CompUSA 2009 Annual Report Download - page 102

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42
5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consist of the following (in thousands):
December 31,
2009 2008
Payroll and employee benefits $ 27,715 $ 25,669
Freight 9,171 6,820
Deferred revenue 1,064 5,683
Advertising 8,030 5,286
Sales and VAT tax payable 7,989 8,061
Other 26,976 20,833
$ 80,945 $ 72,352
6. LONG-TERM DEBT
Long-term debt consists of (in thousands):
December 31,
2009 2008
Capitalized equipment lease obligations
$
2,223
$
2,184
Less: current portion 1,029 773
$
1,194
$
1,411
The aggregate maturities of long-term debt outstanding at December 31, 2009 are as follows (in thousands):
2010 2011 2012 2013 2014
Maturities $ 1,029 $ 737 $
307
$ 150
—
7. BUSINESS EXIT COSTS
The Company announced plans to exit its Software Solutions segment, in the second quarter of 2009, as the result of economic
conditions and difficulties in marketing the segment’ s products successfully. Total charges incurred for the year for severances,
estimated lease termination costs and other costs were $1.2 million, $1.6 million, and $0.1 million, respectively. These costs were
recorded in selling, general and administrative expenses and interest and other income, net in the accompanying condensed
consolidated statement of operations.
The following table reconciles the associated liabilities incurred (in thousands):
Severance
and
Personnel
Costs
Lease
Termination
Costs Other Exit Costs Total
Balance, beginning of period $
—
$ — $
—
$
—
Charged to expense 1,208 1,644 80 2,932
Paid or otherwise settled (1,208) (697) (80) (1,985)
Balance, end of period $
—
$ 947 $
—
$ 947
8. SHAREHOLDERS’ EQUITY
Stock based compensation plans
The Company currently has four equity compensation plans which reserve shares of common stock for issuance to key
employees, directors, consultants and advisors to the Company. The following is a description of these plans:
The 1995 Long-term Stock Incentive Plan - This plan, adopted in 1995, allowed the Company to issue qualified, non-qualified and
deferred compensation stock options, stock appreciation rights, restricted stock and restricted unit grants, performance unit grants
and other stock based awards authorized by the Compensation Committee of the Board of Directors. Options issued under this
plan expire ten years after the options are granted. The ability to grant new awards under this plan ended on December 31, 2005
but awards granted prior to such date continue until their expiration. A total of 632,475 options were outstanding under this plan
as of December 31, 2009.
The 1995 Stock Option Plan for Non-Employee Directors - This plan, adopted in 1995, provides for automatic awards of non-
qualified options to directors of the Company who are not employees of the Company or its affiliates. All options granted under