Overstock.com 2009 Annual Report Download - page 146
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
27. QUARTERLY RESULTS OF OPERATIONS (unaudited) (Continued)
Amortization of the expense related to restricted stock units. Previously the expense was based on the actual three year vesting schedule, which
incorrectly understated the expense as compared to a three year straight line amortization. The Company also corrected for the use of an outdated
forfeiture rate in calculating share-based compensation expense under the plans.
The following additional adjustments were also included in this restatement:
Correction of certain amounts related to customer refunds and credits
Recognition of co-branded credit card bounty revenue and promotion expense over the estimated term of the credit card relationships. Previously
the revenue was incorrectly recognized when the card was issued.
Reduction in the restructuring accrual and correction of the related expense due to a 2008 sublease benefit which was previously excluded from
the accrual calculation and the accretion of interest expense related to the restructuring accrual, which was not previously recorded.
Change in the Company's accounting for external audit fees to the "as incurred" method instead of the "ratable" method.
Other miscellaneous adjustments, none of which were material either individually or in the aggregate. Certain of these adjustments were related
to a reduction in revenue and cost of goods sold in equal amounts for certain consideration the Company received from vendors, an increase in
inventory, accounts payable and accrued liabilities to record the Company's sales return allowance on a gross basis, an adjustment to the
Company's cash and restricted cash balances due to compensating balance arrangements and an adjustment to record redeemable common stock
for certain shares previously issued to employees.
F-51
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