Thrifty Car Rental 2008 Annual Report Download - page 77

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respectively, which vested on December 31, 2007 and 2006, respectively. The Company
recognized compensation costs of $0.1 million, $1.0 million and $1.0 million in 2008, 2007 and 2006,
respectively, for restricted stock units. The Committee generally grants restricted stock units to non-
employee directors. These grants generally vest at the end of the fiscal year in which the grants
were made. For the awards granted in 2008, 2007 and 2006, the grant-date fair value of the award
was based on the closing market price of the Company’s common shares at the date of grant.
In May 2008, an employee director was granted 13,550 shares, which will vest on May 23, 2012. In
October 2008, an employee director was granted 50,000 shares, which will vest on October 23,
2011. In 2008, the Company recognized compensation costs of $36,000 for the restricted stock
units. At December 31, 2008, the total compensation cost related to nonvested restricted stock unit
awards not yet recognized is approximately $0.2 million, which will be recognized over the vesting
period of the restricted stock.
The following table presents the status of the Company’s nonvested restricted stock units for the
periods indicated:
Weighted-Average
Shares Grant-Date
Nonvested Shares (In Thousands) Fair Value
Nonvested at January 1, 2006 - -$
Granted 28 38.06
Vested (28) 38.06
Forfeited - -
Nonvested at December 31, 2006 - -
Granted 22 46.90
Vested (22) 46.90
Forfeited - -
Nonvested at December 31, 2007 - -
Granted 71 4.52
Vested (7) 11.58
Forfeited - -
Nonvested at December 31, 2008 64 3.74$
15. SHARE REPURCHASE PROGRAM
In February 2006, the Company announced that its Board of Directors had authorized a $300 million
share repurchase program to replace the existing $100 million program, of which $44.7 million had
been used to repurchase shares. Due to weak economic and industry conditions, the Company
suspended the share repurchase program in late 2007 and continued this suspension through year
end 2008 when the share repurchase program expired with $117.1 million of remaining
authorization. In 2007, the Company repurchased 2,304,406 shares of common stock at an
average price of $31.05 per share totaling $71.5 million. In 2006, the Company repurchased
2,558,900 shares of common stock at an average price of $43.50 per share totaling $111.3 million.
Since inception of the share repurchase programs, the Company has repurchased 6,414,906 shares
of common stock at an average price of $35.48 per share totaling approximately $227.6 million, all
of which were made in open market transactions.
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