Cash America 2009 Annual Report Download - page 138

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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accelerated vesting if specified share price appreciation criteria were met. All stock option expense had been
recognized as of December 31, 2007.
A summary of the Company’s stock option activity for each of the three years ended December 31 is
as follows (shares in thousands):
2009 2008 2007
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of year 613 $9.42 670 $9.65 740 $9.76
Exercised (162) 9.76 (57) 12.10 (70) 10.89
Outstanding at end of year 451 $9.29 613 $9.42 670 $9.65
Exercisable at end of year 451 $9.29 613 $9.42 670 $9.65
Stock options outstanding and exercisable as of December 31, 2009, are summarized below (shares in
thousands):
Options Outstanding Options Exercisable
Weighted Weighted Average Weighted
Average Years of Average
Range of Number Exercise Remaining Number Exercise
Exercise Prices Outstanding Price Contractual Life Exercisable Price
$ 5.94 to $ 9.40 116 $ 7.80 2.0 116 $ 7.80
$ 9.41 to $12.63 335 9.81 1.4 335 9.81
$ 5.94 to $12.63 451 $ 9.29 1.6 451 $ 9.29
The outstanding stock options (all exercisable) at December 31, 2009 had an aggregate intrinsic value
of $11.6 million and the stock options exercised during 2009 had an aggregate intrinsic value of $3.0 million.
Income tax benefits realized from the exercise of stock options for the year ended December 31, 2009, 2008
and 2007 were $1.1 million, $0.5 and $0.6 million, respectively. The portion of income tax benefits recorded
as increases to additional paid-in capital was $1.1 million, $0.5 million and $0.6 million for the years ended
December 31, 2009, 2008 and 2007, respectively, 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 • 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 First Amended and Restated 2004 Long-Term Incentive Plan,
as amended. 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, 2009, 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. For
purposes of ASC 718-10-30, the grant date fair value of RSUs is based on the Company’s closing stock price