Cash America 2010 Annual Report Download - page 124

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
95
13. 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. See Note 22 for a
discussion of the authorization made by the Company’s Board of Directors on January 26, 2011. The following table
summarizes the aggregate shares purchased under this plan during each of the three years ended December 31:
Year Ended December 31,
2010 2009 2008
Shares purchased under 2007 authorization 385,100 394,476 195,000
Aggregate amount (in thousands) $ 13,583 $10,746 $6,306
Average price paid per share $ 35.27 $ 27.24 $ 32.34
Periodically, shares are purchased in the open market on behalf of participants relating to the Company’s
nonqualified deferred compensation plans. Certain amounts are subsequently distributed to participants. Before 2010,
certain amounts were transferred from the Nonqualified Savings Plan to participants’ 401(k) accounts annually based
on results of the 401(k) plan’s non-discrimination testing results. For the year ended December 31, 2010, the
Company sold forfeited shares from the Non-Qualified Savings Plan on the open market. Activities during each of the
three years ended December 31 are summarized as follows:
Year Ended December 31,
2010 2009 2008
Purchases:
N
umber of shares 1,552 1,916 6,874
Aggregate amount (in thousands) $ 58 $ 45 $ 234
Sales:
N
umber of shares 1,727 - -
Aggregate amount (in thousands) 36 - -
Distributions and transfers to 401(k) savings plan:
N
umber of shares 4 28,610 4,619
Aggregate amount (in thousands) $ - $ 553 $ 84
14. Employee Benefit Plans
The Cash America International, Inc. 401(k) Savings Plan is open to substantially all employees. 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 for the years ended December 31, 2010 and 2009 and $2.7 million for the year ended December 31,
2008, 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