Overstock.com 2013 Annual Report Download - page 92
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Table of Contents
The following is a summary of stock option activity (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
The following table summarizes information about stock options as of December 31, 2013 (in thousands, except per share data):
273
$17.30
3.11
$3,695
273
$17.30
3.11
$3,695
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.
Total unrecognized compensation costs related to nonvested stock option awards was approximately $0, $0 and $3,000 as of December 31, 2012,
2012 and 2011, respectively.
The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $30.79 as of December 31,
2013, which would have been received by the option holders had all option holders exercised their options as of that date.
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $728,000, $0, and $0, respectively.
The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2013, 2012 and 2011 were
approximately $1.6 million, $0, and $0, respectively. In connection with these exercises, there was no tax benefit realized due to our net operating loss
position.
For the years ended December 31, 2013, 2012 and 2011, we granted 275,000, 795,000 and 268,000 restricted stock units, respectively. The cost of
restricted stock units is determined using the fair value of our common stock on the date of the grant and we recognize compensation expense over the three
year vesting schedule on a straight line basis 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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