Cash America 2015 Annual Report Download - page 70

primarily due to a decrease in the non-cash adjustment for the consumer loan loss provision in 2014 compared to
2013.
Contractual Obligations and Commitments
ThetablebelowsummarizestheCompany’scontractualobligationsasofDecember31,2015,andtheeffect
suchobligationsareexpectedtohaveonitsliquidityandcashflowinfutureperiods(dollarsinthousands):
2016 2017 2018 2019 2020 Thereafter Total
Bank line of credit $ — $ — $ 27,108 $ — $ — $ — $27,108
Long-term debt — — 184,450 — — — 184,450
Interest on long-term debt 10,606 10,606 5,303 — — — 26,515
Non-cancelable operating leases 55,807 45,553 37,084 29,282 18,965 33,250 219,941
Total $66,413 $56,159 $253,945 $29,282 $18,965 $33,250 $458,014
Share Repurchases
On January 24, 2013, the Company’s Board of Directors authorized a share repurchase program for the
repurchase of up to 2.5 million shares of the Company’s common stock (the “2013 Authorization”).OnJanuary28,
2015, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to 4.0
million shares of the Company’s common stock (the “January 2015 Authorization”) and canceled the 2013
Authorization, under which the Company purchased 1,029,609 shares from January 2013 to December 2014. On
October 28, 2015, the Company’s Board of Directors authorized the most recent share repurchase program for the
repurchase of up to 3.0 million shares of the Company’s common stock (the “October 2015 Authorization”) to
become effective after the completion of the January 2015 Authorization. The October 2015 authorization became
effective in December 2015 after all shares under the January 2015 Authorization had been purchased. During 2015,
the Company purchased 4,015,866 shares in open market transactions under the board authorizations for a total
investment of $103.9 million, including commissions. All shares that have been repurchased have been placed in
treasury and are not considered outstanding for earnings per common share computation.
AsofDecember31,2015,therewere2,984,134sharesremainingundertheOctober2015Authorization to
repurchase shares. The Company’s decision to repurchase the remaining available shares under the October 2015
Authorization in the future will be based on its assessment of market characteristics, the liquidity position of the
Company and alternative prospects for the investment of capital to expand its business and pursue strategic
objectives. For additional information regarding the Company’s share repurchases during the year ended
December31,2015,see“Item5—IssuerPurchasesofEquitySecurities”inPartII.
Periodically, the Company has, and may continue to, enter into arrangements with designated brokers to
facilitate the repurchase of shares under its repurchase authorizations. In the past, the Company has entered into
Rule 10b5-1 plans and an accelerated share repurchase (“ASR”) agreement for the repurchase of its shares.
Management believes that such programs provide an orderly way to acquire shares in the open market, and it allows
for shares to be purchased at times when they would otherwise not be permitted due to the Company’s trading
policies or the possession of material non-public information. See “Item 8. Financial Statements and Supplementary
Information—Note 14” for additional information on the ASR agreement.
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