Cash America 2010 Annual Report Download - page 127

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
98
Historically, the Company has purchased its shares on the open market from time to time pursuant to an
authorization from the Board of Directors of the Company and reissued those shares upon stock option exercises and
the issuance of shares upon the vesting of restricted stock units under its stock-based compensation plans.
During the years ended December 31, 2010, 2009 and 2008, the Company received net proceeds totaling $2.0
million, $1.6 million and $0.7 million from the exercise of stock options for 204,245, 161,700, and 56,805 shares,
respectively.
The Company received 23,330, 25,582 and 23,901 shares during the years ended December 31, 2010, 2009 and
2008, respectively, of its common stock valued at approximately $0.9 million, $0.5 million and $0.8 million, respectively,
as partial payment of taxes for the issuance of shares upon vesting of restricted stock units. During 2009, the Company
received 1,196 shares valued at approximately $39,000 as partial payment for the exercise of stock options.
Stock Options - While no stock options have been granted since April 2003, stock options currently outstanding under
the Cash America International, Inc. 1994 Long-Term Incentive Plan had original contractual terms of up to ten years
with an exercise price equal to or greater than the fair market value of the stock at grant date. On their respective grant
dates, these stock options had vesting periods ranging from one to seven years. However, the terms of options with the
seven-year vesting periods and certain of the four-year and five-year vesting periods included provisions that
accelerated vesting if specified share price appreciation criteria were met. All stock option expense had been
recognized as of December 31, 2008.
A summary of the Company’s stock option activity for each of the years ended December 31, 2010, 2009 and
2008 is as follows:
Year Ended December 31,
2010 2009 2008
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of year 451,545 $ 9.29 613,245 $ 9.42 670,050 $ 9.65
Exercised (204,245) 9.85 (161,700) 9.76 (56,805) 12.10
Outstanding at end of year 247,300 $ 8.83 451,545 $ 9.29 613,245 $ 9.42
Exercisable at end of year 247,300 $ 8.83 451,545 $ 9.29 613,245 $ 9.42