Steve jobs back dating options

The other major way that backdating can be misleading to investors relates to the method by which the company accounts for the options.Until very recently, a company that granted stock options to executives at fair market value did not have to recognize the cost of the options as a compensation expense.

Many companies' stock option plans provide that stock options must be granted at an exercise price no lower than fair market value on the date of the option grant.If a company grants options on June 1 (when the stock price is 0), but backdates the options to May 15 (when the price was ) in order to make the option grants more favorable to the grantees, the fact remains that the grants were actually made on June 1, and if the exercise price of the granted options is , not 0, it is below fair market value.Thus, backdating can be misleading to shareholders in the sense that it results in option grants that are more favorable than the shareholders approved in adopting the stock option plan.Toward the other extreme, where the backdating was a result of overly informal internal procedures or even just delays in finalizing the paperwork documenting options grants, not intentional wrongdoing, there is likely to be no formal sanction—although the company may have to restate its financial statements to bring its accounting into compliance with applicable accounting rules.With respect to the more serious cases of backdating, it is likely that most of the criminal actions that the government intended to bring were brought in 2007.

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