Home Depot finds stock options that weren’t expensed
An internal examination of the [tag]stock option[/tag] grant practices and procedures at Home Depot has uncovered about $10 million in unrecorded [tag]stock option expense[/tag]. However, the company says the amount is not material, so no prior year financial statements will be restated. The internal examination also found that in five instances prior to the end of 2000, the date of a meeting or resolution approving stock option grants was later than the date used for the stock option [tag]exercise price[/tag]. After December 2000. the company changed its policy to grant stock options with exercise prices based upon the market price of Home Depot’s stock on a specified grant date after approval.
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