Cash America 2009 Annual Report Download - page 135

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
107
11. Equity
On October 24, 2007, the Company’s Board of Directors authorized management to purchase up to a
total of 1,500,000 shares of the Company’s common stock from time to time in open market transactions and
ended the 2005 authorization for the repurchase of a like amount of shares authorized by the Board of
Directors of the Company on April 20, 2005. The following table summarizes the aggregate shares purchased
under these plans during each of the three years ended December 31:
2009 2008 2007
Shares purchased:
Under 2005 authorization - - 617,600
Under 2007 authorization 394,476 195,000 50,000
Total shares purchased 394,476 195,000 667,600
Aggregate amount (in thousands) $ 10,746 $6,306 $23,558
Average price paid per share $ 27.24 $ 32.34 $ 35.29
Periodically, shares are purchased in the open market on behalf of participants relating to the Non-
Qualified Savings Plan. Certain amounts are subsequently distributed or transferred to participants’ 401(k)
accounts annually based on results of the plan’s non-discrimination testing results. Activities during each of
the three years ended December 31 are summarized as follows:
2009 2008 2007
Purchases:
Number of shares 1,916 6,874 4,596
Aggregate amount (in thousands) $45 $234 $180
Distributions and transfers to 401(k) savings plan:
Number of shares 28,612 4,619 6,697
Aggregate amount (in thousands) $553 $84 $112
12. Employee Benefit Plans
The Cash America International, Inc. 401(k) Savings Plan is open to substantially all employees.
Beginning January 1, 2006, new employees are automatically enrolled in this plan unless they elect not to
participate. The Cash America International, Inc. Nonqualified Savings Plan is available to certain members
of management. Participants may contribute up to 50% of their earnings to these plans subject to regulatory
restrictions. The Company makes matching cash contributions of 50% of each participant’s contributions,
based on participant contributions of up to 5% of compensation. Company contributions vest at the rate of
20% each year after one year of service; thus a participant is 100% vested after five years of service. The
Company’s total contributions to the 401(k) Savings Plan and the Nonqualified Savings Plan were $2.8
million, $2.7 million and $2.3 million in 2009, 2008 and 2007, respectively.
In addition to the plans mentioned above, the Company established a Supplemental Executive
Retirement Plan (“SERP”) for its officers in 2003. Under this defined contribution plan, the Company makes
an annual discretionary cash contribution to the SERP based on the objectives of the plan as approved by the
Management Development and Compensation Committee of the Board of Directors. The Company recorded