Once,
No big deal, I've seen lots of IDCC'ers make that same mistake.
LOL. You crack me up. These people aren't making a mistake. They just aren't playing the semantics game that you are.
Clearly, our friend Arthritis is speaking in terms of total equity stake in the company. He may refer to options as shares, and although technically they are not "shares" -- many financial publications and documents do refer to them as "shares" for the sake of simplicity.
I know a lot of people who consider trucks to be cars... as in "I own three cars: a Buick Skylark, a Ford Escort, and a Chevy Tahoe." Poor taste in automobiles notwithstanding, let's get to the crux of the matter, shall we?
Art says they did not sell over half their holdings. You say they did because the options are not considered shares as there is the chance that they will not be exercised and may expire worthless.
Well just what are the odds these holdings are not going to be exercised? From the 4/29/02 Schedule 14A:
Shares Value Number of Securities Value of Unexercised
Acquired on Realized Underlying Unexercised Options In-the-Money Options
Name Exercise (#) ($)(1) At Fiscal Year-End (#) At Fiscal Year-End ($)(2)
---- ------------ -------- ------------------------------ ---------------------------
Exercisable Unexercisable Exercisable Unexercisable
----------- ------------- ----------- -------------
Howard E. Goldberg 7,500 $38,602 375,499 115,001 $1,067,958 $ 57,567
Alain C. Briancon 0 $ 0 25,582 55,668 $ 82,834 $146,086
Mark A. Lemmo 0 $ 0 227,498 37,502 $ 748,393 $ 2,083
Charles R. Tilden 10,000 $53,530 174,498 62,502 $ 600,142 $ 30,583
William J. Merritt 4,000 $25,161 215,664 83,336 $ 623,611 $ 17,501
(1) Calculated by subtracting the exercise price from the market value of the
Company's Common Stock on the exercise date, then multiplying by the number
of shares exercised. All values are on a pre-tax basis.
(2) The values in this column are based on the closing sale price of the Common
Stock ($9.70) on December 31, 2001, the last trading day of the Company's
2001 fiscal year.
Wow, look at all the vested options that were in the money when the stock was trading in the single digits. The stock is now at over $21.
You do the math.
postyle
p.s. It was interesting to see your re-posting of a message Matt deleted the other day. The second message was worded exactly the same as the first before it was erased. Do you usually save a copy of all your messages locally, or just those that you expect will be deleted?
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