Overstock.com 2014 Annual Report Download - page 103
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Table of Contents
Other income (expense), net consisted of the following (in thousands):
Gift card and Club-O rewards breakage
$ 2,439
$ 1,187
$ 3,308
Other
(1)
35
23
Loss on precious metals
(1,269)
(1,457)
—
Sublease income
—
—
355
Total other income (expense), net
$ 1,169
$ (235)
$ 3,686
The provision (benefit) for income taxes for 2014, 2013 and 2012 consists of the following (in thousands):
Current:
Federal
$ 210
$ 196
$ 416
State
385
239
39
Foreign
68
51
30
Total current
663
486
485
Deferred:
Federal
3,777
(62,150)
—
State
(36)
(6,370)
—
Total deferred
3,741
(68,520)
—
Total provision (benefit) for income taxes
$ 4,404
$ (68,034)
$ 485
The provision (benefit) for income taxes for 2014, 2013 and 2012 differ from the amounts computed by applying the U.S. federal income tax rate of
35% to income before income taxes for the following reasons (in thousands):
U.S. federal income tax provision at statutory rate
$ 4,622
$ 5,720
$ 5,303
Adjustment to reserves in prior years (1)
—
4,418
—
Non-deductible fines and penalties
(112)
2,387
—
Other
336
242
(1,764)
Lobbying expenses
266
209
—
Stock based compensation expense
(43)
(176)
1
Research and development credit
(2,050)
(6,069)
—
State income tax expense, net of federal benefit
385
(4,828)
44
Change in valuation allowance
1,000
(69,937)
(3,099)
Income tax provision (benefit)
$ 4,404
$ (68,034)
$ 485
___________________________________________
(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 net operating losses ("NOLs") from previous acquisitions.
102