SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2013

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

During February 2014, CCA issued approximately 0.5 million shares of restricted common stock units to certain of CCA’s employees and non-employee directors, with an aggregate value of $16.9 million. Unless earlier vested under the terms of the restricted stock unit agreement, approximately 0.3 million restricted stock units were issued to officers and executive officers and are subject to vesting over a three-year period based upon satisfaction of certain performance criteria for the fiscal years ending December 31, 2014, 2015, and 2016. No more than one third of such restricted stock units may vest in the first performance period; however, the performance criteria are cumulative for the three-year period. Approximately 0.2 million shares issued to other employees “cliff” vest on the third anniversary of the award. Shares of restricted common stock units issued to non-employee directors vest on the first anniversary of the award. Any restricted stock units that become vested will be settled in shares of CCA’s common stock.

On February 20, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.51 per common share payable April 15, 2014 to shareholders of record on April 2, 2014.