Nautilus 2009 Annual Report Download - page 57

Table of Contents
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 was $0.9 million and $4.6 million in 2009 and 2008, respectively, included in general and administrative expense. During
2008, the Company was contractually obligated to accelerate vesting of certain stock options upon the termination of former Company officers
and recognized $1.0 million in related expense. These options subsequently expired unexercised.
The weighted average grant-date fair values of stock options granted during 2009 and 2008 were $1.03 and $1.91, respectively. As of
December 31, 2009, the unamortized compensation expense for unvested stock options totaled approximately $1.5 million, which is expected to
be recognized over a weighted average period of 2.0 years.
Following is a summary of stock options outstanding at December 31, 2009:
Restricted Stock Awards
In 2007, the Company granted 297,000 shares of restricted stock, which vested over two years, to members of its management team as a means
to retain key employees while the Company moved forward with its restructuring activities. A summary of the Company’
s restricted stock award
activity is as follows:
Restricted stock compensation expense for the years ended December 31, 2009 and 2008 was $0.3 million and $0.2 million, respectively.
Performance Stock Units
In December 2005, the Company granted 125,000 performance unit awards to key members of its executive team. The performance unit awards
were to vest if the Company met earnings targets set by the Compensation Committee of the Board of Directors. The fair value of the
performance units was based on the closing market
53
(In thousands, except life and exercise price) Options Outstanding Options Exercisable
Range of Exercise
Prices
Number
Outstanding
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
-
Average
Exercise
Price
Number of
Options
Exercisable
Weighted
-
Average
Exercise
Price
$0.95
–
$
3.40
163
6.06
$
2.12
5
$
2.69
$4.15
–
$
4.15
397
4.78
4.15
149
4.15
$4.41
–
$
15.12
283
3.23
8.84
213
9.24
$15.15
–
$
16.10
350
3.65
15.66
256
15.61
$16.17
–
$
27.72
221
4.20
22.00
206
22.35
$0.95
–
$
27.72
1,414
4.24
10.50
829
13.50
(In thousands, except fair value amounts)
Number
of
Shares
Weighted Average
Grant Date Fair
Value per Share
Outstanding at January 1, 2008
266
$
9.23
Forfeited
(122
)
9.23
Outstanding at December 31, 2008
144
9.23
Vested
(130
)
9.23
Forfeited
(14
)
9.23
Outstanding at December 31, 2009
—
—