Cash America 2012 Annual Report Download - page 162

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
137
Company’s stock-based compensation plans. See Note 16 for further discussion of the Company’s share repurchase
plans.
During the years ended December 31, 2012, 2011 and 2010, the Company received net proceeds totaling $1.8
million, $0.4 million and $2.0 million from the exercise of stock options that were granted under the Company’s
previous stock-based compensation plans for 198,900, 48,400 and 204,245 shares, respectively.
The Company received 63,066, 22,339 and 23,330 shares during the years ended December 31, 2012, 2011 and
2010, respectively, of its common stock valued at approximately $2.6 million, $0.9 million and $0.9 million, respectively,
as partial payment of taxes for the issuance of shares upon vesting of restricted stock units.
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Stock Options
There were no stock options outstanding as of December 31, 2012. A summary of the Company’s stock option
activity for each of the years ended December 31, 2012, 2011 and 2010 is as follows:
Year Ended December 31,
2012 2011 2010
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of year 198,900 $ 8.95 247,300 $ 8.83 451,545 $ 9.29
Exercised (198,900) 8.95 (48,400) 8.34 (204,245) 9.85
Outstanding at end of year - $ - 198,900 $ 8.95 247,300 $ 8.83
Exercisable at end of year - $ - 198,900 $ 8.95 247,300 $ 8.83
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Income tax benefits realized from the exercise of stock options for the years ended December 31, 2012, 2011
and 2010 were $2.2 million, $0.7 million and $1.9 million, respectively, and were recorded as an increase in
“Additional paid-in capital” in the consolidated statements of equity.
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Restricted Stock Units
The Company has granted RSUs to Company officers, certain employees and to the non-management
members of the Board of Directors. RSUs are granted under the 2004 Plan. Each vested RSU entitles the holder to
receive a share of the common stock of the Company. For Company officers and certain employees, the shares are to
be issued upon vesting of the RSUs or, for certain awards granted to officers, upon the officer’s separation from
employment with the Company. For members of the Board of Directors, vested RSUs will be issued upon the
director’s separation from the Board with respect to awards granted prior to 2011, and for awards granted during 2011,
upon the earlier of vesting or separation from the Board if certain requirements have been satisfied. Vested awards
granted to members of the Board of Directors during 2012 will be issued 13 months after the grant date. Certain
officers and members of the Board of Directors have elected to defer receipt of shares to be issued under vested RSUs
to dates that are later than those described above.
As of December 31, 2012, the outstanding RSUs granted to Company officers and certain employees had
original vesting periods ranging from one to 15 years. For executive officers of the Company, a portion of these annual
grants vest over time and a portion of these annual grants vest subject to the Company’s achievement of certain
performance objectives. With respect to the RSU’s granted to members of the Board of Directors before 2012, 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