ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
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Schedule of fair value of financial instruments using levels of inputs |
using the following levels of inputs as of December 31, 2015 and December 31, 2014 as indicated (in thousands): | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2015: | | Total | | Level 1 | | Level 2 | | Level 3 | Assets: | |
| | |
| | |
| | |
| Cash equivalents - Money market mutual funds | $ | 28,102 |
| | $ | 28,102 |
| | $ | — |
| | $ | — |
| Trading securities held in a “rabbi trust” (1) | 68 |
| | 68 |
| | — |
| | — |
| Total assets | $ | 28,170 |
| | $ | 28,170 |
| | $ | — |
| | $ | — |
| Liabilities: | |
| | |
| | |
| | |
| Derivatives (2) | $ | 2,356 |
| | $ | — |
| | $ | 2,356 |
| | $ | — |
| Deferred compensation accrual “rabbi trust” (3) | 70 |
| | 70 |
| | — |
| | — |
| Total liabilities | $ | 2,426 |
| | $ | 70 |
| | $ | 2,356 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2014: | | Total | | Level 1 | | Level 2 | | Level 3 | Assets: | |
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| | |
| | |
| Cash equivalents - Money market mutual funds | $ | 135,092 |
| | $ | 135,092 |
| | $ | — |
| | $ | — |
| Trading securities held in a “rabbi trust” (1) | 90 |
| | 90 |
| | — |
| | — |
| Total assets | $ | 135,182 |
| | $ | 135,182 |
| | $ | — |
| | $ | — |
| Liabilities: | |
| | |
| | |
| | |
| Derivatives (2) | $ | 1,008 |
| | $ | — |
| | $ | 1,008 |
| | $ | — |
| Deferred compensation accrual “rabbi trust” (3) | 94 |
| | 94 |
| | — |
| | — |
| Total liabilities | $ | 1,102 |
| | $ | 94 |
| | $ | 1,008 |
| | $ | — |
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___________________________________________ | | (1) | — Trading securities held in a rabbi trust are included in Other current and Other long-term assets in the consolidated balance sheets. |
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Schedule of estimated useful lives of the fixed assets |
Fixed assets, which include assets such as technology infrastructure, internal-use software, website development, furniture and fixtures and leasehold improvements, are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets or the term of the related capital lease, whichever is shorter, as follows: | | | | Life (years) | Computer software | 2-4 | Computer hardware | 3-4 | Furniture and equipment | 3-5 |
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Schedule of depreciation and amortization expense which is classified within the corresponding operating expense categories on the consolidated statements of income |
Depreciation expense is classified within the corresponding operating expense categories on the consolidated statements of income as follows (in thousands): | | | | | | | | | | | | | | Year ended December 31, | | 2015 | | 2014 | | 2013 | Cost of goods sold - direct | $ | 283 |
| | $ | 282 |
| | $ | 380 |
| Technology | 22,126 |
| | 16,651 |
| | 12,917 |
| General and administrative | 1,107 |
| | 1,028 |
| | 1,136 |
| Total depreciation, including internal-use software and website development | $ | 23,516 |
| | $ | 17,961 |
| | $ | 14,433 |
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Schedule of intangible assets |
Intangible assets consist of the following (in thousands): | | | | | | | | | | December 31, | | 2015 | | 2014 | Acquired intangible assets | $ | 15,776 |
| | $ | — |
| Intangible assets, other | 1,355 |
| | 1,130 |
| | 17,131 |
| | 1,130 |
| Less: accumulated amortization of intangible assets | (2,475 | ) | | (895 | ) | Total intangible assets, net | $ | 14,656 |
| | $ | 235 |
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Schedule of costs of goods sold, including product cost and other costs and fulfillment and related costs |
Cost of goods sold, including product cost and other costs and fulfillment and related costs are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2015 | | 2014 | | 2013 | Total revenue, net | $ | 1,657,838 |
| | 100% | | $ | 1,497,103 |
| | 100% | | $ | 1,304,217 |
| | 100% | Cost of goods sold | |
| | | | |
| | | | |
| | | Product costs and other cost of goods sold | 1,279,766 |
| | 77% | | 1,152,489 |
| | 77% | | 999,519 |
| | 77% | Fulfillment and related costs | 73,418 |
| | 4% | | 65,555 |
| | 4% | | 57,038 |
| | 4% | Total cost of goods sold | 1,353,184 |
| | 82% | | 1,218,044 |
| | 81% | | 1,056,557 |
| | 81% | Gross profit | $ | 304,654 |
| | 18% | | $ | 279,059 |
| | 19% | | $ | 247,660 |
| | 19% |
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Schedule of computation of basic and diluted net income per common share |
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data): | | | | | | | | | | | | | | Year ended December 31, | | 2015 | | 2014 | | 2013 | Net income attributable to stockholders of Overstock.com, Inc. | $ | 2,446 |
| | $ | 8,854 |
| | $ | 84,378 |
| Net income per common share—basic: | |
| | |
| | |
| Net income attributable to common shares—basic | $ | 0.10 |
| | $ | 0.37 |
| | $ | 3.56 |
| Weighted average common shares outstanding—basic | 24,612 |
| | 23,999 |
| | 23,714 |
| Effect of dilutive securities: | |
| | |
| | |
| Stock options and restricted stock awards | 91 |
| | 318 |
| | 580 |
| Weighted average common shares outstanding—diluted | 24,703 |
| | 24,317 |
| | 24,294 |
| Net income attributable to common shares—diluted | $ | 0.10 |
| | $ | 0.36 |
| | $ | 3.47 |
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Schedule of anti-dilutive securities excluded from the calculation of diluted shares outstanding |
The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands): | | | | | | | | | | | Year ended December 31, | | 2015 | | 2014 | | 2013 | Stock options and restricted stock units | 323 |
| | 291 |
| | 154 |
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