This excerpt taken from the NICK 10-Q filed Nov 10, 2008.
8. Subsequent Events
Borrowings under the Line may be under various LIBOR pricing options plus 162.5 basis points or at the prime rate. Prior to October 2008, prime rate based borrowings were generally less than $5.0 million. In October 2008, the Company undesignated all interest rate swap agreements electing the prime rate pricing option for all borrowings under the Line. In November 2008, the Company elected the LIBOR pricing options for substantially all borrowings under the Line. The Company did so to lower the cost of borrowings using pricing options provided by the Line. The interest rate swap contracts will continue to be reported as either assets or liabilities in the consolidated balance sheet at fair value. However, beginning with the three months ended December 31, 2008, future unrealized gains or losses associated with periodic adjustments of such assets or liabilities to fair value will be recorded in earnings. The Company does not use derivative instruments for speculative purposes. Such instruments continue to be intended for use as effective economic hedges. The Company believes that the swaps will continue to be highly effective economic hedges. The fair value of the interest rate swap liabilities, which is approximately $839,000 as of September 30, 2008, is approximately $1.7 million as of October 31, 2008.
This excerpt taken from the NICK 10-Q filed Aug 14, 2006.
9. Subsequent Events
On August 9, 2006 the Companys shareholders approved the Nicholas Financial, Inc. Equity Incentive Plan (the New Equity Plan) for employees and non-employee directors. The New Equity Plan replaced the plans implemented in 1998. The New Equity Plan provides for share awards including stock options, restricted stock awards and performance share awards. Under the New Equity plan the Board of Directors is authorized to grant total share awards for up to 975,000 common shares.