Cash America 2008 Annual Report Download - page 117

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
94
Stock options outstanding and exercisable as of December 31, 2008, are summarized below (shares
in thousands):
Options Outstanding Options Exercisable
Weighted Average Weighted
Weighted Years of Average
Range of Number Average Remaining Number Exercise
Exercise Prices Outstanding Exercise Price Contractual Life Exercisable Price
$ 5.94 to $ 9.40... 151 7.83 3.0 151 7.83
$ 9.41 to $12.63... 451 9.84 2.3 451 9.84
$12.64 to $17.14... 11 13.84 0.2 11 13.84
$ 5.94 to $17.14... 613 9.42 2.4 613 9.42
The outstanding stock options (all exercisable) at December 31, 2008 had an aggregate intrinsic
value of $10.0 million and the stock options exercised during 2008 had an aggregate intrinsic value of $1.6
million. Income tax benefits realized from the exercise of stock options for the year ended December 31,
2008 and 2007 were $549,000 and $600,000, respectively. The portion of tax benefits recorded as increases
to additional paid-in capital was $505,000 for the year ended December 31, 2008, which represented the tax
benefits realized upon exercise of stock options in excess of the amounts previously recognized as expense
in the consolidated financial statements.
Restricted Stock Units x The Company has granted restricted stock units (“RSUs, or singularly, RSU”) to
Company officers and to the non-management members of the Board of Directors annually since 2003.
RSUs granted in December 2003 and January 2004 were granted under the 1994 Long-Term Incentive Plan;
subsequent RSUs have been granted under the 2004 Long-Term Incentive Plan. Each vested RSU entitles
the holder to receive a share of the common stock of the Company. For Company officers, the vested RSUs
are to be issued upon vesting or, for certain awards, upon termination of employment with the Company.
For directors, vested RSUs will be issued upon the director’s retirement from the Board. At December 31,
2008, the outstanding RSUs granted to Company officers had vesting periods ranging from two to 12 years,
director RSUs had vesting periods ranging from one to four years. The amount attributable to RSU grants is
amortized to expense over the vesting periods.
Compensation expense totaling $3.3 million ($2.2 million net of related taxes), $3.1 million ($2.0
million net of related taxes) and $2.2 million ($1.5 million net of related taxes) was recognized for 2008,
2007 and 2006, respectively, for all of the above RSUs granted. Total unrecognized compensation cost
related to RSUs at December 31, 2008 was $8.3 million, which will be recognized over a weighted average
period of approximately 4.0 years.