Correction of Interim Consolidated Financial Statements

9 Months Ended

Mar. 31, 2015

Accounting Changes and Error Corrections [Abstract]

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