Cash America 2011 Annual Report Download - page 116

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See notes to consolidated financial statements.
85
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Year Ended December 31,
2011 2010 2009
Cash Flows from Operating Activities
Net Income $135,166 $115,244 $97,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 54,149 43,923 41,589
Amortization of debt discount and issuance costs 3,566 3,340 1,956
Consumer loan loss provision 225,688 182,394 130,816
Stock-based compensation 4,934 3,815 3,210
Deferred income taxes, net 25,563 8,842 11,105
Excess income tax benefit from stock-based compensation (1,040) (2,250) (786)
Other 2,884 718 1,191
Changes in operating assets and liabilities, net of assets acquired
Merchandise held for disposition (7,238) (6,914) (22,883)
Pawn loan fees and service charges receivable (5,707) (2,120) (3,329)
Finance and service charges on consumer loans (9,426) (3,590) (1,465)
Prepaid expenses and other assets (2,723) 1,337 (17,054)
Accounts payable and accrued expenses 9,916 11,569 10,340
Current income taxes 12,310 (5,415) 12,124
Other operating assets and liabilities 814 413 (1,190)
Net cash provided by operating activities 448,856 351,306 263,560
Cash Flows from Investing Activities
Pawn loans made (779,668) (644,683) (622,697)
Pawn loans repaid 453,350 391,440 360,670
Principal recovered through dispositions of forfeited pawn loans 275,547 248,850 262,572
Consumer loans made or purchased (1,621,836) (1,591,467) (1,297,042)
Consumer loans repaid 1,324,807 1,374,445 1,143,561
Acquisitions, net of cash acquired (49,539) (82,263) (43,615)
Purchases of property and equipment (75,049) (59,697) (44,101)
Investment in equity securities (5,000) (5,652) -
Other investing activities (515) 822 1,031
Net cash used in investing activities (477,903) (368,205) (239,621)
Cash Flows from Financing Activities
Net borrowings (repayments) under bank lines of credit 65,814 25,362 (92,663)
Issuance of long-term debt 50,000 25,000 115,000
Net proceeds from re-issuance of treasury shares 403 2,013 1,578
Loan costs paid (2,902) (293) (3,920)
Payments on notes payable and other obligations (38,113) (25,493) (18,616)
Excess income tax benefit from stock-based compensation 1,040 2,250 786
Treasury shares purchased (20,488) (14,482) (10,805)
Dividends paid (4,111) (4,135) (4,125)
Net cash provided by (used in) financing activities 51,643 10,222 (12,765)
Effect of exchange rates on cash 1,622 (1,003) 4,825
Net increase (decrease) in cash and cash equivalents 24,218 (7,680) 15,999
Cash and cash equivalents at beginning of year 38,324 46,004 30,005
Cash and cash equivalents at end of period $62,542 $ 38,324 $ 46,004