Cash America 2012 Annual Report Download - page 163
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
138
automatically become fully vested if such director’s service with the Board of Directors is terminated.One-twelfth of
the RSUs granted to members of the Board of Directors during 2012 vest on the last day of each of the first 12
calendar months beginning with the month in which the awards were granted. For purposes of ASC 718-10-30,
Compensation – Stock Compensation – Overall – Initial Measurement, the grant date fair value of each RSU is based
on the Company’s closing stock price on the day before the grant date, and the total grant date fair value of
performance RSUs is based on the Company’s estimate at the time of the grant of the most probable outcome expected
to be achieved. The awards granted to the Company’s executive officers in 2010, 2011 and 2012 contain clawback
provisions. The total grant date value of RSU grants is amortized to expense over the vesting periods.
Compensation expense related to RSUs totaling $4.8 million ($3.0 million net of related taxes), $4.9 million
($3.1 million net of related taxes) and $3.8 million ($2.4 million net of related taxes) was recognized for 2012, 2011
and 2010, respectively. Total unrecognized compensation cost related to RSUs as of December 31, 2012 was $10.3
million, which will be recognized over a weighted average vesting period of approximately 2.3 years.
The following table summarizes the RSU activity during 2012, 2011 and 2010:
Year Ended December 31,
2012 2011 2010
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 710,591 $ 29.53 596,648 $ 25.78 546,876 $ 22.77
Units granted 178,144 43.36 200,819 40.15 162,552 35.70
Shares issued (108,170) 29.74 (82,982) 28.10 (85,676) 25.26
Units forfeited (8,243) 41.22 (3,894) 34.44 (27,104) 26.25
Outstanding at end of year 772,322 $ 32.57 710,591 $ 29.53 596,648 $ 25.78
Units vested at end of year 303,781 $ 24.85 244,897 $ 24.03 222,529 $ 23.20
The outstanding RSUs had an aggregate intrinsic value of $30.6 million and the outstanding vested RSUs had
an aggregate intrinsic value of $12.1 million as of December 31, 2012.