Nautilus 2015 Annual Report Download - page 59
Download and view the complete annual report
Please find page 59 of the 2015 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Assumptions used in calculating the fair value of stock option grants and employee stock purchases were as follows:
Year Ended December 31,
2015
2014
2013
ESPP
Options
Options
Options
Dividend yield —%
—%
—%
—%
Risk-free interest rate 0.1%
1.6%
1.7%
0.9%
Expected life (years) N/A
4.28
4.75
4.75
Expected volatility 43%
71%
80%
89%
Dividend yield is based on our current expectation that no dividend payments will be made in future periods.
Risk-free interest rate is the U.S. Treasury zero-coupon rate, as of the grant date, for issues having a term approximately equal to the expected life of the stock
option.
Expected life is the period of time over which stock options are expected to remain outstanding. We calculate expected term based on the average of the sum of the
vesting periods and the full contractual term.
Expected volatility is the percentage amount by which the price of our common stock is expected to fluctuate annually during the estimated expected life for stock
options. Expected price volatility is calculated using historical daily closing prices over a period matching the weighted-average expected life, as management
believes such changes are the best indicator of future volatility.
(16) STOCK REPURCHASE PROGRAM
On November 3, 2014 , our Board of Directors approved a stock repurchase program that authorizes us to repurchase up to $15.0 million of our outstanding
common stock from time to time over a period of 24 months. The repurchase program expires November 3, 2016 . Share repurchases will be funded with existing
cash balances and repurchased shares will be retired and returned to unissued authorized shares. Repurchases pursuant to the program were as follows:
Quarter Ended
Number of Shares
Repurchased Amount
Average Price per Share
March 31, 2015
133,877
$1,995,982
$14.91
September 30, 2015
577,831
9,571,545
16.56
Totals to Date
711,708
$11,567,527
$16.25
As of December 31, 2015 , $3.4 million remains available for future repurchases.
(17) INCOME PER SHARE
The weighted average numbers of shares outstanding used to compute income per share amounts were as follows (in thousands):
Year Ended December 31,
2015
2014
2013
Shares used for basic per share calculations 31,288
31,253
31,072
Dilutive effect of outstanding options, PSUs and RSUs 301
435
385
Shares used for diluted per share calculations 31,589
31,688
31,457
The weighted average numbers of shares outstanding listed in the table below were anti-dilutive and excluded from the computation of diluted income per share,
primarily because the average market price did not exceed the exercise price. These shares may be dilutive potential common shares in the future (in thousands):
As of December 31,
2015
2014
2013
Stock options 12
225
304
PSUs —
—
12
55