Cash America 2010 Annual Report Download - page 129

Download and view the complete annual report

Please find page 129 of the 2010 Cash America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 167

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
100
maximum amount of the award expected to be achieved. The performance awards granted in 2010 contain clawback
provisions. The amount attributable to RSU grants is amortized to expense over the vesting periods.
Compensation expense totaling $3.8 million ($2.4 million net of related taxes), $3.2 million ($2.0 million net
of related taxes) and $3.3 million ($2.0 million net of related taxes) was recognized for 2010, 2009 and 2008,
respectively, for all of the above RSUs granted. Total unrecognized compensation cost related to RSUs at December
31, 2010 was $6.8 million, which will be recognized over a weighted average period of approximately 2.8 years.
The following table summarizes the restricted stock unit activity during 2010, 2009 and 2008:
Year Ended December 31,
2010 2009 2008
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 546,876 $ 22.75 490,737 $ 25.74 517,297 $ 25.21
Units granted 162,552 35.70 185,639 18.05 198,710 29.85
Shares issued (85,676) 25.26 (118,550) 27.22 (90,546) 26.72
Units forfeited (27,104) 26.25 (10,950) 27.48 (134,724) 29.10
Outstanding at end of year 596,648 $ 25.78 546,876 $ 22.77 490,737 $ 25.74
Units vested at end of year 222,529 $ 23.20 192,987 $ 22.71 146,259 $ 22.51
The outstanding RSUs had an aggregate intrinsic value of $22.0 million and the outstanding vested RSUs had
an aggregate intrinsic value of $8.2 million at December 31, 2010. Income tax benefit (provision) realized from the
issuance of common stock for the vested RSUs for the years ended December 31, 2010, 2009 and 2008 were $0.4
million, ($0.3) million and $0.2 million, respectively. During each of the years ended December 31, 2010, 2009 and
2008, additional paid-in capital increased by $0.4 million, decreased by $0.4 million, and increased by $0.2 million,
respectively. These income tax benefits or provisions recorded as increases or decreases to additional paid-in capital
represent the differences in tax benefits or provisions realized upon issuance of common stock from the amounts
previously recognized in the consolidated financial statements.