Cash America 2012 Annual Report Download - page 158

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
133
2011 on the grant of plaintiff’s partial summary judgment, and on November 6, 2012, the Georgia Court of Appeals
reversed the trial court’s grant of partial summary judgment to plaintiffs and affirmed the trial court’s denial of Cash
America’s motion for summary judgment. Cash America filed a Petition for Certiorari with the Supreme Court of
Georgia to appeal the decision of the Georgia Court of Appeals regarding Cash America’s motion for summary
judgment on November 26, 2012, which was denied on February 18, 2013. The Company is currently unable to
estimate a range of reasonably possible losses, as defined by ASC 450-20-20, Contingencies—Loss Contingencies—
Glossary, for this litigation. Cash America believes that the Plaintiffs’ claims in this suit are without merit and is
vigorously defending this lawsuit.
The Company is also a defendant in certain routine litigation matters encountered in the ordinary course of its
business. Certain of these matters are covered to an extent by insurance. In the opinion of management, the resolution
of these matters is not expected to have a material adverse effect on the Company’s financial position, results of
operations or liquidity.
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Voluntary Reimbursements to Ohio Customers
On December 4, 2012, the Company announced a voluntary program to fully reimburse approximately 14,000
Ohio customers for all funds collected, plus interest accrued from the date collected, in connection with legal
collections proceedings initiated by the Company in Ohio from January 1, 2008 through December 4, 2012 (the “Ohio
Reimbursements”). In 2012, the Company determined that a small number of employees did not prepare certain court
documents in many of its Ohio legal collections proceedings in accordance with court rules. In connection with the
reimbursement program, for all trial court collections proceedings filed by the Company in Ohio from January 1, 2008
through December 4, 2012, with the exception of one appellate matter, the Company is in the process of filing
dismissals, terminating all existing post-judgment collections activities, and requesting to vacate each judgment
entered and/or notifying credit reporting bureaus of the vacated judgments, as necessary, for each case.
The Company estimates the cost of the reimbursement program and related expenses will be approximately
$13.4 million before taxes and has recorded this amount in “Accounts payable and accrued expenses” in the
consolidated balance sheets and in “Operations and administration expense” in the consolidated statements of income
for the year ended December 31, 2012.
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16. Equity
Share Repurchases
On January 24, 2013, the Company’s Board of Directors authorized management to purchase up to a total of
2,500,000 shares of the Company’s common stock at management’s discretion in open market transactions and
cancelled the Company’s previous share repurchase authorization, which had been in place since January 26, 2011 (the
“2011 Authorizations”). Prior to the 2011 Authorization, the Company repurchased its common stock under a share
repurchase authorization that had been in place since October 24, 2007. The following table summarizes the aggregate
shares purchased under these plans during each of the three years ended December 31:
Year Ended December 31,
2012 2011 2010
Shares purchased under 2011 and 2007 authorization 576,064 435,000 385,100
Aggregate amount (in thousands) $ 22,509 $19,576 $13,583
Average price paid per share $ 39.07 $ 45.00 $ 35.27
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