Cash America 2013 Annual Report Download - page 170

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
145
granted under the Plan. As of December 31, 2013, there were 1,541,512 shares available for future grants under the
2004 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 held the shares in treasury. The Company reissued
those shares upon stock option exercises and upon the issuance of shares when restricted stock units vest under the
Company’s stock-based compensation plans. See Note 14 for further discussion of the Company’s share repurchase
plans.
During the years ended December 31, 2012 and 2011, the Company received net proceeds totaling $1.8
million and $0.4 million from the exercise of stock options that were granted under the Company’s previous stock-
based compensation plans for 198,900 and 48,400 shares, respectively.
The Company received 33,478, 63,066 and 22,339 shares during the years ended December 31, 2013, 2012 and
2011, respectively, of its common stock valued at approximately $1.6 million, $2.6 million and $0.9 million, respectively,
as partial payment of taxes required to be withheld upon issuance of shares under RSUs and upon exercise of stock
options.
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Stock Options
There were no stock options outstanding as of December 31, 2013 and 2012. A summary of the Company’s
stock option activity for each of the years ended December 31, 2012 and 2011 is as follows:
2012 2011
Weighted Weighted
Average Average
Exercise Exercise
Shares Price Shares Price
Outstanding at beginning of year (a) 198,900 $ 8.95 247,300 $ 8.83
Exercised (198,900) 8.95 (48,400) 8.34
Outstanding at end of year - $ - 198,900 $ 8.95
Exercisable at end of year - $ - 198,900 $ 8.95
(
a
)
Granted under the Cash America International, Inc. 1994 Long-Term Incentive Plan
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Income tax benefits realized from the exercise of stock options for the years ended December 31, 2012 and
2011 were $2.2 million and $0.7 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, shares will be issued for vested RSUs 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. Shares for
vested RSU awards granted to members of the Board of Directors after 2011 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.