Cash America 2009 Annual Report Download - page 139

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
111
on the day before the grant date, and the grant date fair value of performance RSUs is based on the maximum
amount of the award expected to be achieved. The amount attributable to RSU grants is amortized to expense
over the vesting periods.
Compensation expense totaling $3.2 million ($2.0 million net of related taxes), $3.3 million ($2.0
million net of related taxes) and $3.1 million ($2.0 million net of related taxes) was recognized for 2009, 2008
and 2007, respectively, for all of the above RSUs granted. Total unrecognized compensation cost related to
RSUs at December 31, 2009 was $7.2 million, which will be recognized over a weighted average period of
approximately 2.5 years.
The following table summarizes the restricted stock unit activity during 2009, 2008 and 2007:
2009 2008 2007
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 490,737 $ 25.74 517,297 $ 25.21 471,029 $ 21.83
Units granted 185,639 18.05 198,710 29.85 87,739 43.01
Shares issued (118,550) 27.22 (90,546) 26.72 (35,076) 24.47
Units forfeited (10,950) 27.48 (134,724) 29.10 (6,395) 24.94
Outstanding at end of year 546,876 $ 22.77 490,737 $ 25.74 517,297 $ 25.21
Units vested at end of year 192,987 $ 22.71 146,259 $ 22.51 163,807 $ 19.71
The outstanding RSUs had an aggregate intrinsic value of $19.2 million and the outstanding vested
RSUs had an aggregate intrinsic value of $6.7 million at December 31, 2009. Income tax benefits realized
from the issuance of common stock for the vested RSUs for the year ended December 31, 2009, 2008 and
2007 were $0.9 million, $1.0 million and $0.5 million, respectively. During the year ended December 31,
2009, additional paid-in capital decreased by $0.3 million for the excess of income tax benefits previously
recognized in the consolidated financial statements over the income tax benefits realized upon issuance of
common stock. The portions of these income tax benefits recorded as increases to additional paid-in capital
were $0.2 million for each of the years ended December 31, 2008 and 2007. 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.