		34	%
Dividend yield		-			-

The expected term of the options is based on evaluations of historical actual and future expected employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not historically issued any dividends and does not expect to do so in the foreseeable future.

There were 30,000 options granted during the three months ended July 31, 2016 and 238,750 options granted during the three months ended July 31, 2015. The grant-date fair value of options granted during the three months ended July 31, 2016 and 2015 was $279,000 and $4.3 million, respectively. The options were granted at fair market value on the date of grant.

Stock option compensation expense on a pre-tax basis was $507,000 ($318

,000 after tax effects)

and $627,000 (

$393,000 after tax effects) for the three months

ended July 31, 2016 and 2015, respectively.

As of July 31, 2016, the Company had approximately $3.5 million of total unrecognized compensation cost related to unvested options that are expected to vest. These unvested outstanding options have a weighted-average remaining vesting period of 3.5 years.

In May 2015, key employees of the Company were granted 99,750 performance based stock options with a five-year performance period ending April 30, 2020. An additional 40,000 such options were granted to key employees of the Company in August 2015. Tiered vesting of these units is based solely on comparing the Company’s net income over the specified performance period to net income at April 30, 2015. As of July 31, 2016, the Company had $1.1 million in unrecognized compensation expense related to 66,500 of these options that are not currently expected to vest.

The aggregate intrinsic value of outstanding options at July 31, 2016 and 2015 was $12.2 million and $21.4 million, respectively.

The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows.

	Three Months Ended July 31,
(Dollars in thousands)	2016		2015
Options exercised		3,750		17,750
Cash received from option exercises	$	77	$	245
Intrinsic value of options exercised	$	14	$	690

As of July 31, 2016 there were 930,250 vested and exercisable stock options outstanding with an aggregate intrinsic value of $11.8 million and a weighted average remaining contractual life of 3.4 years and a weighted average exercise price of $23.44.

Stock Incentive Plan

On October 14, 2009, the shareholders of the Company approved an amendment to the Company’s Stock Incentive Plan that increased the number of shares of common stock that may be issued under the Stock Incentive Plan to 350,000.  On August 5, 2015, the shareholders of the Company approved the Amended and Restated Stock Incentive Plan, which extended the term of the Stock Incentive Plan to June 10, 2025. For shares issued under the Stock Incentive Plan, the associated compensation expense is generally recognized equally over the vesting periods established at the award date and is subject to the employee’s continued employment by the Company.

There were no restricted shares granted during the first three months of fiscal 2017 or fiscal 2016. A total of 178,027 shares remained available for award at July 31, 2016.

There were 9,000 unvested shares at July 31, 2016 with a weighted average grant date fair value of $52.10.

The Company recorded compensation cost of approximately $18,000

($11,000 after tax effects)

and $25,000 (

$16,000 after tax effects)

related to the Stock Incentive Plan during the three months ended July 31, 2016 and 2015, respectively. As of July 31, 2016, the Company had approximately $352,000of total unrecognized compensation cost related to unvested awards granted under the Stock Incentive Plan, which the Company expects to recognize over a weighted-average remaining period of 3.8 years.

There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2016 or during the first three months of fiscal 2017.

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Note J - Commitments and Contingencies

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

J – Commitments and Contingencies

The Company has a standby letter of credit relating to an insurance policy totaling $1 million at July 31, 2016.

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Note K - Supplemental Cash Flow Information

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

K - Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:

	Three Months Ended July 31,
(in thousands)	2016		2015
Supplemental disclosures:
Interest paid	$	944	$	990
Income taxes paid, net		451		86
Non-cash transactions:
Inventory acquired in repossession and payment protection plan claims		8,569		11,743
Loss accrued on disposal of property and equipment		400		-

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Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Segment Reporting, Policy [Policy Text Block]

Segment Information

Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one reportable segment.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Risk

The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 31% of revenues resulting from sales to Arkansas customers.

Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in October 2017. The Company expects that these credit facilities will be renewed or refinanced on or before the scheduled maturity dates.

Line of Credit Facility, Dividend Restrictions [Policy Text Block]

Restrictions on Distributions/Dividends

The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 million beginning October 8, 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30% of the sum of the borrowing bases, or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents.

Finance, Loans and Leases Receivable, Policy [Policy Text Block]

Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses

The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts typically carry an interest rate of 15% using the simple effective interest method including any deferred fees. In May 2016, the Company increased its retail installment sales contract interest rate from 15.0% to 16.5% in response to continued high levels of credit losses. Contract origination costs are not significant. The installment sale contracts are not pre-computed contracts whereby borrowers are obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the contract. Finance receivables are collateralized by vehicles sold and consist of contractually scheduled payments from installment contracts net of unearned finance charges and an allowance for credit losses. Unearned finance charges represent the balance of interest receivable to be earned over the entire term of the related installment contract, less the earned amount ($2.2 million at July 31, 2016 and $1.7 million April 30, 2016 on the Condensed Consolidated Balance Sheets), and as such, have been reflected as a reduction to the gross contract amount in arriving at the principal balance in finance receivables

.

An account is considered delinquent when the customer is one day or more behind on their contractual payments. While the Company does not formally place contracts on nonaccrual status, the immaterial amount of interest that may accrue after an account becomes delinquent up until the point of resolution via repossession or write-off, is reserved for against the accrued interest on the Condensed Consolidated Balance Sheets. Delinquent contracts are addressed and either made current by the customer, which is the case in most situations, or the vehicle is repossessed or written off if the collateral cannot be recovered quickly. Customer payments are set to match their payday with approximately 73% of payments due on either a weekly or bi-weekly basis. The frequency of the payment due dates combined with the declining value of collateral lead to prompt resolutions on problem accounts. At July 31, 2016, 4.4% of the Company’s finance receivable balances were 30 days or more past due compared to 3.8% at July 31, 2015.

Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit.

The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two days late are sent a notice in the mail. Accounts three days late are contacted by telephone. Notes from each telephone contact are electronically maintained in the Company’s computer system. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions beyond the extension of additional time are granted to customers at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership, or sold for cash on a wholesale basis primarily through physical or online auctions.

The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. For the quarter ended July 31, 2016, on average, accounts were approximately 60 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses.

The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding.  At July 31, 2016, the weighted average total contract term was 31.7 months with 23.3 months remaining. The reserve amount in the allowance for credit losses at July 31, 2016, $108.0 million, was 25% of the principal balance in finance receivables of $460.6 million, less unearned payment protection plan revenue of $18.1 million and unearned service contract revenue of $10.4 million.

The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors:

•      The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one year to five years.

•      The average net repossession and charge-off loss per unit during the last eighteen months segregated by the number of months since the contract origination date and adjusted for the expected future average net charge-off loss per unit.  About 50% of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date.  The average age of an account at charge-off date for the eighteen-month period ended July 31, 2016 was 11.8 months.

•      The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen months.

A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the funding side have historically had a more significant effect on collection results than macro-economic issues.

In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at July 31, 2016 or 2015.

Inventory, Policy [Policy Text Block]

Inventory

Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. If the fair value of the reporting unit falls below its carrying value, the Company performs the second step of the two-step goodwill impairment process to determine the amount, if any, that the goodwill is impaired. The second step involves determining the fair value of the identifiable assets and liabilities and the implied goodwill. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no impairment of goodwill during fiscal 2016, and to date, there has been no impairment during fiscal 2017.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method, generally over the following estimated useful lives:

Furniture, fixtures and equipment (years)	3	to	7
Leasehold improvements (years)	5	to	15
Buildings and improvements (years)	18	to	39

Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying values of the impaired assets exceed the fair value of such assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Cash Overdraft [Policy Text Block]

Cash Overdraft

As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of the revolving credit facilities. Any cash overdraft balance principally represents outstanding checks that as of the balance sheet date had not yet been presented for payment, net of any deposits in transit. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Deferred Sales Tax [Policy Text Block]

Deferred Sales Tax

Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax

liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Income Tax, Policy [Policy Text Block]

Income Taxes

Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense.

Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open.

The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2013.

The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of July 31, 2016 or April 30, 2016.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs.

Revenues from the sale of used vehicles are recognized when financing, if applicable, has been approved, the sales contract is signed, and the customer has taken possession of the vehicle. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are initially deferred and then recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Payment protection plan revenues recognized are included in sales and related losses are included in cost of sales as incurred. Interest income is recognized on all active finance receivable accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off.

Sales consist of the following:

	Three Months Ended July 31,
(In thousands)	2016		2015
Sales – used autos	$	112,735	$	110,647
Wholesales – third party		5,417		5,619
Service contract sales		6,761		6,812
Payment protection plan revenue		4,771		4,517
Total	$	129,684	$	127,595

At July 31, 2016 and 2015, finance receivables more than 90 days past due were approximately $1.7 million and $1.4 million, respectively. Late fee revenues totaled approximately $461,000 and $526,000 for the three months ended July 31, 2016 and 2015, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations.

Earnings Per Share, Policy [Policy Text Block]

Earnings per Share

Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met.

Treasury Stock [Policy Text Block]

Treasury Stock

The Company purchased 273,092 shares of its common stock to be held as treasury stock for a total cost of $7.2 million during the first three months of fiscal 2017 and 46,000 shares for a total cost of $2.3 million during the first three months of fiscal 2016. Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. During fiscal 2016, the Company established a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

Revenue Recognition

. In May 2014, the FASB issued ASU 2014-09,

Revenue from Contracts with Customers

(Topic 606), which supersedes existing revenue recognition guidance. The new guidance in ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14,

Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date

, to provide entities with an additional year to implement ASU 2014-09. As a result, the guidance in ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017, using one of two retrospective application methods. The Company is currently evaluating the potential effects of the adoption of this update on the consolidated financial statements.

Leases

. In February 2016, the FASB issued ASU 2016-02,

Leases

. The new guidance requires that lessees recognize all leases, including operating leases, with a term greater than 12 months on-balance sheet and also requires disclosure of key information about leasing transactions. The guidance in ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Stock Compensation

.

In March 2016, the FASB issued ASU 2016-09,

Improvements to Employee Share-Based Payment Accounting

, which aims to simplify aspects of accounting for share-based payment transactions, including: presenting the excess tax benefit or deficit from the exercise or vesting of share-based payments in the income statement, a revision to the criteria for classifying an award as equity or liability, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and certain classifications on the statement of cash flows. In addition, the new guidance eliminates the excess tax benefit from the assumed proceeds calculation under the treasury stock method for purposes of calculating diluted shares. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2016. Certain provisions of ASU 2016-09 are required to be adopted prospectively, notably the requirement to recognize the excess tax benefit or deficit in the income statement, while other provisions require modified retrospective application or in some cases full retrospective application.

The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Credit Losses

. In June 2016, the FASB issued ASU 2016-13,

Financial Instruments — Credit Losses

(Topic 326). ASU 2016-13 requires financial assets such as loans to be presented net of an allowance for credit losses that reduces the cost basis to the amount expected to be collected over the estimated life. Expected credit losses will be measured based on historical experience and current conditions, as well as forecasts of future conditions that affect the collectability of the reported amount. ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2019, using a modified retrospective approach. The Company is currently evaluating the potential effects of the adoption of this guidance on the consolidated financial statements.

Reclassification, Policy [Policy Text Block]

Reclassifications

The Company has made reclassifications to certain amounts in the accompanying Condensed Consolidated Balance Sheet as of April 30, 2016. The reclassifications did not have an impact on net income or earnings per share.

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Note B - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Property, Plant, and Equipment Useful Life [Table Text Block]

Furniture, fixtures and equipment (years)	3	to	7
Leasehold improvements (years)	5	to	15
Buildings and improvements (years)	18	to	39

Revenue from External Customers by Products and Services [Table Text Block]

	Three Months Ended July 31,
(In thousands)	2016		2015
Sales – used autos	$	112,735	$	110,647
Wholesales – third party		5,417		5,619
Service contract sales		6,761		6,812
Payment protection plan revenue		4,771		4,517
Total	$	129,684	$	127,595

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Note C - Finance Receivables, Net (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

(In thousands)	July 31, 2016			April 30, 2016
Gross contract amount	$	532,620		$	504,149
Less unearned finance charges		(72,050	)		(66,871	)
Principal balance		460,570			437,278
Less allowance for credit losses		(108,022	)		(102,485	)
Finance receivables, net	$	352,548		$	334,793

Change In Finance Receivables Net [Table Text Block]

	Three Months Ended July 31,
(In thousands)	2016			2015
Balance at beginning of period	$	334,793		$	324,144
Finance receivable originations		120,848			117,341
Finance receivable collections		(58,036	)		(58,943	)
Provision for credit losses		(33,381	)		(35,345	)
Losses on claims for payment protection plan		(3,107	)		(3,155	)
Inventory acquired in repossession and payment protection plan claims		(8,569	)		(11,743	)
Balance at end of period	$	352,548		$	332,299

Allowance for Credit Losses on Financing Receivables [Table Text Block]

	Three Months Ended July 31,
(In thousands)	2016			2015
Balance at beginning of period	$	102,485		$	93,224
Provision for credit losses		33,381			35,345
Charge-offs, net of recovered collateral		(27,844	)		(32,987	)
Balance at end of period	$	108,022		$	95,582

Past Due Financing Receivables [Table Text Block]

(Dollars in thousands)	July 31, 2016					April 30, 2016					July 31, 2015
	Principal Balance		Percent of Portfolio			Principal Balance		Percent of Portfolio			Principal Balance		Percent of Portfolio
Current	$	381,685		82.88	%	$	378,631		86.59	%	$	355,263		83.03	%
3 - 29 days past due		58,740		12.75	%		45,631		10.43	%		56,247		13.15	%
30 - 60 days past due		14,749		3.20	%		8,429		1.93	%		12,030		2.81	%
61 - 90 days past due		3,728		0.81	%		3,498		0.80	%		2,955		0.69	%
> 90 days past due		1,668		0.36	%		1,089		0.25	%		1,386		0.32	%
Total	$	460,570		100.00	%	$	437,278		100.00	%	$	427,881		100.00	%

Financing Receivable Credit Quality Indicators [Table Text Block]

	Three Months Ended July 31,
	2016			2015
Principal collected as a percent of average finance receivables		13.0	%		14.0	%
Average down-payment percentage		6.0	%		6.6	%
Average originating contract term (in months )		29.3			28.2

Financing Receivable Contract Terms [Table Text Block]

	July 31, 2016		July 31, 2015
Portfolio weighted average contract term, including modifications (in months )		31.7		30.4

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Note D - Property and Equipment (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Property, Plant and Equipment [Table Text Block]

(In thousands)	July 31, 2016			April 30, 2016
Land	$	6,711		$	6,711
Buildings and improvements		11,955			11,928
Furniture, fixtures and equipment		15,017			14,941
Leasehold improvements		23,579			23,308
Construction in progress		430			250
Less accumulated depreciation and amortization		(23,510	)		(22,383	)
Total	$	34,182		$	34,755

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Note E - Accrued Liabilities (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

(In thousands)	July 31, 2016		April 30, 2016
Employee compensation	$	5,527	$	3,684
Cash overdrafts (see Note B)		2,088		-
Deferred sales tax (see Note B)		2,869		2,736
Other		4,772		4,825
Total	$	15,256	$	11,245

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Note F - Debt Facilities (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

(In thousands)
	Aggregate		Interest		Balance at
	Amount		Rate	Maturity	July 31, 2016		April 30, 2016
Revolving credit facilities	$	172,500	LIBOR + 2.375%	October 8, 2017	$	117,369	$	107,386
			(2.86% at July 31, 2016 and 2.81% at April 30, 2016)

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Note G - Fair Value Measurements (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	July 31, 2016				April 30, 2016
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash	$	371	$	371	$	602	$	602
Finance receivables, net		352,548		283,251		334,793		268,926
Accounts payable		14,468		14,468		12,313		12,313
Revolving credit facilities and notes payable		117,534		117,534		107,902		107,902

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Note H - Weighted Average Shares Outstanding (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended July 31,
	2016		2015
Weighted average shares outstanding-basic		7,948,925		8,513,440
Dilutive options and restricted stock		236,152		396,157
Weighted average shares outstanding-diluted		8,185,077		8,909,597
Antidilutive securities not included:
Options		410,500		258,000
Restricted stock		9,000		-

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Note I - Stock-based Compensation (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Stock Option Plan Comparison [Table Text Block]

	1997 Plan			Restated Option Plan
Minimum exercise price as a percentage of fair market value at date of grant		100	%		100	%
Last expiration date for outstanding options		July 2, 2017			May 1, 2026
Shares available for grant at July 31, 2016		-			272,500

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Three Months Ended July 31,
	2016			2015
Expected term (years)		5.5			5.5
Risk-free interest rate		1.32	%		1.56	%
Volatility		36	%		34	%
Dividend yield		-			-

Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block]

	Three Months Ended July 31,
(Dollars in thousands)	2016		2015
Options exercised		3,750		17,750
Cash received from option exercises	$	77	$	245
Intrinsic value of options exercised	$	14	$	690

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Note K - Supplemental Cash Flow Information (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Three Months Ended July 31,
(in thousands)	2016		2015
Supplemental disclosures:
Interest paid	$	944	$	990
Income taxes paid, net		451		86
Non-cash transactions:
Inventory acquired in repossession and payment protection plan claims		8,569		11,743
Loss accrued on disposal of property and equipment		400		-

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Note A - Organization and Business (Details Textual)	3 Months Ended
	Jul. 31, 2016
Number of Operating Subsidiaries	2
Number of Stores	143

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Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended	18 Months Ended
	May 30, 2016	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016	Jul. 31, 2016	Apr. 30, 2015
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Arkansas, USA [Member]
Concentration Risk, Percentage		31.00%
Maximum [Member]
Financing Receivable Interest Rate	16.50%	16.50%		15.00%
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period		5 years
Minimum [Member]
Financing Receivable Interest Rate		15.00%
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period		1 year
Payment Protection Plan [Member]
Deferred Revenue		$ 18,116,000		$ 17,304,000	$ 18,116,000
Service Contract [Member]
Deferred Revenue		10,369,000		10,035,000	10,369,000
Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues		0	$ 0		0
Goodwill, Impairment Loss		0		0
Income Tax Examination, Penalties and Interest Accrued		$ 0		0	$ 0
Number of Reportable Segments		1
Line of Credit Facility,Distribution Limitations Maximum Aggregate Amount of Stock Repurchases		$ 40,000,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases		30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income		75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available		12.50%
Interest Earned on Financing Receivables		$ 2,200,000		1,700,000
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage		73.00%
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio		4.40%	3.80%		4.40%
Financing Receivable, Average Days Past Due At Charge Off		60 days
Financing Receivable, Weighted Average Contractual Term		2 years 231 days
Financing Receivable, Weighted Average Remaining Contractual Term		1 year 339 days
Financing Receivable, Allowance for Credit Losses		$ 108,022,000	$ 95,582,000	102,485,000	$ 108,022,000	$ 93,224,000
Finance Receivables, Percent of Principle Balance, Net Deferred Revenue		25.00%			25.00%
Finance Receivable Principal Balance		$ 460,570,000	427,881,000	437,278,000	$ 460,570,000
Percentage of Receivable Charge-Offs		50.00%			50.00%
Average Age of Account at Charge-Off Date					354 days
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due		$ 1,668,000	1,386,000	$ 1,089,000	$ 1,668,000
Late Fee Income Generated by Servicing Financial Assets, Amount		$ 461,000	$ 526,000
Stock Repurchased During Period, Shares		273,092	46,000
Stock Repurchased During Period, Value		$ 7,200,000	$ 2,300,000
Treasury Stock, Shares to Establish Reserve Account to Secure Service Contracts		10,000

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Note B - Property and Equipment, Estimated Useful Lives (Details)	3 Months Ended
	Jul. 31, 2016
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment Useful Lives	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment Useful Lives	7 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment Useful Lives	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment Useful Lives	15 years
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment Useful Lives	18 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment Useful Lives	39 years

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Note B - Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Sales Used Autos [Member]
Sales	$ 112,735	$ 110,647
Wholesales Third Party [Member]
Sales	5,417	5,619
Service Contract Sales [Member]
Sales	6,761	6,812
Payment Protection Plan Revenue [Member]
Sales	4,771	4,517
Sales	$ 129,684	$ 127,595

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Note C - Finance Receivables, Net (Details Textual)	1 Months Ended	3 Months Ended		12 Months Ended
	May 30, 2016	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016	Apr. 30, 2015
Minimum [Member]
Financing Receivable Interest Rate		15.00%
Financing Receivable Payment Period		1 year 180 days
Maximum [Member]
Financing Receivable Interest Rate	16.50%	16.50%		15.00%
Financing Receivable Payment Period		3 years 180 days
Finance Receivables, Weighted Average Interest Rate		15.16%
Finance Receivables, Number of Loan Classes		1
Finance Receivables, Number of Risk Pools		1
Net Charge Offs as Percentage of Average Finance Receivables		6.20%	7.80%
Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables		4.40%	3.80%	3.00%	5.80%
Collections as Percentage of Average Financing Receivables		13.00%	14.00%

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Note C - Components of Finance Receivables (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016	Jul. 31, 2015	Apr. 30, 2015
Gross contract amount	$ 532,620	$ 504,149
Less unearned finance charges	(72,050)	(66,871)
Principal balance	460,570	437,278	$ 427,881
Less allowance for credit losses	(108,022)	(102,485)	(95,582)	$ (93,224)
Finance receivables, net	$ 352,548	$ 334,793	$ 332,299	$ 324,144

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Note C - Changes in Finance Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Balance at beginning of period	$ 334,793	$ 324,144
Finance receivable originations	120,848	117,341
Finance receivable collections	(58,036)	(58,943)
Provision for credit losses	(33,381)	(35,345)
Losses on claims for payment protection plan	(3,107)	(3,155)
Inventory acquired in repossession and payment protection plan claims	(8,569)	(11,743)
Balance at end of period	$ 352,548	$ 332,299

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Note C - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Balance at beginning of period	$ 102,485	$ 93,224
Provision for credit losses	33,381	35,345
Charge-offs, net of recovered collateral	(27,844)	(32,987)
Balance at end of period	$ 108,022	$ 95,582

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Note C - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016	Jul. 31, 2015
Current, Principal Balance	$ 381,685	$ 378,631	$ 355,263
Current, Percent of Portfolio	82.88%	86.59%	83.03%
3 - 29 days past due, Principal Balance	$ 58,740	$ 45,631	$ 56,247
3 - 29 days past due, Percent of Portfolio	12.75%	10.43%	13.15%
30 - 60 days past due, Principal Balance	$ 14,749	$ 8,429	$ 12,030
30 - 60 days past due, Percent of Portfolio	3.20%	1.93%	2.81%
61 - 90 days past due, Principal Balance	$ 3,728	$ 3,498	$ 2,955
61 - 90 days past due, Percent of Portfolio	0.81%	0.80%	0.69%
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due	$ 1,668	$ 1,089	$ 1,386
> 90 days past due, Percent of Portfolio	0.36%	0.25%	0.32%
Finance Receivable Principal Balance	$ 460,570	$ 437,278	$ 427,881
Total, Percent of Portfolio	100.00%	100.00%	100.00%

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Note C - Financing Receivables Analysis (Details)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Principal collected as a percent of average finance receivables	13.00%	14.00%
Average down-payment percentage	6.00%	6.60%
Average originating contract term (in months)	2 years 159 days	2 years 126 days

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Note C - Average Financing Receivable Contract Terms (Details)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Portfolio weighted average contract term, including modifications (in months)	2 years 231 days	2 years 192 days

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Note D - Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Land [Member]
Property and equipment	$ 6,711	$ 6,711
Building and Building Improvements [Member]
Property and equipment	11,955	11,928
Furniture, Fixtures and Equipment [Member]
Property and equipment	15,017	14,941
Leasehold Improvements [Member]
Property and equipment	23,579	23,308
Construction in Progress [Member]
Property and equipment	430	250
Less accumulated depreciation and amortization	(23,510)	(22,383)
Total	$ 34,182	$ 34,755

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Note E - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Employee compensation	$ 5,527	$ 3,684
Cash overdrafts (see Note B)	2,088
Deferred sales tax (see Note B)	2,869	2,736
Other	4,772	4,825
Total	$ 15,256	$ 11,245

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Note F - Debt Facilities (Details Textual) - USD ($)					3 Months Ended		9 Months Ended
	Dec. 15, 2015	Oct. 08, 2014	Jun. 24, 2013	Feb. 04, 2013	Jul. 31, 2016	Jul. 31, 2015	Jan. 31, 2016	Apr. 30, 2016	Feb. 18, 2016	Feb. 17, 2016	Feb. 13, 2014	Sep. 30, 2012	Mar. 09, 2012
Revolving Credit Facility [Member] | Minimum [Member]
Contract Term of Contracts Included by Credit Facilities Amendment				3 years
Revolving Credit Facility [Member] | Maximum [Member]
Contract Term of Contracts Included by Credit Facilities Amendment				3 years 180 days
Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 3 [Member]
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature			$ 55,000,000
Line of Credit Facility, Decrease in Pricing Tiers, Percent			0.25%
Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 4 [Member]
Maximum Allowable Capital Expenditures By Credit Facilities Amendment											$ 10,000,000
Revolving Credit Facility [Member] | Credit Facilities Amendment Number 5 [Member]
Line of Credit Facility Increase in Pricing Tiers Percent		0.125%
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases		$ 40,000,000
Dividend Restrictions Percentage of Sum of Borrowing Bases		30.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					2.375%		2.375%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 172,500,000				$ 172,500,000	$ 145,000,000		$ 145,000,000	$ 125,000,000
Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases					40,000,000
Line of Credit Facility, Total Increase in Borrowing Capacity									27,500,000
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature					$ 52,800,000				55,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature									$ 200,000,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases					30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income					75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available					12.50%
Note Payable Related to the Property Purchase Agreement [Member]
Debt Instrument, Face Amount	$ 550,000
Debt Instrument, Periodic Payment	$ 10,005
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Long-term Debt					$ 491,000			$ 516,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases					30.00%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income					75.00%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available					12.50%
Amortization of Debt Issuance Costs and Discounts					$ 70,000	$ 48,000
Debt Issuance Costs, Gross					$ 326,000			$ 396,000

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Note F - Summary of Revolving Credit Facilities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jul. 31, 2016	Jan. 31, 2016	Apr. 30, 2016	Feb. 18, 2016	Feb. 17, 2016	Sep. 30, 2012	Mar. 09, 2012
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	2.375%	2.375%
Revolving Credit Facility [Member]
Aggregate amount	$ 172,500,000			$ 172,500,000	$ 145,000,000	$ 145,000,000	$ 125,000,000
Maturity	Oct. 08, 2017
Revolving credit facilities and notes payable	$ 117,369,000		$ 107,386,000
Revolving credit facilities and notes payable	$ 117,534,000		$ 107,902,000

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Note G - Fair Value Measurements (Details Textual)	1 Months Ended
	Nov. 30, 2012
Minimum [Member]
Fair Value Inputs, Discount Rate	35.00%
Maximum [Member]
Fair Value Inputs, Discount Rate	40.00%
Fair Value Inputs, Discount Rate, Intercompany Transactions	38.50%

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Note G - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Reported Value Measurement [Member]
Cash	$ 371	$ 602
Finance receivables, net	352,548	334,793
Accounts payable	14,468	12,313
Revolving credit facilities and notes payable	117,534	107,902
Estimate of Fair Value Measurement [Member]
Cash	371	602
Finance receivables, net	283,251	268,926
Accounts payable	14,468	12,313
Revolving credit facilities and notes payable	$ 117,534	$ 107,902

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Note H - Weighted Average Shares of Common Stock Outstanding (Details) - shares	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Employee Stock Option [Member]
Antidilutive securities not included:
Antidilutive securities (in shares)	410,500	258,000
Restricted Stock [Member]
Antidilutive securities not included:
Antidilutive securities (in shares)	9,000
Basic (in shares)	7,948,925	8,513,440
Dilutive options and restricted stock (in shares)	236,152	396,157
Weighted average shares outstanding-diluted (in shares)	8,185,077	8,909,597

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Note I - Stock-based Compensation (Details Textual)	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2015 shares	May 31, 2015 shares	Jul. 31, 2016 USD ($) $ / shares shares	Jul. 31, 2015 USD ($) shares	Apr. 30, 2016 shares	Aug. 05, 2015 shares	Oct. 14, 2009 shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares			0		0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares			178,027
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares			9,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares			$ 52.10
Employee Stock Option [Member] | Restated Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Employee Stock Option [Member]
Allocated Share-based Compensation Expense			$ 507,000	$ 627,000
Allocated Share-based Compensation Expense, Net of Tax			$ 318,000	$ 393,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares			30,000	238,750
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value			$ 279,000	$ 4,300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 3,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 182 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	40,000	99,750
Employee Service Share-based Compensation, Not Currently Expected to Vest Awards, Compensation Cost Not yet Recognized			$ 1,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Not Currently Expected to Vest, Outstanding, Number | shares			66,500
Restated Option Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance | shares						1,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares			272,500
Stock Incentive Plan [Member]
Allocated Share-based Compensation Expense			$ 18,000	25,000
Allocated Share-based Compensation Expense, Net of Tax			11,000	16,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 352,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares							350,000
Allocated Share-based Compensation Expense			$ 532,000	664,000
Allocated Share-based Compensation Expense, Net of Tax			$ 334,000	416,000
Number of Stock Option Plans			2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 12,200,000	$ 21,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares			930,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value			$ 11,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term			3 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares			$ 23.44

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Note I - Stock Option Plan Comparison (Details)	3 Months Ended
	Jul. 31, 2016 shares
The 1997 Plan [Member]
Minimum exercise price as a percentage of fair market value at date of grant	100.00%
Last expiration date for outstanding options	Jul. 02, 2017
Restated Option Plan [Member]
Minimum exercise price as a percentage of fair market value at date of grant	100.00%
Last expiration date for outstanding options	May 01, 2026
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	272,500

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Note I - Options Valuation Assumptions (Details)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Expected term (years)	5 years 182 days	5 years 182 days
Risk-free interest rate	1.32%	1.56%
Volatility	36.00%	34.00%
Dividend yield

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Note I - Options Exercised (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Options exercised (in shares)	3,750	17,750
Cash received from option exercises	$ 77	$ 245
Intrinsic value of options exercised	$ 14	$ 690

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Note J - Commitments and Contingencies (Details Textual) $ in Millions	Jul. 31, 2016 USD ($)
Letters of Credit Outstanding, Amount	$ 1

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Note K - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Supplemental disclosures:
Interest paid	$ 944	$ 990
Income taxes paid, net	451	86
Non-cash transactions:
Inventory acquired in repossession and payment protection plan claims	8,569	11,743
Loss accrued on disposal of property and equipment	$ 400