Correction of Prior Year Interim Consolidated Financial Statements

6 Months Ended

Dec. 31, 2015

Accounting Changes and Error Corrections [Abstract]

Correction of Prior Year Interim Consolidated Financial Statements

2. Correction of Prior Year Interim Consolidated Financial Statements

We have revised the consolidated financial statements for the three and six months ended December 31, 2014 to correct errors in accounting for income taxes arising from long-term intercompany investments. We incorrectly recorded the 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 concluded the corrections were not material to the periods.

For the Periods Ended December 31, 2014	Three Months			Six Months
Consolidated statements of operations
As reported	​			​
Provision (benefit) for income taxes	​	$	1,885	​	$	4,223
Net income (loss)	​	​	15,405	​	​	35,886
Net income (loss) per share – basic	​	​	0.40	​	​	0.92
Net income (loss) per share – diluted	​	​	0.39	​	​	0.90
Correction	​			​
Provision (benefit) for income taxes	​	$	1,157	​	$	2,706
Net income (loss)	​	​	(1,157)	​	​	(2,706)
Net income (loss) per share – basic	​	​	(0.03)	​	​	(0.07)
Net income (loss) per share – diluted	​	​	(0.03)	​	​	(0.06)

As corrected	​		​
Provision (benefit) for income taxes	$	3,042	$	6,929
Net income (loss)	​	14,248	​	33,180
Net income (loss) per share – basic	​	0.37	​	0.85
Net income (loss) per share – diluted	​	0.36	​	0.84

Consolidated statements of comprehensive income

As reported	​		​
Net income (loss)	$	15,405	$	35,886
Other comprehensive income (loss)	​	(7,235)	​	(17,359)
Comprehensive income (loss)	​	8,170	​	18,527
Correction	​		​
Net income (loss)	$	(1,157)	$	(2,706)
Other comprehensive income (loss)	​	1,157	​	2,706
Comprehensive income (loss)	​	—	​	—
As corrected	​		​
Net income (loss)	$	14,248	$	33,180
Other comprehensive income (loss)	​	(6,078)	​	(14,653)
Comprehensive income (loss)	​	8,170	​	18,527

Consolidated statement of cash flows

As reported	​	​
Net income (loss)	$	35,886
Deferred income tax	​	(2,530)
Net cash provided (used) by operating activities	​	25,763
Correction	​	​
Net income (loss)	$	(2,706)
Deferred income tax	​	2,706
Net cash provided (used) by operating activities	​	—
As corrected	​	​
Net income (loss)	$	33,180
Deferred income tax	​	176
Net cash provided (used) by operating activities	​	25,763