Overstock.com 2007 Annual Report Download - page 42

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Mr. Jacob Hawkins currently serves as Senior Vice President, Change Management. Mr. Hawkins has performed various roles across the organization,
including business development, marketing, merchandising, technology, and project management. Prior to joining Overstock.com, Mr. Hawkins worked for
Professional Marketing International. Mr. Hawkins holds a Bachelor's degree in Business Management from Brigham Young University and a Masters of
Business Administration with an emphasis in information systems from the University of Utah.
There are no family relationships among any of the current officers and directors of the Company.
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES
Our common stock is traded on the NASDAQ Global Market under the symbol "OSTK". Prior to May 30, 2002, there was no public market for our
common stock. The following table sets forth, for the periods indicated, the high and low sales prices per share for our common stock as reported by
NASDAQ.
Common
Stock Price
High Low
Year Ended December 31, 2006
First Quarter 35.02 21.60
Second Quarter 30.63 19.00
Third Quarter 22.93 16.03
Fourth Quarter 19.09 13.40
Year Ended December 31, 2007
First Quarter 19.72 14.05
Second Quarter 15.80 19.98
Third Quarter 28.99 17.22
Fourth Quarter 39.39 14.75
As of March 14, 2008, there were 194 holders of record of our common stock. Because many of our shares of common stock are held by brokers and
other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
We have never declared or paid any cash dividends on our common stock. We currently intend to retain any earnings for future growth and do not
anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors
and will depend on our results of operations, financial conditions, contractual and legal restrictions and other factors the board deems relevant. Our Loan and
Security Agreement with Wells Fargo Retail Finance, LLC dated December 12, 2005 prohibits us from paying dividends without the consent of the lender.
During January 2005, the Board of Directors authorized a stock repurchase program under which we were authorized to repurchase up to $50.0 million
of our common stock through December 31, 2007. On April 26, 2005, the Board of Directors increased the amount of the share repurchase program to
$100.0 million. Additionally, on June 14, 2005, the Board of Directors authorized an amendment of the stock repurchase program to include the repurchase of
its Convertible Senior Notes.
During 2005, we entered into several purchased call options, pursuant to which we could have been required to purchase up to 1.3 million shares of our
common stock at certain settlement dates during the quarter ended June 30, 2005. In connection with these repurchase transactions; we paid
40