Nautilus 2008 Annual Report Download - page 65

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Table of Contents
Stock Options
A summary of the Company’s stock option activity for the three years ended December 31, 2008 was as follows:
Aggregate intrinsic value in the above table represents the aggregate amount, for all options, by which closing share prices exceed the exercise
price of the stock options. This value will fluctuate in the future based on the fair market value of our common stock.
Stock option expense for the years ended December 31, 2008, 2007 and 2006 totaled $4.6 million, $2.4 million and $2.5 million respectively.
The weighted average grant-date fair values of stock options granted during 2008, 2007 and 2006 were $1.91, $4.25 and $5.54, respectively. As
of December 31, 2008, the unamortized compensation expense for unvested stock options totaled approximately $3.8 million, which is expected
to be recognized over a weighted average period of 2.5 years.
During 2008 and 2007, the Company was contractually obligated to accelerate vesting of certain stock options upon the termination of its former
Chief Executive Officers and, as a consequence, recognized $1.0 million and $0.5 million, respectively, of stock option compensation charges in
general and administrative expense. These options subsequently expired unexercised.
61
(In thousands, except exercise price)
Total
Shares
Weighted
-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2005
2,277
$
17.39
Granted
661
15.61
Forfeited, cancelled or expired
(324
)
21.95
Exercised
(46
)
12.94
$
165
Outstanding at December 31, 2006
2,568
$
16.44
6.41
$
2,879
Vested and expected to vest at December 31, 2006
996
$
17.22
6.10
$
1,489
Outstanding at December 31, 2006
2,568
$
16.44
Granted
1,240
11.62
Forfeited, cancelled or expired
(941
)
19.04
Exercised
(63
)
11.97
$
364
Outstanding at December 31, 2007
2,804
$
13.54
5.15
$
0
Vested and expected to vest at December 31, 2007.
1,104
$
14.85
3.44
$
0
Outstanding at December 31, 2007
2,804
$
13.54
Granted
1,116
4.15
Forfeited, cancelled or expired
(1,819
)
11.27
Exercised
(90
)
6.26
$
34
Outstanding at December 31, 2008
2,011
$
10.70
5.06
$
0
Vested and expected to vest at December 31, 2008
826
$
15.73
4.09
$
0