Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

2. Discontinued Operations

On November 13, 2014, the Company completed the Enova Spin-off by distributing net assets of $79.6 million through a distribution of Enova common shares to the Company’s shareholders. The Enova Spin-off was part of the Company’s strategy to focus on its core pawn operations business, and consequently, the net assets, operating results, and cash flows of the Company’s previously-held Enova business are presented separately as discontinued operations for the three and six months endedJune 30, 2014 and as of June 30, 2014.

Enova is now a stand-alone public company that separately reports its financial results. Due to differences between the basis of presentation for discontinued operations and the basis of presentation as a stand-alone

company, the financial results of Enova included within discontinued operations for the Company may not be indicative of actual financial results of Enova as a stand-alone company.

The carrying amounts of the major classes of the assets and liabilities for the discontinued operations as of June 30, 2014 are shown below (dollars in thousands):

	As of
	June 30, 2014
Assets
Cash and cash equivalents	$	79,785
Consumer loans, net	291,967
Other receivables and prepaid expenses	13,797
Current and deferred tax assets	25,798
Current assets of discontinued operations	411,347
Property and equipment, net	38,000
Goodwill	210,365
Other non-current assets	22,355
Non-current assets of discontinued operations	270,720
Total assets of discontinued operations	$	682,067
Liabilities
Accounts payable and accrued expenses	$	51,362
Note payable to Cash America International, Inc.	11,451
Current liabilities of discontinued operations	62,813
Deferred tax liabilities	48,759
Other liabilities	107
Long-term debt	493,863
Non-current liabilities of discontinued operations	542,729
Total liabilities of discontinued operations	$	605,542

Summarized income statements for the discontinued operations for the three and six months endedJune 30, 2014 are shown below (dollars in thousands, except per share data):

	Three Months Ended			Six Months Ended
	June 30, 2014			June 30, 2014
Total Revenue	$	201,482		$	409,947
Total Cost of Revenue	66,840			132,742
Net Revenue	134,642			277,205
Expenses
Operations and administration	72,264			140,431
Depreciation and amortization	4,316			8,434
Total Expenses	76,580			148,865
Income from Operations	58,062			128,340
Interest expense, net	(7,311		)	(12,065		)
Foreign currency transaction loss	(298		)	(397		)
Income before Income Taxes	50,453			115,878
Provision for income taxes	17,736			40,661
Net Income from Discontinued Operations	$	32,717		$	75,217
Diluted Income per Share from Discontinued Operations	$	1.12		$	2.56

The following table sets forth the supplemental cash flow information for the discontinued operations for the six months ended June 30,2014 (dollars in thousands):

	Six Months Ended
	June 30, 2014
Significant non-cash investing items
Consumer loans renewed	$	189,608