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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549<BR>
___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BARRETT BUSINESS SERVICES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Maryland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0-21886</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(SEC File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">52-0812977</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer Identification No.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8100 N.E. Parkway Drive, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vancouver, Washington</P></TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 0; padding-left: 0; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">98662</P></TD>
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)</P></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(360) 828-0700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form&nbsp;8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Written communications
pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 3.03 Material Modification to Rights
of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">On March 28, 2012, Barrett Business Services,
Inc. (the &quot;Company&quot;) issued 34,800 shares of Series A Nonconvertible, Non-voting Redeemable Preferred Stock (&quot;Series
A Preferred Stock&quot;). The initial dividend rate on the Series A Preferred Stock is 5% per annum, payable semi-annually at the
Company's option in cash or additional shares of Series A Preferred Stock. The dividend rate will increase by 2% annually beginning
April 1, 2013 until all the Series A Preferred Stock has been redeemed. No dividends will be payable on shares of Series A Preferred
Stock, if any, that are redeemed prior to September 28, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As a result of the issuance of the Series
A Preferred Stock, the ability of the Company to declare or pay dividends or distributions on, or purchase, redeem or retire, shares
of its Common Stock, par value $0.01 per share (the &quot;Common Stock&quot;), is subject to restrictions, including a restriction
against declaring, paying or setting apart funds for the payment of dividends on the Common Stock, or repurchasing, redeeming,
or otherwise retiring, or setting aside funds for such repurchase, redemption or retirement, of Common Stock, unless all accrued
and unpaid dividends in respect of the Series A Preferred Stock have been paid or set apart for such payment on the Series A Preferred
Stock for all prior dividend periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In addition, upon the voluntary or involuntary
liquidation, dissolution, or winding up of the Company, the holders of the Series A Preferred Stock then outstanding are entitled
to be paid, or have the Company declare and set apart for payment, out of the assets of the Company legally available for distribution
to its stockholders, before any distribution of assets is made to holders of Common Stock, a liquidation preference per share of
Series A Preferred Stock equal to the sum of (i) $1,000.00 (as may be adjusted in accordance with the Series A Preferred Stock
terms) and (ii) all accrued and unpaid dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Although holders of the Series A Preferred
Stock generally have no voting rights, the Company is not permitted to (A) amend its Charter so as to materially and adversely
affect the rights of the Series A Preferred Stock or (B) create or issue any additional shares of Series A Preferred Stock (other
than in satisfaction of dividends payable on the shares of Series A Preferred Stock issued on March 28, 2012 or thereafter as dividends
on such shares) or any preferred stock that is senior to or on a parity with the Series A Preferred Stock with respect to dividends
and liquidation preference, unless such action is approved by the affirmative vote of the holders of at least 85% of the Series
A Preferred Stock outstanding at the time voting as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 5.01 Change in Control of Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">On March 9, 2012, the Company entered into
a stock repurchase agreement with Kimberly J. Jacobsen Sherertz in her capacities as Personal Representative of the Estate of William
W. Sherertz and Trustee of the Barrett Share Trust under the Estate, and Kimberly J. Jacobsen Sherertz individually. Pursuant to
the agreement, the Company agreed to acquire 2,485,929 shares of the Common Stock held by the Estate at a price of $20.00 per share,
for aggregate consideration of $49,718,580 consisting of $20,745,580 in cash at closing and 28,973 shares of Series A Preferred
Stock. A copy of the agreement was attached as Exhibit 10.1 to the Company's Form 8-K filed on March 13, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="color: black">On March 9, 2012,
the Company also entered into a stock repurchase agreement with Nancy Sherertz to acquire 500,000 shares of the Common Stock at
a price of $20.00 per share for aggregate consideration of $10,000,000 consisting of $4,173,000 in cash at closing and 5,827 shares
of Series A Preferred Stock. </FONT>A copy of the agreement was attached as Exhibit 10.2 to the Company's Form 8-K filed on March
13, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="color: black">The stock repurchases
were completed on March 28, 2012. </FONT>The repurchased shares constituted approximately 30% (25% held by the Estate and 5% held
by Nancy Sherertz) of the issued and outstanding Common Stock immediately before completion of the repurchases. Except in the limited
circumstances described in Item 3.03 above, the holders of the Series A Preferred Stock have no voting rights. The Estate now holds
no capital stock of the Company with voting rights in the election of directors. Kimberly J. Jacobsen Sherertz individually holds
voting rights equivalent to approximately 0.8% of the outstanding shares of Common Stock. Nancy Sherertz holds voting rights equivalent
to approximately 4.3% of the outstanding shares of Common Stock. To the knowledge of the Company, no person or control group has
sufficient voting power to exercise control over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Effective March 27, 2012, Article III of the
Charter of the Company was amended to classify and designate 50,000 shares of authorized but unissued Series A Preferred Stock.
The classification and designation of the Series A Preferred Stock was approved by the Board of Directors of the Company and was
not subject to stockholder approval under the Maryland General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Articles Supplementary effecting the Charter amendment
is attached hereto as Exhibit 3.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 29, 2012, the Company issued a news release reporting
the completion of the repurchase of approximately 30% of the outstanding shares of Common Stock, which included 2,485,929 shares
of Common Stock repurchased from the Estate and 500,000 shares of Common Stock repurchased from Nancy Sherertz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the news release is attached as Exhibit 99.1 to this
report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 0; padding-left: 0; font-size: 10pt">Exhibit 3.1</TD>
    <TD STYLE="width: 81%; padding-right: 0; padding-left: 0; font-size: 10pt">Articles Supplementary relating to Series A Nonconvertible, Non-voting Redeemable Preferred Stock filed March 27, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">Exhibit 99.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">News Release dated March 29, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BARRETT BUSINESS SERVICES, INC.<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%"><BR>Dated:&nbsp; March 29, 2012</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid">/s/ James D. Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>James D. Miller<BR> Vice President-Finance, Treasurer and Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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{"company-data": {"conformed-name": "BARRETT BUSINESS SERVICES INC", "cik": "0000902791", "assigned-sic": "7363", "irs-number": "520812977", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21886", "film-number": "12724247"}, "business-address": {"street1": "8100 NE PARKWAY DRIVE", "street2": "SUITE 200", "city": "VANCOUVER", "state": "WA", "zip": "98662", "phone": "(800) 494-5669"}, "mail-address": {"street1": "8100 NE PARKWAY DRIVE", "street2": "SUITE 200", "city": "VANCOUVER", "state": "WA", "zip": "98662"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 27, 2012
BARRETT BUSINESS SERVICES, INC.
(Exact name of registrant as specified in
charter)
Maryland
(State or other jurisdiction of incorporation)
0-21886
(SEC File Number)
52-0812977
(IRS Employer Identification No.)
8100 N.E. Parkway Drive, Suite 200
Vancouver, Washington
98662
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code:
(360) 828-0700
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.03 Material Modification to Rights
of Security Holders.
On March 28, 2012, Barrett Business Services,
Inc. (the "Company") issued 34,800 shares of Series A Nonconvertible, Non-voting Redeemable Preferred Stock ("Series
A Preferred Stock"). The initial dividend rate on the Series A Preferred Stock is 5% per annum, payable semi-annually at the
Company's option in cash or additional shares of Series A Preferred Stock. The dividend rate will increase by 2% annually beginning
April 1, 2013 until all the Series A Preferred Stock has been redeemed. No dividends will be payable on shares of Series A Preferred
Stock, if any, that are redeemed prior to September 28, 2012.
As a result of the issuance of the Series
A Preferred Stock, the ability of the Company to declare or pay dividends or distributions on, or purchase, redeem or retire, shares
of its Common Stock, par value $0.01 per share (the "Common Stock"), is subject to restrictions, including a restriction
against declaring, paying or setting apart funds for the payment of dividends on the Common Stock, or repurchasing, redeeming,
or otherwise retiring, or setting aside funds for such repurchase, redemption or retirement, of Common Stock, unless all accrued
and unpaid dividends in respect of the Series A Preferred Stock have been paid or set apart for such payment on the Series A Preferred
Stock for all prior dividend periods.
In addition, upon the voluntary or involuntary
liquidation, dissolution, or winding up of the Company, the holders of the Series A Preferred Stock then outstanding are entitled
to be paid, or have the Company declare and set apart for payment, out of the assets of the Company legally available for distribution
to its stockholders, before any distribution of assets is made to holders of Common Stock, a liquidation preference per share of
Series A Preferred Stock equal to the sum of (i) $1,000.00 (as may be adjusted in accordance with the Series A Preferred Stock
terms) and (ii) all accrued and unpaid dividends.
Although holders of the Series A Preferred
Stock generally have no voting rights, the Company is not permitted to (A) amend its Charter so as to materially and adversely
affect the rights of the Series A Preferred Stock or (B) create or issue any additional shares of Series A Preferred Stock (other
than in satisfaction of dividends payable on the shares of Series A Preferred Stock issued on March 28, 2012 or thereafter as dividends
on such shares) or any preferred stock that is senior to or on a parity with the Series A Preferred Stock with respect to dividends
and liquidation preference, unless such action is approved by the affirmative vote of the holders of at least 85% of the Series
A Preferred Stock outstanding at the time voting as a separate class.
Item 5.01 Change in Control of Registrant.
On March 9, 2012, the Company entered into
a stock repurchase agreement with Kimberly J. Jacobsen Sherertz in her capacities as Personal Representative of the Estate of William
W. Sherertz and Trustee of the Barrett Share Trust under the Estate, and Kimberly J. Jacobsen Sherertz individually. Pursuant to
the agreement, the Company agreed to acquire 2,485,929 shares of the Common Stock held by the Estate at a price of $20.00 per share,
for aggregate consideration of $49,718,580 consisting of $20,745,580 in cash at closing and 28,973 shares of Series A Preferred
Stock. A copy of the agreement was attached as Exhibit 10.1 to the Company's Form 8-K filed on March 13, 2012.
On March 9, 2012,
the Company also entered into a stock repurchase agreement with Nancy Sherertz to acquire 500,000 shares of the Common Stock at
a price of $20.00 per share for aggregate consideration of $10,000,000 consisting of $4,173,000 in cash at closing and 5,827 shares
of Series A Preferred Stock.
A copy of the agreement was attached as Exhibit 10.2 to the Company's Form 8-K filed on March
13, 2012.
The stock repurchases
were completed on March 28, 2012.
The repurchased shares constituted approximately 30% (25% held by the Estate and 5% held
by Nancy Sherertz) of the issued and outstanding Common Stock immediately before completion of the repurchases. Except in the limited
circumstances described in Item 3.03 above, the holders of the Series A Preferred Stock have no voting rights. The Estate now holds
no capital stock of the Company with voting rights in the election of directors. Kimberly J. Jacobsen Sherertz individually holds
voting rights equivalent to approximately 0.8% of the outstanding shares of Common Stock. Nancy Sherertz holds voting rights equivalent
to approximately 4.3% of the outstanding shares of Common Stock. To the knowledge of the Company, no person or control group has
sufficient voting power to exercise control over the Company.
Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.
Effective March 27, 2012, Article III of the
Charter of the Company was amended to classify and designate 50,000 shares of authorized but unissued Series A Preferred Stock.
The classification and designation of the Series A Preferred Stock was approved by the Board of Directors of the Company and was
not subject to stockholder approval under the Maryland General Corporation Law.
A copy of the Articles Supplementary effecting the Charter amendment
is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
Item 8.01 Other Events.
On March 29, 2012, the Company issued a news release reporting
the completion of the repurchase of approximately 30% of the outstanding shares of Common Stock, which included 2,485,929 shares
of Common Stock repurchased from the Estate and 500,000 shares of Common Stock repurchased from Nancy Sherertz.
A copy of the news release is attached as Exhibit 99.1 to this
report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 3.1
Articles Supplementary relating to Series A Nonconvertible, Non-voting Redeemable Preferred Stock filed March 27, 2012.
Exhibit 99.1
News Release dated March 29, 2012.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARRETT BUSINESS SERVICES, INC.
Dated:  March 29, 2012
By:
/s/ James D. Miller
James D. Miller
Vice President-Finance, Treasurer and Secretary