Cash America 2014 Annual Report Download - page 134

Download and view the complete annual report

Please find page 134 of the 2014 Cash America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 171

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
119
The following table summarizes the RSU activity during 2014, 2013 and 2012:
Year Ended December 31,
2014 2013 2012
Units
Weighted
Average
Fair Value
at Date of
Grant
Units
Weighted
Average
Fair Value
at Date of
Grant
Units
Weighted
Average
Fair Value
at Date of
Grant
Outstanding at beginning of year 766,695 $36.06
772,322
$32.57 710,591 $29.53
Units granted 666,172 27.22
190,846
49.82
178,144 43.36
Shares issued (154,851)40.32
(127,087
)
34.48
(108,170)29.74
Units forfeited (161,123)41.90
(69,386
)
37.91
(8,243)41.22
Outstanding at end of year 1,116,893 $29.36
766,695
$36.06 772,322 $32.57
Units vested at end of year 303,276 $25.50
311,546
$24.98 303,781 $24.85
The RSUs forfeited for the year ended December 31, 2014 are primarily related to shares forfeited by
employees who left the Company in connection with the 2014 Reorganization and to a performance grant made to
executive officers for which the performance measures were not met on the vesting date, which was January 1,
2014.
In connection with the Enova Spin-off, the RSUs that were outstanding as of November 13, 2014 will be
payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms
of the Company’s long-term incentive plans and the applicable award agreement. The delivery of the Enova shares
will occur periodically based on the vesting term of the award agreements. As of December 31, 2014, the
outstanding RSU awards had an aggregate intrinsic value of $38.4 million, which included $25.3 million and $13.1
million related to Company common stock and Enova common stock, respectively. As of December 31, 2014, the
outstanding vested deferred RSU awards had an aggregate intrinsic value of $12.8 million, including $6.9 million
and $5.9 million related to Company common stock and Enova common stock, respectively.
As of December 31, 2014, 685,087 shares of Enova common stock retained by the Company were allocated
for settlement of unvested RSUs, vested deferred RSUs and for Director Deferred Shares. Activity during the year
ended December 31, 2014 for these shares is shown below:
Enova Shares to
be Issued for
RSU awards
Enova Shares to
be Issued for
Director
Deferred Shares Total
Enova shares retained upon Enova Spin-off
677,918
28,893 706,811
Forfeitures (a)
(21,724
)
—
(21,724
)
Shares held as of December 31, 2014
656,194
28,893 685,087
% ownership of Enova as of December 31, 2014
2.0
%
0.1
%
2.1
%
(a) Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed
of by the Company.