Cash America 2015 Annual Report Download - page 121

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shares will be issued upon vesting of the RSUs. RSU awards granted in 2015 to members of the Board of Directors
vest on the last day of each of the first 12 calendar months beginning with the month in which the awards were
granted, and shares will be issued 13 months after the grant date, unless the director has elected to defer the issuance
to a later date. For certain RSU awards granted to some officers in 2003, shares will be issued for vested RSUs upon
the officer’s separation from employment with the Company. In addition, for RSU awards granted prior to 2015,
some officers and members of the Board of Directors have elected to defer receipt of shares to be issued under
vested RSUs to dates that are later than the vesting date set forth in the award agreement. AsofDecember31,2015,
the outstanding RSUs granted to Company officers and certain employees had original vesting periods ranging from
two to 15 years and remaining vesting periods of up to four years.
In connection with the Enova Spin-off, the RSUs that were outstanding as of November 13, 2014 will be
payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms
of the Company’s long-term incentive plans and the applicable award agreements. The delivery of the Enova shares
will occur periodically based on the vesting terms of the award agreements. See Note 9 for more information about
the shares of Enova common stock that the Company has retained for delivery under the LTIPs.
In accordance with ASC 718, the total grant date fair value of RSU grants is amortized to expense based on
the requisite service period, which is in line with the applicable vesting period for each award, and the grant date
fair value of each RSU is based on the Company’s closing stock price on the day before the grant date. For those
RSU awards granted prior to the Enova Spin-off, the Company’s closing stock price used to measure the grant date
fair value has not been adjusted for the Enova Spin-off. For RSU awards granted before 2015 to executive officers
of the Company, a portion of these annual RSU grants vests over time, and another portion vests subject to the
Company’s achievement of certain performance objectives over a three-year period (“Performance RSUs”). RSU
awards granted in 2015 to executive officers did not include Performance RSUs. For Performance RSUs, the total
grant date fair value is based on the Company’s estimate at the time of the grant of the most probable outcome
expected to be achieved. The grant date fair values of the Performance RSUs granted in 2013 and 2014 were based
on the maximum number of RSUs that may vest under the award. Expense for Performance RSUs is recognized
over the vesting period and is adjusted for current expected performance levels. All RSU awards granted are subject
to clawback provisions.
CompensationexpenseforRSUstotaled$6.3million($4.0millionnetofrelatedtaxes),$4.1million
($2.6millionnetofrelatedtaxes)and$4.6million($2.9millionnetofrelatedtaxes)fortheyearsendedDecember
31, 2015, 2014 and 2013, respectively. Total estimated future compensation costs related to RSUs as of
December31,2015were$14.5million,whichwillberecognizedoveraweightedaveragevestingperiodof
approximately 3.3 years.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
117