Thrifty Car Rental 2008 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2008 Thrifty Car Rental annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

The following table sets forth the non-qualified option rights activity for non-qualified option rights
under the LTIP for the periods indicated:
Weighted
Weighted Average
A
ggregate
Number o
f
A
verage Remaining Intrinsic
Shares Exercise Contractual
V
alue
(In Thousands) Price Term (In Thousands)
Outstanding at December 31, 2005 956 17.44$ 4.53 17,816$
Granted - -
Exercised (426) 17.35
Canceled (3) 16.66
Outstanding at December 31, 2006 527 17.51 3.56 14,804
Granted - -
Exercised (62) 17.67
Canceled - -
Outstanding at December 31, 2007 465 17.49 2.63 2,883
Granted 1,258 7.58
Exercised (3) 11.10
Canceled (118) 18.44
Outstanding at December 31, 2008 1,602 9.65$ 7.05 122$
Options exercisable at:
December 31, 2008 429 18.08$ 1.49 -$
December 31, 2007 465 17.49$ 2.63 2,883$
December 31, 2006 527 17.51$ 3.56 14,804$
The total intrinsic value of options exercised during 2008, 2007 and 2006 was $28,000, $1.4 million,
and $11.5 million, respectively. Total cash received for non-qualified option rights exercised during
2008, 2007 and 2006 totaled $30,000, $1.1 million and $7.4 million, respectively. The Company
deems a tax benefit to be realized under SFAS No. 123(R) when the benefit provides incremental
benefit by reducing current taxes payable that it otherwise would have had to pay absent the share-
based compensation deduction (the “with-and-without” approach). Under this approach, share-
based compensation deductions are, effectively, always considered last to be realized. Due to
significant net operating losses for income tax purposes, the Company did not realize any tax
benefits from option exercises during 2008, 2007 or 2006.
72