Overstock.com 2012 Annual Report Download - page 119
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Table of Contents
The following is a summary of restricted stock unit activity (amounts in thousands, except per share data):
The restricted stock units granted in or prior to 2012 vest over three years at 25% at the end of the first year, 25% at the end of the second year and
50% at the end of the third year. Each restricted stock unit represents the right to one share of common stock upon vesting. During the years ended
December 31, 2012, 2011 and 2010, we recorded stock based compensation related to restricted stock units of $3.5 million, $2.8 million and
$3.5 million, respectively. Changes to the estimated forfeiture rate are accounted for as a cumulative effect of change in the period of such change.
On January14, 2013, we granted 240,000 additional restricted stock units. These restricted stock units vest over three years at 40% at the end of
the first year, and 30% at the end of the second and third years.
We have a 401(k) defined contribution plan which permits participating employees to defer a portion of their compensation, subject to limitations
established by the Internal Revenue Code. Employees who have completed a half-year of service and are 21 years of age or older are qualified to
participate in the plan. We match 50% of the first 6% of each participant's contributions to the plan subject to IRS limits. Participant contributions are
immediately vested. Our contributions vest based on the participant's years of service at 20% per year over five years. Our matching contribution totaled
$653,000, $991,000 and $770,000 for the years ended December 31, 2012, 2011 and 2010, respectively. In addition, discretionary contributions
totaling zero, zero, and $471,000 for the years ended December 31, 2012, 2011 and 2010, respectively, were made to eligible participants as of the end
of each respective calendar year.
In December 2009, we implemented a Non Qualified Deferred Compensation plan for senior management. The plan allows eligible members of
senior management to defer their receipt of compensation from us, subject to the restrictions contained in the plan. Participants are 100% vested in their
deferred compensation amounts and the associated gains or losses. For our contributions, if any, and the associated gains or losses, the participants shall
vest in those deferred compensation amounts according to a vesting schedule that we shall determine at the time our contribution is made. As of
December 31, 2012, we have not made any contributions into the NQDC Plan. Participants are generally eligible to receive distributions from the plan
two plan years subsequent to the plan year their
F-32
Outstanding—beginning of year 522 $ 13.40 685 $ 12.08 640 $ 11.35
Granted at fair value 795 6.75 268 15.47 302 13.17
Vested (240) 12.11 (318) 12.20 (185) 11.52
Forfeited (74) 8.25 (113) 13.88 (72) 11.50
Outstanding—end of year 1,003 $ 8.81 522 $ 13.40 685 $ 12.08