Overstock.com 2012 Annual Report Download - page 64
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Table of Contents
The following table reflects our general and administrative expenses for the years ended December 31, 2011 and 2010 (in thousands):
The increase in general and administrative expenses for the year ended December 31, 2011 is primarily due to a $12.3 million increase in legal fees.
See Legal Proceedings for more information.
General and administrative expenses include stock-based compensation expense of approximately $1.9 million and $3.2 million for the years ended
December 31, 2011 and 2010, respectively.
There were no restructuring charges or reversals during the year ended December 31, 2011. We reversed $569,000 of lease termination costs
liability during the year ended December 31, 2010 due to changes in our estimate of sublease income, primarily as a result of our entering into
agreements with a sub lessee to terminate the subleases and have us re-occupy a portion of the space previously abandoned (see Item 15 of Part IV,
"Financial Statements"—Note 3—"Restructuring Expense").
Operating Expenses
Overall, our total operating expenses increased 12.6% to $196.6 million for the year ended December 31, 2011 from $174.7 million for the year
ended December 31, 2010, while total net revenues decreased 3.3% and gross profit decreased 5.6%.
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 equivalents and short-term investments. Interest income for the years
ended December 31, 2011 and 2010 totaled $161,000 and $157,000, respectively.
55
General and administrative expenses $ 67,766 $ 55,650 $ 12,116 21.8%
General and administrative expenses as a percent of net revenues 6.4% 5.1%
Cost of goods sold—direct $ 714 $ 1,179
Technology 14,433 12,489
General and administrative 1,203 912
Total depreciation and amortization, including internal-use software and
website development $ 16,350 $ 14,580