Fifty-two companies currently under criminal investigation. Two indictments. Multiple guilty pleas. All stemming from the practice known as "options backdating. Moreover, the company avoids having to expense the options as current compensation, thus increasing earnings in the near term.
Do you ever wish that you could turn back the hands of time? Some executives have, well, at least when it comes to their stock options. In order to lock in a profit on day one of an options grant, some executives simply backdate set the date to an earlier time than the actual grant date the exercise price of the options to a date when the stock was trading at a lower level. This can often result in instantaneous profits! In this article, we'll explore what options backdating is and what it means for companies and their investors.
Options backdating is the practice of altering the date a stock option was granted, to a usually earlier but sometimes later date at which the underlying stock price was lower. This is a way of repricing options to make them valuable or more valuable when the option " strike price " the fixed price at which the owner of the option can purchase stock is fixed to the stock price at the date the option was granted. Cases of backdating employee stock options have drawn public and media attention. Stock options are often granted to upper management. While options backdating is not always illegal,  it has been called "cheating the corporation in order to give the CEO more money than was authorized.
In this way, the exercise price of the granted option can be set at a lower price than that of the company's stock at the granting date. This process makes the granted option "in the money" and of value to the holder. This process occurred when companies were only required to report the issuance of stock options to the SEC within two months of the grant date. Companies would simply wait for a period in which the company's stock price fell to a low and then moved higher within two months.
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