Overstock.com 2015 Annual Report Download - page 114
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The following is a summary of stock option activity (in thousands, except per share data):
Outstanding—beginning of year 224
$ 17.27
273
$ 17.30
364
$ 17.34
Exercised (16)
16.94
(30)
17.08
(89)
17.45
Expired/Forfeited (4)
18.26
(19)
18.00
(2)
17.08
Outstanding—end of year 204
$ 17.27
224
$ 17.27
273
$ 17.30
Options exercisable at year-end 204
$ 17.27
224
$ 17.27
273
$ 17.30
The following table summarizes information about stock options as of December 31, 2015 (in thousands, except per share data):
204
$ 17.27
1.14
$ 2
204
$ 17.27
1.14
$ 2
Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. The most recent stock options were granted in
May 2008 and have fully vested. There was no stock based compensation related to stock options recorded during the years ended December 31, 2015, 2014
and 2013.
The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $12.28 as of December 31,
2015, 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, 2015, 2014 and 2013 was $92,000, $126,000, and $728,000,
respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2015, 2014 and
2013 were approximately $269,000, $511,000, and $1.6 million, 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, 2015, 2014 and 2013, we granted 239,000, 242,000 and 275,000 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, 2015, 2014 and 2013 was $24.60, $28.24 and $16.12,
respectively.
The following table summarizes restricted stock award activity (in thousands):
Outstanding—beginning of year 578
$ 16.70
704
$ 10.79
1,003
$ 8.81
Granted at fair value 239
24.60
242
28.24
275
16.12
Vested (377)
12.34
(301)
11.87
(339)
10.23
Forfeited (91)
24.35
(67)
17.70
(235)
9.38
Outstanding—end of year 349
$ 24.80
578
$ 16.70
704
$ 10.79
112