Cash America 2013 Annual Report Download - page 171

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
146
As of December 31, 2013, 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 RSUs 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
automatically become fully vested if such director’s service with the Board of Directors is terminated.With respect to
the RSUs granted to members of the Board of Directors during and after 2012, one-twelfth of the RSUs vest on the last
day of each of the first 12 calendar months beginning with the month in which the awards were granted. In accordance
with ASC 718, Compensation—Stock Compensation, 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, which was
based on the maximum level of performance for performance RSUs granted in 2013, 2012 and 2011. The awards
granted to the Company’s executive officers in 2011, 2012 and 2013 contain clawback provisions. The total grant date
fair value of RSU grants is amortized to expense over the vesting periods based on time based awards and amortized
based on the expected outcome of RSU’s subject to performance contingencies.
Compensation expense related to RSUs totaling $4.9 million ($3.1 million net of related taxes), $4.8 million
($3.0 million net of related taxes) and $4.9 million ($3.1 million net of related taxes) was recognized for 2013, 2012
and 2011, respectively. Total unrecognized compensation cost related to RSUs as of December 31, 2013 was $10.8
million, which will be recognized over a weighted average vesting period of approximately 2.4 years.
The following table summarizes the RSU activity during 2013, 2012 and 2011:
Year Ended December 31,
2013 2012 2011
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 772,322 $ 32.57 710,591 $ 29.53 596,648 $ 25.78
Units granted 190,846 49.82 178,144 43.36 200,819 40.15
Shares issued (127,087) 34.48 (108,170) 29.74 (82,982) 28.10
Units forfeited (69,386) 37.91 (8,243) 41.22 (3,894) 34.44
Outstanding at end of year 766,695 $ 36.06 772,322 $ 32.57 710,591 $ 29.53
Units vested at end of year 311,546 $ 24.98 303,781 $ 24.85 244,897 $ 24.03
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The outstanding RSUs had an aggregate intrinsic value of $29.4 million and the outstanding vested RSUs had
an aggregate intrinsic value of $11.9 million as of December 31, 2013. The RSUs forfeited for the year ended
December 31, 2013 are primarily related to a performance grant made to executive officers for which the performance
measures were not met by the vesting date.
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