Overstock.com 2010 Annual Report Download - page 74
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Table of Contents
outstanding Senior Notes. On February 7, 2011, we retired an additional $10.1 million of our outstanding Senior Notes reducing the balance outstanding to a
face amount of $24.5 million.
During the years ended December 31, 2010 and 2009, we withheld from vesting restricted stock awards a total of 63,404 and 36,081 shares of our
common stock for $825,000 and $340,000, respectively. The shares withheld represented the minimum tax withholdings upon the vesting of those restricted
stock award grants to satisfy the minimum tax withholdings owed by the grantee of the restricted stock award grant. None of these shares were repurchased in
the open market.
Contractual obligations and commitments
The following table summarizes our contractual obligations as of December 31, 2010 and the effect such obligations and commitments are expected to
have on our liquidity and cash flow in future periods (in thousands):
Payments Due by Period
Contractual Obligations 2011 2012 2013 2014 2015 Thereafter Total
Senior Notes $34,625 $ — $ — $ — $ — $ — $ 34,625
Interest on Senior Notes 1,298 — — — — — 1,298
Finance obligations 3,922 4,163 4,431 3,625 — — 16,141
Interest on finance
obligations 873 621 353 79 — — 1,926
Capital lease obligations 798 116 4 — — — 918
Operating leases 8,743 8,221 7,552 7,750 6,164 1,346 39,776
Purchase obligations 13,921 27 — — — — 13,948
Line of credit — — — — — — —
Total contractual cash
obligations $64,180 $13,148 $12,340 $11,454 $6,164 $ 1,346 $108,632
Amounts of Commitment Expiration Per Period
Other Commercial Commitments 2011 2012 2013 2014 2015 Thereafter Total
Letters of credit $ 2,435 $— $— $ — $— $ — $ 2,435
Purchase Obligations
The amount of purchase obligations shown above is based on assumptions regarding the legal enforceability against us of purchase orders we had
outstanding at December 31, 2010. Under different assumptions regarding our rights to cancel our purchase orders or different assumptions regarding the
enforceability of the purchase orders under applicable law, the amount of purchase obligations shown in the table above would be less.
Tax Contingencies
Our contractual obligations presented above exclude unrecognized tax contingencies, including interest and penalties, of $244,000 for which we cannot
make a reasonably reliable estimate of the amount and period of payment. For further information regarding the application of ASC 740-10-5, see the
information set forth under Item 15 of Part IV, "Financial Statements—Note 21—Income Taxes," contained in the "Notes to Consolidated Financial
Statements" of this Annual Report on Form 10-K.
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