Nautilus 2009 Annual Report Download - page 58

Table of Contents
price of the Company’
s common stock on the date preceding the grant and was to be recognized over the estimated requisite service period based
on the number of performance unit awards ultimately expected to vest. Compensation expense was not recognized for the performance units
during 2009 and 2008 as management concluded it was unlikely the performance targets that trigger vesting would be met.
A summary of the Company’s performance stock unit activity is as follows:
The Company receives income tax deductions as a result of the exercise of certain stock options and the vesting of restricted stock and
performance stock units.
(13) LOSS PER SHARE
Loss per share is presented on both a basic and diluted basis. Basic loss per share is based on the weighted average number of common shares
outstanding. Diluted loss per share reflects the potential dilution that could occur if outstanding obligations to issue common stock were
exercised or converted into common stock. For the calculations of diluted loss per share, the basic weighted average number of shares is
increased by the dilutive effect of stock options and restricted stock awards determined using the treasury stock method.
The following table sets forth the computation of basic and diluted loss per share as reported in the Company’s statements of operations:
54
(In thousands, except fair value amounts)
Performance
Units
Weighted Average
Grant Date Fair
Value
Outstanding at January 1, 2008
48
$
15.68
Granted
—
—
Forfeited or expired
(15
)
15.86
Outstanding at December 31, 2008
33
15.60
Granted
—
—
Forfeited or expired
(33
)
15.60
Outstanding at December 31, 2009
—
—
(In thousands, except per share amounts) 2009 2008
Numerator:
Loss from continuing operations
$
(18,610
)
$
(52,597
)
Loss from discontinued operations, net of tax
(34,687
)
(37,991
)
Net loss
$
(53,297
)
$
(90,588
)
Denominator:
Basic shares outstanding
30,664
31,117
Dilutive effect of stock options and restricted stock
—
—
Diluted shares outstanding
30,664
31,117
Calculations:
Loss per share from continuing operations:
Basic and diluted
$
(0.61
)
$
(1.69
)
Loss per share from discontinued operations:
Basic and diluted
$
(1.13
)
$
(1.22
)
Loss per share:
Basic and diluted
$
(1.74
)
$
(2.91
)