Overstock.com 2014 Annual Report Download - page 101
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Table of Contents
Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are
legally available and when declared by the board of directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to
dividends. No dividends have been declared or paid on our common stock through December 31, 2014.
Our board of directors adopted the 2005 Equity Incentive Plan 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 employees and directors
of the Company and non-qualified stock options to consultants, as well as restricted stock units and other types of equity awards of the Company. Options
granted under this Plan generally expire at the end of ten years and vest in accordance with a vesting schedule determined by our board of directors, usually
over four years from the grant date. We did not grant any options during the years ended December 31, 2014, 2013 and 2012. At December 31, 2014, 2.7
million shares of stock remained available for future grants under the Plan. We settle stock option exercises with newly issued common shares.
The following is a summary of stock option activity (in thousands, except per share data):
Outstanding—beginning of year
273
$ 17.30
364
$ 17.34
405
$ 17.58
Exercised
(30)
17.08
(89)
17.45
—
—
Expired/Forfeited
(19)
18.00
(2)
17.08
(41)
20.06
Outstanding—end of year
224
$ 17.27
273
$ 17.30
364
$ 17.34
Options exercisable at year-end
224
$ 17.27
273
$ 17.30
364
$ 17.34
The following table summarizes information about stock options as of December 31, 2014 (in thousands, except per share data):
224
$ 17.27
2.15
$ 1,590
224
$ 17.27
2.15
$ 1,590
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, 2014, 2013
and 2012, we recorded stock based compensation related to stock options of $0, $0 and $3,000, respectively.
The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $24.27 as of December 31,
2014, 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, 2014, 2013 and 2012 was $126,000, $728,000, and $0,
respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2014, 2013 and
2012 were approximately $511,000, $1.6 million, and $0, respectively. In connection with these exercises, there was no tax benefit realized due to our net
operating loss position.
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