Cash America 2008 Annual Report Download - page 118

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
95
The following table summarizes the restricted stock unit activity during 2008, 2007 and 2006:
2008 2007 2006
Weighted Weighted Weighted
Average Average Average
Fair Value
Fair Value Fair Value
at Date of at Date of at Date of
Units Grant Units Grant Units Grant
Outstanding at beginning of year. 517,297 $ 25.21 471,029 $ 21.83 395,591 $ 21.30
Units granted ............................... 198,710 29.85
87,739 43.01 106,248 24.87
Shares issued ............................... (90,546) 26.72
(35,076) 24.47 (28,742) 25.57
Units forfeited.............................. (134,724) 29.10 (6,395) 24.94 (2,068) 25.18
Outstanding at end of year........... 490,737 $ 25.74 517,297 $ 25.21 471,029 $ 21.83
Units vested at end of year........... 146,259 $ 22.51 163,807 $ 19.71 127,267 $ 19.56
The outstanding RSUs had an aggregate intrinsic value of $11.7 million and the outstanding vested
RSUs had an aggregate intrinsic value of $4.0 million at December 31, 2008. Income tax benefits realized
from the issuance of common stock for the vested RSUs for the year ended December 31, 2008, 2007 and
2006 were $1.0 million, $512,000 and $259,000, respectively. The portions of these benefits recorded as
increases to additional paid-in capital were $158,000, $211,000 and $2,000 for the year ended December 31,
2008, 2007 and 2006, respectively. The income tax benefits recorded as increases to additional paid-in
capital represent the tax benefits realized upon issuance of common stock in excess of the amounts
previously recognized in the consolidated financial statements.
16. Supplemental Disclosures of Cash Flow Information
The following table sets forth certain cash and non-cash activities for the years ended December 31
(in thousands):
2008 2007 2006
Cash paid during the year for –
Interest.............................................................................................. $ 19,491 $ 17,367 $ 12,311
Income taxes..................................................................................... 48,363 41,567 32,355
Non-cash investing and financing activities –
Pawn loans forfeited and transferred to merchandise held for
disposition ................................................................................... $ 234,605 $ 206,798 $ 177,188
Pawn loans renewed ......................................................................... 99,178 79,751 78,942
Cash advances renewed.................................................................... 355,148 300,826 89,427
Liabilities assumed in acquisitions ................................................... í 64 536
Fair value of shares paid for acquisition........................................... 7,890 í í
Capitalized interest on software development.................................. 1,185 683 í
17. Operating Segment Information
The Company has three operating segments: pawn lending, cash advance and check cashing. The
cash advance and check cashing segments are managed separately due to the different operational strategies
required and, therefore, are reported as separate segments. Check cashing fees, royalties and other income
at pawn lending locations, which were previously included in either proceeds from disposition of
merchandise or netted into administration expenses, are reclassified out of those line items. All prior
periods in the tables below have been revised to reflect this change. These revisions have not changed the
consolidated performance of the Company for any period.