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Correction of Interim Consolidated Financial Statements
9 Months Ended
Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]  
Correction of Interim Consolidated Financial Statements
2.
Correction of Interim Consolidated Financial Statements

This Amendment No. 1 corrects our previously issued interim consolidated financial statements for the three and nine months ended March 31, 2015 to correct errors in accounting for income taxes arising from long-term intercompany investments. We incorrectly recorded benefits in the provision for income taxes instead of recording the benefits in other comprehensive income. The correcting adjustments increased the provision for income taxes, reduced net income and increased other comprehensive income. We have restated the three and nine months ended March 31, 2015, because we concluded the corrections were material to the interim consolidated financial statements. This Amendment No. 1 also presents the effects of the corrections on the three months ended September 30, 2014, and the three and six months ended December 31, 2014. We concluded the corrections were not material to those periods. We will revise in future filings the consolidated financial statements for the three months ended September 30, 2014, and the three and six months ended December 31, 2014.

 
The effects of these corrections on the interim consolidated financial statements were:
Consolidated statements of operations
Three
Months
Three
Months
Three
Months
Six Months
Nine
Months
For the Periods Ended
September 30,
2014
December 31,
2014
March 31,
2015
December 31,
2014
March 31,
2015
(in thousands, except per share amount)
As reported
Provision (benefit) for income taxes
$ 2,338 $ 1,885 $ 3,419 $ 4,223 $ 7,642
Net income (loss)
20,481 15,405 19,425 35,886 55,311
Net income (loss) per share – basic
0.53 0.40 0.50 0.92 1.42
Net income (loss) per share – diluted
0.52 0.39 0.49 0.90 1.39
Correction
Provision (benefit) for income taxes
$ 1,549 $ 1,157 $ 2,729 $ 2,706 $ 5,435
Net income (loss)
(1,549) (1,157) (2,729) (2,706) (5,435)
Net income (loss) per share – basic
(0.04) (0.03) (0.07) (0.07) (0.14)
Net income (loss) per share – diluted
(0.04) (0.03) (0.07) (0.07) (0.14)
As corrected
Provision (benefit) for income taxes
$ 3,887 $ 3,042 $ 6,148 $ 6,929 $ 13,077
Net income (loss)
18,932 14,248 16,696 33,180 49,876
Net income (loss) per share – basic
0.49 0.37 0.43 0.85 1.28
Net income (loss) per share – diluted
0.48 0.36 0.42 0.84 1.25
Certain amounts may reflect rounding adjustments
Consolidated statements of comprehensive income
Three
Months
Three
Months
Three
Months
Six Months
Nine
Months
For the Periods Ended
September 30,
2014
December 31,
2014
March 31,
2015
December 31,
2014
March 31,
2015
(in thousands)
As reported
Net income (loss)
$ 20,481 $ 15,405 $ 19,425 $ 35,886 $ 55,311
Other comprehensive income (loss)
(10,124) (7,235) (18,946) (17,359) (36,305)
Comprehensive income (loss)
10,357 8,170 479 18,527 19,006
Correction
Net income (loss)
$ (1,549) $ (1,157) $ (2,729) $ (2,706) $ (5,435)
Other comprehensive income (loss)
1,549 1,157 2,729 2,706 5,435
Comprehensive income (loss)
As corrected
Net income (loss)
$ 18,932 $ 14,248 $ 16,696 $ 33,180 $ 49,876
Other comprehensive income (loss)
(8,575) (6,078) (16,217) (14,653) (30,870)
Comprehensive income (loss)
10,357 8,170 479 18,527 19,006
Consolidated balance sheets
As of
September 30,
2014
December 31,
2014
March 31,
2015
(in thousands)
As reported
Accumulated deficit
$ (76,767) $ (61,362) $ (41,937)
Accumulated other comprehensive income (loss)
(30,184) (37,419) (56,365)
Total stockholders’ equity
21,610 26,043 23,079
Correction
Accumulated deficit
$ (1,549) $ (2,706) $ (5,435)
Accumulated other comprehensive income (loss)
1,549 2,706 5,435
Total stockholders’ equity
As corrected
Accumulated deficit
$ (78,316) $ (64,068) $ (47,372)
Accumulated other comprehensive income (loss)
(28,635) (34,713) (50,930)
Total stockholders’ equity
21,610 26,043 23,079
Consolidated statements of cash flows
Three Months
Six Months
Nine Months
For the Periods Ended
September 30,
2014
December 31,
2014
March 31,
2015
(in thousands)
As reported
Net income (loss)
$ 20,481 $ 35,886 $ 55,311
Deferred income tax
(1,003) (2,530) (2,104)
Net cash provided (used) by operating activities
17,360 25,763 46,842
Correction
Net income (loss)
$ (1,549) $ (2,706) $ (5,435)
Deferred income tax
1,549 2,706 5,435
Net cash provided (used) by operating activities
As corrected
Net income (loss)
$ 18,932 $ 33,180 $ 49,876
Deferred income tax
546 176 3,331
Net cash provided (used) by operating activities
17,360 25,763 46,842