Overstock.com 2013 Annual Report Download - page 94
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Table of Contents
Other income (expense), net consisted of the following (in thousands):
Gift card and Club-O rewards breakage
$1,187
$3,308
$971
Other
35
23
(13)
Loss on precious metals
(1,457)
—
—
Sublease income
—
355
573
Gain (loss) from early retirement of convertible senior notes
—
—
(54)
Loss from early retirement of finance obligations
—
—
(1,199)
Total other income (expense), net
$(235)
$3,686
$ 278
The provision (benefit) for income taxes consists of the following (in thousands):
Current:
Federal
$196
$ 416
$(254)
State
239
39
69
Foreign
51
30
43
Total current
486
485
(142)
Deferred:
Federal
(63,012)
—
—
State
(9,639)
—
—
Total deferred
(72,651)
—
—
Total provision (benefit) for income taxes
$(72,165)
$ 485
$(142)
The income tax provision differs from the amount computed by applying the U.S. federal income tax rate of 35% to income (loss) before income
taxes for the following reasons (in thousands):
U.S. federal income tax provision (benefit) at statutory rate
$5,720
$5,303
$(6,853)
Adjustment to reserves in prior years (1)
4,418
—
—
Non-deductible fines and penalties
2,387
—
—
Other
242
(1,764)
30
Lobbying expenses
209
—
—
Stock based compensation expense
(176)
1
70
Research and development credit
(6,069)
—
—
State income tax expense, net of federal benefit
(8,097)
44
45
Change in valuation allowance
(70,799)
(3,099)
6,566
Income tax provision (benefit)
$(72,165)
$ 485
$(142)
___________________________________________
(1) Adjustments to reserves in prior years includes (1) the effects of reconciling income tax amounts recorded in our Consolidated Statements of
Operations and Consolidated Income (Loss) to amounts reflected on our tax returns, including any adjustments to the Consolidated Balance
Sheets; and (2) reductions to the NOLs from previous acquisitions.
92