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1、CHAPTER23OptionsandCorporateFinanceExtensionsandApplicationsInDecember2005,IntelannouncedthatitwouldreduceOfcourse,othersbelievedthatthereasonforthethenumberofemployeestockoptionsitgranted.changeincompensationpolicieshadmoretodowithaInstead,thecompanywouldgrantrestrictedstockunitsnewaccountin
2、grule.Priorto2005,companiesdidnot(RSUs).AnRSUisashareofstockthatcantbesoldreportoptiongrantsasanexpense;butnewFASBorexchangeduntilitisvested.Thevestingperiodcanregulationsrequireexpensingofstockoptions.Formanyvary,butinIntelscasethevestingperiodwasfourcompanies,thisaccountingchangecoulddramat
3、icallyyears.WhenanRSUvests,theemployeereceivesaaffectthebottomline.Ofcourse,Intelwasntaloneinfullshareofstock.ThebiggestadvantageofRSUsforthedecisiontoreducethenumberofemployeestockemployeesisthattheyreceivethestocknomatterwhatoptionsgranted.Dell,McDonalds,Pfizer,andAetnaarethestockprice.Incom
4、parision,withemployeestockonlyafewoftheothersthatreducedemployeestockoptions,theemployeemayreceivenothing.Intelstatedoptiongrants.ThischapterexploresemployeestockthatmovingtoRSUswasduetoachangeinemployeeoptions,aswellastheapplicationofoptionprinciplestocompensationpolicies.otherareasofcorpora
5、tefinance.23.1ExecutiveStockOptionsWhyOptions?Executivecompensationisusuallymadeupofbasesalaryplussomeorallofthefollowingelements:1.Long-termcompensation.2.Annualbonuses.3.Retirementcontributions.4.Options.TheÞnalcomponentofcompensation,options,isbyfarthebiggestpartoftotalcom-pensationformanyt
6、opexecutives.Table23.1liststhe10CEOswhoreceivedthelargeststockoptiongrantsduring2005.Therankisintermsofthefacevalueoftheoptionsgranted.Thisisthenumberofoptionstimesthecurrentstockprice.Knowingthefacevalueofanoptiondoesnotautomaticallyallowustodeterminethemarketvalueoftheoption.Wealsoneedtokno
7、wtheexercisepricebeforevaluingtheoption671ros05902_ch23.indd6719/26/061:52:44PM672PartVIOptions,Futures,andCorporateFinanceTable23.12005Top10OptionGrants*NumberofAverageGrantValueofOptionsGrantedStockOptionsGrantedCompanyCEO(thousands)†Price(
