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2010-06-30
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2009-06-30
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2010-06-30
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<div style="font-size:12pt"><p>1. Significant Accounting Policies and Nature of Operations.<br /><br />The interim financial statements of Rent-A-Center, Inc. included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC’s rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. We suggest that these financial statements be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2009. In our opinion, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly our results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.<br /><br />Principles of Consolidation and Nature of Operations. These financial statements include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Rent-A-Center” refer only to Rent-A-Center, Inc., the parent, and references to “we,” “us” and “our” refer to the consolidated business operations of Rent-A-Center and all of its direct and indirect subsidiaries. <br /><br />Our primary operating segment consists of leasing household durable goods to customers on a rent-to-own basis. We also offer merchandise on an installment sales basis in certain of our stores. At June 30, 2010, we operated 2,998 company-owned stores nationwide and in Canada and Puerto Rico, including 39 retail installment sales stores under the names “Get It Now” and “Home Choice,” and 18 rent-to-own stores in Canada under the names “Rent-A-Centre” and “Better Living.”<br /> <br />We also offer an array of financial services in certain of our existing stores under the names “RAC Financial Services” and “Cash AdvantEdge.” The financial services we offer include, but are not limited to, short term secured and unsecured loans, debit cards, check cashing and money transfer services. As of June 30, 2010, we offered financial services in 296 of our existing stores in 14 states.<br /><br />ColorTyme, Inc., an indirect wholly-owned subsidiary of Rent-A-Center, is a nationwide franchisor of rent-to-own stores. At June 30, 2010, ColorTyme had 204 franchised stores operating in 34 states. ColorTyme’s primary source of revenue is the sale of rental merchandise to its franchisees, who in turn offer the merchandise to the general public for rent or purchase under a rent-to-own program. The balance of ColorTyme’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues.</p><p>New Accounting Pronouncements. In June 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2009-17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities (“ASU 2009-17”), which changes various aspects of accounting for and disclosures of interests in variable interest entities. ASU 2009-17 is effective for interim and annual periods beginning after November 15, 2009.  The adoption of ASU 2009-17 had no effect on our consolidated statement of earnings, financial condition, statement of cash flows or earnings per share.<br /><br />From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of any other recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our consolidated financial statements upon adoption.<br /></p></div>
<div style="font-size:12pt"><p>2. Intangible Assets and Acquisitions.         <br /><br />Amortizable intangible assets consist of the following (in thousands):<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="19" width="19" align="center"><b> </b></td><td height="19" width="11" align="left"> </td><td height="19" width="1" align="left"> </td><td height="19" width="8" align="left"> </td><td height="19" width="13" align="left"> </td><td height="19" width="165" align="left"> </td><td height="19" width="40" align="center"><b> </b></td><td height="19" width="7" align="center"><b> </b></td><td width="182" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="19"><b>June 30, 2010</b></td><td height="19" width="16" align="center"><b> </b></td><td width="184" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="19"><b>December 31, 2009</b></td></tr><tr><td height="14" width="19" align="center"><b> </b></td><td height="14" width="11" align="left"> </td><td height="14" width="1" align="left"> </td><td height="14" width="8" align="left"> </td><td height="14" width="13" align="left"> </td><td height="14" width="165" align="left"> </td><td height="14" width="40" align="center"><b>Avg.</b></td><td height="14" width="7" align="center"><b> </b></td><td width="82" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"><b>Gross</b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="71"><b> </b></td><td height="14" width="16" align="center"><b> </b></td><td width="82" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"><b>Gross</b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="19"><b> </b></td><td height="14" style="border-top: 1px solid #000000;" align="center" width="71"><b> </b></td></tr><tr><td height="14" width="19" align="center"><b> </b></td><td height="14" width="11" align="left"> </td><td height="14" width="1" align="left"> </td><td height="14" width="8" align="left"> </td><td height="14" width="13" align="left"> </td><td height="14" width="165" align="left"> </td><td height="14" width="40" align="center"><b>Life</b></td><td height="14" width="7" align="center"><b> </b></td><td width="82" align="center" height="14" colspan="2"><b>Carrying</b></td><td height="14" width="12" align="center"><b> </b></td><td width="88" align="center" height="14" colspan="2"><b>Accumulated</b></td><td height="14" width="16" align="center"><b> </b></td><td width="82" align="center" height="14" colspan="2"><b>Carrying</b></td><td height="14" width="12" align="center"><b> </b></td><td width="90" align="center" height="14" colspan="2"><b>Accumulated</b></td></tr><tr><td height="16" width="19" align="center"><b> </b></td><td height="16" width="11" align="left"> </td><td height="16" width="1" align="left"> </td><td height="16" width="8" align="left"> </td><td height="16" width="13" align="left"> </td><td height="16" width="165" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="40"><b>(years)</b></td><td height="16" width="7" align="center"><b> </b></td><td width="82" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"><b>Amount</b></td><td height="16" width="12" align="center"><b> </b></td><td width="88" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"><b>Amortization</b></td><td height="16" width="16" align="center"><b> </b></td><td width="82" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"><b>Amount</b></td><td height="16" width="12" align="center"><b> </b></td><td width="90" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="16"><b>Amortization</b></td></tr><tr><td height="4" width="19" align="center"><b> </b></td><td height="4" width="11" align="left"> </td><td height="4" width="1" align="left"> </td><td height="4" width="8" align="left"> </td><td height="4" width="13" align="left"> </td><td height="4" width="165" align="left"> </td><td height="4" style="border-top: 1px solid #000000;" align="center" width="40"><b> </b></td><td height="4" width="7" align="center"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="14"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="68"><b> </b></td><td height="4" width="12" align="center"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="71"><b> </b></td><td height="4" width="16" align="center"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="14"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="68"><b> </b></td><td height="4" width="12" align="center"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="19"><b> </b></td><td height="4" style="border-top: 1px solid #000000;" align="center" width="71"><b> </b></td></tr><tr><td height="18" width="19" align="center"> </td><td height="18" width="11" align="left"> </td><td height="18" width="1" align="left"> </td><td width="186" align="left" height="18" colspan="3">Non-compete agreements …</td><td height="18" width="40" align="center">3 </td><td height="18" width="7" align="center"> </td><td height="18" width="14" align="right">$</td><td height="18" width="68" align="right">6,091 </td><td height="18" width="12" align="left"> </td><td height="18" width="17" align="right">$</td><td height="18" width="71" align="right">6,040 </td><td height="18" width="16" align="left"> </td><td height="18" width="14" align="right">$</td><td height="18" width="68" align="right">6,091 </td><td height="18" width="12" align="left"> </td><td height="18" width="19" align="right">$</td><td height="18" width="71" align="right">6,021 </td></tr><tr><td height="18" width="19" align="center"> </td><td height="18" width="11" align="left"> </td><td height="18" width="1" align="left"> </td><td width="186" align="left" height="18" colspan="3">Customer relationships ……</td><td height="18" width="40" align="center">2 </td><td height="18" width="7" align="center"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="14"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="68">62,356 </td><td height="18" width="12" align="center"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="71">61,920 </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="14"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="68">62,247 </td><td height="18" width="12" align="left"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="19"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="71">61,544 </td></tr><tr><td height="18" width="19" align="center"> </td><td height="18" width="11" align="left"> </td><td height="18" width="1" align="left"> </td><td height="18" width="8" align="left"> </td><td height="18" width="13" align="left"> </td><td height="18" width="165" align="left">Total ………………….</td><td height="18" width="40" align="center"> </td><td height="18" width="7" align="center"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="14">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68">68,447 </td><td height="18" width="12" align="left"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="17">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="71">67,960 </td><td height="18" width="16" align="left"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="14">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="68">68,338 </td><td height="18" width="12" align="left"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="19">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="71">67,565 </td></tr></table><p>The estimated remaining amortization expense, assuming current intangible balances and no new acquisitions, for each of the years ending December 31, is as follows (in thousands):<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="14" width="23" align="left"> </td><td height="14" width="75" align="left"><b> </b></td><td height="14" width="250" align="left"><b> </b></td><td height="14" width="119" align="left"> </td><td width="258" align="center" height="14" colspan="6"><b>Estimated</b></td><td height="14" width="65" align="left"><b> </b></td></tr><tr><td height="14" width="23" align="left"> </td><td height="14" width="75" align="left"><b> </b></td><td height="14" width="250" align="left"><b> </b></td><td height="14" width="119" align="left"> </td><td width="258" align="center" height="14" colspan="6"><b><u>Amortization Expense </u></b></td><td height="14" width="65" align="left"><b><u> </u></b></td></tr><tr><td height="18" width="23" align="left"> </td><td height="18" width="75" align="right">2010 </td><td width="443" align="left" height="18" colspan="4">…………………………………………………………………</td><td height="18" width="41" align="center"> </td><td height="18" width="16" align="center">$</td><td height="18" width="62" align="right">279 </td><td height="18" width="65" align="left"> </td><td height="18" width="65" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td height="18" width="75" align="right">2011 </td><td width="443" align="left" height="18" colspan="4">…………………………………………………………………</td><td height="18" width="41" align="center"> </td><td height="18" width="16" align="center"> </td><td height="18" width="62" align="right">194 </td><td height="18" width="65" align="left"> </td><td height="18" width="65" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td height="18" width="75" align="right">2012 </td><td width="443" align="left" height="18" colspan="4">…………………………………………………………………</td><td height="18" width="41" align="center"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="center" width="16"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="62">14 </td><td height="18" width="65" align="left"> </td><td height="18" width="65" align="left"> </td></tr><tr><td width="98" align="right" height="18" colspan="2">Total </td><td width="443" align="left" height="18" colspan="4">…………………………………………………………………</td><td height="18" width="41" align="center"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="center" width="16">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="62">487 </td><td height="18" width="65" align="left"> </td><td height="18" width="65" align="left"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="19" width="19" align="left"> </td><td width="631" align="left" height="19" colspan="9">A summary of the changes in recorded goodwill follows (in thousands):</td></tr><tr><td height="14" width="19" align="left"> </td><td height="14" width="12" align="left"> </td><td height="14" width="11" align="left"> </td><td height="14" width="401" align="left"> </td><td width="89" align="center" height="14" colspan="2"><b>June 30,</b></td><td height="14" width="16" align="left"> </td><td width="89" align="center" height="14" colspan="2"><b>December 31,</b></td><td height="14" width="13" align="left"> </td></tr><tr><td height="14" width="19" align="left"> </td><td height="14" width="12" align="left"><b> </b></td><td height="14" width="11" align="left"><b> </b></td><td height="14" width="401" align="left"><b> </b></td><td width="89" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"><b>2010 </b></td><td height="14" width="16" align="center"><b> </b></td><td width="89" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14"><b>2009 </b></td><td height="14" width="13" align="left"> </td></tr><tr><td height="2" width="19" align="left"> </td><td height="2" width="12" align="left"><b> </b></td><td height="2" width="11" align="left"><b> </b></td><td height="2" width="401" align="left"><b> </b></td><td height="2" style="border-top: 1px solid #000000;" align="center" width="14"><b> </b></td><td height="2" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td><td height="2" width="16" align="center"><b> </b></td><td height="2" style="border-top: 1px solid #000000;" align="center" width="14"><b> </b></td><td height="2" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td><td height="2" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td width="424" align="left" height="18" colspan="3">Gross balance as of January 1, ………………………………………</td><td height="18" width="14" align="right">$</td><td height="18" width="75" align="right">1,367,836 </td><td height="18" width="16" align="left"> </td><td height="18" width="14" align="right">$</td><td height="18" width="75" align="right">1,364,401 </td><td height="18" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td height="18" width="12" align="left"> </td><td width="412" align="left" height="18" colspan="2">Accumulated amortization …………………………………………</td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">(99,152)</td><td height="18" width="16" align="left"> </td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">(99,152)</td><td height="18" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td height="18" width="12" align="left"> </td><td width="412" align="left" height="18" colspan="2">Additions from acquisitions ………………………………………..</td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">970 </td><td height="18" width="16" align="left"> </td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">4,456 </td><td height="18" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td height="18" width="12" align="left"> </td><td width="412" align="left" height="18" colspan="2">Goodwill related to stores sold or closed………………………….</td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">(2,197)</td><td height="18" width="16" align="left"> </td><td height="18" width="14" align="right"> </td><td height="18" width="75" align="right">(1,552)</td><td height="18" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td height="18" width="12" align="left"> </td><td width="412" align="left" height="18" colspan="2">Post purchase price allocation adjustments ………………………..</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="14"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="75">34 </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="14"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="75">531 </td><td height="18" width="13" align="left"> </td></tr><tr><td height="18" width="19" align="left"> </td><td height="18" width="12" align="left"> </td><td height="18" width="11" align="left"> </td><td height="18" width="401" align="left">Balance as of the end of the period ………………………………</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="14">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75">1,267,491 </td><td height="18" width="16" align="left"> </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="14">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="75">1,268,684 </td><td height="18" width="13" align="left"> </td></tr></table><p>Additions to goodwill due to acquisitions in the first six months of 2010 were tax deductible.</p></div>
<div style="font-size:12pt"><p>3. Income Taxes. We are subject to federal, state, local and foreign income taxes. Along with our U.S. subsidiaries, we file a U.S. federal consolidated income tax return. We are no longer subject to U.S. federal, state, foreign and local income tax examinations by tax authorities for years before 2001. The IRS has concluded its examination of our federal income tax returns for the years 2001 through 2007. Through either the examination or the appeals process, we reached agreement on all issues except one issue with respect to the 2003 to 2007 tax years. We believe the position and supporting case law applied by the IRS with respect to this one issue are incorrectly applied to our situation and that our fact pattern is distinguishable from the IRS’ position. We intend to vigorously defend our position on the issue and, accordingly, we filed in April 2009 a petition for the issue to be heard in the United States Tax Court. This trial was rescheduled and we now expect it to commence in late 2010. Currently, our tax returns are also under examination in various states. We do not anticipate that adjustments, if any, regarding the 2003 through 2007 disputed issue or state examinations will result in a material impact on our consolidated statement of earnings, financial condition, statement of cash flows or earnings per share. <br /><br />In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate based on forecasted annual income, permanent items, statutory tax rates and tax planning opportunities in the various jurisdictions in which we operate.  Significant factors that could impact the annual effective tax rate include management's assessment of certain tax matters and the composition of taxable income between the various jurisdictions in which we operate.  We recognize the impact of significant discrete items separately in the quarter in which they occur.  <br /><br />We provide for uncertain tax positions and related interest and penalties and adjust our unrecognized tax benefits, accrued interest and penalties in the normal course of our business. At June 30, 2010, our unrecognized tax benefits are unchanged from December 31, 2009.</p></div>
<div style="font-size:12pt"><p>4.        Fair Value. At June 30, 2010, our financial instruments include cash and cash equivalents, receivables, payables, and senior debt. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at June 30, 2010 and December 31, 2009, because of the short maturities of these instruments. Our senior debt is variable rate debt that re-prices frequently and entails no significant change in credit risk and, as a result, fair value approximates carrying value. <br /><br />We use a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.<br /><br />We recorded charges for goodwill related to stores sold or closed of $1.4 million and $2.2 million for the three months and six months ended June 30, 2010, respectively.  These charges were determined using both a revenue method and trading multiples, which are Level 3 inputs based on our historical experience with store acquisitions and divestitures.</p></div>
<div style="font-size:12pt"><p>5.        Repurchases of Outstanding Securities. Our Board of Directors has authorized a common stock repurchase program, permitting us to purchase, from time to time, in the open market and privately negotiated transactions, up to an aggregate of $600.0 million of Rent-A-Center common stock. We have repurchased a total of 20,153,215 shares and 19,884,850 shares of Rent-A-Center common stock for an aggregate purchase price of $473.1 million and $466.6 million as of June 30, 2010 and December 31, 2009, respectively, under this common stock repurchase program. For the period January 1, 2010 through July 30, 2010, we have repurchased a total of 268,365 shares for $6.5 million in cash.</p></div>
<div style="font-size:12pt"><p>6. Earnings Per Share.         <br /><br />Basic and diluted earnings per common share were calculated as follows:<br />        </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="18" width="23" align="left"> </td><td height="18" width="260" align="left"> </td><td height="18" width="13" align="left"><b> </b></td><td height="18" width="12" align="left"><b> </b></td><td width="315" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="18"><b>Three months ended June 30, 2010</b></td><td height="18" width="19" align="left"> </td></tr><tr><td height="15" width="23" align="left"> </td><td height="15" width="260" align="left"><b> </b></td><td height="15" width="13" align="left"><b> </b></td><td height="15" width="12" align="left"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td width="96" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"><b>Weighted </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" width="19" align="left"> </td></tr><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"><b>(In thousands, except per share data)</b></td><td height="20" width="13" align="left"><b> </b></td><td width="108" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Net Earnings</b></td><td height="20" width="16" align="center"><b> </b></td><td width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="20"><b>Average Shares</b></td><td height="20" width="16" align="center"><b> </b></td><td width="110" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Per Share</b></td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="19"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Basic earnings per common share …………</td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right">47,830 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="right"> </td><td height="18" width="79" align="right">65,945 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right"> 0.73 </td><td height="18" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Effect of dilutive stock options ……………</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="12"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79">               —</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79">828 </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right"> </td><td height="18" width="79" align="right"> </td><td height="18" width="19" align="left"> </td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="right"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" width="12" align="right"> </td><td height="8" width="79" align="right"> </td><td height="8" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Diluted earnings per common share ………</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">47,830 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">66,773 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79"> 0.72 </td><td height="18" style="border-bottom: 3px double #000000;" align="left" width="19"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"> </td><td height="20" width="13" align="left"><b> </b></td><td height="20" width="12" align="left"><b> </b></td><td width="315" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="20"><b>Three months ended June 30, 2009</b></td><td height="20" width="19" align="left"> </td></tr><tr><td height="15" width="23" align="left"> </td><td height="15" width="260" align="left"><b> </b></td><td height="15" width="13" align="left"><b> </b></td><td height="15" width="12" align="left"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td width="96" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"><b>Weighted </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" width="19" align="left"> </td></tr><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"><b>(In thousands, except per share data)</b></td><td height="20" width="13" align="left"><b> </b></td><td width="108" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Net Earnings</b></td><td height="20" width="16" align="center"><b> </b></td><td width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="20"><b>Average Shares</b></td><td height="20" width="16" align="center"><b> </b></td><td width="110" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Per Share</b></td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="19"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Basic earnings per common share …………</td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right">41,945 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="right"> </td><td height="18" width="79" align="right">66,028 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right"> 0.64 </td><td height="18" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Effect of dilutive stock options ……………</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="12"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79"> —</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79">619 </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right"> </td><td height="18" width="79" align="right"> </td><td height="18" width="19" align="left"> </td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="right"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" width="12" align="right"> </td><td height="8" width="79" align="right"> </td><td height="8" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Diluted earnings per common share ………</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">41,945 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">66,647 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79"> 0.63 </td><td height="18" style="border-bottom: 3px double #000000;" align="left" width="19"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="18" width="23" align="left"> </td><td height="18" width="260" align="left"> </td><td height="18" width="13" align="left"><b> </b></td><td height="18" width="12" align="left"><b> </b></td><td width="315" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="18"><b>Six months ended June 30, 2010</b></td><td height="18" width="19" align="left"> </td></tr><tr><td height="15" width="23" align="left"> </td><td height="15" width="260" align="left"><b> </b></td><td height="15" width="13" align="left"><b> </b></td><td height="15" width="12" align="left"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td width="96" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"><b>Weighted </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" width="19" align="left"> </td></tr><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"><b>(In thousands, except per share data)</b></td><td height="20" width="13" align="left"><b> </b></td><td width="108" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Net Earnings</b></td><td height="20" width="16" align="center"><b> </b></td><td width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="20"><b>Average Shares</b></td><td height="20" width="16" align="center"><b> </b></td><td width="110" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Per Share</b></td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="19"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Basic earnings per common share …………</td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right">99,291 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="right"> </td><td height="18" width="79" align="right">65,822 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right"> 1.51 </td><td height="18" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Effect of dilutive stock options ……………</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="12"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79"> —</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79">823 </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right"> </td><td height="18" width="79" align="right"> </td><td height="18" width="19" align="left"> </td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="right"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" width="12" align="right"> </td><td height="8" width="79" align="right"> </td><td height="8" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Diluted earnings per common share ………</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">99,291 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">66,645 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79"> 1.49 </td><td height="18" style="border-bottom: 3px double #000000;" align="left" width="19"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"> </td><td height="20" width="13" align="left"><b> </b></td><td height="20" width="12" align="left"><b> </b></td><td width="315" align="center" colspan="8" style="border-bottom: 1px solid #000000;" height="20"><b>Six months ended June 30, 2009</b></td><td height="20" width="19" align="left"> </td></tr><tr><td height="15" width="23" align="left"> </td><td height="15" width="260" align="left"><b> </b></td><td height="15" width="13" align="left"><b> </b></td><td height="15" width="12" align="left"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="17"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td width="96" align="center" colspan="2" style="border-top: 1px solid #000000;" height="15"><b>Weighted </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="16"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="12"><b> </b></td><td height="15" style="border-top: 1px solid #000000;" align="center" width="79"><b> </b></td><td height="15" width="19" align="left"> </td></tr><tr><td height="20" width="23" align="left"> </td><td height="20" width="260" align="left"><b>(In thousands, except per share data)</b></td><td height="20" width="13" align="left"><b> </b></td><td width="108" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Net Earnings</b></td><td height="20" width="16" align="center"><b> </b></td><td width="96" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="20"><b>Average Shares</b></td><td height="20" width="16" align="center"><b> </b></td><td width="110" align="center" colspan="3" style="border-bottom: 1px solid #000000;" height="20"><b>Per Share</b></td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="left" width="19"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Basic earnings per common share …………</td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right">87,321 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="right"> </td><td height="18" width="79" align="right">66,012 </td><td height="18" width="17" align="right"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right">$</td><td height="18" width="79" align="right"> 1.32 </td><td height="18" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Effect of dilutive stock options ……………</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="12"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79"> —</td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="79">559 </td><td height="18" style="border-bottom: 1px solid #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" width="12" align="right"> </td><td height="18" width="79" align="right"> </td><td height="18" width="19" align="left"> </td></tr><tr><td height="8" width="23" align="left"> </td><td height="8" width="260" align="left"> </td><td height="8" width="13" align="left"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="12"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="right"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="79"> </td><td height="8" style="border-top: 1px solid #000000;" align="right" width="17"> </td><td height="8" width="16" align="left"> </td><td height="8" width="12" align="right"> </td><td height="8" width="79" align="right"> </td><td height="8" width="19" align="left"> </td></tr><tr><td height="18" width="23" align="left"> </td><td width="273" align="left" height="18" colspan="2">Diluted earnings per common share ………</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">87,321 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="right"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79">66,571 </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="17"> </td><td height="18" width="16" align="left"> </td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="12">$</td><td height="18" style="border-bottom: 3px double #000000;" align="right" width="79"> 1.31 </td><td height="18" style="border-bottom: 3px double #000000;" align="left" width="19"> </td></tr></table><p>For the three months ended June 30, 2010 and 2009, the number of stock options that were outstanding but not included in the computation of diluted earnings per common share and, therefore anti-dilutive, was 1,933,176 and 2,899,246, respectively.<br /><br />For the six months ended June 30, 2010 and 2009, the number of stock options that were outstanding but not included in the computation of diluted earnings per common share and, therefore anti-dilutive, was 2,198,971 and 3,168,008, respectively.<br /></p></div>
<div style="font-size:12pt"><p>7.        Subsequent Events. On July 26, 2010, we announced that our Board of Directors declared a quarterly cash dividend of $0.06 per share on our shares of issued and outstanding common stock and increased the amount authorized under our common stock repurchase program by $100.0 million, from $500.0 million to $600.0 million. The dividend will be paid on August 26, 2010 to common stockholders of record as of the close of business on August 12, 2010. <br /><br />      We have evaluated events occurring subsequent to the date of our financial statements, and have recognized the effects of all subsequent events that provide additional evidence about conditions that existed at our balance sheet date of June 30, 2010, including estimates inherent in the process of preparing our financial statements. </p></div>
RENT A CENTER INC DE
0000933036
10-Q
2010-06-30
false
--12-31
Yes
No
Yes
Large Accelerated Filer
65985398
2010
Q2
Audited