Cash America 2010 Annual Report Download - page 128

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
99
Stock options outstanding and exercisable as of December 31, 2010 and 2009, are summarized below:
As of December 31, 2010
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
$7.97 103,900 $ 7.97 1.0 103,900 $ 7.97
$9.46 143,400 9.46 2.1 143,400 9.46
$ 7.97 to $9.46 247,300 $ 8.83 1.6 247,300 $ 8.83
As of December 31, 2009
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 $ 8.72 116,200 $ 7.80 2.0 116,200 $ 7.80
$ 9.41 to $10.72 335,345 9.81 1.4 335,345 9.81
$ 5.94 to $10.72 451,545 $ 9.29 1.6 451,545 $ 9.29
The outstanding stock options (all exercisable) at December 31, 2010 had an aggregate intrinsic value of $6.9
million and the stock options exercised during 2010 had an aggregate intrinsic value of $5.4 million. Income tax
benefits realized from the exercise of stock options for the years ended December 31, 2010, 2009 and 2008 were $1.9
million, $1.1 million and $0.5 million, respectively. The portion of income tax benefits recorded as increases to
additional paid-in capital was $1.9 million, $1.1 million and $0.5 million for the years ended December 31, 2010, 2009
and 2008, 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, certain employees and to the non-management members of the Board of Directors. The Company began
granting RSUs in 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 and certain employees, the vested RSUs are to be issued upon vesting or, for certain awards, upon
termination of employment with the Company. For members of the Board of Directors, vested RSUs will be issued
upon the director’s retirement from the Board. At December 31, 2010, the outstanding RSUs granted to Company
officers and certain employees had vesting periods ranging from three to 15 years. With respect to the RSU’s granted
to members of the Board of Directors, one-fourth of the RSUs vest on each of the first four grant date anniversaries,
except that after the 360th day following the grant date, any unvested RSUs for directors who have served on the Board
of Directors for five or more years will automatically become fully vested if such director’s service with the Board of
Directors is terminated. For purposes of ASC 718-10-30, the grant date fair value of RSUs is based on the Company’s
closing stock price on the day before the grant date, and the grant date fair value of performance RSUs is based on the