Overstock.com 2012 Annual Report Download - page 110
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Table of Contents
amortization of discount and debt issuance costs related to this offering totaling zero, $77,000 and $228,000 during the years ended December 31, 2012,
2011 and 2010, respectively. Interest on the Senior Notes was payable semi-annually on June 1 and December 1 of each year. The Senior Notes were
scheduled to mature on December 1, 2011 and were unsecured and ranked equally in right of payment with all existing and future unsecured,
unsubordinated debt and senior in right of payment to any existing and future subordinated indebtedness.
We retired all of the remaining $34.6 million of the Senior Notes during the year ended December 31, 2011, for $34.6 million in cash, resulting in
a loss of $54,000 on early extinguishment of debt, net of $77,000 of associated unamortized discount. Of the $34.6 million in Senior Notes retired
during the year ended December 31, 2011, $10.1 million were held by Chou Associates Management, Inc. or an affiliate of Chou ("Chou") and
$21.7 million were held by Fairfax Financial Holdings Limited or an affiliate of Fairfax ("Fairfax"). Chou and Fairfax are beneficial owners of more
than 5% of our common stock. We retired $25.4 million of the Senior Notes during the year ended December 31, 2010 for $24.9 million in cash,
resulting in a gain of $346,000 on early extinguishment of debt, net of $158,000 of associated unamortized discount.
As of December 31, 2012 and December 31, 2011, no amount of Senior Notes were outstanding.
Minimum future payments under all operating leases as of December 31, 2012, are as follows (in thousands):
Rental expense for operating leases totaled $8.5 million, $8.9 million and $8.0 million for the years ended December 31, 2012, 2011 and 2010,
respectively. Estimated sublease income of $117,000 is expected over the next five years of which $117,000 is anticipated to be received in the next
12 months.
During 2011, we entered into a six-year agreement with the Oakland-Alameda County Coliseum Authority ("OACCA") for the right to name the
Oakland Alameda County Coliseum. Amounts shown below represent annual payments due OACCA for the naming rights. We have the right to
terminate this agreement at our sole option, subject to payment of a termination fee.
F-23
2013 $ 9,452
2014 9,899
2015 8,320
2016 1,630
2017 183
Thereafter —
$ 29,484