Overstock.com 2012 Annual Report Download - page 40
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Table of Contents
Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. During the years ended December 31, 2012,
2011 and 2010, we recorded stock based compensation related to stock options of $3,000, $200,000 and $1.6 million, respectively.
During the years ended December 31, 2012, 2011 and 2010, we granted 795,000, 268,000 and 302,000 restricted stock units, respectively, under
the Plan. The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and compensation expense is
recognized on a straight line basis over the three year vesting schedule. The weighted average grant date fair value of restricted stock units granted
during the years ended December 31, 2012, 2011 and 2010 was $6.75, $15.47 and $13.17, respectively.
The following is a summary of restricted stock unit activity (amounts in thousands, except per share data):
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.
On January 14, 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.
31
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