Overstock.com 2012 Annual Report Download - page 56
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Table of Contents
The following table reflects our general and administrative expenses for the years ended December 31, 2012 and 2011 (in thousands):
The decrease in general and administrative expenses for the year ended December 31, 2012 is primarily due to a decrease in legal fees.
General and administrative expenses include stock-based compensation expense of approximately $2.1 million and $1.9 million for the years ended
December 31, 2012 and 2011, respectively.
We incurred $76,000 of restructuring charges during the year ended December 31, 2012 due to ceasing the use of some of our office facilities,
changes in our estimate of sublease income as a result of our entering into a new sublease agreement and termination of an existing sublease. There were
no restructuring charges or reversals during the year ended December 31, 2011.
Depreciation expense is classified within the corresponding operating expense categories on the consolidated statements of operations as follows
(in thousands):
Interest income is primarily derived from the investment of our cash in cash and cash equivalents. Interest income for the years ended
December 31, 2012 and 2011 totaled $116,000 and $161,000, respectively.
Interest expense is primarily related to interest incurred on our Senior Notes, finance obligations, line of credit and our capital leases. Interest
expense for the years ended December 31, 2012 and 2011 totaled $809,000 and $2.5 million, respectively. The decrease in interest expense is primarily
a result of extinguishments of our Senior Notes and finance obligations in 2011, partially offset by an increase in interest expense on our line of credit.
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General and administrative expenses $ 57,259 $ 67,766 $ (10,507) (15.5)%
General and administrative expenses as a percent of net revenues 5.2% 6.4%
Cost of goods sold—direct $ 470 $ 714
Technology 14,177 14,433
General and administrative 1,362 1,203
Total depreciation and amortization, including internal-use software and
website development $ 16,009 $ 16,350