Nautilus 2014 Annual Report Download - page 55

interest and penalties related to uncertain tax positions as of December 31, 2014 and 2013 of $2.0 million and $1.6 million , respectively.
Our U.S. federal income tax returns for 2009 through 2014 are open to review by the U.S. Internal Revenue Service. Our state income tax returns
for 2006 through 2014 are open to review, depending on the respective statute of limitation in each state. In addition, we file income tax returns
in several non-U.S. jurisdictions with varying statutes of limitation.
As of December 31, 2014 , we believe it is reasonably likely that, within the next 12 months, $0.3 million
of the previously unrecognized tax
benefits related to certain non-U.S. filing positions will be recognized as we anticipate the deregistration of certain foreign subsidiaries.
(13) STOCK-BASED INCENTIVE PLAN AND STOCK-BASED COMPENSATION
2005 Long-Term Incentive Plan
Our 2005 Long-Term Incentive Plan (the “2005 Plan”),
which is administered by the Compensation Committee of the Board of Directors,
authorizes us to grant various types of stock-
based awards including: stock options, stock appreciation rights, restricted stock, restricted stock
units ("RSUs") and performance stock units ("PSUs"). Stock options granted under the 2005 Plan shall not have an exercise price less than the
fair market value of our common stock on the date of the grant. The exercise price of a stock option or stock appreciation right may not be
reduced without shareholder approval. Stock options generally vest over periods of three or four
years of continuous service, commencing on the
date of grant. Stock options granted under the 2005 Plan have a seven -year contractual term.
Upon adoption, there were approximately 4.0 million
shares available for issuance under the 2005 Plan. The number of shares available for
issuance is increased by any shares of common stock which were previously reserved for issuance under our preceding stock option plan, and
were not subject to grant on June 6, 2005, or as to which the stock-
based compensation award is forfeited on or after June 6, 2005. The number
of shares available for issuance is reduced by (i) two
shares for each share delivered in settlement of any stock appreciation rights, for each
share of restricted stock, and for each stock unit or performance unit award, and (ii) one
share for each share delivered in settlement of a stock
option award. In no event shall more than 1.0 million
aggregate shares of common stock subject to stock options, stock appreciation rights,
restricted stock or performance stock unit awards be granted to any one participant in any one year under the 2005 Plan. At December 31, 2014
,
we had 3.7 million shares available for future grant under our 2005 Plan and we had 4.8 million
shares of our common stock reserved for future
issuance pursuant to the 2005 Plan and our previous plan.
Stock Option Activity
Stock option activity was as follows (shares in thousands):
Certain information regarding options outstanding at December 31, 2014 was as follows:
48
Options
Outstanding
Weighted-
Average
Exercise
Price
Outstanding at December 31, 2013
993
$
6.73
Granted
154
8.52
Forfeited, canceled or expired
(252
)
16.46
Exercised
(97
)
3.90
Outstanding at December 31, 2014
798
$
4.41
Options
Outstanding Options
Exercisable
Options
Vested and
Expected to
Vest
Number (in thousands)
798
500
797
Weighted-average exercise price
$
4.41
$
3.25
$
4.41
Aggregate intrinsic value (in millions)
$
8.6
$
6.0
$
8.6
Weighted average remaining contractual term (in years)
4.3
3.4
4.3