Overstock.com 2013 Annual Report Download - page 31
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Table of Contents
October 1, 2013 to October 31, 2013
95
$25.18
—
$ —
November 1, 2013 to November 30, 2013
—
—
—
—
December 1, 2013 to December 31, 2013
—
—
—
—
Total
95
(1)
—
$ —
(1) Represents 95 shares withheld for minimum tax withholding purposes upon the vesting of a portion of restricted stock units.
Our board of directors adopted the 2005 Equity Incentive Plan, in April 2005, and it was most recently amended and restated and re-approved by the
stockholders on May 3, 2012 (as so amended and restated, the "Plan"). Under the Plan, the board of directors may issue incentive stock options to our
employees and directors and non-qualified stock options to our consultants, as well as restricted stock units and other types of equity awards of the Company.
Options granted under the Plan generally expire at the end of ten years and vest on a straight line basis in accordance with a vesting schedule determined by our
board of directors, usually over four years from the grant date. At December 31, 2013, 2.8 million shares of stock remained available for future grants under
the Plan.
The following is a summary of stock option activity (amounts in thousands, except per share data):
Outstanding—beginning of year
364
$17.34
405
$17.58
496
$ 18.09
Exercised
(89)
17.45
—
—
—
—
Expired/Forfeited
(2)
17.08
(41)
20.06
(91)
20.55
Outstanding—end of year
273
$17.30
364
$17.34
405
$17.58
Options exercisable at year-end
273
$17.30
364
$17.34
404
$17.59
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, 2013, 2012
and 2011, we recorded stock based compensation related to stock options of $0, $3,000 and $200,000, respectively.
During the years ended December 31, 2013, 2012 and 2011, we granted 275,000, 795,000 and 268,000 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 either
recognized on a straight line basis over the vesting schedule or on an accelerated schedule when vesting of restricted stock awards exceeds a straight-line basis.
The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011 was $16.12, $6.75
and $15.47, respectively.
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