Cash America 2015 Annual Report Download - page 122

ThefollowingtablesummarizestheRSUactivityfortheyearsendedDecember31,2015,2014and2013:
YearEndedDecember31,
2015 2014 2013
Units
Weighted
Average
Fair Value
at Date of
Grant (a) Units
Weighted
Average
FairValue
atDateof
Grant (a) Units
Weighted
Average
FairValue
atDateof
Grant (a)
Outstanding at beginning of year 1,116,893 $ 29.36 766,695 $ 36.06 772,322 $ 32.57
Units granted 292,776 22.53 666,172 27.22 190,846 49.82
Shares issued (b) (112,757) 37.08 (154,851) 40.32 (127,087) 34.48
Units forfeited (109,128) 32.35 (161,123) 41.90 (69,386) 37.91
Outstanding at end of year 1,187,784 $ 26.67 1,116,893 $ 29.36 766,695 $ 36.06
Units vested at end of year 290,754 $ 25.70 303,276 $ 25.50 311,546 $ 24.98
(a) For RSU awards granted prior to the Enova Spin-off, the weighted average fair value at date of grant is based on the price of the
Company's common stock and has not been adjusted for the Enova Spin-off.
(b) Shares issued only include the Company’s common shares issued to satisfy RSU awards. See below or in Note 9 for information on the
shares of Enova common stock distributed to satisfy applicable RSU awards.
The Company satisfies its RSU awards by reissuing the Company’s common shares held in treasury when
RSU awards vest and are issued. In addition, when RSU awards vest and are issued, RSU recipients may elect to
have the Company withhold shares as partial payment of taxes for their issued RSUs, and the shares withheld
remain in treasury.FortheyearsendedDecember31,2015,2014and2013,theCompanywithheld30,836,42,499
and 33,479 shares, respectively, of its common stock valued at approximately $0.7 million, $1.5 million and $1.6
million, respectively, as partial payment of taxes upon issuance of shares for RSUs.
With respect to RSU awards that are payable in shares of Company stock and Enova stock, the Company
distributes shares of Enova common stock that the Company has retained for delivery under the LTIPs. When Enova
shares are distributed for vested RSUs, the recipients may elect to have the Company withhold shares as partial
payment of taxes for their Enova shares distributed for vested RSUs, and the withheld Enova shares are sold
immediately by the Company pursuant to the requirements of the Private Letter Ruling obtained from the Internal
Revenue Service in connection with the Enova Spin-off.FortheyearendedDecember31,2015,theCompany
distributed 90,052 shares of Enova common stock in connection with vested RSU awards and withheld and sold
31,264 shares of Enova common stock as partial payment of taxes. See Note 9 for additional information on the
Company’s shares of Enova common stock.
TheRSUsforfeitedfortheyearendedDecember31,2015wereprimarilyrelatedtosharesforfeitedby
employees who left the Company in 2015 and to a grant of Performance RSUs made to executive officers for which
the performance measures were not met on the vesting date, which was January 1, 2015.
AsofDecember31,2015,theoutstandingRSUawardshadanaggregateintrinsicvalueof$38.8million,
which included $35.6 million and $3.2 million related to Company common stock and Enova common stock,
respectively. AsofDecember31,2015,theoutstandingvesteddeferredRSUawardshadanaggregateintrinsic
value of $10.4 million, including $8.7 million and $1.7 million related to Company common stock and Enova
common stock, respectively.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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