Cash America 2011 Annual Report Download - page 147

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
116
The following table presents information on the effect of derivative instruments on the consolidated results of
operations and OCI for the years ended December 31, 2011 and 2010 (dollars in thousands):
Gains (Losses) Recognized in
Income
Gains (Losses) Recognized in
OCI
Gains (Losses) Reclassified
From OCI into Income
Year Ended December 31, Year Ended December 31, Year Ended December 31,
2011 2010 2011 2010 2011 2010
Derivatives designated as hedges:
Interest rate contracts $
ņ
$
ņ
$ 98 $ (97) $
ņ
$
ņ
Total $
ņ
$
ņ
$ 98 $ (97) $
ņ
$
ņ
N
on-designated derivatives:
Forward currency exchange
contracts(a) $ 3,159 $ (1,168) $
ņ
$
ņ
$
ņ
$
ņ
Total $ 3,159 $ (1,168) $
ņ
$
ņ
$
ņ
$
ņ
(
a
)
The gains (losses) on these derivatives substantially offset the (losses) gains on the hedged portion of foreign intercompany
balances.
17. Stock-Based Compensation
Under the Cash America International, Inc. First Amended and Restated 2004 Long-Term Incentive Plan, as
amended, (the “2004 Plan”), the Company is authorized to issue 2,700,000 shares of Common Stock pursuant to
“Awards” granted as incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of
1986, as amended), nonqualified stock options, restricted stock units, restricted stock, performance shares, stock
appreciation rights or other stock-based awards. Since 2004, restricted stock unit (“RSU”) awards are the only stock-
based awards granted under the Plan. At December 31, 2011, 1,884,370 shares were available for future grants under
the Plan.
Historically, the Company has repurchased 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. See Note 14
for further discussion of the Company’s share repurchase plans.
During the years ended December 31, 2011, 2010 and 2009, the Company received net proceeds totaling $0.4
million, $2.0 million and $1.6 million from the exercise of stock options that were granted under the Company’s
previous stock-based compensation plans for 48,400, 204,245, and 161,700 shares, respectively.
The Company received 22,339, 23,330 and 25,582 shares during the years ended December 31, 2011, 2010 and
2009, respectively, of its common stock valued at approximately $0.9 million, $0.9 million and $0.5 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 (the “1994 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