MoneyGram 2004 Annual Report Download - page 82

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
shares will vest on June 30, 2006. The Company recognized compensation expense totaling $1.9 million, $1.4 million and $1.1 million in 2004, 2003 and
2002, respectively, related to its restricted stock awards. Following is a summary of restricted stock activity:
Weighted
Total Average
Shares Price
Restricted stock outstanding at December 31, 2001 295,900 $ 16.58
Granted 363,616 21.23
Restricted stock outstanding at December 31, 2002 659,516 19.14
Granted 406,700 16.70
Restricted stock outstanding at December 31, 2003 1,066,216 18.21
Granted 342,900 19.52
Vested and issued (294,721) 16.62
Canceled (17,250) 17.70
Restricted stock outstanding at December 31, 2004 1,097,145 19.06
Note 16. Commitments and Contingencies
Operating Leases: The Company has various noncancelable operating leases for buildings and equipment that terminate through 2015. Certain of these leases
contain rent escalation clauses based on pre-determined annual rate increases. The Company recognizes rent expense under the straight-line method. Rent
expense under these operating leases totaled $6.5 million, $5.8 million and $5.4 million during 2004, 2003 and 2002 respectively. Minimum future rental
payments for all noncancelable operating leases with an initial term of more than one year are (dollars in thousands):
2005 $ 5,279
2006 5,266
2007 5,014
2008 4,906
2009 4,932
Later 21,892
$ 47,289
F-38